What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2021-03-16 compared with 2020-03-13 · 260 added, 203 removed, 154 unchanged (75% of the section changed)

1 unchanged sentence

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

and Unitholders

Trustee and Unitholders

Opinion on the financial statements

We have audited the accompanying statements of assets and trust corpus of MV Oil Trust (the "Trust") as of December 31, 2018 and 2019,

the related statements of distributable income and changes in trust corpus for each of the three years in the period ended December 31, 2019, and the related notes (collectively referred to as

the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the assets and trust corpus of the Trust as of December 31, 2018 and 2019, and

its distributable income and its changes in trust corpus for each of the three years in the period ended December 31, 2019, in conformity with the modified cash basis of accounting described in

Note B to the financial statements.

also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Trust's internal control over financial reporting

as of December 31, 2019, based on criteria established in the 2013 Internal ControlIntegrated Framework issued by the Committee of

Sponsoring Organizations of the Treadway Commission ("COSO"), and our report dated March 13, 2020 expressed an unqualified opinion thereon.

We have audited the accompanying statements of assets and trust corpus of MV Oil Trust (the “Trust”) as of December 31, 2019 and 2020, the related statements of distributable income and changes in trust corpus for each of the three years in the period ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the assets and trust corpus of the Trust as of December 31, 2019 and 2020, and its distributable income and its changes in trust corpus for each of the three years in the period ended December 31, 2020, in conformity with the modified cash basis of accounting described in Note B to the financial statements.

Basis of accounting

As described in Note B to the financial statements, these financial statements have been prepared on a modified cash basis of accounting,

which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

As described in Note B to the financial statements, these financial statements have been prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

Basis for opinion

These financial statements are the responsibility of the Trustee.

Our responsibility is to express an opinion on the Trust's financial

statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities

laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial

statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures

in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the

financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Grant Thornton LLP

have served as the Trust's auditor since 2006.

City, Oklahoma

Our responsibility is to express an opinion on the Trust’s financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by the Trustee, as well as evaluating the overall presentation of the financial statements.

We believe that our audit provides a reasonable basis for our opinion.

Critical audit matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the Trustee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ Grant Thornton LLP

We have served as the Trust’s auditor since 2006.

Oklahoma City, Oklahoma

March 16, 2021

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND TRUST CORPUS

2 unchanged sentences

Accumulated amortization

Trust corpus, 11,500,000 Trust units issued and outstanding at December 31, 2018 and 2019

(38,097,825 )

(40,304,938 )

Trust corpus, 11,500,000 Trust units issued and outstanding at December 31,

2019 and 2020

STATEMENTS OF DISTRIBUTABLE INCOME

5 unchanged sentences

Distributions per Trust unit (11,500,000 Trust units issued and outstanding for 2018, 2019 and 2020)

$92,367, $72,046 and $98,944 paid to MV Partners, LLC and $150,100, $150,000, and $150,000 paid to The Bank of New York Mellon Trust Company, N.A.

Includes $72,046, $98,944 and $102,902 paid to MV Partners, LLC and $150,000, $150,000, and $150,000 paid to The Bank of New York Mellon Trust Company, N.A.

for the years ended December 31, 2018, 2019 and 2020, respectively.

4 unchanged sentences

Cash distributions

(16,330,000 )

(12,075,000 )

Trust expenses

4 unchanged sentences

NOTE A — ORGANIZATION OF THE TRUST

MV Oil Trust (the "Trust") is a statutory trust formed on August 3, 2006, under the Delaware Statutory Trust Act pursuant to a Trust Agreement (the "Trust Agreement") among MV

Partners, LLC ("MV Partners"), as trustor, The Bank of New York Mellon Trust Company, N.A., as Trustee (the "Trustee"), and Wilmington Trust Company, as Delaware Trustee (the "Delaware

Trust was created to acquire and hold a term net profits interest for the benefit of the Trust unitholders pursuant to a conveyance from MV Partners to the Trust.

profits interest is an interest in underlying properties consisting of MV Partner's net interests in all of its oil and natural gas properties located in the Mid-Continent region in the states of

Kansas and Colorado (the "underlying properties").

MV Oil Trust (the “Trust”) is a statutory trust formed on August 3, 2006, under the Delaware Statutory Trust Act pursuant to a Trust Agreement (the “Trust Agreement”) among MV Partners, LLC (“MV Partners”), as trustor, The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), and Wilmington Trust Company, as Delaware Trustee (the “Delaware Trustee”).

The Trust was created to acquire and hold a term net profits interest for the benefit of the Trust unitholders pursuant to a conveyance from MV Partners to the Trust.

The term net profits interest is an interest in underlying properties consisting of MV Partner’s net interests in all of its oil and natural gas properties located in the Mid-Continent region in the states of Kansas and Colorado (the “underlying properties”).

These oil and gas properties include approximately 800 producing oil and gas wells.

net profits interest is passive in nature, and the Trustee has no management control over and no responsibility relating to the operation of the underlying properties.

profits interest entitles the Trust to receive 80% of the net proceeds attributable to MV Partners' interest from the sale of production from the underlying properties during the term of the Trust.

The net profits interest will terminate on the later to occur of (1) June 30, 2026 or (2) the time when 14.4 million barrels of oil equivalent (MMBoe) have been produced

from the underlying properties and sold (which amount is the equivalent of 11.5 MMBoe with respect to the Trust's 80% net profits interest), and the Trust will

soon thereafter wind up its affairs and terminate.

The net profits interest is passive in nature, and the Trustee has no management control over and no responsibility relating to the operation of the underlying properties.

The net profits interest entitles the Trust to receive 80% of the net proceeds attributable to MV Partners’ interest from the sale of production from the underlying properties during the term of the Trust.

The net profits interest will terminate on the later to occur of (1) June 30, 2026 or (2) the time when 14.4 million barrels of oil equivalent (MMBoe) have been produced from the underlying properties and sold (which amount is the equivalent of 11.5 MMBoe with respect to the Trust’s 80% net profits interest), and the Trust will soon thereafter wind up its affairs and terminate.

As of December 31, 2020, cumulatively, since inception, the Trust has received payment for approximately 9.8 MMBoe (unaudited).

The trust will

dissolve prior to its termination if:

trust sells the net profits interest;

cash proceeds received by the trust are less than $1 million for each of two consecutive years;

holders of a majority of the outstanding trust units vote in favor of dissolution;

is a judicial dissolution of the trust.

Trustee can authorize the Trust to borrow money to pay Trust administrative or incidental expenses that exceed cash held by the Trust.

The Trustee may authorize the Trust to borrow

from the Trustee or the Delaware Trustee as a lender provided the terms of the loan are similar to the terms it would grant to a similarly situated commercial customer with whom it did not have a

fiduciary relationship.

The trust will dissolve prior to its termination if:

the trust sells the net profits interest;

annual cash proceeds received by the trust are less than $1.0 million for each of two consecutive years;

the holders of a majority of the outstanding trust units vote in favor of dissolution;

there is a judicial dissolution of the trust.

The Trustee can authorize the Trust to borrow money to pay Trust administrative or incidental expenses that exceed cash held by the Trust.

The Trustee may authorize the Trust to borrow from the Trustee or the Delaware Trustee as a lender provided the terms of the loan are similar to the terms it would grant to a similarly situated commercial customer with whom it did not have a fiduciary relationship.

The Trustee may also deposit funds awaiting distribution in an account with itself and make other short-term investments with the funds distributed to the Trust.

2 unchanged sentences

Basis of accounting

Trust uses the modified cash basis of accounting to report receipts by the Trust of the net profits interest and payments of expenses incurred.

The net profits interest represents

the right to receive revenues (oil, gas and natural gas liquid sales) less direct operating expenses (lease operating, maintenance and overhead expenses and production and property taxes) and an

adjustment for lease equipment cost and lease development expenses (which are capitalized in financial statements prepared

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE BTRUST ACCOUNTING POLICIES (Continued)

accordance with accounting principles generally accepted in the United States of America ("U.S.

The Trust uses the modified cash basis of accounting to report receipts by the Trust of the net profits interest and payments of expenses incurred.

The net profits interest represents the right to receive revenues (oil, gas and natural gas liquid sales) less direct operating expenses (lease operating, maintenance and overhead expenses and production and property taxes) and an adjustment for lease equipment cost and lease development expenses (which are capitalized in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP”)) of the underlying properties times 80% (term net profits interest percentage).

cash receipts may vary due to timing delays of actual cash receipts from the property operators or purchasers and due to wellhead and pipeline volume balancing agreements or practices.

The actual cash

distributions of the Trust will be made based on the terms of the conveyance creating the Trust's net profits interest.

financial statements of the Trust, as prepared on a modified cash basis, reflect the Trust's assets, Trust corpus, and distributable income as follows:

from net profits interest is recorded when distributions are received by the Trust;

(b) Distributions

to Trust unitholders are recorded when paid by the Trust;

general and administrative expenses (which include the Trustee's fees as well as accounting, engineering, legal and other professional fees) are recorded when

reserves for Trust expenses may be established by the Trustee for certain expenditures that would not be recorded as contingent liabilities under U.S.

(e) Amortization

of the investment in Net Profits Interest, calculated using the units-of-production method based upon total estimated proved reserves, is charged directly

to trust corpus and does not affect distributable income;

Trust evaluates its investment in the net profits interest periodically to determine whether its aggregate value has been impaired below its total capitalized cost

based on the underlying properties.

The Trust will provide a write-down to its investment in the net profits interest if and when total capitalized costs, less accumulated amortization, exceed

undiscounted net future cash flows attributable to the Trust's interests in the proved oil and gas reserves of the underlying properties.

these statements differ from financial statements prepared in accordance with U.S.

GAAP, the modified cash basis of reporting income and distributions is considered most

meaningful because quarterly distributions to the Trust unitholders are based on net cash receipts.

comprehensive basis of accounting other than generally accepted accounting principles corresponds to the accounting permitted for royalty trusts by the U.S.

Securities and Exchange

Commission (the "SEC") as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.

new accounting pronouncements have been adopted or issued during the year ended December 31, 2019 that would impact the financial statements of the Trust.

Actual cash receipts may vary due to timing delays of actual cash receipts from the property operators or purchasers and due to wellhead and pipeline volume balancing agreements or practices.

The actual cash distributions of the Trust will be made based on the terms of the conveyance creating the Trust’s net profits interest.

The financial statements of the Trust, as prepared on a modified cash basis, reflect the Trust’s assets, Trust corpus, and distributable income as follows:

Income from net profits interest is recorded when distributions are received by the Trust;

Distributions to Trust unitholders are recorded when paid by the Trust;

Trust general and administrative expenses (which include the Trustee’s fees as well as accounting, engineering, legal and other professional fees) are recorded when paid;

Cash reserves for Trust expenses may be established by the Trustee for certain expenditures that would not be recorded as contingent liabilities under U.S.

Amortization of the investment in Net Profits Interest, calculated using the units-of-production method based upon total estimated proved reserves, is charged directly to trust corpus and does not affect distributable income;

The Trust evaluates its investment in the net profits interest periodically to determine whether its aggregate value has been impaired below its total capitalized cost based on the underlying properties.

The Trust will provide a write-down to its investment in the net profits interest if and when total capitalized costs, less accumulated amortization, exceed undiscounted net future cash flows attributable to the Trust’s interests in the proved oil and gas reserves of the underlying properties.

While these statements differ from financial statements prepared in accordance with U.S.

GAAP, the modified cash basis of reporting income and distributions is considered most meaningful because quarterly distributions to the Trust unitholders are based on net cash receipts.

This comprehensive basis of accounting other than generally accepted accounting principles corresponds to the accounting permitted for royalty trusts by the U.S.

Securities and Exchange Commission (the “SEC”) as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.

No new accounting pronouncements have been adopted or issued during the year ended December 31, 2020 that would impact the financial statements of the Trust.

Cash equivalents

purposes of these statements, the Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE BTRUST ACCOUNTING POLICIES (Continued)

For purposes of these statements, the Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Use of estimates

preparation of financial statements requires estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

the date of the financial statements and the reported amounts of income and expenses during the reporting period.

The preparation of financial statements requires estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

estimates affecting these financial statements include estimates of proved oil and gas reserves, which are used to compute the Trust's amortization of net profits interest.

Significant estimates affecting these financial statements include estimates of proved oil and gas reserves, which are used to compute the Trust’s amortization of net profits interest.

NOTE C — NET PROFITS INTEREST

2 unchanged sentences

Accumulated depreciation and depletion

(40,468,762 )

Net property value to be conveyed

5 unchanged sentences

Income from net profits interest before reserve adjustments

MV Partners reserve for future capital expenditures(2)

MV Partners reserve for future capital

expenditures (2)

Income from net profits interest (3)

to the conveyance of the net profits interest, direct operating expenses, lease equipment and development costs are deducted when calculating the

distributable income to the Trust.

to the conveyance of the net profits interest, MV Partners can reserve up to $1.0 million for future exploration, development, maintenance or

operating expenditures at any time.

During 2017, MV Partners withheld $250,000 for future capital expenditures.

The reserve balance was $1,000,000 at December 31, 2017.

During 2018, MV Partners

did not withhold or release any dollar amounts due to the Trust.

The reserve balance was $1,000,000 at December 31, 2018.

During 2019, MV Partners did not withhold or release any dollar amounts

due to the Trust.

The reserve balance was $1,000,000 at December 31, 2019.

income from net profits interest is based upon the cash receipts from MV Partners for the oil and gas production.

The revenues from oil production are typically

received one month after

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE DINCOME FROM NET PROFITS INTEREST (Continued)

thus, the cash received by the Trust during the year ended December 31, 2017 substantially represents the production by MV Partners from September 2016 through August 2017 and the

cash received by the Trust during the year ended December 31, 2018 substantially represents the production by MV Partners from September 2017 through August 2018 and the cash received by the

Trust during the year ended December 31, 2019 substantially represents the production by MV Partners from September 2018 through August 2019.

the years ended December 31, 2017, 2018 and 2019, MV Purchasing, LLC, which we refer to herein as "MV Purchasing," purchased 76%, 76% and 75%, respectively, of the

production sold from the underlying properties.

Pursuant to the conveyance of the net profits interest, direct operating expenses, lease equipment and development costs are deducted when calculating the distributable income to the Trust.

Pursuant to the conveyance of the net profits interest, MV Partners can reserve up to $1,000,000 for future exploration, development, maintenance or operating expenditures at any time.

The reserve balance was $1,000,000 at December 31, 2018, 2019 and 2020, respectively.

The income from net profits interest is based upon the cash receipts from MV Partners for the oil and gas production.

The revenues from oil production are typically received one month after production;

thus, the cash received by the Trust during the year ended December 31, 2018 substantially represents the production by MV Partners from September 2017 through August 2018 and the cash received by the Trust during the year ended December 31, 2019 substantially represents the production by MV Partners from September 2018 through August 2019 and the cash received by the Trust during the year ended December 31, 2020 substantially represents the production by MV Partners from September 2019 through August 2020.

For the years ended December 31, 2018, 2019 and 2020, MV Purchasing, LLC, which we refer to herein as “MV Purchasing,” purchased 76%, 75% and 73%, respectively, of the production sold from the underlying properties.

MV Purchasing is majority owned by the indirect equity owners of MV Partners.

Sales to MV Purchasing are under short-term arrangements, ranging from one

to six months, using market sensitive pricing.

Sales to MV Purchasing are under short-term arrangements, ranging from one to six months, using market sensitive pricing.

NOTE E — INCOME TAXES

Tax counsel to the Trust advised the Trust at the time of formation that, under then current tax laws, in its opinion the net profits interest should be treated as a debt instrument for

federal income tax purposes, and the Trust should be required to treat a portion of each payment it receives with respect to the net profits interest as interest income in accordance with the

"noncontingent bond method" under the original issue discount rules contained in the Internal Revenue Code of 1986, as amended, and the corresponding regulations.

Tax counsel to the Trust also advised

the Trust at the time of formation that in its opinion the Trust will be treated as a grantor trust for federal income tax purposes.

On the basis of this advice, Trust unitholders will be considered

to own and receive the Trust's assets and income and will be directly taxable thereon as if no trust were in existence.

No provision for federal or state income taxes has been made in the accompanying

Tax counsel to the Trust advised the Trust at the time of formation that, under then current tax laws, in its opinion the net profits interest should be treated as a debt instrument for federal income tax purposes, and the Trust should be required to treat a portion of each payment it receives with respect to the net profits interest as interest income in accordance with the “noncontingent bond method” under the original issue discount rules contained in the Internal Revenue Code of 1986, as amended, and the corresponding regulations.

Tax counsel to the Trust also advised the Trust at the time of formation that in its opinion the Trust will be treated as a grantor trust for federal income tax purposes.

On the basis of this advice, Trust unitholders will be considered to own and receive the Trust’s assets and income and will be directly taxable thereon as if no trust were in existence.

No provision for federal or state income taxes has been made in the accompanying statements.

NOTE F — DISTRIBUTIONS TO UNITHOLDERS

The Trustee determines for each quarter the amount available for distribution to the Trust unitholders.

This distribution is expected to be made on or before the 25th day of the

month following the end of each quarter to the Trust unitholders of record on the 15th day of the month following the end of each

quarter (or the next succeeding business day).

Such amounts will be equal to the excess, if any, of the cash received by the Trust relating to such preceding quarter, over the expenses of the Trust

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE FDISTRIBUTIONS TO UNITHOLDERS (Continued)

such quarter, subject to adjustments for changes made by the Trustee during such quarter in any cash reserves established for future expenses of the Trust.

This distribution is expected to be made on or before the 25th day of the month following the end of each quarter to the Trust unitholders of record on the 15th day of the month following the end of each quarter (or the next succeeding business day).

Such amounts will be equal to the excess, if any, of the cash received by the Trust relating to such preceding quarter, over the expenses of the Trust for such quarter, subject to adjustments for changes made by the Trustee during such quarter in any cash reserves established for future expenses of the Trust.

Period covered

24 unchanged sentences

July 1, 2020 through September 30, 2020

to the conveyance of the net profits interest, MV Partners can reserve up to $1.0 million for future exploration, development, maintenance or

operating expenditures at any time

Pursuant to the conveyance of the net profits interest, MV Partners can reserve up to $1,000,000 for future exploration, development, maintenance or operating expenditures at any time.

There was no quarterly distribution during the third quarter of 2020 to Trust unitholders, as the revenue collected by MV Partners from April 1, 2020 through June 30, 2020 was not sufficient to cover the costs paid during the period.

MV Partners released $440,532 from the reserve for future expenditures to cover the deficit.

The reserve was reestablished during the fourth quarter of 2020.

NOTE G — RELATED PARTY TRANSACTIONS

The Trust has entered into an administrative services agreement with MV Partners that obligates the Trust, throughout the term of the Trust, to pay to MV Partners each quarter an

administrative services fee for accounting, bookkeeping and informational services performed by MV Partners on behalf of the Trust relating to the net profits interest.

The annual fee was a total of

$92,367, $96,062 and $99,904 for 2017, 2018 and 2019, respectively, which will increase by 4% each year.

The administrative services agreement will terminate upon the termination of the net profits

interest unless earlier terminated by mutual agreement of the Trustee and MV Partners.

Trust has entered into a Trust Agreement with the Trustee that obligates the Trust, throughout the term of the Trust, to pay to the Trustee a quarterly fee.

The annual fee was a

total of $150,000 for each of 2017, 2018 and 2019.

The Trust Agreement will terminate upon the termination of the net profits interest unless earlier terminated by mutual agreement of a majority of

the Trust unitholders.

The Trust has entered into an administrative services agreement with MV Partners that obligates the Trust, throughout the term of the Trust, to pay to MV Partners each quarter an administrative services fee for accounting, bookkeeping and informational services performed by MV Partners on behalf of the Trust relating to the net profits interest.

The annual fee was a total of $96,062, $99,904 and $103,901 for 2018, 2019 and 2020, respectively, which will increase by 4% each year.

The administrative services agreement will terminate upon the termination of the net profits interest unless earlier terminated by mutual agreement of the Trustee and MV Partners.

The Trust has entered into a Trust Agreement with the Trustee that obligates the Trust, throughout the term of the Trust, to pay to the Trustee a quarterly fee.

The annual fee was a total of $150,000 for each of 2018, 2019 and 2020.

The Trust Agreement will terminate upon the termination of the net profits interest unless earlier terminated by mutual agreement of a majority of the Trust unitholders.

NOTE H — ADVANCE FOR TRUST EXPENSES

Under the terms of the Trust Agreement, the Trustee is allowed to borrow money to pay Trust expenses.

During 2017, 2018 and 2019, the Trust did not borrow any money, and there were no

prior borrowings that had not been repaid.

During 2018, 2019 and 2020, the Trust did not borrow any money, and there were no prior borrowings that had not been repaid.

Since the Trust uses the modified cash basis of accounting, a liability has not been recorded for any advances from MV Partners.

The net advance is shown as

an addition to Trust Corpus when the borrowing is made and is shown as a reduction to Trust Corpus when it is repaid.

Partners provided a letter of credit in the amount of $1.8 million to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future

NOTES TO FINANCIAL STATEMENTS (Continued)

The net advance is shown as an addition to Trust Corpus when the borrowing is made and is shown as a reduction to Trust Corpus when it is repaid.

MV Partners provided a letter of credit in the amount of $1.8 million to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future expenses.

NOTE I — OTHER EVENTS

Subsequent event

The first quarterly distribution for 2020 was $2,185,000, or $0.190 per Trust unit, and was made on January 24, 2020 to Trust unitholders

owning Trust units as of January 15, 2020.

The first quarterly distribution for 2021 was $1,265,000, or $0.110 per Trust unit, and was made on January 25, 2021 to Trust unitholders owning Trust units as of January 15, 2021.

Such distribution included the net proceeds of production collected by MV Partners from October 1, 2020 through December 31, 2020.

NOTE J — DISCLOSURES ABOUT OIL AND GAS ACTIVITIES (UNAUDITED)

The Trust is required to disclose proved reserves in accordance with the SEC's reporting rules, which require that the average, first-day-of- the-month price during the 12-month period

before the end of the year be used when estimating whether reserve quantities are economical to produce.

This same 12-month average price is also used in calculating the aggregate amount of (and

changes in) future cash inflows related to the standardized measure of discounted future net cash flows.

The rules also allow for the use of reliable technology to estimate proved oil and gas reserves

if those technologies have been demonstrated to result in reliable conclusions about reserve volumes.

The unaudited supplemental information on oil and gas exploration and production activities for

2017, 2018 and 2019 has been presented in accordance with these rules.

of the proved oil and gas reserves attributable to the Trust as of December 31, 2017, 2018 and 2019 are based on reports of Cawley, Gillespie &

Associates, Inc., independent petroleum and geological engineers, and the contract property management engineering staff of the managers of MV Partners who operate the underlying properties, in

accordance with the SEC's rules and definitions.

Users of this information should be aware that the process of estimating quantities of "proved" and "proved developed" and "proved undeveloped" crude

oil, natural gas, and natural gas liquids reserves is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each

The data for a given reservoir may also change substantially over time as a result of numerous factors, including additional development activity, evolving production history and continual

reassessment of the viability of production under varying economic conditions.

The Trust is required to disclose proved reserves in accordance with the SEC’s reporting rules, which require that the average, first-day-of- the-month price during the 12-month period before the end of the year be used when estimating whether reserve quantities are economical to produce.

This same 12-month average price is also used in calculating the aggregate amount of (and changes in) future cash inflows related to the standardized measure of discounted future net cash flows.

The rules also allow for the use of reliable technology to estimate proved oil and gas reserves if those technologies have been demonstrated to result in reliable conclusions about reserve volumes.

The unaudited supplemental information on oil and gas exploration and production activities for 2018, 2019 and 2020 has been presented in accordance with these rules.

Estimates of the proved oil and gas reserves attributable to the Trust as of December 31, 2018, 2019 and 2020 are based on reports of Cawley, Gillespie & Associates, Inc., independent petroleum and geological engineers, and the contract property management engineering staff of the managers of MV Partners who operate the underlying properties, in accordance with the SEC’s rules and definitions.

Users of this information should be aware that the process of estimating quantities of “proved” and “proved developed” and “proved undeveloped” crude oil, natural gas, and natural gas liquids reserves is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir.

The data for a given reservoir may also change substantially over time as a result of numerous factors, including additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions.

Consequently, material revisions to existing reserve estimates occur from time to time.

reserve data below represent estimates only and should not be construed as being exact.

Moreover, the discounted values should not be construed as representative of the current

market value of the Net Profits Interest.

The reserve data below represent estimates only and should not be construed as being exact.

Moreover, the discounted values should not be construed as representative of the current market value of the Net Profits Interest.

A market value determination would include many additional factors, including:

(i) anticipated future oil and gas prices;

(ii) the effect of

federal income taxes, if any, on the Trust;

(ii) the effect of federal income taxes, if any, on the Trust;

(iii) an allowance for return on investment;

(iv) the effect of governmental legislation;

(v) the value of additional potential

reserves, not considered proved at present, which may be recovered as a result of further exploration and development activities;

(v) the value of additional potential reserves, not considered proved at present, which may be recovered as a result of further exploration and development activities;

and (vi) other business risks.

following tables set forth (i) the estimated net quantities of proved, proved developed and proved undeveloped oil, natural gas and natural gas liquids reserves attributable

to the Trust, and (ii) the standardized measure of the discounted future net profits interest income attributable to the Trust and the nature of changes in such standardized measure between

The following tables set forth (i) the estimated net quantities of proved, proved developed and proved undeveloped oil, natural gas and natural gas liquids reserves attributable to the Trust, and (ii) the standardized measure of the discounted future net profits interest income attributable to the Trust and the nature of changes in such standardized measure between years.

These tables are prepared on the accrual basis, which is the basis on which MV Partners maintains its production records and is different from the basis on which the Trust is reporting.

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE JDISCLOSURES ABOUT OIL AND GAS ACTIVITIES (UNAUDITED) (Continued)

ESTIMATED QUANTITIES OF OIL AND GAS RESERVES

16 unchanged sentences

Additional proved undeveloped reserves added during 2018

Proved undeveloped reserves removed from drilling plan

Proved undeveloped reserves removed from drilling

Revisions of previous estimates

2 unchanged sentences

Additional proved undeveloped reserves added during 2019

Proved undeveloped reserves removed from drilling plan

Proved undeveloped reserves removed from drilling

Revisions of previous estimates

2 unchanged sentences

Additional proved undeveloped reserves added during 2020

Proved undeveloped reserves removed from drilling plan

Proved undeveloped reserves removed from drilling

Revisions of previous estimates

December 31, 2020

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE JDISCLOSURES ABOUT OIL AND GAS ACTIVITIES (UNAUDITED) (Continued)

Trust recognized net reductions to reserves for its share of MV Partners' total during 2017 associated with the production of properties of 605,804 Boe.

The Trust recognized net

reductions to reserves of 113,920 Boe as a result of changes in the development plan.

These reductions were offset with an increase in reserves of 507,152 Boe as a result of positive revisions due to

higher commodity prices during 2017.

Trust recognized net reductions to reserves for its share of MV Partners' total during 2018 associated with the production of properties of 598,409 Boe.

The Trust recognized net

increases to reserves of 58,743 Boe as a result of changes in the development plan.

The net reductions were offset with an increase in reserves of 198,579 Boe as a result of positive revisions due to

higher commodity prices during 2018.

Trust recognized net reductions to reserves for its share of MV Partners' total during 2019 associated with the production of properties of 577,163 Boe.

The Trust recognized net

increases to reserves of 27,366 Boe as a result of changes in the development plan.

Additional reductions to reserves of 130,549 Boe were a result of negative revisions due to lower commodity prices

The Trust recognized net reductions to reserves for its share of MV Partners’ total during 2018 associated with the production of properties of 598,409 Boe.

The Trust recognized net increases to reserves of 58,743 Boe as a result of changes in the development plan.

The net reductions were offset with an increase in reserves of 198,579 Boe as a result of positive revisions due to higher commodity prices during 2018.

The Trust recognized net reductions to reserves for its share of MV Partners’ total during 2019 associated with the production of properties of 577,163 Boe.

The Trust recognized net increases to reserves of 27,366 Boe as a result of changes in the development plan.

Additional reductions to reserves of 130,549 Boe were a result of negative revisions due to lower commodity prices during 2019.

The Trust recognized net reductions to reserves for its share of MV Partners’ total during 2020 associated with the production of properties of 523,031 Boe.

The Trust recognized net decreases to reserves of 112,464 Boe as a result of changes in the development plan.

Additional reductions to reserves of 570,844 Boe were a result of negative revisions due to lower commodity prices during 2020.

STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS

FROM PROVED OIL AND GAS RESERVES

Estimates of future net cash flows from proved reserves of crude oil, natural gas, and natural gas liquids are computed using the average,

first-day- of-the-month price during the 12-month period for 2017, 2018 and 2019.

Estimates of future net cash flows from proved reserves of crude oil, natural gas, and natural gas liquids are computed using the average, first-day- of-the-month price during the 12-month period for 2018, 2019 and 2020.

Future cash inflows

(107,850,519 )

(86,214,240 )

(44,907,531 )

Future net cash flows

Less 10% discount factor

(28,492,547 )

(14,613,176 )

Standardized measure of discounted future net cash flows

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE JDISCLOSURES ABOUT OIL AND GAS ACTIVITIES (UNAUDITED) (Continued)

CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH

2 unchanged sentences

Net proceeds to the Trust

(17,151,136 )

(12,994,052 )

Net changes in price and production costs

(24,930,850 )

(29,767,790 )

Changes in estimated future development costs

4 unchanged sentences

Standardized measure at end of year

Trust's changes in standardized measure of discounted future net cash flows attributable to production rates, timing and other primarily represents changes in

the Trust's estimates of when proved reserve quantities will be realized.

During the years ended December 31, 2017, 2018 and 2019, the operator increased its development drilling capital plans,

which had the effect of accelerating the estimated timing of development and then the ultimate realization of undeveloped proved reserves.

average, first-day-of-the-month price during the 12-month period for 2017, 2018 and 2019 used in determining future net revenues related to the standardized measure calculation are

The Trust’s changes in standardized measure of discounted future net cash flows attributable to production rates, timing and other primarily represents changes in the Trust’s estimates of when proved reserve quantities will be realized.

During the years ended December 31, 2018, 2019 and 2020, the operator changed its development drilling capital plans, which had the effect of altering the estimated timing of development and then the ultimate realization of undeveloped proved reserves.

The average, first-day-of-the-month price during the 12-month period for 2018, 2019 and 2020 used in determining future net revenues related to the standardized measure calculation are as follows:

Oil (per Bbl)

10 unchanged sentences

Distributions per unit

TABLE OF CONTENTS

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

Controls and Procedures.

Evaluation of disclosure controls and procedures.

The trustee maintains disclosure controls and procedures designed to ensure that information to be disclosed by the trust in the reports that it files or submits under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the rules and regulations promulgated by the SEC.

Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the trust is accumulated and communicated by MV Partners to The Bank of New York Mellon Trust Company, N.A., as trustee of the trust, and its employees who participate in the preparation of the trust’s periodic reports as appropriate to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report, the trustee carried out an evaluation of the trust’s disclosure controls and procedures.

Elaina Rodgers, as Trust Officer of the trustee, has concluded that the disclosure controls and procedures of the trust are effective.

Due to the contractual arrangements of (i) the trust agreement and (ii) the conveyance of the net profits interest, the trustee relies on (A) information provided by MV Partners, including historical operating data, plans for future operating and capital expenditures, reserve information and information relating to projected production, and (B) conclusions and reports regarding reserves by the trust’s independent reserve engineers.

See “Item 1A.

Risk Factors — The trust and the public trust unitholders have no voting or managerial rights with respect to MV Partners, the operator of the underlying properties.

As a result, public trust unitholders have no ability to influence the operation of the underlying properties” in this Form 10-K, and “Item 7.

Trustee’s Discussion and Analysis of Financial Condition and Results of Operations” for a description of certain risks relating to these arrangements and reliance on information when reported by MV Partners to the trustee and recorded in the trust’s results of operations.

Changes in Internal Control Over Financial Reporting.

During the fourth quarter ended December 31, 2019, there has been no change in the trustee’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the trustee’s internal control over financial reporting.

The trustee notes for purposes of clarification that it has no authority over, and makes no statement concerning, the internal control over financial reporting of MV Partners.

Trustee’s Report on Internal Control Over Financial Reporting.

The trustee is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f), by the trust.

The trust’s internal control over financial reporting is a process designed under the supervision of the trustee to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the trust’s financial statements for external purposes in accordance with the accounting permitted for royalty trusts by the SEC as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts, which is a comprehensive basis of accounting other than generally accepted accounting principles.

As of December 31, 2020, the trustee assessed the effectiveness of the trust’s internal control over financial reporting based on the criteria for effective internal control over financial reporting established in “Internal Control — Integrated Framework,” issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on that assessment, the trustee determined that the trust maintained effective internal control over financial reporting as of December 31, 2020, based on those criteria.

Other Information.

TABLE OF CONTENTS

Directors, Executive Officers and Corporate Governance.

The trust has no directors or executive officers.

The trustee is a corporate trustee that may be removed by the affirmative vote of the holders of not less than a majority of the outstanding trust units at a meeting at which a quorum is present.

Audit Committee and Nominating Committee

Because the trust does not have a board of directors, it does not have an audit committee, an audit committee financial expert or a nominating committee.

Code of Ethics

The trust does not have a principal executive officer, principal financial officer, principal accounting officer or controller and, therefore, has not adopted a code of ethics applicable to such persons.

However, employees of the trustee must comply with the bank’s code of ethics.

Executive Compensation.

During the years ended December 31, 2020, 2019 and 2018, the trustee received compensation from the trust in the amount of $150,000 each year.

The trust does not have any executive officers.

Because the trust does not have a board of directors, it does not have a compensation committee.

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters.

Security Ownership of Certain Beneficial Owners.

The following table sets forth certain information regarding the beneficial ownership of our trust units as of March 16, 2021 by each person who, to our knowledge, beneficially owns more than 5% of the outstanding trust units.

Beneficial Owner

MV Energy, LLC (2)

VAP-I, LLC (2)

Based on 11,500,000 trust units outstanding as of March 16, 2021.

The address of each of MV Energy and VAP-I is 1700 Waterfront, Building 500, Wichita, Kansas 67206.

MV Energy is the managing member of VAP-I.

As a result, MV Energy has sole voting and investment power with respect to the trust units held by VAP-I.

Each of MV Energy and VAP-I is the record owner of 1,437,500 trust units.

The information is based on Form 4 filings with the SEC on January 31, 2007.

The information is based on a Schedule 13G dated February 8, 2019 filed jointly by Robert J.

Raymond (“Raymond”), RR Advisors, LLC (“Advisors”), RCH Black Fund GP, L.P.

(“RCH GP”), and RCH Black Fund, L.P.

(“RCH LP” and, together with Raymond, Advisors and RCH GP, the “Reporting Persons”).

The principal business address of the Reporting Persons is 3953 Maple Avenue, Suite 180, Dallas, Texas 75219.

According to the filing, Raymond has sole voting power and dispositive power with respect to 25,096 trust units;

Raymond and Advisors each has shared voting and dispositive power with respect to 991,018 trust units;

and RCH GP and RCH LP each has shared voting and dispositive power with respect to 958,555 trust units.

According to the filing, each Reporting Person expressly disclaims (a) the existence of any group and (b) beneficial ownership with respect to any trust units other than the trust units owned of record by such Reporting Person.

TABLE OF CONTENTS

Security Ownership of Management.

Not applicable.

Changes in Control.

The registrant knows of no arrangement, including any pledge by any person of securities of the registrant or any of its parents, the operation of which may at a subsequent date result in a change of control of the registrant.

Certain Relationships and Related Transactions, and Director Independence.

Under the terms of the Conveyance governing the net profits interest, MV Partners is obligated to make certain payments to the trust on a quarterly basis.

Please see “Item 1.

Business — Computation of Net Proceeds” for more information about these agreements.

Administrative Services Agreement

The trust has entered into an administrative services agreement with MV Partners that obligates the trust, throughout the term of the trust, to pay to MV Partners each quarter an administrative services fee for accounting, bookkeeping and informational services performed by MV Partners on behalf of the trust relating to the net profits interest.

The annual fee was a total of $103,901 for 2020, which will increase by 4% each year.

The administrative services agreement will terminate upon the termination of the net profits interest unless earlier terminated by mutual agreement of the trustee and MV Partners.

Registration Rights

The trust entered into a registration rights agreement with MV Partners in connection with MV Partners’ conveyance to the trust of the net profits interest.

In the registration rights agreement, the trust agreed, for the benefit of MV Partners and any transferee of its trust units (each, a “holder”), to register the trust units it holds.

Specifically, the trust agreed:

subject to certain restrictions, to use its reasonable best efforts to file a registration statement, including, if so requested, a shelf registration statement, with the SEC as promptly as practicable following receipt of a notice requesting the filing of a registration statement from holders representing a majority of the then outstanding registrable trust units;

to use its reasonable best efforts to cause the registration statement or shelf registration statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof;

to continuously maintain the effectiveness of the registration statement under the Securities Act for 90 days (or for three years if a shelf registration statement is requested) after the effectiveness thereof or until the trust units covered by the registration statement have been sold pursuant to such registration statement or until all registrable trust units:

have been sold pursuant to Rule 144 under the Securities Act if the transferee thereof does not receive “restricted securities;”

have been sold in a private transaction in which the transferor’s rights under the registration rights agreement are not assigned to the transferee of the trust units;

become eligible for resale pursuant to Rule 144(k) (or any similar rule then in effect under the Securities Act).

The holders will have the right to require the trust to file up to three registration statements and will have piggyback registration rights in certain circumstances.

In connection with the preparation and filing of any registration statement, MV Partners will bear all costs and expenses incidental to any registration statement, excluding certain internal expenses of the trust, which will be borne by the trustee, and any underwriting discounts and commissions, which will be borne by the seller of the trust units.

TABLE OF CONTENTS

Principal Accountant Fees and Services.

The trust does not have an audit committee.

Any pre-approval and approval of all services performed by the principal auditor or any other professional service firms and related fees are granted by the trustee.

The following table presents fees for professional audit services rendered by Grant Thornton LLP for the audit of the trust’s financial statements for 2019 and 2020 and fees billed for other services rendered by Grant Thornton LLP.

Audit-related fees

All other fees

TABLE OF CONTENTS

Exhibit and Financial Statement Schedules

(a)(1) Financial Statements

The following financial statements are set forth under Part II, Item 8 of this Form 10-K on the pages indicated:

Report of Independent Registered Public Accounting Firm

Statements of Assets and Trust Corpus

Statements of Distributable Income

Statements of Changes in Trust Corpus

(a)(2) Schedules

Schedules have been omitted because they are not required, not applicable or the information required has been included elsewhere herein.

(a)(3) Exhibits

Certificate of Trust of MV Oil Trust.

(Incorporated herein by reference to Exhibit 3.3 to the Registration Statement on Form S-1, filed on August 14, 2006 (Registration No.

Amended and Restated Trust Agreement, dated January 24, 2007, among MV Partners, LLC, The Bank of New York Trust Company, N.A.

and Wilmington Trust Company.

(Incorporated herein by reference to Exhibit 3.1 to MV Oil Trust’s Current Report on Form 8-K filed on January 25, 2007 (File No.

Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (Incorporated herein by reference to Exhibit 4.1 to MV Oil Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (File No.

Conveyance of Net Profits Interest, dated January 24, 2007, from MV Partners, LLC to The Bank of New York Trust Company, N.A.

as Trustee of MV Oil Trust.

(Incorporated herein by reference to Exhibit 10.1 to MV Oil Trust’s Current Report on Form 8-K filed on January 25, 2007 (File No.

Administrative Services Agreement, dated January 24, 2007, by and between MV Partners, LLC and The Bank of New York Trust Company, N.A.

as Trustee of MV Oil Trust.

(Incorporated herein by reference to Exhibit 10.2 to MV Oil Trust’s Current Report on Form 8-K filed on January 25, 2007 (File No.

Registration Rights Agreement, dated January 24, 2007, by and between MV Partners, LLC and The Bank of New York Trust Company, N.A.

as Trustee of MV Oil Trust.

(Incorporated herein by reference to Exhibit 4.1 to MV Oil Trust’s Current Report on Form 8-K filed on January 25, 2007 (File No.

Certification filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Report of Cawley, Gillespie & Associates, Inc., Petroleum Consultants

Filed herewith.

Form 10-K Summary

TABLE OF CONTENTS

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T he B ank of N ew Y ork M ellon T rust C ompany , N.A., as T rustee

/s/ E laina C.

Vice President

March 16, 2021

The Registrant, MV Oil Trust, has no principal executive officer, principal financial officer, board of directors or persons performing similar functions.

Accordingly, no additional signatures are available, and none have been provided.

In signing the report above, the trustee does not imply that it has performed any such function or that such function exists pursuant to the terms of the trust agreement under which it serves.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data