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Item 9A. Controls and Procedures

2024-03-22 compared with 2023-03-23 · 91 added, 103 removed, 137 unchanged (59% of the section changed)

34 unchanged sentences

Other Information.

Not applicable.

Disclosure Regarding Foreign Jurisdictions that Prevent

Trading Plans.

During the three months ended December 31, 2023, no officer or employee of the Trustee who performs policy-making

functions for the Trust adopted, modified, or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading

arrangement, as such terms are defined in Item 408(a) of Regulation S-K.

Disclosure Regarding Foreign Jurisdictions

that Prevent Inspections.

Not applicable.

Directors, Executive Officers and Corporate Governance.

Directors, Executive Officers

and Corporate Governance.

The Trust has no directors or executive officers.

15 unchanged sentences

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.

Security Ownership of Certain

Beneficial Owners and Management and Related Unitholder Matters.

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 23, 2023 except as set forth below.

The following information has

been obtained from public filings with the SEC.

not aware of any holders of 5% or more of the Trust Units as of March 22, 2024 except as set forth below.

The following information

has been obtained from public filings with the SEC.

Beneficial Owner

3 unchanged sentences

1,722,300 (2)

(1) Based on a Form 4 dated February 22, 2023 filed by Permianville

(1) Based on a Form 4 dated August 17, 2023 filed by Permianville

Holdings LLC (“Holdings”).

The principal business office address for the Reporting

Persons is c/o Cross Ocean Partners Management LP, 60 Arch Street, Greenwich, CT 06830.

(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 Holdings

is 60 Arch Street, 3 rd Floor, Greenwich, CT 06830.

(2) Based on a Schedule 13G/A filed with the SEC on June 23, 2023 by

Jerry Roger Kent.

The principal business office address for the reporting person is 4695

12 unchanged sentences

Rights Agreement”

in Item 13 of this Form 10-K.

Certain Relationships and Related Transactions,

and Director Independence.

in Part III, Item 13 of this Form 10-K.

Certain Relationships and

Related Transactions, and Director Independence.

Administrative Fee.

21 unchanged sentences

The Trust does not have a board of directors.

Principal Accountant Fees and Services.

The Trust does not have an audit committee.

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 year ended December 31, 2022, Weaver and Tidwell, LLP served as the Trust’s independent

registered public accounting firm.

On September 14, 2021, the Trustee dismissed

Ernst & Young, LLP (“E&Y”) as the Trust’s independent registered public accounting firm.

On September 14,

2021, the Trustee appointed Weaver and Tidwell, L.L.P.

(“Weaver”) as the Trust’s independent registered public accounting

Principal 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.

The Trustee has appointed Weaver and Tidwell, LLP as the

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

During the years ended December 31, 2023 and 2022, Weaver and Tidwell, LLP served as the Trust’s independent registered

public accounting firm.

The following table presents the aggregate fees

billed to the Trust for the year ended December 31, 2022 and 2021 by Weaver and Ernst & Young, LLP:

Audit fees (1)

paid by the Trust for the years ended December 31, 2023 and 2022 by Weaver and Tidwell, LLP:

Audit-related fees

All other fees

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

and reviews of the financial statements included in the Trust’s quarterly reports and

annual financial statements.

In 2021, E&Y and Weaver billed $179,140 and $10,300, respectively,

in audit fees.

Exhibit and Financial Statement Schedules.

(1) Fees billed for professional services rendered for the audit of the Trust’s

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

quarterly reports and annual financial statements.

Exhibit and Financial

Statement Schedules.

(a)(1) Financial Statements

1 unchanged sentence

under “Financial Statements and Supplementary Data”

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

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

of Independent Registered Public Accounting Firm (PCAOB Identification No.

11 unchanged sentences

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.

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.

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.

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.

and Restated Trust Agreement of Enduro Royalty Trust, dated as of 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 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

filed on November 8, 2011 (File No.

Amendment to Amended and Restated Trust Agreement, dated September 6, 2017 but effective as of August 30, 2017, among Enduro

2 unchanged sentences

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.

Amendment No.

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

(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.

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

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

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.

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

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

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.

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.

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 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.

Letter of Ernst &

Young LLP Regarding Change in Registrant’s Certifying Accountant.

(Incorporated herein by reference to Exhibit 16.1 to

the Trust’s Current Report on Form 8-K filed on September 20, 2021 (File No.

Consent of Cawley, Gillespie &

Associates, Inc.

Consent of Weaver and Tidwell, L.L.P.

Certification pursuant

to Section 302 of the Sarbanes-Oxley Act of 2002

Certification pursuant

to Section 906 of the Sarbanes-Oxley Act of 2002

Report of Cawley, Gillespie &

Associates, Inc.

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

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.

of Cawley, Gillespie & Associates, Inc.

Consent of Weaver and

Tidwell, L.L.P.

Certification

pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification

pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Permianville Royalty

Trust Clawback Policy

of Cawley, Gillespie & Associates, Inc.

* Asterisk indicates exhibit previously filed with the SEC and

5 unchanged sentences

PERMIANVILLE ROYALTY TRUST

THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., AS TRUSTEE

THE BANK OF NEW YORK MELLON TRUST COMPANY,

N.A., AS TRUSTEE

Vice President

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-K

Item 9A. Controls and Procedures