Item 4. Controls and Procedures
Item 4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures. The Trustee maintains disclosure controls and procedures designed to ensure that
information required to be disclosed by the Trust in the reports that it files or submits under the Securities Exchange Act of
1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and regulations
promulgated by the SEC. Disclosure controls and procedures include controls and procedures designed to ensure that information
required to be disclosed by the Trust is accumulated and communicated by VOC Brazos to the Trustee, as trustee of the Trust, and
its employees who participate in the preparation of the Trust’s periodic reports as appropriate to allow timely decisions
regarding required disclosure.
As of the end of the period covered by
this report, the Trustee carried out an evaluation of the Trust’s disclosure controls and procedures. A Trust Officer of
the Trustee has concluded that the disclosure controls and procedures of the Trust are effective.
Due to the contractual arrangements of
(i) the Trust Agreement and (ii) the conveyance of the net profits interest, the Trustee relies on (A) information
provided by VOC Brazos, including historical operating data, plans for future operating and capital expenditures, reserve information
and information relating to projected production and (B) conclusions and reports regarding reserves by the Trust’s independent
reserve engineers. See “Risk Factors—Neither the Trust nor the Trust’s unitholders have the ability to influence
VOC Brazos or control the operations or development of the underlying properties” in the Form 10-K.
Changes
in Internal Control over Financial Reporting. During the quarter ended June 30, 2020, there was no change in the
Trust’s internal control over financial reporting that has materially affected, or is 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 VOC Brazos.
10
PART II—OTHER INFORMATION
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.