Item 4. Controls and Procedures
Item 4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures. The Trustee maintains disclosure controls and procedures designed to ensure that information
required to be disclosed by the Trust in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, 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. A 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
“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” and “Trustee’s Discussion and Analysis of Financial Condition and Results of Operations” in the Form 10-K
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 quarter ended June 30, 2021, there was no change in the Trust’s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Trust’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.
9
PART II—OTHER INFORMATION
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.