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Item 9A. Controls and Procedures

2021-03-23 compared with 2020-03-16 · 199 added, 242 removed, 32 unchanged (93% of the section changed)

Controls and Procedures.

Evaluation of Disclosure Controls and

The Trustee conducted an evaluation of the Trust’s disclosure controls and procedures (as defined in Rules

13a-15 and 15d-15 under the Exchange Act).

Based on this evaluation, the Trustee has concluded that the disclosure controls and

procedures of the Trust were effective, as of the end of the period covered by this report, in ensuring that information required

to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to

the Trustee to allow timely decisions regarding required disclosure.

Due to the nature of the Trust as a passive

entity and in light of the contractual arrangements pursuant to which the Trust was created, including the provisions of (i) the

Trust Agreement and (ii) the Conveyance, the Trustee’s disclosure controls and procedures related to the Trust necessarily

rely on (A) information provided by COERT, including information relating to results of operations, the costs and revenues

attributable to the Trust’s interest under the Conveyance and other operating and historical data, plans for future operating

and capital expenditures, reserve information, information relating to projected production, and other information relating to

the status and results of operations of the Underlying Properties and the Net Profits Interest, and (B) conclusions and reports

regarding reserves by the Trust’s independent reserve engineers.

Changes in Internal Control over Financial

During the quarter ended December 31, 2019, there were no changes in the Trust’s internal control over

financial reporting that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control

over financial reporting.

The Trustee notes for purposes of clarification that it has no authority over, and makes no statement

concerning, the internal control over financial reporting of COERT.

TRUSTEE’S REPORT ON INTERNAL CONTROL

OVER FINANCIAL REPORTING

The Trustee is responsible for establishing

and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) promulgated under

the Exchange Act.

Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability

of financial reporting for external purposes in accordance with the modified cash basis of accounting.

The Trustee conducted an

evaluation of the effectiveness of the Trust’s internal control over financial reporting based on the criteria established

in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway

Based on the Trustee’s evaluation under the framework in Internal Control—Integrated Framework (2013) ,

the Trustee concluded that the Trust’s internal control over financial reporting was effective as of December 31, 2019.

The independent registered public accounting firm of Ernst & Young LLP, the independent registered accounting firm that

audited the financial statements of the Trust in this Annual Report on Form 10-K, has issued an attestation report on the effectiveness

of the Trust’s internal control over financial reporting as of December 31, 2019, which is included in this Item 9A.

Report of Independent Registered Public

Accounting Firm

To the Trustee and Unitholders of Permianville Royalty Trust

Opinion on Internal Control Over Financial Reporting

have audited Permianville Royalty Trust’s internal control over financial reporting as of December 31, 2019, based on criteria

established in Internal Control –

Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway

Commission (2013 framework) (the COSO criteria).

In our opinion, Permianville Royalty Trust (the Trust) maintained, in all material

respects, effective internal control over financial reporting as of December 31, 2019, based on the COSO criteria.

We also have audited, in accordance with the standards of the

Public Company Accounting Oversight Board (United States) (PCAOB), the statements of assets, liabilities, and trust corpus of Permianville

Royalty Trust as of December 31, 2019 and 2018, and the related statements of distributable income and changes in trust corpus

for each of the three years in the period ended December 31, 2019, and the related notes and our report dated March 16, 2020 expressed

an unqualified opinion thereon.

Basis for Opinion

Trustee is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness

of internal control over financial reporting included in the accompanying Trustee’s Report on Internal Control over Financial

Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust

in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission

and the PCAOB.

conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material

audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness

exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing

such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for

Definition and Limitations of Internal Control Over Financial

entity’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability

of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted

accounting principles.

An entity’s internal control over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions

of the assets of the entity;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation

of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the

entity are being made only in accordance with authorizations of management and directors of the entity;

and (3) provide reasonable

assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the entity’s assets

that could have a material effect on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections

of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes

in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Houston, Texas

March 16, 2020

Other Information.

Directors, Executive Officers and Corporate Governance.

The Trust has no directors or executive

The Trustee is a corporate Trustee that may be removed by the affirmative vote of the holders of not less than a majority

of the outstanding Trust Units at a meeting at which a quorum is present.

Audit Committee and Nominating Committee

Because the Trust does not have a board

of directors, it does not have an audit committee, an audit committee financial expert or a nominating committee.

Code of Ethics

The Trust does not have a principal executive

officer, principal financial officer, principal accounting officer or controller and has not adopted a code of ethics applicable

to such persons.

Executive Compensation.

Pursuant to the Trust Agreement, the Trust

pays an annual administrative fee of $200,000 to the Trustee.

During the year ended December 31, 2019, the Trustee received

$200,000 in administrative fees and reimbursable expenses from the Trust.

During the years ended December 31, 2018 and 2017,

the Trustee received $202,018 and $200,997, respectively, in

administrative fees and reimbursable expenses from the Trust.

The Trust does not have any executive officers, directors or employees.

The Trust does not have a board of directors, and it does not have a compensation committee.

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters.

(a) Security Ownership

of Certain Beneficial Owners.

Based on filings with the SEC, the Trustee

is not aware of any holders of 5% or more of the units as of March 9, 2020 except as set forth below.

The following information

has been obtained from public filings with the SEC.

and Procedures.

of Disclosure Controls and Procedures.

The Trustee conducted an evaluation of the Trust’s disclosure controls and procedures

(as defined in Rules 13a-15 and 15d-15 under the Exchange Act).

Based on this evaluation, the Trustee has concluded that the disclosure

controls and procedures of the Trust were effective, as of the end of the period covered by this report, in ensuring that information

required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated

to the Trustee to allow timely decisions regarding required disclosure.

to the nature of the Trust as a passive entity and in light of the contractual arrangements pursuant to which the Trust was created,

including the provisions of (i) the Trust Agreement and (ii) the Conveyance, the Trustee’s disclosure controls

and procedures related to the Trust necessarily rely on (A) information provided by COERT, including information relating

to results of operations, the costs and revenues attributable to the Trust’s interest under the Conveyance and other operating

and historical data, plans for future operating and capital expenditures, reserve information, information relating to projected

production, and other information relating to the status and results of operations of the Underlying Properties and the Net Profits

Interest, and (B) conclusions and reports regarding reserves by the Trust’s independent reserve engineers.

in Internal Control over Financial Reporting.

During the quarter ended December 31, 2020, there were no changes in the

Trust’s internal control over financial reporting that have materially affected, or are reasonably likely to materially

affect, the Trust’s internal control over financial reporting.

The Trustee notes for purposes of clarification that it has

no authority over, and makes no statement concerning, the internal control over financial reporting of COERT.

TRUSTEE’S

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Trustee is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined

in Rule 13a-15(f) promulgated under the Exchange Act.

Internal control over financial reporting is a process to provide reasonable

assurance regarding the reliability of financial reporting for external purposes in accordance with the modified cash basis of

The Trustee conducted an evaluation of the effectiveness of the Trust’s internal control over financial reporting

based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring

Organizations of the Treadway Commission.

Based on the Trustee’s evaluation under the framework in Internal Control—Integrated

Framework (2013) , the Trustee concluded that the Trust’s internal control over financial reporting was effective as

of December 31, 2020.

Executive Officers and Corporate Governance.

Trust has no directors or executive officers.

The Trustee is a corporate Trustee that may be removed by the affirmative vote of

the holders of not less than a majority of the outstanding Trust Units at a meeting at which a quorum is present.

Committee and Nominating Committee

the Trust does not have a board of directors, it does not have an audit committee, an audit committee financial expert or a nominating

Trust does not have a principal executive officer, principal financial officer, principal accounting officer or controller and

has not adopted a code of ethics applicable to such persons.

Compensation.

to the Trust Agreement, the Trust pays an annual administrative fee of $200,000 to the Trustee.

During the years ended December 31,

2020 and 2019, the Trustee received $200,000, respectively, in administrative fees and reimbursable expenses from the Trust.

Trust does not have any executive officers, directors or employees.

The Trust does not have a board of directors, and it does

not have a compensation committee.

Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters.

Ownership of Certain Beneficial Owners.

on filings with the SEC, the Trustee is not aware of any holders of 5% or more of the units as of March 23, 2021 except as set

The following information has been obtained from public filings with the SEC.

Beneficial Owner

3 unchanged sentences

1,892,238 (2)

(1) Based on a Schedule

13D dated September 10, 2018 filed

jointly by Permianville Holdings LLC (“Holdings”), Permianville Intermediary LLC—Series 1 (“Series 1 Intermediary”),

Permianville Intermediary LLC—Series 2 (“Series 2 Intermediary”), Permianville Intermediary LLC—Series

3 (“Series 3 Intermediary”), Cross Ocean USSS Fund I (A) (Cayman) LP (“Cayman Feeder”), Cross Ocean USSS

Fund I (A) Del Feeder LP (“DE Feeder”), Cross Ocean USSS SIF 1 LP (“Cross Ocean SIF”), Cross Ocean USSS

GP LP (“Cross Ocean GP”), Cross Ocean USSS GP Ltd (“Cross Ocean Ltd”), Cross Ocean Partners Management

LP (“Cross Ocean Management”), Cross Ocean Partners Management GP, LLC (“Management GP”), GG Managers LLC

(“GG Managers”) and Graham Goldsmith (collectively, all such persons and entities are referred to as the “Reporting

Persons”).

The principal business office address for the Reporting Persons is c/o Cross Ocean Partners Management LP,

20 Horseneck Lane, Greenwich, CT 06830.

According to the filing, Holdings has sole voting

power and dispositive power with respect to 8,600,000 Trust Units.

Each of Cross Ocean Management, Management GP, GG Managers

and Graham Goldsmith has shared voting power and shared dispositive power with respect to such shares.

Each of Series 1

Intermediary and Series 2 Intermediary has shared voting power and shared dispositive power with respect to 2,293,053 Trust

Series 3 Intermediary has shared voting power and shared dispositive power with respect to 2,293,052 Trust Units.

on a Schedule 13D dated September 10, 2018 filed jointly by Permianville Holdings LLC (“Holdings”), Permianville Intermediary

LLC—Series 1 (“Series 1 Intermediary”), Permianville Intermediary LLC—Series 2 (“Series 2 Intermediary”),

Permianville Intermediary LLC—Series 3 (“Series 3 Intermediary”), Cross Ocean USSS Fund I (A) (Cayman) LP (“Cayman

Feeder”), Cross Ocean USSS Fund I (A) Del Feeder LP (“DE Feeder”), Cross Ocean USSS SIF 1 LP (“Cross Ocean

SIF”), Cross Ocean USSS GP LP (“Cross Ocean GP”), Cross Ocean USSS GP Ltd (“Cross Ocean Ltd”), Cross

Ocean Partners Management LP (“Cross Ocean Management”), Cross Ocean Partners Management GP, LLC (“Management

GP”), GG Managers LLC (“GG Managers”) and Graham Goldsmith (collectively, all such persons and entities are

referred to as the “Reporting Persons”).

The principal business office address for the Reporting Persons is c/o Cross

Ocean Partners Management LP, 20 Horseneck Lane, Greenwich, CT 06830.

to the filing, Holdings has sole voting power and dispositive power with respect to 8,600,000 Trust Units.

Each of Cross Ocean

Management, Management GP, GG Managers and Graham Goldsmith has shared voting power and shared dispositive power with respect

to such shares.

Each of Series 1 Intermediary and Series 2 Intermediary has shared voting power and shared dispositive power with

respect to 2,293,053 Trust Units.

Series 3 Intermediary has shared voting power and shared dispositive power with respect to 2,293,052

Cayman Feeder has shared voting power and shared dispositive power with respect to 1,165,871 Trust Units.

DE Feeder has

shared voting power and shared dispositive power with respect to 1,720,842 Trust Units.

has shared voting power and shared dispositive power with respect to 1,720,842 Trust Units.

Cross Ocean SIF has shared voting

power and shared dispositive power with respect to 2,233,017 Trust Units.

Each of Cross Ocean GP and Cross Ocean Ltd has

shared voting power and shared dispositive power with respect to 5,119,730 Trust Units.

According to the filing, each of Series 1 Intermediary,

Series 2 Intermediary, Series 3 Intermediary and DE Feeder, by virtue of their relationships to Holdings, may be deemed to beneficially

own the Trust Units that Holdings beneficially owns, but each disclaims beneficial ownership of such Trust Units.

Each of Cross

Ocean Cayman and Cross Ocean SIF, by virtue of their relationships to Series 1 Intermediary, Series 2 Intermediary and Series 3

Intermediary, may be deemed to beneficially own the Trust Units that Holdings beneficially owns, but each disclaims beneficial

Each of Cross Ocean GP and Cross Ocean Ltd has shared

voting power and shared dispositive power with respect to 5,119,730 Trust Units.

to the filing, each of Series 1 Intermediary, Series 2 Intermediary, Series 3 Intermediary and DE Feeder, by virtue of their relationships

to Holdings, may be deemed to beneficially own the Trust Units that Holdings beneficially owns, but each disclaims beneficial

ownership of such Trust Units.

Each of Cross Ocean GP, Cross Ocean Ltd, Cross Ocean Management, Management GP, GG Managers and

Graham Goldsmith, by virtue of their relationships to each other and to Cross Ocean Cayman, DE Feeder and Cross Ocean SIF, may

be deemed to beneficially own the Trust Units that Holdings beneficially owns, but each disclaims beneficial ownership of such

(2) Based on a Schedule

13G/A filed with the SEC on February 12, 2018 by Jerry Roger Kent.

The principal business office address for the reporting

person is 4695 Preston Park Blvd., Suite 170 East, Plano, Texas 75093-5180.

According to the filing, the reporting person has sole

voting power with respect to 1,062,038 Trust Units, shared voting power with respect to 830,000 Trust Units, sole dispositive power

with respect to 1,062,038 Trust Units, and shared dispositive power with respect to 830,000 Trust Units.

(b) Security Ownership

of Management.

Not applicable.

The registrant knows of no arrangement,

including any pledge by any person of securities of the registrant or any of its parents, the operation of which may at a subsequent

date result in a change of control of the registrant.

See “Certain Relationships and Related Transactions, and Director Independence—Registration

Rights Agreement”

Each of Cross Ocean Cayman and Cross Ocean SIF, by virtue of their relationships to Series 1 Intermediary,

Series 2 Intermediary and Series 3 Intermediary, may be deemed to beneficially own the Trust Units that Holdings beneficially

owns, but each disclaims beneficial ownership of such Trust Units.

Each of Cross Ocean GP, Cross Ocean Ltd, Cross Ocean Management,

Management GP, GG Managers and Graham Goldsmith, by virtue of their relationships to each other and to Cross Ocean Cayman, DE

Feeder and Cross Ocean SIF, may be deemed to beneficially own the Trust Units that Holdings beneficially owns, but each disclaims

beneficial ownership of such Trust Units.

on a Schedule 13G/A filed with the SEC on February 12, 2018 by Jerry Roger Kent.

The principal business office address for

the reporting person is 4695 Preston Park Blvd., Suite 170 East, Plano, Texas 75093-5180.

According to the filing, the reporting

person has sole voting power with respect to 1,062,038 Trust Units, shared voting power with respect to 830,000 Trust Units, sole

dispositive power with respect to 1,062,038 Trust Units, and shared dispositive power with respect to 830,000 Trust Units.

Ownership of Management.

registrant knows of no arrangement, including any pledge by any person of securities of the registrant or any of its parents,

the operation of which may at a subsequent date result in a change of control of the registrant.

See “Certain Relationships

and Related Transactions, and Director Independence—Registration Rights Agreement”

in Item 13 of this Form 10-K.

Certain Relationships and Related Transactions, and Director Independence.

Trustee Administrative Fee.

the terms of the Trust Agreement, the Trust pays an annual administrative fee of $200,000 to the Trustee and $2,000 to the Delaware

Registration Rights Agreement.

Trust and COERT (as the assignee of Enduro in connection with the Sale Transaction) are parties to a Registration Rights Agreement,

as amended, whereby COERT, its affiliates and certain permitted transferees holding registrable Trust Units are entitled, upon

receipt by the Trustee of written notice from holders of a majority of the then outstanding registrable Trust Units, to demand

that the Trust effect the registration of the registrable Trust Units.

The holders of the registrable Trust Units are entitled

to demand a maximum of five such registrations.

In connection with the preparation and filing of any registration statement, COERT

will bear all costs and expenses incidental to any registration statement, excluding certain internal expenses of the Trust, which

will be borne by the Trust.

Any underwriting discounts and commissions will be borne by the seller of the Trust Units.

The foregoing

description of the Registration Rights Agreement is qualified in its entirety by the terms of the Registration Rights Agreement,

and Amendment No.

Relationships and Related Transactions, and Director Independence.

Administrative Fee.

Under the terms of the Trust Agreement, the Trust pays an annual administrative fee of $200,000 to the

Trustee and $2,000 to the Delaware Trustee.

Rights Agreement.

The Trust and COERT (as the assignee of Enduro in connection with the Sale Transaction) are parties to a

Registration Rights Agreement, as amended, whereby COERT, its affiliates and certain permitted transferees holding registrable

Trust Units are entitled, upon receipt by the Trustee of written notice from holders of a majority of the then outstanding registrable

Trust Units, to demand that the Trust effect the registration of the registrable Trust Units.

The holders of the registrable Trust

Units are entitled to demand a maximum of five such registrations.

In connection with the preparation and filing of any registration

statement, COERT will bear all costs and expenses incidental to any registration statement, excluding certain internal expenses

of the Trust, which will be borne by the Trust.

Any underwriting discounts and commissions will be borne by the seller of the

The foregoing description of the Registration Rights Agreement is qualified in its entirety by the terms of the Registration

Rights Agreement, and Amendment No.

1 thereto, copies of which are incorporated by reference as exhibits to this Form 10-K.

Director Independence

The Trust does not have a board of directors.

Principal Accounting Fees and Services.

The Trust does not have an audit committee.

Any pre-approval and approval of all services performed by the principal auditor or any other professional service firms and related

fees are granted by the Trustee.

During the years ended December 31, 2019 and 2018, Ernst & Young, LLP served as

the Trust’s independent registered public accounting firm.

The Trustee also has appointed Ernst & Young, LLP as

the independent registered public accounting firm to audit the Trust’s financial statements for the fiscal year ending December 31,

The following table presents the aggregate

fees billed to the Trust for the years ended December 31, 2019 and 2018 by Ernst & Young, LLP:

Trust does not have a board of directors.

Accountant Fees and Services.

Trust does not have an audit committee.

Any pre-approval and approval of all services performed by the principal auditor or any

other professional service firms and related fees are granted by the Trustee.

During the years ended December 31, 2020 and

2019, Ernst & Young, LLP served as the Trust’s independent registered public accounting firm.

The Trustee also

has appointed Ernst & Young, LLP as the independent registered public accounting firm to audit the Trust’s financial

statements for the fiscal year ending December 31, 2020.

following table presents the aggregate fees billed to the Trust for the years ended December 31, 2020 and 2019 by Ernst &

Audit fees (1)

1 unchanged sentence

All other fees

(1) Fees billed for professional services rendered for the

integrated audit of the Trust’s financial statements and reviews of the financial statements included in the Trust’s

quarterly reports.

Exhibits, Financial Statement Schedules.

(a)(1) Financial Statements

The following financial statements are set

forth under “Financial Statements and Supplementary Data”

in Item 8 of this Form 10-K on the pages indicated:

Permianville Royalty Trust

Report of Independent Registered Public Accounting

billed for professional services rendered for the integrated audit of the Trust’s financial statements and reviews of the

financial statements included in the Trust’s quarterly reports and annual financial statements.

and Financial Statement Schedules.

(a)(1) Financial

following financial statements are set forth under “Financial Statements and Supplementary Data”

in Item 8 of this

Form 10-K on the pages indicated:

Report of Independent Registered Public Accounting Firm

Statements of Assets, Liabilities and Trust Corpus

4 unchanged sentences

(a)(2) Schedules

Schedules have been omitted because they

are not required, not applicable or the information required has been included elsewhere herein.

have been omitted because they are not required, not applicable or the information required has been included elsewhere herein.

(a)(3) Exhibits

See Index to Exhibits.

Form 10-K Summary.

Index to Exhibits.

Agreement and Plan of Merger of Enduro Royalty Trust and Enduro Texas LLC, dated as of November 3, 2011 by and between the Bank of New York Mellon Trust Company, N.A., as Trustee of Enduro Royalty Trust, and Enduro Texas LLC.

(Incorporated herein by reference to Exhibit 1.2 to the Trust’s Current Report on Form 8-K filed on November 8, 2011 (File No.

Certificate of Trust of Enduro Royalty Trust.

(Incorporated herein by reference to Exhibit 3.3 to the Registration Statement on Form S-1, filed on May 16, 2011 (Registration No.

Certificate of Amendment to Certificate of Trust.

(Incorporated herein by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K filed on September 5, 2018 (File No.

Amended and Restated Trust Agreement of Enduro Royalty Trust, dated November 3, 2011, among Enduro Resource Partners LLC, The Bank of New York Mellon Trust Company, N.A., as Trustee of Enduro Royalty Trust, and Wilmington Trust Company, as Delaware Trustee of Enduro Royalty Trust.

(Incorporated herein by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K filed on November 8, 2011 (File No.

First Amendment to Amended and Restated Trust Agreement, dated September 6, 2017 but effective as of August 30, 2017, among Enduro Resource Partners LLC, Wilmington Trust Company, as Delaware Trustee, and The Bank of New York Mellon Trust Company, N.A., as Trustee.

(Incorporated herein by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K filed on September 12, 2017 (File No.

Second Amendment to Amended and Restated Trust Agreement of Enduro Royalty Trust, dated September 14, 2018, among COERT Holdings 1 LLC, Wilmington Trust Company, as Delaware trustee, and The Bank of New York Mellon Trust Company, N.A., as trustee.

(Incorporated herein by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K filed on September 14, 2018 (File No.

Registration Rights Agreement, dated as of November 8, 2011, by and between Enduro Resource Partners LLC and Enduro Royalty Trust.

(Incorporated herein by reference to Exhibit 10.3 to the Trust’s Current Report on Form 8-K filed on November 8, 2011 (File No.

10-K Summary.

Agreement and Plan

of Merger of Enduro Royalty Trust and Enduro Texas LLC, dated as of November 3, 2011 by and between the Bank of New York Mellon

Trust Company, N.A., as Trustee of Enduro Royalty Trust, and Enduro Texas LLC.

(Incorporated herein by reference to Exhibit 1.2

to the Trust’s Current Report on Form 8-K filed on November 8, 2011 (File No.

Certificate of Trust

of Enduro Royalty Trust.

(Incorporated herein by reference to Exhibit 3.3 to the Registration Statement on Form S-1,

filed on May 16, 2011 (Registration No.

Certificate of Amendment

to Certificate of Trust.

(Incorporated herein by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K

filed on September 5, 2018 (File No.

Amended and Restated

Trust Agreement of Enduro Royalty Trust, dated November 3, 2011, among Enduro Resource Partners LLC, The Bank of New York

Mellon Trust Company, N.A., as Trustee of Enduro Royalty Trust, and Wilmington Trust Company, as Delaware Trustee of Enduro

Royalty Trust.

(Incorporated herein by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K

filed on November 8, 2011 (File No.

First Amendment to Amended and Restated Trust

Agreement, dated September 6, 2017 but effective as of August 30, 2017, among Enduro Resource Partners LLC, Wilmington

Trust Company, as Delaware Trustee, and The Bank of New York Mellon Trust Company, N.A., as Trustee.

(Incorporated herein

by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K filed on September 12, 2017 (File No.

Second Amendment

to Amended and Restated Trust Agreement of Enduro Royalty Trust, dated September 14, 2018, among COERT Holdings 1 LLC,

Wilmington Trust Company, as Delaware trustee, and The Bank of New York Mellon Trust Company, N.A., as trustee.

(Incorporated

herein by reference to Exhibit 3.1 to the Trust’s Current Report on Form 8-K filed on September 14, 2018

Registration Rights

Agreement, dated as of November 8, 2011, by and between Enduro Resource Partners LLC and Enduro Royalty Trust.

(Incorporated

herein by reference to Exhibit 10.3 to the Trust’s Current Report on Form 8-K filed on November 8, 2011 (File

Amendment No.

1 to Registration Rights Agreement, dated as of November 8, 2012, by and between Enduro Resource Partners LLC and Permianville Royalty Trust.

(Incorporated herein by reference to Exhibit 4.2 to the Trust’s Annual Report on Form 10-K for the year ended December 31, 2012 (File no.

Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

Conveyance of Net Profits Interest, dated November 8, 2011, by and between Enduro Operating LLC and Enduro Texas LLC.

(Incorporated herein by reference to Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed on November 8, 2011 (File No.

Supplement to Conveyance of Net Profits Interest, dated November 8, 2011, from Enduro Operating LLC, Enduro Texas LLC and The Bank of New York Mellon Trust Company, N.A.

to Registration Rights Agreement, dated as of November 8, 2012, by and between Enduro Resource Partners LLC and Permianville

Royalty Trust.

(Incorporated herein by reference to Exhibit 4.2 to the Trust’s Annual Report on Form 10-K for the year

ended December 31, 2012 (File no.

Description of Securities

Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.

(Incorporated herein by reference to Exhibit

4.3 to the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019 (File no.

Conveyance of Net

Profits Interest, dated November 8, 2011, by and between Enduro Operating LLC and Enduro Texas LLC.

(Incorporated herein by

reference to Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed on November 8, 2011 (File No.

Supplement to Conveyance

of Net Profits Interest, dated November 8, 2011, from Enduro Operating LLC, Enduro Texas LLC and The Bank of New York Mellon

Trust Company, N.A.

as Trustee of Enduro Royalty Trust.

(Incorporated herein by reference to Exhibit 10.2 to the Trust’s Current Report on Form 8-K filed on November 8, 2011 (File No.

First Amendment to Conveyance of Net Profits Interest, dated September 6, 2017, among Enduro Operating LLC and The Bank of New York Mellon Trust Company, N.A., as Trustee of Enduro Royalty Trust.

(Incorporated herein by reference to Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed on September 12, 2017 (File No.

Partial Release, Reconveyance and Termination Agreement, dated September 6, 2017, by and between The Bank of New York Mellon Trust Company, N.A., as Trustee of Enduro Royalty Trust, and Enduro Operating LLC.

(Incorporated herein by reference to Exhibit 10.2 to the Trust’s Current Report on Form 8-K filed on September 12, 2017 (File No.

(Incorporated herein by reference to Exhibit 10.2 to the Trust’s

Current Report on Form 8-K filed on November 8, 2011 (File No.

First Amendment

to Conveyance of Net Profits Interest, dated September 6, 2017, among Enduro Operating LLC and The Bank of New York Mellon

Trust Company, N.A., as Trustee of Enduro Royalty Trust.

(Incorporated herein by reference to Exhibit 10.1 to the Trust’s

Current Report on Form 8-K filed on September 12, 2017 (File No.

Partial Release,

Reconveyance and Termination Agreement, dated September 6, 2017, by and between The Bank of New York Mellon Trust Company,

N.A., as Trustee of Enduro Royalty Trust, and Enduro Operating LLC.

(Incorporated herein by reference to Exhibit 10.2

to the Trust’s Current Report on Form 8-K filed on September 12, 2017 (File No.

Consent of Cawley, Gillespie & Associates, Inc.

2 unchanged sentences

Report of Cawley, Gillespie & Associates, Inc.

* Asterisk indicates exhibit previously filed with the SEC and incorporated herein by reference.

Pursuant to the requirements of Section 13

or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,

thereunto duly authorized.

indicates exhibit previously filed with the SEC and incorporated herein by reference.

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report

to be signed on its behalf by the undersigned, thereunto duly authorized.

March 23, 2021

PERMIANVILLE ROYALTY TRUST

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

/s/ SARAH NEWELL

Vice President

The Registrant, Permianville Royalty Trust,

has no principal executive officer, principal financial officer, board of directors or persons performing similar functions.

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 Agreement under which it serves.

Registrant, Permianville Royalty Trust, has no principal executive officer, principal financial officer, board of directors or

persons performing similar functions.

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

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 Agreement under which it serves.

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-K

Item 9A. Controls and Procedures