1 unchanged sentence
The Trust maintains a system of internal disclosure controls and procedures that is designed to ensure that the information required to be
−Removed: disclosed in the Trusts filings under the Exchange Act is recorded, processed, summarized, and reported within the periods specified in the SECs rules and forms.
−Removed: In its evaluation of its disclosure controls and procedures, the Trustee
−Removed: has relied, to the extent considered reasonable, on information provided by Hilcorp, the owner of the properties.
−Removed: Consequently, the Trusts ability to disclose timely and accurately relevant information in its periodic reports is dependent upon
−Removed: Hilcorps timely delivery of accurate oil and gas revenue and production cost information and, therefore, the net proceeds owed to the Trust.
+Added: disclosed in the Trusts filings under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SECs rules and forms.
+Added: In its evaluation of its disclosure controls and procedures, the
+Added: Trustee has relied, to the extent considered reasonable, on information provided by Hilcorp, the owner of the properties.
+Added: Consequently, the Trusts ability to disclose timely and accurately relevant information in its periodic reports is
+Added: dependent upon Hilcorps timely delivery of accurate oil and gas revenue and production cost information and, therefore, the net proceeds owed to the Trust.
The Net Overriding Royalty Conveyance (the Conveyance) that transferred the royalty to the Trust obligates Hilcorp to provide the
5 unchanged sentences
Despite the Trusts internal controls and procedures ensuring the accuracy of the Trusts reporting based upon the financial
−Removed: information received from Hilcorp, Hilcorps process of reconciling actual revenue and severance taxes to previously reported estimates and reversing and rebooking periods during fiscal 2017, 2018, and 2019 are still occurring and being
−Removed: reported in 2020.
−Removed: Thus, distributions to the Trust from Hilcorp in any given month may be subject to adjustment based upon prior months true-ups and rebooking, plus interest.
−Removed: Hilcorp notified the Trust
−Removed: that as of the date of this Quarterly Report, it will still need to adjust the previously reported production and financial information for the production months of April 2018 through December 2018 for operated wells and October 2017 through
−Removed: December 2017 and April 2018 through December 2018 for non-operated wells and, therefore, possibly adjust future distributions of net proceeds to reflect such rebooking and
−Removed: true-ups plus interest on such amounts (as required by the Conveyance) to the extent an under- or over-payment has occurred.
−Removed: The Trustee has evaluated the Trusts internal disclosure controls and procedures as of September 30, 2020, and has concluded that
+Added: information received from Hilcorp, Hilcorps process of reconciling actual revenue and severance taxes to previously reported estimates are still occurring and being reported in 2021.
+Added: Thus, distributions to the Trust from Hilcorp in any given
+Added: month may be subject to adjustment based upon prior months true-ups and rebooking, plus interest.
+Added: Hilcorp notified the Trust that as of the date of this Quarterly Report, it will still need to adjust the
+Added: previously reported production and financial information for the production months of January 2021 for operated wells and November 2020, December 2020, and January 2021 for non-operated wells and, therefore,
+Added: possibly adjust future distributions of net proceeds to reflect such rebooking and true-ups plus interest on such amounts (as required by the Conveyance) to the extent an under- or over-payment has occurred.
+Added: The Trustee has evaluated the Trusts internal disclosure controls and procedures as of March 31, 2021, and has concluded that
such disclosure controls and procedures are effective, at the reasonable assurance level (as such term is used in Rule 13a-15(f) of the Exchange Act), to ensure that material information received
from Hilcorp is gathered on a timely basis to be included in the Trusts periodic reports and recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms.
−Removed: Additionally, during the three months ended September 30, 2020, there were no changes in the Trusts internal control over financial
+Added: Additionally, during the three months ended March 31, 2021, there were no changes in the Trusts internal control over financial
reporting (as such term is used in Rule 13a-15(f) of the Exchange Act) that materially affected, or are reasonably likely to materially affect, the Trusts internal control over financial reporting.
10 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.