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]

Distribution Announcement - Argent Trust Company declared a cash distribution of $0.032110 per unit for the Cross Timbers Royalty Trust, payable on May 14, 2025, to unitholders of record on April 30, 2025 [1] Underlying Sales Data - Current month sales volumes included 12,000 barrels of oil and 78,000 Mcf of gas, with average prices of $69.99 per barrel and $5.86 per Mcf - Prior month sales volumes were 19,000 barrels of oil and 97,000 Mcf of gas, with average prices of $73.40 per barrel and $5.05 per Mcf [2] Excess Costs - XTO Energy reported an increase in excess costs by $136,000 related to properties underlying the Texas Working Interest net profits interests, with cumulative excess costs totaling $4,567,000, including accrued interest of $1,223,000 [3] Cash Reserves - The Trustee withheld $50,000 from this month's distribution to bolster the cash reserve account, with plans to continue this withholding until the reserve reaches $1,500,000 [4]

Core Viewpoint - PermRock Royalty Trust announced the completion of the sale of its underlying oil and gas properties from Boaz Energy II, LLC to T2S Permian Acquisition II LLC, marking a significant transition in ownership and operational management of these assets [1][2]. Group 1: Transaction Details - The sale involved the transfer of all rights, title, and interest in the underlying properties from the Grantors (Boaz Energy and its affiliate) to the Buyer, T2S Permian Acquisition II LLC [2]. - Boaz Energy also sold 4,884,861 Trust units representing beneficial interests in the Trust to Ustx LLC, a wholly-owned subsidiary of the Buyer [2]. Group 2: Operational Transition - Boaz Energy plans to assist in the operational transition of the underlying properties to the Buyer, ensuring a smooth transfer of management responsibilities [3]. - Argent Trust Company, acting as the trustee of the Trust, will continue to administer the Trust in the usual manner during this transition [3]. Group 3: Trust Overview - PermRock Royalty Trust is a Delaware statutory trust that owns a net profits interest, allowing it to receive 80% of the net profits from oil and natural gas production from the underlying properties [4].