What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2024-03-22 compared with 2023-03-23 · 35 added, 39 removed, 245 unchanged (23% of the section changed)

43 unchanged sentences

and a graduate of the University of Texas with a Bachelor of Science in Petroleum Engineering.

Information concerning changes in net proved reserves

attributable to the Trust, and the calculation of the standardized measure of the related discounted future net revenues is contained

in the notes to the financial statements of the Trust included in this Form 10-K.

The Sponsor has not filed reserve estimates covering

the Underlying Properties with any other federal authority or agency.

concerning changes in net proved reserves attributable to the Trust, and the calculation of the standardized measure of the related discounted

future net revenues is contained in the notes to the financial statements of the Trust included in this Form 10-K.

The Sponsor has

not filed reserve estimates covering the Underlying Properties with any other federal authority or agency.

The following table summarizes the estimated proved

reserve quantities and PV-10 attributable to the Trust and Underlying Properties as of December 31, 2023 and 2022:

Net Profits Interest

Profits Interest

(in thousands)

49 unchanged sentences

in quantities of proved undeveloped reserves for the Underlying Properties during the year ended December 31, 2023.

Underlying Properties

Balance –

December 31, 2022

Revisions and Other

Revisions and

Balance –

December 31, 2023

(1) Reserves for natural gas liquids

are included as a component of oil reserves.

for natural gas liquids are included as a component of oil reserves.

Producing Acreage and Well Counts

16 unchanged sentences

Gross Wells (1)

Permian Basin

East Texas/North Louisiana

(1) The Sponsor’s total producing

wells include 3,312 non-operated wells.

The Sponsor’s total producing wells include 2,682

non-operated wells.

The following is a summary of the number of development

and exploratory wells drilled on the Underlying Properties located in the Permian Basin and East Texas/North Louisiana during the last

Year Ended December 31,

Permian Basin

1 unchanged sentence

Exploratory Wells:

Year Ended December 31,

East Texas/North Louisiana

Development Wells:

Exploratory Wells:

(1) Production of natural gas liquids

is immaterial and included as a component of natural gas production.

(1) Production

of natural gas liquids is immaterial and included as a component of natural gas production.

Major Producing Areas

11 unchanged sentences

The largest field in the Permian Basin

region is the Eunice Monument field, which individually accounts for 16 percent of the Underlying Properties reserves as of December 31,

This unit produces from the Brushy Canyon and Wolfcamp formations at depths up to 8,500 feet.

Proved reserves attributable to the

Underlying Properties in the Eunice Monument field were 1.9 MMBoe as of December 31, 2022.

This field is operated by Apache

Corporation and Empire New Mexico.

region is the Spraberry field, which individually accounts for 32 percent of the Underlying Properties reserves as of December 31,

This unit produces from the Wolfcamp formations at depths up to 8,500 feet.

Proved reserves attributable to the Underlying Properties

in the Eunice Monument field were 2.6 MMBoe as of December 31, 2023.

This field is operated by Pioneer Natural Resources, Ovintiv

and Franklin Mountain.

East Texas/North Louisiana Region

14 unchanged sentences

2023, 2022 and 2021.

Year Ended December 31,

Permian Basin

Oil Sales Volumes (Bbls)

Natural Gas (1) Sales Volumes (Mcf)

Gas (1) Sales Volumes (Mcf)

Total Sales Volumes (Boe)

5 unchanged sentences

Oil Sales Volumes (Bbls)

Natural Gas (1) Sales Volumes (Mcf)

Gas (1) Sales Volumes (Mcf)

Total Sales Volumes (Boe)

4 unchanged sentences

Oil Sales Volumes (Bbls)

Natural Gas (1) Sales Volumes (Mcf)

Gas (1) Sales Volumes (Mcf)

Total Sales Volumes (Boe)

3 unchanged sentences

Proved Reserves (MBoe)

(1) Production of natural gas liquids

is immaterial and included as a component of natural gas production.

(1) Production

of natural gas liquids is immaterial and included as a component of natural gas production.

Abandonment and Sale of Underlying Properties

9 unchanged sentences

the Sponsor may, without the consent of the Trust unitholders, require the Trustee to release the Net Profits Interest associated with

any lease that accounts for less than or equal to 0.25% of the total production from the Underlying Properties in the prior 12 months

and provided that the Net Profits Interest covered by such releases cannot exceed, during any 12-month period, an aggregate fair market

value to the Trust of $500,000.

These releases will be made only in connection with a sale by the Sponsor to a non-affiliate of the relevant

any lease that accounts for no more than 0.25% of the total production from the Underlying Properties in the prior 12 months, provided

that the Net Profits Interest covered by such releases cannot exceed , during any 12-month period, an aggregate fair market value

to the Trust of $500,000.

These releases may be made only in connection with a sale by the Sponsor to a non-affiliate of the relevant

Underlying Properties and are conditioned upon the Trust receiving an amount equal to the fair value to the Trust of such Net Profits

In September 2021, the Sponsor entered into a lease arrangement with respect to a portion of the mineral rights

relating to certain of the Underlying Properties located in Borden County, Texas, for total estimated proceeds of $82,500 (approximately

$63,000 net to the Trust’s 80% Net Profits Interest).

In May 2023, the Sponsor sold approximately $0.3 million in non-producing, non-cash flowing acreage to a private oil company,

free and clear of the Net Profits Interest, as permitted under the Trust Agreement.

The proceeds from this sale attributable to the Trust’s

Net Profits Interest were included in the distribution that was paid to Trust unitholders on August 14, 2023.

Title to Properties

17 unchanged sentences

restrictions, rights-of-way and other matters that commonly affect property;

● conventional

rights of reassignment that obligate the Sponsor to reassign all or part of a property to

a third party if the Sponsor intends to release or abandon such property;

● preferential

rights to purchase or similar agreements and required third party consents to assignments

or similar agreements;

● obligations

or duties affecting the Underlying Properties to any municipality or public authority with

22 unchanged sentences

New Mexico”

in Item 1A of this Form 10-K.

in Part I, Item 1A of this Form 10-K.

The Sponsor believes that its title to the Underlying

7 unchanged sentences

with respect to the Underlying Properties”

in Item 1A of this Form 10-K.

in Part I, Item 1A of this Form 10-K.

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 2. Properties