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Item 1. Financial Statements

2025-05-08 compared with 2024-11-07 · 171 added, 242 removed, 159 unchanged (72% of the section changed)

2 unchanged sentences

Three months ended

September 30,

Nine months ended

September 30,

net profits interest

Cash on hand used (withheld)

for Trust expenses

and administrative expenses (1)

Distributable

Distributions

per Trust unit (11,500,000 Trust units issued and outstanding at September 30, 2024 and 2023)

(1) Includes $30,387 and $29,219 paid to MV Partners, LLC during the three

months ended September 30, 2024 and 2023, respectively, and $91,162 and $87,656 during

the nine months ended September 30, 2024 and 2023, respectively.

Also includes $37,500

paid to The Bank of New York Mellon Trust Company, N.A.

during each of the three months ended

September 30, 2024 and 2023 and $112,500 during each of the nine months ended September 30,

2024 and 2023.

Income from net profits interest

Cash on hand used for Trust expenses

General and administrative expenses (1)

Distributable income

Distributions per Trust unit (11,500,000 Trust units issued and outstanding at March 31, 2025 and 2024)

Includes $31,603 and $30,387 paid to MV Partners, LLC during the three months ended March 31, 2025 and 2024, respectively, and $37,500 paid to The Bank of New York Mellon Trust Company, N.A.

during each of the three-month periods ended March 31, 2025 and 2024.

STATEMENTS OF ASSETS AND TRUST CORPUS

September 30,

Cash and cash equivalents

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(47,799,222 )

corpus, 11,500,000 Trust units issued and outstanding at September 30, 2024 and December 31, 2023

Trust corpus, 11,500,000 Trust units issued and outstanding at March 31, 2025 and December 31, 2024

STATEMENTS OF CHANGES IN TRUST CORPUS

Three months ended

September 30,

Nine months ended

September 30,

Trust corpus, beginning of period

1 unchanged sentence

Cash distributions

(13,857,500 )

(12,420,000 )

Trust expenses

7 unchanged sentences

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”).

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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The underlying properties include approximately 840 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.

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.

As of September 30, 2024, cumulatively,

since inception, the Trust has received payment for 80% of the net proceeds attributable to MV Partners’

interest from the sale

of 14.6 million barrels of oil equivalent (“MMBoe”) of production from the underlying properties (which amount is the equivalent

of 11.6 MMBoe with respect to the Trust’s net profits interest).

Consequently, the net profits interest will terminate on June 30,

2026 because the minimum amount of production (14.4 MMBoe) applicable to the net profits interest has been produced and sold (which

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.

of March 31, 2025, cumulatively, since inception, the Trust has received payment for 80% of the net proceeds attributable to MV Partners’

interest from the sale of 14.8 million barrels of oil equivalent (“MMBoe”) of production from the underlying properties (which

amount is the equivalent of 11.9 MMBoe with respect to the Trust’s net profits interest).

The Trust will wind up

its affairs and terminate after the net profits interest termination date of June 30, 2026 and, once the Trust winds up its affairs

and terminates, it will pay no further distributions.

The Trustee can authorize the Trust to borrow

money to pay administrative or incidental expenses of the Trust 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.

Consequently, the net profits interest

will terminate on June 30, 2026 (the “Termination Date”) because the minimum amount of production (14.4 MMBoe) applicable

to the net profits interest has been produced and sold (which amount is the equivalent of 11.5 MMBoe with respect to the Trust’s

net profits interest).

It is anticipated that the Trustee will make a final quarterly cash distribution, if any, to the Trust unitholders

of record on the 15th day following June 30, 2026, and the Trust Units are expected to be cancelled shortly thereafter.

will not be entitled to any net proceeds that MV Partners receives after the Termination Date from the sale of production from the underlying

The Trust will dissolve and commence winding up its business and affairs after the Termination Date and, once the Trust

winds up and terminates, it will pay no further distributions.

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

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.

Note 2—Basis of Presentation

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Corpus as of December 31, 2024, which has been derived from audited financial statements, and the unaudited interim financial statements

as of September 30, 2024 and for the three and nine months ended September 30, 2024 and September 30, 2023, 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 omitted pursuant to those rules and

as of March 31, 2025 and for the three months ended March 31, 2025 and March 31, 2024, 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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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.

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%.

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to the proved oil and gas reserves of the underlying properties.

No new accounting pronouncements were adopted

or issued during the quarter ended September 30, 2024 that would impact the financial statements of the Trust.

Trust has one business activity as the owner of an investment in net profits interest, as reported in the accompanying Statements

of Assets and Trust Corpus, and operates in a single operating and reportable segment.

Operating segments are defined as components of

an entity for which separate financial information is evaluated regularly by the chief operating decision maker (the “CODM”),

which is the Trustee.

The segment participates in activities and derives its income from net profits interest as reported in the accompanying

Statements of Distributable Income, and the CODM uses this in making decisions about the allocation of cash reserves for current and future

Trust general and administrative expenses and the ultimate distribution to the Trust unitholders.

No new accounting pronouncements were adopted or

issued during the quarter ended March 31, 2025 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

cost of MV Partners on January 24, 2007, the date of conveyance of the net profits interest to the Trust, and was calculated as

cost of MV Partners on January 24, 2007, the date of conveyance of the net profits interest to the Trust, and was calculated as follows:

Oil and gas properties

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Three months ended

September 30,

Nine months ended

September 30,

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

Times net profits interest over the term

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

Times net profits interest over the term of the Trust

Income from net profits interest before reserve adjustments

Partners reserve for future capital expenditures (2)

from net profits interest (3)

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

and development costs reflect expenses and costs incurred by MV Partners during the March through

May production periods for the three months ended September 30, 2024 and 2023,

respectively, and during each of the September through May production periods for

the nine months ended September 30, 2024 and 2023, 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 nine months ended September 30, 2024 and 2023, MV Partners

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

The reserve balance was

$1.0 million at September 30, 2024 and 2023.

(3) 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 by MV Partners one month after production;

thus, the cash received by the Trust

during the three months ended September 30, 2024 substantially represents the production

by MV Partners from March 2024 through May 2024, and the cash received by the Trust

during the three months ended September 30, 2023 substantially represents the production

by MV Partners from March 2023 through May 2023.

The cash received by the Trust

during the nine months ended September 30, 2024 substantially represents the production

by MV Partners from September 2023 through May 2024, and the cash received by the

Trust during the nine months ended September 30, 2023 substantially represents the production

by MV Partners from September 2022 through May 2023.

For the three and nine months ended September 30,

2024 and 2023, 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.

MV Partners reserve for future capital expenditures (2)

Income from net profits interest (3)

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

MV Partners during the September through November production period.

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 $1,000,000 for future capital expenditures

During the three months ended March 31, 2025 and 2024, MV Partners did not withhold or release any dollar amounts

due to the Trust.

The reserve balance was $1,000,000 at March 31, 2025 and 2024.

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

from oil production are typically received by MV Partners one month after production;

thus, the cash received by the Trust during the

three months ended March 31, 2025 substantially represents the production by MV Partners from September 2024 through November 2024,

and the cash received by the Trust during the three months ended March 31, 2024 substantially represents the production by MV Partners

from September 2023 through November 2023.

For the three months ended March 31, 2025

and 2024, 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

8 unchanged sentences

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.

From the first quarter of 2022 to the second quarter of 2023, the Trustee withheld a portion of the proceeds

otherwise available for distribution each quarter to build an approximately $1.265 million cash reserve for the payment of future known,

anticipated or contingent expenses or liabilities of the Trust.

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

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

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.

This cash reserve is included in cash and cash equivalents on the accompanying

Statements of Assets and Trust Corpus.

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.

From the first quarter of 2022 to the second quarter of 2023, the Trustee withheld a portion of the proceeds otherwise available

for distribution each quarter and built a $1.265 million cash reserve for the payment of future known, anticipated or contingent expenses

or liabilities of the Trust.

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

at which it withholds 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.

This cash reserve is included in cash and cash equivalents on the accompanying Statements of Assets and Trust Corpus.

The first quarterly distribution during 2025 was

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2024 through December 31, 2024.

The second quarterly distribution during 2024

was $3,795,000, or $0.330 per Trust unit, and was made on April 25, 2024 to Trust unitholders owning Trust units as of April 15,

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

2024 through March 31, 2024.

The third quarterly distribution during 2024 was

$4,715,000, or $0.410 per Trust unit, and was made on July 25, 2024 to Trust unitholders owning Trust units as of July 15,

Such distribution included the net proceeds attributable to the sale of production received by MV Partners from April 1, 2024

through June 30, 2024.

The first quarterly distribution during 2024 was

2 unchanged sentences

2023 through December 31, 2023.

The Trustee withheld $263,541 from the net proceeds otherwise available for distribution towards

the building of the cash reserve described above.

The second quarterly distribution during 2023

was $3,967,500, or $0.345 per Trust unit, and was made on April 25, 2023 to Trust unitholders owning Trust units as of April 17,

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

2023 through March 31, 2023.

The Trustee withheld $263,540 from the net proceeds otherwise available for distribution towards the

building of the cash reserve described above and with that amount, the targeted reserve was fully funded.

The third quarterly distribution during 2023 was

$3,737,500, or $0.325 per Trust unit, and was made on July 25, 2023 to Trust unitholders owning Trust units as of July 17,

Such distribution included the net proceeds attributable to the sale of production received by MV Partners from April 1, 2023

through June 30, 2023.

Note 8—Advance for Trust Expenses

1 unchanged sentence

is allowed to borrow money to pay Trust expenses.

During the three months ended September 30, 2024 and 2023, there were no borrowings

During the three months ended March 31, 2025 and 2024, there were no borrowings

or amounts owed for money borrowed in previous quarters.

2 unchanged sentences

Note 9—Subsequent Events

The fourth quarterly distribution during 2024

was $3,795,000, or $0.330 per Trust unit, and was made on October 25, 2024 to Trust unitholders owning Trust units as of October 15,

Such distribution included the net proceeds attributable to the sale of production received by MV Partners from July 1, 2024

through September 30, 2024.

The second quarterly distribution during 2025 was

$3,162,500, or $0.275 per Trust unit, and was made on April 25, 2025 to Trust unitholders owning Trust units as of April 15,

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

2025 through March 31, 2025.

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.

The 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.

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.

Overview and Trust Termination

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of the underlying properties.

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.

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

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.

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

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

from the sale of production from the underlying properties during the term of the Trust.

The Trust will wind up its affairs and terminate after the net profits interest termination date, which is set

at June 30, 2026.

interest from the sale

of production from the underlying properties during the term of the Trust.

As of March 31, 2025, cumulatively, since inception, the Trust has received payment for 80% of the net proceeds

attributable to MV Partners’

interest from the sale of 14.8 million barrels of oil equivalent (“MMBoe”) of production

from the underlying properties (which amount is the equivalent of 11.9 MMBoe with respect to the Trust’s net profits interest).

Consequently, the net profits interest will terminate on June 30, 2026 (the “Termination Date”) because the minimum amount

of production (14.4 MMBoe) applicable to the net profits interest has been produced and sold (which amount is the equivalent of 11.5 MMBoe

with respect to the Trust’s net profits interest).

It is anticipated that the Trustee will make a final quarterly cash distribution,

if any, to the Trust unitholders of record on the 15th day following June 30, 2026, and the Trust Units are expected to be cancelled

shortly thereafter.

The Trust will not be entitled to any net proceeds that MV Partners receives after the Termination Date from

the sale of production from the underlying properties.

The Trust will dissolve and commence winding up its business and affairs after

the Termination Date and, once the Trust winds up and terminates, it will pay no further distributions.

Results of Operations

Results of Operations for the Quarters Ended September 30,

2024 and 2023

The cash received by the Trust from MV Partners

during the quarter ended September 30, 2024 substantially represents the production by MV Partners from March 2024 through

The cash received by the Trust from MV Partners during the quarter ended September 30, 2023 substantially represents

the production by MV Partners from March 2023 through May 2023.

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 $1,009,906

to $4,949,064 for the quarter ended September 30, 2024 from $3,939,158 for the quarter ended September 30, 2023.

was primarily due to a $1,262,382 increase in excess of revenues over direct operating expenses and lease equipment and development costs

for the underlying properties to $6,186,330 from $4,923,948 for the same period in the prior year.

These amounts were reduced by a Trustee

holdback for current Trust expenses of $234,064 and $201,658 for the quarters ended September 30, 2024 and 2023.

The Trustee paid

general and administrative expenses of $235,404 and $143,670 for the quarters ended September 30, 2024 and 2023, respectively.

the quarters ended September 30, 2024 and 2023, 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, 2024 of $4,715,000, an increase of $977,500 from $3,737,500 for the quarter ended September 30, 2023.

The average price received for crude oil sold

was $77.13 per Bbl and the average price received for natural gas sold was $2.07 per Mcf for the period from April 1, 2024 through

June 30, 2024.

The average price received for crude oil sold was $70.33 per Bbl and the average price received for natural gas sold

was $3.58 per Mcf for the period from April 1, 2023 through June 30, 2023.

The overall production sales volumes attributable

to the net profits interest for the oil and gas production collected during the period from April 1, 2024 through June 30,

2024 were 119,962 Bbls of oil and 5,697 Mcf of natural gas, for a total of 120,912 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,

2023 through June 30, 2023 were 122,936 Bbls of oil, 5,874 Mcf of natural gas and 6 Bbls of natural gas liquids, for a total of

123,919 barrels of oil equivalent.

Results of Operations for the Nine Months Ended September 30,

2024 and 2023

Results of Operations for the Quarters Ended March 31, 2025

The cash received by the Trust from MV Partners

during the nine months ended September 30, 2024 substantially represents the production by MV Partners from September 2023

through May 2024.

The cash received by the Trust from MV Partners during the nine months ended September 30, 2023 substantially

represents the production by MV Partners from September 2022 through May 2023.

The revenues from oil production are typically

received by MV Partners one month after production.

The Trust’s income from net profits interest increased $1,012,524 to $14,527,482

for the nine months ended September 30, 2024 from $13,514,958 for the nine months ended September 30, 2023.

The increase was

primarily due to a $1,265,654 increase in excess of revenues over direct operating expenses and lease equipment and development costs

for the underlying properties to $18,159,352 from $16,893,698 for the same period in the prior year.

These amounts were reduced by a

Trustee holdback for current Trust expenses of $669,982 and $567,877 for the nine months ended September 30, 2024 and 2023, respectively,

and a Trustee holdback for future Trust expenses of $527,081 for the nine months ended September 30, 2023.

The Trustee paid general

and administrative expenses of $676,320 and $718,509 for the nine months ended September 30, 2024 and 2023, respectively.

the nine months ended September 30, 2024 and 2023, 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, 2024 of $13,857,500, an increase of $1,437,500 from $12,420,000 for the nine months ended September 30,

The average price received for crude oil sold

was $75.90 per Bbl and the average price received for natural gas sold was $2.31 per Mcf for the period from October 1, 2023 through

June 30, 2024.

The average price received for crude oil sold was $74.72 per Bbl and the average price received for natural gas sold

was $5.22 per Mcf for the period from October 1, 2022 through June 30, 2023.

during the quarter ended March 31, 2025 substantially represents the production by MV Partners from September 2024 through November 2024.

The cash received by the Trust from MV Partners during the quarter ended March 31, 2024 substantially represents the production

by MV Partners from September 2023 through November 2023.

The revenues from oil production are typically received by MV Partners

one month after production.

The Trust’s income from net profits interest decreased $2,566,314 to $2,992,742 for the quarter ended

March 31, 2025 from $5,559,056 for the quarter ended March 31, 2024.

The decrease was primarily due to a $3,207,892 decrease

in excess of revenues over direct operating expenses and lease equipment and development costs for the underlying properties to $3,740,927

from $6,948,819 for the same period in the prior year.

These amounts were reduced by a Trustee holdback for current Trust expenses of

$232,742 and $211,556 for the quarters ended March 31, 2025 and 2024, respectively.

The Trustee paid general and administrative expenses

of $390,628 and $314,712 for the quarters ended March 31, 2025 and 2024, respectively.

During the quarters ended March 31, 2025

and 2024, 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 March 31, 2025 of $2,760,000, a

decrease of $2,587,500 from $5,347,500 for the quarter ended March 31, 2024.

The average price received for crude oil sold was

$66.34 per Bbl and the average price received for natural gas sold was $1.78 per Mcf for the period from October 1, 2024 through

December 31, 2024.

The average price received for crude oil sold was $80.07 per Bbl and the average price received for natural gas

sold was $2.23 per Mcf for the period from October 1, 2023 through December 31, 2023.

The overall production sales volumes attributable

to the net profits interest for the oil and gas production collected during the period from October 1, 2023 through June 30,

to the net profits interest for the oil and gas production collected during the period from October 1, 2024 through December 31,

2024 were 114,328 Bbls of oil, 5,666 Mcf of natural gas and 5 Bbls of natural gas liquids, for a total of 115,276 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, 2022 through June 30, 2023 were 364,606 Bbls of oil, 18,492 Mcf of natural gas and 50 Bbls

of natural gas liquids, for a total of 367,721 barrels of oil equivalent.

the period from October 1, 2023 through December 31, 2023 were 122,548 Bbls of oil, 5,977 Mcf of natural gas and 6 Bbls of natural

gas liquids, for a total of 123,548 barrels of oil equivalent.

Liquidity and Capital Resources

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

From the first quarter of 2022 to the second quarter

of 2023, the Trustee withheld a portion of the proceeds otherwise available for distribution each quarter to build an approximately $1.265

million cash reserve for the payment of future known, anticipated or contingent expenses or liabilities.

This amount is in addition to

the $1.8 million letter of credit described below.

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

or decrease the rate at which it withholds funds to build the cash reserve at any time, without advance notice to the unitholders.

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.

As of September 30, 2024, $1,257,594 was held by the Trustee and is reported as cash and cash

the first quarter of 2022 to the second quarter of 2023, the Trustee withheld a portion of the proceeds otherwise available for distribution

each quarter and built a $1.265 million cash reserve for the payment of future known, anticipated or contingent expenses or liabilities.

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

The Trustee may increase or decrease the targeted amount

at any time and may increase or decrease the rate at which it withholds 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.

As of March 31, 2025, $1,123,510 was held by the Trustee and is reported

as cash and cash equivalents.

The Trustee may cause the Trust to borrow funds

1 unchanged sentence

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

the three and nine months ended September 30, 2024 and 2023, 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.

the three months ended March 31, 2025 and 2024, 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.

Income to the Trust from the net profits interest

2 unchanged sentences

contained in the conveyance.

As substantially all of the underlying properties

are located in mature fields, MV Partners does not expect future costs for the underlying properties to change significantly as compared

Substantially all of the underlying properties

are located in mature fields, and MV Partners does not expect future costs for the underlying properties to change significantly as compared

to recent historical costs other than changes due to fluctuations in the general cost of oilfield services.

MV Partners may establish

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, 2024, $1.0 million was held by MV Partners as a capital reserve.

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 March 31, 2025, $1,000,000 was held by MV Partners as a capital reserve.

The Trust does not have any transactions, arrangements

13 unchanged sentences

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, 2023 (the “Form 10-K”),

including under the sections “Item 1A.

Risk Factors”

in the Form 10-K and “Item 1A.

the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”), including

under the section “Item 1A.

Risk Factors”.

of this Form 10-Q.

All subsequent written and oral forward-looking statements attributable to the Trust or persons acting on its

behalf are expressly qualified in their entirety by the Cautionary Statements.

All subsequent written and oral forward-looking statements attributable to the

Trust or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements.

Quantitative and Qualitative Disclosures About Market Risk.

2 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