What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-03-23 compared with 2025-03-19 · 90 added, 83 removed, 195 unchanged (47% of the section changed)

Description of the Underlying Properties

Underlying Properties consist of producing and non-producing interests in oil and natural gas units, wells and lands in Texas, Louisiana

and New Mexico.

The Underlying Properties include a portion of the assets in east Texas and north Louisiana acquired by Enduro from Denbury

Resources Inc.

in December 2010, and all of the assets in the Permian Basin of New Mexico and west Texas acquired by Enduro from

Samson Investment Company and ConocoPhillips Company in January 2011 and February 2011, respectively.

In August 2018, the

Sponsor purchased the Underlying Properties from Enduro and assumed all of Enduro’s obligations under the Trust Agreement

and other instruments to which Enduro and the Trustee were parties.

The Underlying Properties consist of producing

and non-producing interests in oil and natural gas units, wells and lands in Texas, Louisiana and New Mexico.

The Underlying Properties

include a portion of the assets in east Texas and north Louisiana acquired by Enduro from Denbury Resources Inc.

in December 2010,

and all of the assets in the Permian Basin of New Mexico and west Texas acquired by Enduro from Samson Investment Company and ConocoPhillips

Company in January 2011 and February 2011, respectively.

In August 2018, the Sponsor purchased the Underlying Properties

from Enduro and assumed all of Enduro’s obligations under the Trust Agreement and other instruments to which Enduro and the Trustee

were parties.

The Underlying Properties are divided into two geographic regions:

the Permian Basin region and East Texas/North Louisiana region.

the Permian Basin region and East Texas/North Louisiana

As of December 31, 2025, the Underlying Properties

8 unchanged sentences

are also burdened by non-cost bearing interests owned by third parties consisting primarily of overriding royalty and royalty interests.

Gillespie & Associates, Inc.

(“Cawley Gillespie”), independent petroleum and geological engineers, estimated

crude oil (including natural gas liquids) and natural gas proved reserves of the Underlying Properties’

full economic life and for

the Trust life as of December 31, 2024.

Numerous uncertainties are inherent in estimating reserve volumes and values, and the estimates

are subject to change as additional information becomes available.

The reserves actually recovered and the timing of production of the

reserves may vary significantly from the original estimates.

In addition, the reserves and net revenues attributable to the Net Profits

Interest include only 80% of the reserves attributable to the Underlying Properties that are expected to be produced within the term of

the Net Profits Interest.

Cawley, Gillespie & Associates, Inc.

(“Cawley Gillespie”), independent petroleum and geological engineers, estimated crude oil (including natural gas liquids)

and natural gas proved reserves of the Underlying Properties’

full economic life and for the Trust life as of December 31,

Numerous uncertainties are inherent in estimating reserve volumes and values, and the estimates are subject to change as additional

information becomes available.

The reserves actually recovered and the timing of production of the reserves may vary significantly from

the original estimates.

In addition, the reserves and net revenues attributable to the Net Profits Interest include only 80% of the reserves

attributable to the Underlying Properties that are expected to be produced within the term of the Net Profits Interest.

The independent petroleum engineer’s report

as to the proved oil and natural gas reserves as of December 31, 2025, was prepared by Cawley Gillespie.

Cawley Gillespie, whose firm

registration number is F-693, was founded in 1961 and is a leader in the evaluation of oil and gas properties.

The technical person at

Cawley Gillespie primarily responsible for overseeing the reserve estimates with respect to the Underlying Properties and the Net Profits

Cawley Gillespie, whose

firm registration number is F-693, was founded in 1961 and is a leader in the evaluation of oil and gas properties.

The technical person

at Cawley Gillespie primarily responsible for overseeing the reserve estimates with respect to the Underlying Properties and the Net Profits

Interest attributable to the Trust is W.

5 unchanged sentences

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

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.

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

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.

COERT has not filed reserve estimates covering

the Underlying Properties with any other federal authority or agency.

The following table summarizes the estimated proved

45 unchanged sentences

Changes in Proved Undeveloped Reserves

the year ended December 31, 2024, proved undeveloped reserves of the Underlying Properties decreased 0.2 MMBoe primarily due to the

decrease in the estimated reserves for the booked, non-operated wells in Haynesville shale of Louisiana, partially offset by the

increase in the amount of booked, non-operated Wolfcamp shale wells in the Permian Basin.

The following is a summary of the changes in

quantities of proved undeveloped reserves for the Underlying Properties during the year ended December 31, 2024.

During the year ended December 31, 2025, proved

undeveloped reserves of the Underlying Properties increased 1.6 MMBoe primarily due to the increase in the estimated reserves for the

booked, non-operated wells in Haynesville shale of Louisiana, partially offset by the decrease in the amount of booked, non-operated Wolfcamp

shale wells in the Permian Basin.

The following is a summary of the changes in quantities of proved undeveloped reserves for the Underlying

Properties during the year ended December 31, 2025.

Underlying Properties

4 unchanged sentences

December 31, 2025

(1) Reserves for natural gas liquids

are included as a component of oil reserves.

(1) Reserves for natural gas liquids are included as a component

of oil reserves.

Producing Acreage and Well Counts

3 unchanged sentences

the percentage working interest owned by the Sponsor and in turn attributable to the Underlying Properties.

All of the acreage comprising

All the acreage comprising

the Underlying Properties is held by production.

13 unchanged sentences

East Texas/North Louisiana

(1) The Sponsor’s total producing

wells include 2,548 non-operated wells.

(1) The Sponsor’s total producing wells include 2,558 non-operated

The following is a summary of the number of development

8 unchanged sentences

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

16 unchanged sentences

This field is operated by Pioneer Natural Resources, Ovintiv

and Franklin Mountain.

and Coterra Energy.

East Texas/North Louisiana Region

3 unchanged sentences

BP Energy, Aethon Energy Operating, LLC and Comstock Oil & Gas, LLC;

and the Kingston field, operated by EXCO Resources and Diversified

Production, LLC.

All proved reserves attributable to the Underlying Properties in the East Texas/North Louisiana region are located in

the Haynesville, Cotton Valley, and Hosston reservoirs of the Elm Grove and Kingston fields.

Proved reserves attributable to the Underlying

Properties in the Elm Grove and Kingston fields were 2.3 MMBoe and 0.1 MMBoe, respectively, as of December 31, 2024.

and the Kingston field, operated by Diversified Production,

All proved reserves attributable to the Underlying Properties in the East Texas/North Louisiana region are located in the Haynesville,

Cotton Valley, and Hosston reservoirs of the Elm Grove and Kingston fields.

Proved reserves attributable to the Underlying Properties

in the Elm Grove and Kingston fields were 3.6 MMBoe and 0.1 MMBoe, respectively, as of December 31, 2025.

Production and Reserves

following table shows the net production, average sales price, average lease operating expense, and proved reserves as of year-end for

the Underlying Properties located in the Permian Basin of west Texas and New Mexico and in the East Texas/North Louisiana region,

which relates to the amounts included in the net profits calculation for the distributions paid during the years ended December 31,

2024, 2023 and 2022.

The following table shows the net production,

average sales price, average lease operating expense, and proved reserves as of year-end for the Underlying Properties located in the

Permian Basin of west Texas and New Mexico and in the East Texas/North Louisiana region, which relates to the amounts included in the

net profits calculation for the distributions paid during the years ended December 31, 2025, 2024 and 2023.

Year Ended December 31,

22 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

4 unchanged sentences

Interest relating to the abandoned property will be extinguished.

Sponsor generally may sell all or a portion of its interests in the Underlying Properties, subject to and burdened by the Net Profits

Interest, without the consent of the Trust unitholders.

Following the sale of all or any portion of the Underlying Properties, the purchaser

will be bound by the obligations of the Sponsor under the Trust Agreement and the Conveyance with respect to the portion sold.

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 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 Interest.

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.

The Sponsor generally may sell all or a portion

of its interests in the Underlying Properties, subject to and burdened by the Net Profits Interest, without the consent of the Trust unitholders.

Following the sale of all or any portion of the Underlying Properties, the purchaser will be bound by the obligations of the Sponsor under

the Trust Agreement and the Conveyance with respect to the portion sold.

In addition, 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 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 Interest.

In September 2025, the Sponsor sold approximately $0.4

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 December 15, 2025.

Title to Properties

6 unchanged sentences

gas properties comprising the Underlying Properties are typically subject to one or more of the following:

· royalties and other burdens, express and implied, under oil and natural gas leases and other arrangements;

· overriding royalties, production payments and similar interests and other burdens created by the Sponsor’s predecessors in title;

· a variety of contractual obligations arising under operating agreements, farm-out agreements, production sales contracts and other

agreements that may affect the Underlying Properties or their title;

· liens that arise in the normal course of operations, such as those for unpaid taxes, statutory liens securing unpaid suppliers and

contractors and contractual liens under operating agreements that are not yet delinquent or, if delinquent, are being contested in good

faith by appropriate proceedings;

royalties and other burdens, express and implied, under oil and natural gas

leases and other arrangements;

overriding royalties, production payments and similar interests and other

burdens created by the Sponsor’s predecessors in title;

a variety of contractual obligations arising under operating agreements,

farm-out agreements, production sales contracts and other agreements that may affect the Underlying Properties or their title;

liens that arise in the normal course of operations, such as those for unpaid

taxes, statutory liens securing unpaid suppliers and contractors and contractual liens under operating agreements that are not yet delinquent

or, if delinquent, are being contested in good faith by appropriate proceedings;

pooling, unitization and communitization agreements, declarations and orders;

· easements, 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 respect to any franchise, grant,

license or permit, and all applicable laws, rules, regulations and orders of any governmental authority;

· rights reserved to or vested in the appropriate governmental agency or authority to control or regulate the Underlying Properties

and also the interests held therein, including the Sponsor’s interests and the Net Profits Interest.

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

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 respect to any franchise, grant, license or permit, and all applicable laws, rules, regulations and orders of

any governmental authority;

rights reserved to or vested in the appropriate governmental agency or authority

to control or regulate the Underlying Properties and also the interests held therein, including the Sponsor’s interests and the

Net Profits Interest.

The Sponsor has informed the Trustee that the Sponsor

27 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 2. Properties