What changed in this filing

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Item 1A. Risk Factors

2020-08-07 compared with 2020-05-11 · 59 added, 61 removed, 33 unchanged (78% of the section changed)

2 unchanged sentences

below, there have been no material changes to the risk factors contained in Item 1A of the Trust’s 2019 Annual Report on

The COVID-19 pandemic could

materially adversely affect proceeds to the Trust and cash distributions to unitholders.

recent outbreak of the novel form of coronavirus known as COVID-19 and its development into a global pandemic is

negatively impacting worldwide economic and commercial activity and financial markets, as well as global demand for crude oil

and natural gas.

The West Texas Intermediate spot price of crude oil has dropped sharply from $61.17 per barrel on

January 2, 2020 to $23.55 per barrel on May 7, 2020, in response to the economic effects of the COVID-19 pandemic and

the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting

Countries(“OPEC”), including Saudi Arabia, which resulted in an oversupply of crude oil and exacerbated the

decline in crude oil prices.

COVID-19 and the responses by federal, state and local governmental authoritites to the

pandemic have also resulted in significant business and operational disruptions, including business closures, supply chains

disruptions, travel restrictions, stay-at-home orders and limitations on the availability of workforces.

impact of COVID-19 is unknown and is rapidly evolving.

The extent to which COVID-19 negatively impacts

the operators of and production from the Underlying Properties will depend on the severity, location and duration of the

effects and spread of COVID-19, the actions undertaken by federal, state and local governments and health officials

to contain the virus or treat its effects, and how quickly and to what extent economic conditions improve and normal business

and operating conditions resume.

A prolonged period of low crude oil and natural gas prices will adversely affect the

operators of the Underlying Properties.

If commodity prices for crude oil and natural gas remain at reduced levels,

monthly cash distributions to unitholders will be substantially lower than historical distributions, and in certain periods

there may be no distribution to unitholders.

Continued low oil and natural gas prices

may ultimately reduce the amount of oil and natural gas that is economically viable to produce from the Underlying

As a result, the operators of the Underlying Properties could determine during periods of low commodity prices to

shut-in or curtail production from wells on the Underlying Properties, or even plug and abandon marginal wells that otherwise

may have been allowed to continue to produce for a longer period under conditions of higher prices.

Specifically, an operator

may abandon any well or property if it reasonably believes that the well or property can no longer produce oil or natural gas

in commercially paying quantities, which could result in termination of the Net Profits Interest relating to the abandoned

well or property.

Future downward revisions in actual production volumes relative to current forecasts, higher than

expected operating costs, or lower than anticipated commodity prices could result in recognition of impairment in future

The COVID-19 pandemic

could materially adversely affect proceeds to the Trust and cash distributions to unitholders.

recent outbreak of the novel form of coronavirus known as COVID-19 and its development into a global pandemic is negatively

impacting worldwide economic and commercial activity and financial markets, as well as global demand for crude oil and natural

The West Texas Intermediate spot price of crude oil has dropped sharply from $61.17 per barrel on January 2,

2020 to $41.95 per barrel on August 6, 2020 but in the interim ranged widely and even briefly traded negative in April 2020 in

response to the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members

of the Organization of Petroleum Exporting Countries (“OPEC”).

COVID-19 has resulted in widespread and localized health

crises that adversely affect general commercial activity, the economies and financial markets of many countries and localities,

as well as global demand for oil and natural gas.

COVID-19 also has resulted in significant business and operational disruptions,

including business closures, disruptions to supply chains, travel restrictions and limitations on the availability of workforces.

The full impact of COVID-19 is unknown and is rapidly evolving, and it is not possible to reliably estimate the impact that these

developments will have on future periods.

The extent to which the COVID-19 pandemic negatively

affects the operators of and production from the Underlying Properties will depend on the severity, location and duration of the

effects and spread of COVID-19, the actions undertaken by federal, state and local governments and health officials to

contain the virus or treat its effects, and how quickly and to what extent economic conditions improve and normal business and

operating conditions resume.

A prolonged period of low crude oil and natural gas prices will adversely affect the operators

of the Underlying Properties.

If commodity prices for crude oil and natural gas remain volitle and below historical levels,

monthly cash distributions to unitholders will be substantially lower than historical distributions, and in certain periods there

may be no distribution to unitholders.

Continued low oil and natural gas prices may ultimately

reduce the amount of oil and natural gas that is economically viable to produce from the Underlying Properties.

As a result, the

operators of the Underlying Properties could determine during periods of low commodity prices to shut-in or curtail production

from wells on the Underlying Properties, or even plug and abandon marginal wells that otherwise may have been allowed to continue

to produce for a longer period under conditions of higher prices.

Specifically, an operator may abandon any well or property if

it reasonably believes that the well or property can no longer produce oil or natural gas in commercially paying quantities, which

could result in termination of the Net Profits Interest relating to the abandoned well or property.

Future downward revisions

in actual production volumes relative to current forecasts, higher than expected operating costs, or lower than anticipated commodity

prices could result in recognition of impairment in future periods.

the extent COVID-19 adversely affects production from the Underlying Properties or the business, results of operations and financial

1 unchanged sentence

in the Trust’s 2019 Annual Report on Form 10-K.

The ability or willingness of OPEC and other oil exporting

nations to set and maintain production levels has a significant impact on oil and natural gas commodity prices, which could reduce

or willingness of OPEC and other oil exporting nations to set and maintain production levels has a significant impact on oil and

natural gas commodity prices, which could reduce the amount of cash available for distribution to Trust unitholders.

OPEC is an intergovernmental

organization that seeks to manage the price and supply of oil on the global energy market.

Actions taken by OPEC members, including

those taken alongside other oil exporting nations, have a significant impact on global oil supply and pricing.

For example, OPEC

and certain other oil exporting nations have previously agreed to take measures, including production cuts, to support crude oil

In March 2020, members of OPEC and Russia considered extending and potentially increasing these oil production cuts.

those negotiations were unsuccessful.

As a result, Saudi Arabia announced an immediate reduction in export prices and Russia announced

that all previously agreed upon oil production cuts would expire on April 1, 2020.

These actions led to an immediate and steep

decrease in oil prices, which briefly reached a closing NYMEX price low of negative $37.63 per Bbl of crude oil in April 2020.

There can be no assurance that OPEC members and other oil exporting nations will agree to future production cuts or other actions

to support and stabilize oil prices, nor can there be any assurance that they will not further reduce oil prices or increase production.

Uncertainty regarding future actions to be taken by OPEC members or other oil exporting countries could lead to increased volatility

in the price of oil, which could adversely affect the financial condition and economic performance of the operators of the underlying

properties and may reduce the net proceeds to which the Trust is entitled, which could materially reduce or completely eliminate

the amount of cash available for distribution to Trust unitholders.

OPEC is an intergovernmental organization that seeks to manage

the price and supply of oil on the global energy market.

Actions taken by OPEC members, including those taken alongside other oil

exporting nations, have a significant impact on global oil supply and pricing.

For example, OPEC and certain other oil exporting

nations have previously agreed to take measures, including production cuts, to support crude oil prices.

In March 2020, members

of OPEC and Russia considered extending and potentially increasing these oil production cuts.

However, those negotiations were

unsuccessful.

As a result, Saudi Arabia announced an immediate reduction in export prices and Russia announced that all previously

agreed upon oil production cuts would expire on April 1, 2020.

These actions led to an immediate and steep decrease in oil prices,

which reached a closing NYMEX price low of negative $37.63 per Bbl of crude oil in April 2020.

There can be no assurance that OPEC

members and other oil exporting nations will agree to future production cuts or other actions to support and stabilize oil prices,

nor can there be any assurance that they will not further reduce oil prices or increase production.

Uncertainty regarding future

actions to be taken by OPEC members or other oil exporting countries could lead to increased volatility in the price of oil, which

could adversely affect the financial condition and economic performance of the operators of the underlying properties and may reduce

the net proceeds to which the Trust is entitled, which could materially reduce or completely eliminate the amount of cash available

for distribution to Trust unitholders.

The exhibits listed

21 unchanged sentences

Vice President and Trust Officer

August 7, 2020

The Registrant, Permianville

1 unchanged sentence

Accordingly, no additional signatures are available, and none have been provided.

In signing the report above, the Trustee

does not imply that it has performed any such function or that such function exists pursuant to the terms of the Trust.

In signing the report above, the

Trustee does not imply that it has performed any such function or that such function exists pursuant to the terms of the Trust.

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 1A. Risk Factors