PERMIAN BASIN ROYALTY TRUST ANNOUNCES AUGUST CASH DISTRIBUTION

Core Viewpoint - Argent Trust Company declared a cash distribution of $0.051902 per unit for the Permian Basin Royalty Trust, with a decrease in distribution due to lower proceeds from Waddell Ranch properties and reduced gas volumes and oil prices from Texas Royalty Properties [1][2]. Distribution Details - The cash distribution is payable on September 16, 2024, to unit holders of record on August 30, 2024 [1]. - The distribution includes proceeds of $1,508,873 from July 2024 but does not include current month proceeds from Waddell Ranch properties [1][3]. Waddell Ranch Properties - Blackbeard Operating, LLC has not provided necessary information for calculating net profits interest (NPI) proceeds for July 2024, affecting the distribution [3]. - Proceeds received after the announcement date will be included in the August distribution instead [3]. Texas Royalty Properties - Production for Texas Royalty Properties was 16,295 barrels of oil and 5,722 Mcf of gas, with the Trust's allocated portion being 14,513 barrels of oil and 5,101 Mcf of gas [4]. - Average prices were $77.62 per barrel for oil and $11.27 per Mcf for gas, leading to revenues of $1,329,226 after deducting taxes and expenses [4]. Financial Summary - General and Administrative Expenses for the month were $217,800, resulting in a total distribution of $2,419,132 to 46,608,796 units outstanding [7]. - The distribution per unit is $0.051902, reflecting the impact of worldwide market conditions on domestic production pricing [7]. Legal Matters - The Trustee has initiated a lawsuit against Blackbeard Operating, seeking to recover over $15 million in damages due to alleged improper deductions from royalty payments [8][9]. - The lawsuit is currently in the discovery phase, with a preliminary trial date set for April 21, 2025 [8].