What changed in this filing

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Item 1. Financial Statements

2025-11-10 compared with 2025-08-12 · 248 added, 246 removed, 156 unchanged (76% 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

Cash on hand used (withheld) for Trust expenses

and administrative expenses (1)

Cash on hand (withheld) used for Trust expenses

General and administrative expenses (1)

Distributable income

Distributions

per Trust unit (11,500,000 Trust units issued and outstanding at June 30, 2025 and 2024)

(1) Includes $31,603 and $30,387 paid to MV Partners, LLC during the

three months ended June 30, 2025 and 2024, respectively, and $63,206 and $60,775 during

the six months ended June 30, 2025 and 2024, 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, 2025 and 2024 and $75,000 during each of the six months ended June 30,

2025 and 2024.

Distributions per Trust unit (11,500,000 Trust units issued and outstanding at September 30, 2025 and 2024)

(1) Includes $31,603 and $30,387 paid to MV Partners, LLC during the three months ended September 30,

2025 and 2024, respectively, and $94,808 and $91,162 during the nine months ended September 30, 2025 and 2024, respectively.

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

during each of the three months ended September 30, 2025

and 2024 and $112,500 during each of the nine months ended September 30, 2025 and 2024.

STATEMENTS OF ASSETS AND TRUST CORPUS

September 30,

Cash and cash equivalents

3 unchanged sentences

(47,799,222 )

corpus, 11,500,000 Trust units issued and outstanding at June 30, 2025 and December 31, 2024

Trust corpus, 11,500,000 Trust units issued and outstanding at September 30, 2025 and December 31, 2024

STATEMENTS OF CHANGES IN TRUST CORPUS

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Trust corpus, beginning of period

1 unchanged sentence

Cash distributions

(13,857,500 )

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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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’

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 June 30, 2025, cumulatively, since inception, the Trust has received payment for 80% of the net proceeds attributable to MV

Partners’

interest from the sale of 15.0 million barrels of oil equivalent (“MMBoe”) of production from the

underlying properties (which amount is the equivalent of 12.0 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).

The Trustee will make a final quarterly

cash distribution, if any, on or about July 25, 2026 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.

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.

As of September 30, 2025, cumulatively, since

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

interest from the sale of 15.1

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

12.1 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).

The Trustee will make a final quarterly cash distribution, if any, on or about July 24, 2026 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.

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.

Note 2—Basis of Presentation

1 unchanged sentence

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

as of June 30, 2025 and for the three and six months ended June 30, 2025 and June 30, 2024, have been prepared pursuant

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

as of September 30, 2025 and for the three and nine months ended September 30, 2025 and September 30, 2024, have been prepared

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

Accordingly, certain information

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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%.

19 unchanged sentences

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

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 June 30, 2025 that would impact the financial statements of the Trust.

The 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 September 30, 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

and gas properties

Accumulated depreciation

and depletion

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

Accumulated depreciation and depletion

(40,468,762 )

property value to be conveyed

80% net profits interest to Trust

Net property value to be conveyed

Times 80% net profits interest to Trust

Note 5—Income from Net Profits Interest

Three months ended

Six months ended

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

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 December through

February production periods for the three months ended June 30, 2025 and 2024,

respectively, and during each of the September through February production periods

for the six months ended June 30, 2025 and 2024, 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, 2025 and 2024, MV Partners did not

withhold or release any dollar amounts due to the Trust.

The reserve balance was $1.0 million

at June 30, 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.

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 June 30, 2025 substantially represents the production

by MV Partners from December 2024 through February 2025, and the cash received

by the Trust during the three months ended June 30, 2024 substantially represents the

production by MV Partners from December 2023 through February 2024.

received by the Trust during the six months ended June 30, 2025 substantially represents

the production by MV Partners from September 2024 through February 2025, and the

cash received by the Trust during the six months ended June 30, 2024 substantially represents

the production by MV Partners from September 2023 through February 2024.

For the three and six months ended June 30,

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.

September 30,

Nine months ended

September 30,

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

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 March through May production periods for the three months ended September 30, 2025 and 2024, respectively,

and during each of the September through May production periods for the nine months ended September 30, 2025 and 2024,

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, 2025 and 2024, MV Partners did not withhold or

release any dollar amounts due to the Trust.

The reserve balance was $1.0 million at September 30, 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 September 30, 2025 substantially represents the production by MV Partners from March 2025 through May 2025,

and 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.

The cash received by the Trust during the nine months ended September 30, 2025

substantially represents the production by MV Partners from September 2024 through May 2025, and 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

For the three and nine months ended September 30,

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

Note 6—Income Taxes

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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.

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.

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.

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.

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 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,

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.

The third quarterly distribution during 2025 was

$2,127,500, or $0.185 per Trust unit, and was made on July 25, 2025 to Trust unitholders owning Trust units as of July 15, 2025.

Such distribution included the net proceeds attributable to the sale of production received by MV Partners from April 1, 2025 through

June 30, 2025.

The first quarterly distribution during 2024 was

$5,347,500, or $0.465 per Trust unit, and was made on January 25, 2024 to Trust unitholders owning Trust units as of January 16,

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

December 31, 2023.

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 October 1,

2023 through December 31, 2023.

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, 2024.

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

June 30, 2024.

Note 8—Advance for Trust Expenses

1 unchanged sentence

is allowed to borrow money to pay Trust expenses.

During the three months ended June 30, 2025 and 2024, there were no borrowings

During the three months ended September 30, 2025 and 2024, there were no borrowings

or amounts owed for money borrowed in previous quarters.

2 unchanged sentences

Note 9—Subsequent Events

The third quarterly distribution during 2025 was

$2,127,500, or $0.185 per Trust unit, and was made on July 25, 2025 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, 2025

through June 30, 2025.

The fourth quarterly distribution during 2025 was

$2,357,500, or $0.205 per Trust unit, and was made on October 24, 2025 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, 2025

through September 30, 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

2 unchanged sentences

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.

As of June 30, 2025, cumulatively, since inception, the Trust has received payment for 80% of the net

proceeds attributable to MV Partners’

interest from the sale of 15.0 million barrels of oil equivalent (“MMBoe”)

of production from the underlying properties (which amount is the equivalent of 12.0 MMBoe with respect to the Trust’s net

interest from the sale

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

Trust termination.

As of September 30,

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

from the sale of 15.1 million barrels of oil equivalent (“MMBoe”) of production from the underlying properties (which amount

is the equivalent of 12.1 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).

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).

The Trustee will make a final

quarterly cash distribution, if any, on or about July 25, 2026 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.

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.

The Trustee will make a final quarterly cash distribution, if any, on or about July 24, 2026 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 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 June 30, 2025

Results of Operations for the Quarters Ended September 30,

2025 and 2024

The cash received by the Trust from MV Partners

during the quarter ended June 30, 2025 substantially represents the production by MV Partners from December 2024 through February 2025.

The cash received by the Trust from MV Partners during the quarter ended June 30, 2024 substantially represents the production

by MV Partners from December 2023 through February 2024.

The revenues from oil production are typically received by MV Partners

one month after production.

The Trust’s income from net profits interest decreased $639,358 to $3,380,004 for the quarter ended

June 30, 2025 from $4,019,362 for the quarter ended June 30, 2024.

The decrease was primarily due to a $799,198 decrease in

excess of revenues over direct operating expenses and lease equipment and development costs for the underlying properties to $4,225,005

from $5,024,203 for the same period in the prior year.

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

$217,504 and $224,362 for the quarters ended June 30, 2025 and 2024, respectively.

The Trustee paid general and administrative expenses

of $225,066 and $126,203 for the quarters ended June 30, 2025 and 2024, respectively.

During the quarters ended June 30, 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 June 30, 2025 of $3,162,500, a decrease

of $632,500 from $3,795,000 for the quarter ended June 30, 2024.

The average price received for crude oil sold

was $68.11 per Bbl and the average price received for natural gas sold was $3.07 per Mcf for the period from January 1, 2025 through

March 31, 2025.

The average price received for crude oil sold was $70.25 per Bbl and the average price received for natural gas

sold was $2.66 per Mcf for the period from January 1, 2024 through March 31, 2024.

during the quarter ended September 30, 2025 substantially represents the production by MV Partners from March 2025 through May 2025.

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 May 2024.

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 decreased $2,589,390 to $2,359,674

for the quarter ended September 30, 2025 from $4,949,064 for the quarter ended September 30, 2024.

The decrease was primarily

due to a $3,236,738 decrease in excess of revenues over direct operating expenses and lease equipment and development costs for the underlying

properties to $2,949,592 from $6,186,330 for the same period in the prior year.

These amounts were reduced by a Trustee holdback for current

Trust expenses of $232,174 and $234,064 for the quarters ended September 30, 2025 and 2024, respectively.

The Trustee paid general

and administrative expenses of $200,561 and $235,405 for the quarters ended September 30, 2025 and 2024, respectively.

quarters ended September 30, 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

September 30, 2025 of $2,127,500, a decrease of $2,587,500 from $4,715,000 for the quarter ended September 30, 2024.

The average price received for crude oil sold was

$60.01 per Bbl and the average price received for natural gas sold was $2.97 per Mcf for the period from April 1, 2025 through June 30,

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 overall production sales volumes attributable

to the net profits interest for the oil and gas production collected during the period from January 1, 2025 through March 31,

to the net profits interest for the oil and gas production collected during the period from April 1, 2025 through June 30, 2025

were 115,495 Bbls of oil and 3,156 Mcf of natural gas, for a total of 116,021 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 January 1,

2024 through March 31, 2024 were 116,363 Bbls of oil, 5,538 Mcf of natural gas and 5 Bbls of natural gas liquids, for a total

of 117,289 barrels of oil equivalent.

Results of Operations for the Six Months Ended June 30, 2025

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.

Results of Operations for the Nine Months Ended September 30,

2025 and 2024

The cash received by the Trust from MV Partners

during the six months ended June 30, 2025 substantially represents the production by MV Partners from September 2024 through

February 2025.

The cash received by the Trust from MV Partners during the six months ended June 30, 2024 substantially represents

the production by MV Partners from September 2023 through February 2024.

The revenues from oil production are typically received

by MV Partners one month after production.

The Trust’s income from net profits interest decreased $3,205,673 to $6,372,745 for

the six months ended June 30, 2025 from $9,578,418 for the six months ended June 30, 2024.

The decrease was primarily due to

a $4,007,090 decrease in excess of revenues over direct operating expenses and lease equipment and development costs for the underlying

properties to $7,965,932 from $11,973,022 for the same period in the prior year.

These amounts were reduced by a Trustee holdback for

current Trust expenses of $450,245 and $435,918 for the quarters ended June 30, 2025 and 2024, respectively.

The Trustee paid general

and administrative expenses of $615,694 and $440,915 for the six months ended June 30, 2025 and 2024, respectively.

During the six

months ended June 30, 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 six months ended June 30,

2025 of $5,922,500, a decrease of $3,220,000 from $9,142,500 for the six months ended June 30, 2024.

The average price received for crude oil sold

was $67.22 per Bbl and the average price received for natural gas sold was $2.37 per Mcf for the period from October 1, 2024 through

March 31, 2025.

The average price received for crude oil sold was $75.29 per Bbl and the average price received for natural gas

sold was $2.43 per Mcf for the period from October 1, 2023 through March 31, 2024.

during the nine months ended September 30, 2025 substantially represents the production by MV Partners from September 2024 through

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 revenues from oil production are typically

received by MV Partners one month after production.

The Trust’s income from net profits interest decreased $5,795,063 to $8,732,419

for the nine months ended September 30, 2025 from $14,527,482 for the nine months ended September 30, 2024.

The decrease was

primarily due to a $7,243,828 decrease in excess of revenues over direct operating expenses and lease equipment and development costs

for the underlying properties to $10,915,524 from $18,159,352 for the same period in the prior year.

These amounts were reduced by a Trustee

holdback for current Trust expenses of $682,419 and $669,982 for the nine months ended September 30, 2025 and 2024, respectively.

The Trustee paid general and administrative expenses of $816,254 and $676,320 for the nine months ended September 30, 2025 and 2024,

respectively.

During the nine months ended September 30, 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 nine months ended September 30, 2025 of $8,050,000, a decrease of $5,807,500 from $13,857,500 for the nine months ended September 30,

The average price received for crude oil sold was

$64.78 per Bbl and the average price received for natural gas sold was $2.51 per Mcf for the period from October 1, 2024 through

June 30, 2025.

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 overall production sales volumes attributable

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

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

2025 were 341,443 Bbls of oil, 13,549 Mcf of natural gas and 5 Bbls of natural gas liquids, for a total of 343,704 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, 2023 through March 31, 2024 were 238,912 Bbls of oil, 11,515 Mcf of natural gas and 11 Bbls

of natural gas liquids, for a total of 240,838 barrels of oil equivalent.

the period from October 1, 2023 through June 30, 2024 were 358,874 Bbls of oil, 17,212 Mcf of natural gas and 11 Bbls of

natural gas liquids, for a total of 361,750 barrels of oil equivalent.

Liquidity and Capital Resources

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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.

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.

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 June 30, 2025, $1,115,948 was held by the Trustee and is reported as cash and cash equivalents.

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 September 30, 2025, $1,147,561 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 six months ended June 30, 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

the three and nine months ended September 30, 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

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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

As of June 30, 2025, $1.0 million was held by MV Partners as a capital reserve.

As of September 30, 2025, $1.0 million was held by MV Partners as a capital reserve.

The Trust does not have any transactions, arrangements

2 unchanged sentences

Note Regarding Forward-Looking Statements

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”

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.

Although MV Partners

advised the Trust that it believes that the expectations reflected in the forward-looking statements contained herein are reasonable,

such expectations may not prove to have been correct.

Important factors that could cause actual results to differ materially from

expectations (“Cautionary Statements”) are disclosed in 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.

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

reflected in the forward-looking statements contained herein are reasonable, such expectations may not prove to have been correct.

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, 2024 (the “Form 10-K”),

including under the section “Item 1A.

Risk Factors”.

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