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PERMIAN BASIN ROYALTY TRUST ANNOUNCES RECEIPT OF THE WADDELL RANCH PROPERTIES PROCEEDS
PBTPermian Basin Royalty Trust(PBT) Prnewswire·2024-06-03 23:00

Core Points - Argent Trust Company, as Trustee of the Permian Basin Royalty Trust, announced receipt of proceeds amounting to 2,247,045fromtheWaddellRanchProperties,whichwillbeincludedintheJune2024distributioncalculation[1]−BlackbeardOperating,LLC,theoperatoroftheWaddellRanchProperties,didnotprovidesupportingdocumentationregardingproduction,pricing,ordeductionsfromgrossproceeds,whichiscontrarytohistoricalpractice[2]−TheTrusteehasinitiatedalawsuitagainstBlackbeardtorecoverover2,247,045 from the Waddell Ranch Properties, which will be included in the June 2024 distribution calculation [1] - Blackbeard Operating, LLC, the operator of the Waddell Ranch Properties, did not provide supporting documentation regarding production, pricing, or deductions from gross proceeds, which is contrary to historical practice [2] - The Trustee has initiated a lawsuit against Blackbeard to recover over 15 million in damages due to alleged impermissible deductions from royalty payments [3][4] - The Trustee's audit for the period from 2020-2022 identified exceptions to certain expenses deducted from royalty payments, including incorrect overhead charges and duplicate charges [4] - The 2023 Annual Report with Form 10-K, including the Reserve Summary, is available on the Permian's website, along with financial reports and tax information [5]