What changed in this filing

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Item 1. Legal Proceedings

2022-05-16 compared with 2021-11-15 · 20 added, 44 removed, 21 unchanged (75% of the section changed)

LEGAL PROCEEDINGS

On October 1, 2018, a lawsuit styled Thaleia L.

Marston, Trustee

of the Marston Trust v.

On October 1, 2018, a lawsuit styled

Marston, Trustee of the Marston Trust v.

Blackbeard Operating, LLC , et.al, No.

18-10-24761 –

CVW in the 143rd District Court in Ward County,

Texas (the “2018 Litigation”) was filed, naming, among others, Boaz Energy and the Trust as defendants.

The plaintiff is a

lessor under two leases operated by Blackbeard Operating LLC.

The Underlying Properties include the interests of Boaz Energy in some of

the minerals covered by those leases.

The litigation seeks surface use damages and alleges violations of the terms of the leases, among

other things.

While it is not yet possible to estimate any potential loss or range of loss, Boaz Energy has advised the Trustee that it

does not anticipate the litigation will materially affect the Trust.

On January 3, 2020, Lawrence M.

Marston joined the lawsuit as a plaintiff

alleging surface damage claims against Blackbeard and Goodnight Midstream Permian, L.L.C., but not against the Trust.

On January 17, 2020,

the Trust and the other defendants filed a motion for summary judgment, which would dispose of the claims against the Trust if granted.

After delays related to COVID-19, a hearing on the summary judgment motions filed by the Defendants and Goodnight was held on August 27,

As of March 31, 2021, the court had not yet ruled on the motion for summary judgment.

A mediation was conducted on November 10,

2020, but no settlement was reached.

The discovery period closed in January 2021.

Counsel for the defendants reported that during discovery,

plaintiffs appeared to concede several points related to their claim against the Trust in responses to request for disclosure and a deposition

of the Marston Trust’s manager, including that the Trust and the other defendants are entitled to retain 40-acres around each producing

well as defendants have contended all along.

However, plaintiffs have not formally amended their pleading or otherwise non-suited any

claim against the Trust.

Consequently, the Trust and the other defendants filed a second summary judgment motion pointing out, in part,

that plaintiffs appear to have conceded portions of their claim against the Trust and the other defendants regarding the trespass to try

That motion was set for hearing on April 1, 2021, but at that hearing, the court granted the plaintiffs’

counsel’s

motion to withdraw from representing the plaintiffs and vacated the May 3, 2021 trial setting to allow plaintiffs an opportunity to retain

The court did not re-open the expired discovery and pleading deadlines.

All other motions were carried forward.

counsel have since appeared for the plaintiffs, and the court conducted a hearing on October 1, 2021 to cover all pending motions.

court indicated a letter ruling on all pending motions would be circulated but that has not yet occurred.

On the docket currently are

a December 3, 2021 pre-trial hearing and the trial now set for the week beginning December 13, 2021.

CVW in the 143rd

District Court in Ward County, Texas (the “2018 Litigation”) was filed, naming, among others, Boaz Energy and the Trust as

The plaintiff is a lessor under two leases operated by Blackbeard Operating LLC.

The Underlying Properties include the interests

of Boaz Energy in some of the minerals covered by those leases.

The litigation sought surface use damages and alleged violations of the

terms of the leases, among other things.

The court had set a two-day bench trial to commence May 18, 2022, but on May 10, 2022, the court

granted motions for summary judgment effectively disposing of the plaintiff’s claims.

At a status conference conducted on May 12,

2022, the plaintiff confirmed the court’s rulings disposed of all the plaintiff’s claims.

The only remaining issue is whether

the court will award attorneys’

fees to the prevailing parties, and a briefing schedule was set up for guidance on that point.

Certificate of Trust of PermRock Royalty Trust (incorporated by reference to Exhibit 3.3 to Registration Statement on Form S-1 (SEC File No.

2 unchanged sentences

001-38472) filed on May 8, 2018).

Amendment No.

1 to the Amended and Restated Trust Agreement of PermRock Royalty Trust, dated May 4, 2022 (incorporated by

reference to exhibit 4.1 to Current Report on Form 8-K (SEC File No 001-38472) filed on May 6, 2022).

Section 302 Certification.

6 unchanged sentences

Simmons Bank, as Trustee

/s/ Lee Ann Anderson

Lee Ann Anderson

Senior Vice President

November 15, 2021

SVP Royalty Trust Management

The registrant, PermRock Royalty Trust, has no principal executive

5 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. Legal Proceedings