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Item 1. Financial Statements

2022-11-10 compared with 2022-08-09 · 221 added, 208 removed, 147 unchanged (74% of the section changed)

2 unchanged sentences

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Income from net profits interest

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Distributable income

Distributions per Trust unit (11,500,000 Trust units issued and outstanding at June 30, 2022 and 2021)

Includes $28,095 and $27,014 paid to MV Partners, LLC during the three months ended June 30, 2022 and 2021, respectively, and $56,189 and $80,003 during the six months ended June 30, 2022 and 2021, respectively.

Distributions per Trust unit (11,500,000 Trust units issued and outstanding at September 30, 2022 and 2021)

Includes $28,095 and $27,014 paid to MV Partners, LLC during the three months ended September 30, 2022 and 2021, respectively, and $84,284 and $107,018 during the nine months ended September 30, 2022 and 2021, respectively.

Also includes $37,500 paid to The Bank of New York Mellon Trust Company, N.A.

during each of the three months ended June 30, 2022 and 2021 and $75,000 during each of the six months ended June 30, 2022 and 2021.

during each of the three months ended September 30, 2022 and 2021 and $112,500 during each of the nine months ended September 30, 2022 and 2021.

CONDENSED STATEMENTS OF ASSETS AND TRUST CORPUS

September 30,

Cash and cash equivalents

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(42,771,353 )

Trust corpus, 11,500,000 Trust units issued and outstanding at June 30, 2022 and December 31, 2021

Trust corpus, 11,500,000 Trust units issued and outstanding at September 30, 2022 and December 31, 2021

CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Trust corpus, beginning of period

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Cash distributions

(17,652,500 )

Trust expenses

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these condensed financial statements.

NOTES TO CONDENSED FINANCIAL

Note 1—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, a Kansas limited liability company (“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”).

NOTES TO CONDENSED FINANCIAL STATEMENTS

Note 1—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, a Kansas limited liability company (“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

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interest represents the right to receive 80% of the net proceeds (calculated as described below in Note 5) from production from the underlying

properties (as defined below) (the “net profits interest”).

The net profits interest consists of MV Partners’

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”).

properties (as defined below) (the “net profits interest”).

The net profits interest consists of MV Partners’ 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”).

The underlying properties include approximately 860 producing oil and gas wells.

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The net profits

interest entitles the Trust to receive 80% of the net proceeds attributable to MV Partners’

interest from the sale of production

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 net profits interest), and the Trust will soon

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 net profits interest), and the Trust will soon

thereafter wind up its affairs and terminate.

As of June 30, 2022, cumulatively, since inception, the Trust has received payment

for 80% of the net proceeds attributable to MV Partners’

interest from the sale of 13.2 MMBoe of production from the underlying

properties (which amount is the equivalent of 10.5 MMBoe with respect to the Trust’s net profits interest).

As of September 30, 2022, cumulatively, since inception, the Trust has received payment

for 80% of the net proceeds attributable to MV Partners’ interest from the sale of 13.3 MMBoe of production from the underlying

properties (which amount is the equivalent of 10.7 MMBoe with respect to the Trust’s net profits interest).

The Trustee can authorize the Trust to borrow money

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in an account with itself and make other short-term investments with the funds distributed to the Trust.

Note 2—Basis of Presentation

The accompanying Condensed Statements of Assets

and Trust Corpus as of December 31, 2021, which has been derived from audited financial statements, and the unaudited interim condensed

financial statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and June 30, 2021, have been

prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Accordingly, certain

information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and

financial statements as of September 30, 2022 and for the three and nine months ended September 30, 2022 and September 30,

2021, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Accordingly, certain information and note disclosures normally included in annual financial statements have been condensed or omitted

pursuant to those rules and regulations.

The preparation of financial statements requires

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The financial information should be read in conjunction

with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended December 31,

Note 3—Trust Accounting Policies

The Trust uses the modified cash basis of accounting

to report receipts 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 expenses, lease maintenance, lease overhead,

and production and property taxes) and an adjustment for lease equipment costs 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%.

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 that created the Trust’s net profits interest.

Expenses of the Trust,

which include accounting, engineering, legal and other professional fees, Trustee fees, an administrative fee paid to MV Partners and

out-of-pocket expenses, are recognized when paid.

GAAP, revenues and expenses would be recognized on an accrual basis.

of the investment in net profits interest is recorded on a unit-of-production method in the period in which the cash is received with

respect to such production.

Such amortization does not reduce distributable income, rather it is charged directly to Trust Corpus.

with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended December 31,

Note 3—Trust Accounting Policies

The Trust uses the modified cash basis of

accounting to report receipts 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 expenses, lease

maintenance, lease overhead, and production and property taxes) and an adjustment for lease equipment costs 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%.

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 that created

the Trust’s net profits interest.

Expenses of the Trust, which include accounting, engineering, legal and other professional

fees, Trustee fees, an administrative fee paid to MV Partners and out-of-pocket expenses, are recognized when paid.

revenues and expenses would be recognized on an accrual basis.

Amortization of the investment in net profits interest is recorded on

a unit-of-production method in the period in which the cash is received with respect to such production.

Such amortization does not

reduce distributable income, rather it is charged directly to Trust Corpus.

This comprehensive basis of accounting other than

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No new accounting pronouncements were adopted or

issued during the quarter ended June 30, 2022 that would impact the financial statements of the Trust.

Note 4—Investment in Net Profits Interest

issued during the quarter ended September 30, 2022 that would impact the financial statements of the Trust.

Note 4—Investment in Net Profits Interest

The net profits interest was recorded at the historical

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Times 80% net profits interest to Trust

Note 5—Income from Net Profits Interest

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Excess of revenues over direct operating expenses and lease equipment and development costs (1)

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(1) Excess of revenues over direct operating expenses and lease equipment and development costs reflect expenses and costs incurred by

MV Partners during the December through February production periods for the three months ended June 30, 2022 and 2021,

respectively, and during each of the September through February production periods for the six months ended June 30, 2022

and 2021, respectively.

Pursuant to the terms of the conveyance of the net profits interest, lease equipment and development costs are

to be deducted when calculating the distributable income to the Trust.

MV Partners during the March through May production periods for the three months ended September 30, 2022 and 2021, respectively,

and during each of the September through May production periods for the nine months ended September 30, 2022 and 2021,

respectively.

Pursuant to the terms of the conveyance of the net profits interest, lease equipment and development costs are to be deducted

when calculating the distributable income to the Trust.

(2) Pursuant to the terms of the conveyance of the net profits interest, MV Partners can reserve up to $1.0 million for future capital

expenditures at any time.

During the three and six months ended June 30, 2022 and 2021, MV Partners did not withhold or release any

dollar amounts due to the Trust.

The reserve balance was $1,000,000 at June 30, 2022 and 2021.

During the three and nine months ended September 30, 2022 and 2021, MV Partners did not withhold or release

any dollar amounts due to the Trust.

The reserve balance was $1.0 million at September 30, 2022 and 2021.

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

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thus, the cash received by the Trust during the

three months ended June 30, 2022 substantially represents the production by MV Partners from December 2021 through February 2022,

and the cash received by the Trust during the three months ended June 30, 2021 substantially represents the production by MV Partners

from December 2020 through February 2021.

The cash received by the Trust during the six months ended June 30, 2022 substantially

represents the production by MV Partners from September 2021 through February 2022, and the cash received by the Trust during

the six months ended June 30, 2021 substantially represents the production by MV Partners from September 2020 through February 2021.

For the three and six months ended June 30,

three months ended September 30, 2022 substantially represents the production by MV Partners from March 2022 through May 2022,

and the cash received by the Trust during the three months ended September 30, 2021 substantially represents the production by MV

Partners from March 2021 through May 2021.

The cash received by the Trust during the nine months ended September 30, 2022

substantially represents the production by MV Partners from September 2021 through May 2022, and the cash received by the Trust

during the nine months ended September 30, 2021 substantially represents the production by MV Partners from September 2020 through

For the three and nine months ended September 30,

2022 and 2021, MV Purchasing, LLC, which is majority-owned by the indirect equity owners of MV Partners, purchased a majority of the production

from the underlying properties.

Sales to MV Purchasing, LLC are under short-term arrangements, ranging from one to six months, using

market-sensitive pricing.

Note 6—Income Taxes

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

Note 6—Income Taxes

The Trust is a Delaware statutory trust and is

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Accordingly, no provision for federal or state income taxes has been made.

Note 7—Distributions to Unitholders

MV Partners makes quarterly payments of the net

profits interest to the Trust.

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 the preceding quarter, over the expenses of the Trust paid during

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.

As previously disclosed, the Trustee intends to build a cash reserve of approximately $1.265 million for the payment of

future known, anticipated or contingent expenses or liabilities.

The Trustee may increase or decrease the targeted amount at any time,

and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to

the unitholders.

Note 7—Distributions to Unitholders

Partners makes quarterly payments of the net profits interest to the Trust.

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 the preceding quarter,

over the expenses of the Trust paid during 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.

As previously disclosed, the Trustee intends to build a cash reserve

of approximately $1.265 million for the payment of future known, anticipated or contingent expenses or liabilities.

The Trustee may increase

or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve

at any time, without advance notice to the unitholders.

Cash held in reserve will be invested as required by the Trust Agreement.

Any cash reserved in excess of the amount necessary

to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities eventually will be distributed to

unitholders, together with interest earned on the funds.

cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses

or liabilities eventually will be distributed to unitholders, together with interest earned on the funds.

The first quarterly distribution during 2022 was

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building of the cash reserve described above.

The third quarterly distribution during 2022 was

$8,050,000, or $0.700 per Trust unit, and was made on July 25, 2022 to Trust unitholders owning Trust units as of July 15, 2022.

Such distribution included the net proceeds attributable to the sale of production received by MV Partners from April 1, 2022 through

June 30, 2022.

The Trustee withheld $421,668 from the net proceeds otherwise available for distribution towards the building of the cash

reserve described above.

The first quarterly distribution during 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 attributable to the sale of production received by MV Partners from October 1,

2020 through December 31, 2020.

Such distribution included the net proceeds attributable to the sale of production received by MV Partners from October 1, 2020 through

December 31, 2020.

The second quarterly distribution during 2021 was

$2,415,000, or $0.210 per Trust unit, and was made on April 23, 2021 to Trust unitholders owning Trust units as of April 15, 2021.

Such distribution included the net proceeds of production collected by MV Partners from January 1, 2021 through March 31,

Note 8—Advance for Trust Expenses

distribution included the net proceeds of production collected by MV Partners from January 1, 2021 through March 31, 2021.

The third quarterly distribution during 2021 was

$3,450,000, or $0.300 per Trust unit, and was made on July 23, 2021 to Trust unitholders owning Trust units as of July 15, 2021.

distribution included the net proceeds of production collected by MV Partners from April 1, 2021 through June 30, 2021.

Note 8—Advance for Trust Expenses

Under the terms of the Trust Agreement, the Trustee

is allowed to borrow money to pay Trust expenses.

During the three months ended June 30, 2022 and 2021, there were no borrowings

During the three months ended September 30, 2022 and 2021, there were no borrowings

or amounts owed for money borrowed in previous quarters.

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the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future expenses.

Note 9—Subsequent Events

The third quarterly distribution during 2022 was

$8,050,000, or $0.700 per Trust unit, and was made on July 25, 2022 to Trust unitholders owning Trust units as of July 15, 2022.

Such distribution included the net proceeds of production collected by MV Partners from April 1, 2022 through June 30, 2022.

The Trustee withheld $421,668 from the net proceeds otherwise available for distribution towards the building of the cash reserve described

Trustee’s Discussion and Analysis of Financial Condition

Note 9—Subsequent Events

The fourth quarterly distribution during 2022 was

$7,877,500, or $0.685 per Trust unit, and was made on October 25, 2022 to Trust unitholders owning Trust units as of October 17,

Such distribution included the net proceeds of production collected by MV Partners from July 1, 2022 through September 30,

The Trustee withheld $105,417 from the net proceeds otherwise available for distribution towards the building of the cash reserve

described in Note 7.

Trustee’s Discussion and Analysis of Financial Condition

and Results of Operations.

The following discussion of the Trust’s financial

condition and results of operations should be read in conjunction with the financial statements and notes thereto.

The Trust’s purpose

is, in general, to hold the net profits interest, to distribute to the Trust unitholders cash that the Trust receives in respect of the

net profits interest and to perform certain administrative functions in respect of the net profits interest and the Trust units.

Trust derives substantially all of its income and cash flows from the net profits interest.

All information regarding operations has been

provided to the Trustee by MV Partners.

derives substantially all of its income and cash flows from the net profits interest.

All information regarding operations has been provided

to the Trustee by MV Partners.

Results of Operations

Results of Operations for the Quarters Ended June 30, 2022

The cash received by the Trust from MV Partners

during the quarter ended June 30, 2022 substantially represents the production by MV Partners from December 2021 through February 2022.

The cash received by the Trust from MV Partners during the quarter ended June 30, 2021 substantially represents the production

by MV Partners from December 2020 through February 2021.

The revenues from oil production are typically received by MV Partners

one month after production.

The Trust’s income from net profits interest increased $2,620,231 to $5,242,605 for the quarter ended

June 30, 2022 from $2,622,374 for the quarter ended June 30, 2021.

The increase was primarily due to a $3,275,289 increase in

excess of revenues over direct operating expenses and lease equipment and development costs for the underlying properties to $6,553,256

from $3,277,967 for the same period in the prior year.

These amounts were reduced by a Trustee holdback for future expenses of $355,105

and $207,374 for the quarters ended June 30, 2022 and 2021, respectively.

This increase of $147,731 is primarily the result of the

Trustee’s decision to build a cash reserve of approximately $1.265 million for the payment of future known, anticipated or contingent

expenses or liabilities of the Trust, commencing with the distribution payable in the first quarter of 2022.

The Trustee paid general

and administrative expenses of $228,829 and $160,032 for the quarters ended June 30, 2022 and 2021, respectively.

During the quarters

ended June 30, 2022 and 2021, MV Partners did not withhold or release any dollar amounts due to the Trust from the previously established

reserve for future capital expenditures.

These factors resulted in distributable income for the quarter ended June 30, 2022 of $4,887,500,

an increase of $2,472,500 from $2,415,000 for the quarter ended June 30, 2021.

The average price received for crude oil sold was

$77.53 per Bbl and the average price received for natural gas sold was $5.31 per Mcf for the period from January 1, 2022 through

March 31, 2022.

The average price received for crude oil sold was $47.51 per Bbl and the average price received for natural gas sold

was $2.18 per Mcf for the period from January 1, 2021 through March 31, 2021.

The overall production sales volumes attributable

to the net profits interest for the oil and gas production collected during the period from January 1, 2022 through March 31,

2022 were 114,429 Bbls of oil, 6,996 Mcf of natural gas and 24 Bbls of natural gas liquids, for a total of 115,610 barrels of oil

The overall production sales volumes attributable to the net profits interest for the oil and gas production collected during

the period from January 1, 2021 through March 31, 2021 were 124,275 Bbls of oil, 8,798 Mcf of natural gas and 24 Bbls of

natural gas liquids, for a total of 125,757 barrels of oil equivalent.

Results of Operations for the Six Months Ended June 30, 2022

The cash received by the Trust from MV Partners

during the six months ended June 30, 2022 substantially represents the production by MV Partners from September 2021 through

February 2022.

The cash received by the Trust from MV Partners during the six months ended June 30, 2021 substantially represents

the production by MV Partners from September 2020 through February 2021.

The revenues from oil production are typically received

by MV Partners one month after production.

The Trust’s income from net profits interest increased $6,378,159 to $10,327,285 for

the six months ended June 30, 2022 from $3,949,126 for the six months ended June 30, 2021.

The increase was primarily due to

a $7,972,700 increase in excess of revenues over direct operating expenses and lease equipment and development costs for the underlying

properties to $12,909,107 from $4,936,407 for the same period in the prior year.

These amounts were reduced by a Trustee holdback for

future expenses of $724,785 and $269,126 for the six months ended June 30, 2022 and 2021, respectively.

This increase of $455,659

is primarily the result of the Trustee’s decision to build a cash reserve of approximately $1.265 million for the payment of future

known, anticipated or contingent expenses or liabilities of the Trust, commencing with the distribution payable in the first quarter of

The Trustee paid general and administrative expenses of $560,450 and $565,784 for the six months ended June 30, 2022 and 2021,

respectively.

During the six months ended June 30, 2022 and 2021, MV Partners did not withhold or release any dollar amounts due

to the Trust from the previously established reserve for future capital expenditures.

These factors resulted in distributable income for

the six months ended June 30, 2022 of $9,602,500, an increase of $5,922,500 from $3,680,000 for the six months ended June 30,

Results of Operations for the Quarters Ended September 30,

2022 and 2021

cash received by the Trust from MV Partners during the quarter ended September 30, 2022 substantially represents the production by MV

Partners from March 2022 through May 2022.

The cash received by the Trust from MV Partners during the quarter ended September 30,

2021 substantially represents the production by MV Partners from March 2021 through May 2021.

The revenues from oil production are

typically received by MV Partners one month after production.

The Trust’s income from net profits interest before reserve adjustments

increased $4,998,528 to $8,674,430 for the quarter ended September 30, 2022 from $3,675,902 for the quarter ended September 30, 2021.

The increase was primarily due to a $6,248,160 increase in excess of revenues over direct operating expenses and lease equipment and development

costs for the underlying properties to $10,843,038 from $4,594,878 for the same period in the prior year.

These amounts were reduced by

a Trust holdback for future expenses of $624,430 and $225,902 for the quarters ended September 30, 2022 and 2021, respectively.

increase of $398,528 is primarily the result of the Trustee’s decision to build a cash reserve of approximately $1.265 million for

the payment of future known, anticipated or contingent expenses or liabilities of the Trust, commencing with the distribution payable

in the first quarter of 2022.

The Trustee paid general and administrative expenses of $197,654 and $181,251 for the quarters ended September

30, 2022 and 2021, respectively.

During the quarters ended September 30, 2022 and 2021, MV Partners did not withhold or release any

dollar amounts due to the Trust from the previously established reserve for future capital expenditures.

These factors resulted in distributable

income for the quarter ended September 30, 2022 of $8,050,000, an increase of $4,600,000 from $3,450,000 for the quarter ended September

The average price received for crude oil sold

was $102.67 per Bbl and the average price received for natural gas sold was $5.00 per Mcf for the period from April 1, 2022 through June

The average price received for crude oil sold was $58.47 per Bbl and the average price received for natural gas sold was $2.36

per Mcf for the period from April 1, 2021 through June 30, 2021.

The overall production sales volumes

attributable to the net profits interest for the oil and gas production collected during the period from April 1, 2022 through June

30, 2022 were 125,478 Bbls of oil, 5,880 Mcf of natural gas and 24 Bbls of natural gas liquids, for a total of 126,474 barrels of

oil equivalent.

The overall production sales volumes attributable to the net profits interest for the oil and gas production

collected during the period from April 1, 2021 through June 30, 2021 were 131,830 Bbls of oil, 7,468 Mcf of natural gas and 17 Bbls

of natural gas liquids, for a total of 133,086 barrels of oil equivalent.

Results of Operations for the Nine Months Ended September 30,

2022 and 2021

cash received by the Trust from MV Partners during the nine months ended September 30, 2022 substantially represents the production by

MV Partners from September 2021 through May 2022.

The cash received by the Trust from MV Partners during the nine months ended September

30, 2021 substantially represents the production by MV Partners from September 2020 through May 2021.

The revenues from oil production

are typically received by MV Partners one month after production.

The Trust’s income from net profits interest increased $11,376,688

to $19,001,716 for the nine months ended September 30, 2022 from $7,625,028 for the nine months ended September 30, 2021.

was primarily due to a $14,220,860 increase in excess of revenues over direct operating expenses and lease equipment and development costs

for the underlying properties to $23,752,145 from $9,531,285 for the same period in the prior year.

These amounts were reduced

by a Trustee holdback for future expenses of $1,349,215 and $495,028 for the nine months ended September 30, 2022 and 2021, respectively.

This increase is primarily the result of the Trustee’s decision to build a cash reserve of approximately $1.265 million for

the payment of future known, anticipated or contingent expenses or liabilities of the Trust, commencing with the distribution payable

in the first quarter of 2022.

The Trustee paid general and administrative expenses of $758,105 and $747,035 for the nine months ended

September 30, 2022 and 2021, respectively.

During the nine months ended September 30, 2022 and 2021, MV Partners did not withhold

or release any dollar amounts due to the Trust from the previously established reserve for future capital expenditures.

These factors

resulted in distributable income for the nine months ended September 30, 2022 of $17,652,500, an increase of $10,522,500 from $7,130,000

for the nine months ended September 30, 2021.

The average price received for crude oil sold was

$74.97 per Bbl and the average price received for natural gas sold was $4.68 per Mcf for the period from October 1, 2021 through

March 31, 2022.

The average price received for crude oil sold was $41.34 per Bbl and the average price received for natural gas sold

was $1.91 per Mcf for the period from October 1, 2020 through March 31, 2021.

$84.43 per Bbl and the average price received for natural gas sold was $4.77 per Mcf for the period from October 1, 2021 through June

The average price received for crude oil sold was $47.15 per Bbl and the average price received for natural gas sold was $2.05

per Mcf for the period from October 1, 2020 through June 30, 2021.

The overall production sales volumes attributable

to the net profits interest for the oil and gas production collected during the period from October 1, 2021 through March 31,

2022 were 241,858 Bbls of oil, 15,300 Mcf of natural gas and 41 Bbls of natural gas liquids, for a total of 244,434 barrels of oil

The overall production sales volumes attributable to the net profits interest for the oil and gas production collected during

the period from October 1, 2020 through March 31, 2021 were 256,477 Bbls of oil, 15,894 Mcf of natural gas and 47 Bbls

of natural gas liquids, for a total of 259,156 barrels of oil equivalent

to the net profits interest for the oil and gas production collected during the period from October 1, 2021 through June 30, 2022 were

367,336 Bbls of oil, 21,179 Mcf of natural gas and 65 Bbls of natural gas liquids, for a total of 370,908 barrels of oil equivalent.

The overall production sales volumes attributable to the net profits interest for the oil and gas production collected during the period

from October 1, 2020 through June 30, 2021 were 388,307 Bbls of oil, 23,362 Mcf of natural gas and 64 Bbls of natural gas liquids,

for a total of 392,242 barrels of oil equivalent.

Liquidity and Capital Resources

Other than Trust administrative expenses, including

any reserves established by the Trustee for future liabilities, the Trust’s only use of cash is for distributions to Trust unitholders.

Administrative expenses include payments to the Trustee as well as an annual administrative fee to MV Partners pursuant to an administrative

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cash, if any, received by the Trust from the net profits interest and payments from other sources (such as interest earned on any amounts

reserved by the Trustee) in that quarter, over the Trust’s expenses paid for that quarter.

Available funds are reduced by any cash

the Trustee decides to hold as a reserve against future expenses.

As of June 30, 2022, $461,481 was held by the Trustee as such a

As of September 30, 2022, $888,257 was held by the Trustee as such a

The Trustee may cause the Trust to borrow funds

required to pay expenses if the Trustee determines that the cash on hand and the cash to be received are insufficient to cover the Trust’s

If the Trust borrows funds, the Trust unitholders will not receive distributions until the borrowed funds are repaid.

the three and six months ended June 30, 2022 and 2021, there were no such borrowings.

MV Partners has 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

previously disclosed, the Trustee intends to build a reserve for the payment of future known, anticipated or contingent expenses

or liabilities.

The Trustee intends to withhold a portion of the proceeds otherwise available for distribution each quarter to gradually

build a cash reserve to approximately $1.265 million.

the three and nine months ended September 30, 2022 and 2021, there were no such borrowings.

MV Partners has 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.

As previously disclosed, the Trustee intends

to build a reserve for the payment of future known, anticipated or contingent expenses or liabilities.

The Trustee intends to

withhold a portion of the proceeds otherwise available for distribution each quarter to gradually build a cash reserve to

approximately $1.265 million.

This amount is in addition to the $1.8 million letter of credit described above.

The Trustee may increase or decrease the targeted amount at any time, and may increase or decrease the rate at which it is withholding

funds to build the cash reserve at any time, without advance notice to the unitholders.

Cash held in reserve will be invested as required

by the Trust Agreement.

The Trustee may

increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build

the cash reserve at any time, without advance notice to the unitholders.

Cash held in reserve will be invested as required by the

Trust Agreement.

Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated

or contingent expenses or liabilities eventually will be distributed to unitholders, together with interest earned on the funds.

August 9, 2022, the Trustee has withheld a total of $632,502 from the proceeds otherwise available for distribution towards the building

of the cash reserve described above.

Through November 10, 2022, the Trustee has withheld a total of $737,919 from the proceeds otherwise available for distribution

towards the building of the cash reserve described above.

Income to the Trust from the net profits interest

is based on the calculation and definitions of “gross proceeds”

and “net proceeds”

contained in the conveyance.

is based on the calculation and definitions of “gross proceeds” and “net proceeds” contained in the conveyance.

As substantially all of the underlying properties

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MV Partners may establish

a capital reserve of up to $1,000,000 in the aggregate at any given time to reduce the impact on distributions of uneven capital expenditure

As of June 30, 2022, $1,000,000 was held by MV Partners as a capital reserve.

a capital reserve of up to $1.0 million in the aggregate at any given time to reduce the impact on distributions of uneven capital

expenditure timing.

As of September 30, 2022, $1.0 million was held by MV Partners as a capital reserve.

The Trust does not have any transactions, arrangements

or other relationships with unconsolidated entities or persons that could materially affect the Trust’s liquidity or the availability

of capital resources.

Note Regarding Forward-Looking Statements

This Form 10-Q includes “forward-looking

statements”

within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”).

This Form 10-Q includes “forward-looking

statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”).

All statements other than statements of historical fact included in

this Form 10-Q, including without limitation the statements under “Trustee’s Discussion and Analysis of Financial Condition

and Results of Operations”

are forward-looking statements.

this Form 10-Q, including without limitation the statements under “Trustee’s Discussion and Analysis of Financial Condition

and Results of Operations” are forward-looking statements.

Although MV Partners advised the Trust that it believes that the expectations

1 unchanged sentence

to have been correct.

Important factors that could cause actual results to differ materially from expectations (“Cautionary Statements”)

are disclosed in this Form 10-Q and in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021

(the “Form 10-K”), including under the section “Item 1A.

Risk Factors”.

Important factors that could cause actual results to differ materially from expectations (“Cautionary Statements”)

are disclosed in this Form 10-Q and in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021

(the “Form 10-K”), including under the section “Item 1A.

Risk Factors”.

All subsequent written and oral forward-looking

4 unchanged sentences

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-Q

Item 1. Financial Statements