PERMIAN BASIN ROYALTY TRUST ANNOUNCES APRIL CASH DISTRIBUTION AND EXCESS COST POSITION ON WADDELL RANCH PROPERTIES

Core Points - Argent Trust Company declared a cash distribution of $0.019615 per unit for the Permian Basin Royalty Trust, payable on May 14, 2025, to unit holders of record on April 30, 2025 [1] - The distribution increased slightly from the previous month due to higher oil volumes and prices from Texas Royalty Properties, despite lower natural gas volumes [2] - The Waddell Ranch properties did not contribute to the distribution as production costs exceeded gross proceeds for March 2025 [1][4] Waddell Ranch Properties - Blackbeard, the operator of the Waddell Ranch properties, has not provided necessary information for calculating net profits interest (NPI) proceeds for April 2025, affecting the distribution [3] - No proceeds were received from the Waddell Ranch properties in March 2025, and all excess costs must be recovered from future proceeds before any distribution can occur [4] - Blackbeard is now providing production, pricing, and cost information quarterly instead of monthly, impacting the reporting schedule for the Trust [4] Texas Royalty Properties - Production from Texas Royalty Properties was 17,157 barrels of oil and 10,093 Mcf of gas, with the Trust's allocated portion being 15,292 barrels of oil and 8,991 Mcf of gas [5] - The average price for oil was $71.97 per barrel and for gas was $11.54 per Mcf, leading to revenues of $1,351,295 after deducting taxes and expenses [5] - The net profit for April from Texas Royalty Properties was $1,203,830, contributing $1,143,639 to the current month's distribution [5] Financial Summary - General and administrative expenses for the month were $229,374, resulting in a total distribution of $914,265 to 46,608,796 units outstanding [8] - The distribution per unit is $0.019615, reflecting the financial performance of the Trust for the month [8] Legal Matters - The Trustee has initiated a lawsuit against Blackbeard for over $15 million in damages related to alleged improper deductions from royalty payments [10][11] - The trial is scheduled for November 17, 2025, with ongoing discovery and audits of the Waddell Ranch properties [10] - The lawsuit includes claims for additional damages exceeding $25 million related to audits from 2023 [11]