Permian Basin Royalty Trust (PBT)

PERMIAN BASIN ROYALTY TRUST ANNOUNCES JUNE CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES, AND SOFTVEST PROPOSALJune 18, 2026 8:00 AM
PR Newswire (US) DALLAS, June 18, 2026 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.024673 per unit, payable on July 15, 2026, to unit holders of record on June 30, 2026. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of May, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.This month's distribution increased compared to the previous month due primarily to Texas Royalty Properties having higher oil volumes, along with higher oil and natural gas pricing, partially offset by lower natural gas volumes for the reporting period.WADDELL RANCH
Information from Blackbeard Operating, LLC ("Blackbeard"), the operator of the Waddell Ranch properties, necessary to calculate the net profits interest ("NPI") proceeds for a given month is received after the announcement date for the month's distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month's distribution.As noted above, no proceeds were received by the Trustee in May 2026 to be included in the June distribution.  All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).TEXAS ROYALTY PROPERTIES
Production for the underlying Texas Royalty Properties was 16,174 barrels of oil and 7,743 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 14,577 barrels of oil and 6,972 Mcf of gas. The average price for oil was $88.42 per bbl and for gas was $9.50, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in March for oil and February for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $1,503,687. Deducted from these revenues were taxes and expenses of $150,074 resulting in a Net Profit of $1,353,613 for May. With the Trust's NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $1,285,932 to this month's distribution.
Underlying PropertiesNet to Trust Sales

VolumesVolumesAverage Price
Oil
(bbls)Gas
(Mcf)Oil
(bbls)Gas
(Mcf) (1)Oil
(per bbl)Gas 
(per Mcf) (2)Current Month












Waddell Ranch(3)(3)(3)(3)(3)(3)Texas Royalties16,1747,74314,5776,972$88.42$9.50






Prior Month





Waddell Ranch(3)(3)(3)(3)(3)(3)Texas Royalties15,0798,08113,3997,181$73.83$9.23(1) These volumes are net to the Trust, after allocation of expenses to Trust's net profit interest, including any prior period adjustments.(2) This pricing includes sales of gas liquid products.(3) Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the
extent the Trustee receives such information timely following the quarter, information will be included in the Trust's quarterly report on Form 10-Q for
the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).General and Administrative Expenses deducted for the month, net of interest earned were $133,368 resulting in a distribution of $1,149,997 to 46,608,796 units outstanding, or $0.024673 per unit.The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.SOFTVEST PROPOSAL
As previous disclosed, the Trustee has received a Schedule 13D ("Schedule 13D") filed with the Securities and Exchange Commission on May 18, 2026 by SoftVest, L.P. ("SoftVest"), a unitholder of the Trust, and certain other parties disclosing that SoftVest and Blackbeard Holdings, LLC ("Blackbeard Holdings") have agreed to a preliminary non-binding term sheet that sets forth the proposed high-level material terms and conditions governing a potential business combination of the Trust and certain Blackbeard Holdings assets. The Schedule 13D further states that the term sheet contemplates the formation of a new corporation ("New PubCo") that would be owned in part by Trust unitholders, and in part by Blackbeard Holdings and its affiliates that would acquire and own (i) all of the assets and operations of the Trust, and (ii) US Land Guild, LLC ("USLG"), a wholly owned subsidiary of Blackbeard Holdings that will own approximately 66,500 acres of surface estate and a 15% royalty interest associated with certain acreage and certain mineral interests currently owned by Blackbeard Holdings or one of its affiliates. The Schedule 13D also states that the term sheet provides for Blackbeard Holdings or its affiliates to receive certain working interests owned by the Trust following the conversion of net profits interests into a cost free 15% royalty interest, including those associated with the "West Ranch" and "East Ranch" properties.Neither the Trust, nor the Trustee has participated or been involved in the negotiation of the term sheet and related transactions involving the proposed business combination described in the Schedule 13D, and is providing the information in this press release solely for informational purposes for Trust unitholders. Unitholders are encouraged to read the Schedule 13D in its entirety and other materials filed with the Securities and Exchange Commission by SoftVest (and when formed, the New PubCo) for additional information. The Trustee anticipates that the proposed business combination would require approval of Trust unitholders. Based on the recent modifications to the Trust's Indenture approved by a court on May 8, 2026, at SoftVest's request, such approval would likely require the approval of a majority in interest of Trust unitholders constituting a quorum at a meeting of unitholders where a quorum is present.The 2025 Annual Report with Form 10-K, which includes the December 31, 2025, Reserve Summary, has been filed with the Securities Exchange Commission. Permian's cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian's website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND ITThis press release is not a proxy solicitation. None of the Trust, the Trustee, or the Trustee's officers or directors, are soliciting proxies in connection with any special meeting of Trust unitholders and are not participants in any solicitation of proxies by SoftVest and/or other unitholders in connection with any special meeting. The Trustee and the Trust are making this communication for informational purposes only and do not intend to file a proxy statement or registration statement with respect to the proposed business combination.The Trustee anticipates that if the business combination is pursued, New PubCo, SoftVest, and/or other unitholders may file a registration statement on Form S-4, which will include a proxy statement relating to a meeting of Trust unitholders and a prospectus of New PubCo with the Securities and Exchange Commission. Unitholders and other investors are strongly encouraged to read the Form S-4, including the proxy statement/prospectus and any other documents filed with the Securities and Exchange Commission when they become available because they will contain important information. Unitholders may obtain a free copy of any Form S-4, proxy statement/prospectus, and any amendments and documents that New PubCo, SoftVest and/or any other unitholders or the Trust files with the SEC from the SEC's website at www.sec.gov.FORWARD-LOOKING STATEMENTS
Any statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q as well as factors related to actions by SoftVest or other unitholders, New PubCo, Blackbeard Holdings, or other third parties, including courts, that are not within the control of the Trust or the Trustee.Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839 View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-june-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-softvest-proposal-302803303.htmlSOURCE Permian Basin Royalty Trust Original: PERMIAN BASIN ROYALTY TRUST ANNOUNCES JUNE CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES, AND SOFTVEST PROPOSAL

PERMIAN BASIN ROYALTY TRUST ANNOUNCES RECEIPT OF SOFTVEST SCHEDULE 13D WITH RESPECT TO PROPOSED BUSINESS COMBINATIONMay 19, 2026 9:15 AM
PR Newswire (US) DALLAS, May 19, 2026 /PRNewswire/ -- Argent Trust Company, as trustee ("Trustee") of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust"), today announced that it has received a Schedule 13D ("Schedule 13D") filed with the Securities and Exchange Commission on May 18, 2026 by SoftVest, L.P. ("SoftVest"), a unitholder of the Trust, and certain other parties disclosing that SoftVest and Blackbeard Holdings, LLC ("Blackbeard") have agreed to a preliminary non-binding term sheet that sets forth the proposed high-level material terms and conditions governing a potential business combination of the Trust and certain Blackbeard assets. The Schedule 13D further states that the term sheet contemplates the formation of a new corporation ("New PubCo") that would be owned in part by Trust unitholders, and in part by Blackbeard and its affiliates that would acquire and own (i) all of the assets and operations of the Trust, and (ii) US Land Guild, LLC ("USLG"), a wholly owned subsidiary of Blackbeard that will own approximately 66,500 acres of surface estate and a 15% royalty interest associated with certain acreage and certain mineral interests currently owned by Blackbeard or one of its affiliates.  The Schedule 13D also states that the term sheet provides for Blackbeard or its affiliates to receive certain working interests owned by the Trust following the conversion of net profits interests into a cost free 15% royalty interest, including those associated with the "West Ranch" and "East Ranch" properties.Neither the Trust, nor the Trustee has participated or been involved in the negotiation of the term sheet and related transactions involving the proposed business combination described in the Schedule 13D, and is issuing this press release solely for informational purposes for Trust unitholders. Unitholders are encouraged to read the Schedule 13D in its entirety and other materials filed with the Securities and Exchange Commission by SoftVest (and when formed, the New PubCo) for additional information. The Trustee anticipates that the proposed business combination would require approval of Trust unitholders. Based on the recent modifications to the Trust's Indenture approved by a court on May 8, 2026, at SoftVest's request, such approval would likely require the approval of a majority in interest of Trust unitholders constituting a quorum at a meeting of unitholders where a quorum is present.IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND ITThis press release is not a proxy solicitation. None of the Trust, the Trustee, or its officers or directors, are soliciting proxies in connection with any special meeting of Trust unitholders and are not participants in any solicitation of proxies by SoftVest and/or other unitholders in connection with any special meeting. The Trustee and the Trust are making this communication for informational purposes only and do not intend to file a proxy statement or registration statement with respect to the proposed business combination.The Trustee anticipates that if the business combination is pursued, New PubCo, SoftVest, and/or other unitholders may file a registration statement on Form S-4, which will include a proxy statement relating to a meeting of Trust unitholders and a prospectus of New PubCo with the Securities and Exchange Commission. Unitholders and other investors are strongly encouraged to read the Form S-4, including the proxy statement/prospectus and any other documents filed with the Securities and Exchange Commission when they become available because they will contain important information. Unitholders may obtain a free copy of any Form S-4, proxy statement/prospectus, and any amendments and documents that New PubCo, SoftVest and/or any other unitholders or the Trust files with the SEC from the SEC's website at www.sec.gov.FORWARD-LOOKING STATEMENTSAny statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q, as well as factors related to actions by SoftVest or other unitholders, New PubCo, Blackbeard, or other third parties, including courts, that are not within the control of the Trust or the Trustee.Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839 View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-receipt-of-softvest-schedule-13d-with-respect-to-proposed-business-combination-302775598.htmlSOURCE Permian Basin Royalty Trust Original: PERMIAN BASIN ROYALTY TRUST ANNOUNCES RECEIPT OF SOFTVEST SCHEDULE 13D WITH RESPECT TO PROPOSED BUSINESS COMBINATION

PERMIAN BASIN ROYALTY TRUST ANNOUNCES MAY CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES, AND RESULTS OF HEARINGMay 18, 2026 8:00 AM
PR Newswire (US) DALLAS, May 18, 2026 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.020355 per unit, payable on June 12, 2026, to unit holders of record on May 29, 2026. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of April, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.This month's distribution decreased compared to the previous month due primarily to the third settlement payment in the amount of $1,125,000 being received from Blackbeard Operating LLC which was included in the April distribution. Texas Royalty Properties had higher oil volumes, along with higher oil and natural gas pricing, partially offset by lower natural gas volumes for the reporting period.WADDELL RANCH
Information from Blackbeard, the operator of the Waddell Ranch properties, necessary to calculate the net profits interest ("NPI") proceeds for a given month is received after the announcement date for the month's distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month's distribution.As noted above, no proceeds were received by the Trustee in April 2026 to be included in the May distribution. All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).TEXAS ROYALTY PROPERTIES
Production for the underlying Texas Royalty Properties was 15,079 barrels of oil and 8,081 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 13,399 barrels of oil and 7,181 Mcf of gas. The average price for oil was $73.83 per bbl and for gas was $9.23, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in February for oil and January for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $1,187,796. Deducted from these revenues were taxes and expenses of $136,971 resulting in a Net Profit of $1,050,825 for April. With the Trust's NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $998,283 to this month's distribution.
Underlying PropertiesNet to Trust Sales

VolumesVolumesAverage Price
Oil
(bbls)Gas
(Mcf)Oil
(bbls)Gas
(Mcf)(1)Oil
(per bbl)Gas
(per Mcf) (2)Current Month












Waddell Ranch(3)(3)(3)(3)(3)(3)Texas Royalties15,0798,08113,3997,181$73.83$9.23






Prior Month





Waddell Ranch(3)(3)(3)(3)(3)(3)Texas Royalties14,29710,58412,4379,220$59.33$6.31
(1) These volumes are net to the Trust, after allocation of expenses to Trust's net profit interest, including any prior period adjustments.(2) This pricing includes sales of gas liquid products.(3) Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the extent the Trustee receives such information timely following the quarter, information will be included in the Trust's quarterly report on Form 10-Q for the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).General and Administrative Expenses deducted for the month, net of interest earned were $49,516 resulting in a distribution of $948,767 to 46,608,796 units outstanding, or $0.020355 per unit.The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.SOFTVEST HEARING
On May 8, 2026, a hearing (the "Hearing") was held before the 96th District Court of Tarrant County, Texas (the "Court") in connection with the Original Petition for Modification of Trust (the "Petition") filed by SoftVest, L.P. ("SoftVest"), a unitholder of the Trust, seeking judicial modification of the Trust's Indenture. At the Hearing, the Court approved SoftVest's requested modifications which (1) amended Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding units of the Trust, and (2) deleted Section 10.01 of the Indenture that sets forth certain prohibited amendments and replaced Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (which, as amended, will permit amendment by a majority in interest of unitholders constituting a quorum at a meeting of unitholders where a quorum is present).The 2025 Annual Report with Form 10-K, which includes the December 31, 2025, Reserve Summary, has been filed with the Securities Exchange Commission. Permian's cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian's website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.FORWARD-LOOKING STATEMENTS
Any statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q.Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839 View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-may-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-results-of-hearing-302772108.htmlSOURCE Permian Basin Royalty Trust Original: PERMIAN BASIN ROYALTY TRUST ANNOUNCES MAY CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES, AND RESULTS OF HEARING

PERMIAN BASIN ROYALTY TRUST ANNOUNCES RESULTS OF SOFTVEST HEARING REQUESTING MODIFICATION OF TRUST INDENTUREMay 8, 2026 4:15 PM
PR Newswire (US) DALLAS, May 8, 2026 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust"), today announced that a hearing was held on May 8, 2026, before the 96th District Court of Tarrant County, Texas in connection with the Original Petition for Modification of Trust (the "Petition") filed by SoftVest, L.P. ("SoftVest"), a unitholder of the Trust, seeking judicial modification of the Trust's Indenture. At the hearing, the Court approved SoftVest's requested modifications which (1) amended Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding units of the Trust, and (2) deleted Section 10.01 of the Indenture that sets forth certain prohibited amendments and replaced Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (which, as amended, will permit amendment by a majority in interest of unitholders constituting a quorum at a meeting of unitholders where a quorum is present).FORWARD-LOOKING STATEMENTS
Any statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q.Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839 View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-results-of-softvest-hearing-requesting-modification-of-trust-indenture-302767302.htmlSOURCE Permian Basin Royalty Trust Original: PERMIAN BASIN ROYALTY TRUST ANNOUNCES RESULTS OF SOFTVEST HEARING REQUESTING MODIFICATION OF TRUST INDENTURE

PERMIAN BASIN ROYALTY TRUST ANNOUNCES CHANGE IN TIME OF HEARING ON MAY 8, 2026May 6, 2026 2:40 PM
PR Newswire (US) DALLAS, May 6, 2026 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today announced that SoftVest, L.P. ("SoftVest") has advised the Trustee that the hearing scheduled on May 8, 2026, before the 96th District Court of Tarrant County, has been rescheduled to 9:30 a.m., Central Time, from its original time of 10:30 a.m., Central Time. Please see detailed information regarding the hearing below.UNITHOLDER MAILING FILED BY SOFTVEST
On or about February 10, 2026, SoftVest, a unit holder of the Trust, mailed documents to holders of units of beneficial interest ("Unitholders") which included a cover letter, a Citation in the District Court of Tarrant County, Texas ("Citation"), the Original Petition for Modification of Trust (the "Petition") in the District Court of Tarrant County, Texas (Cause No. 96-373245-25) seeking judicial modification of the Trust's Indenture, and the Petitioner SoftVest, L.P.'s Notice of Bench Trial on Petitioner's Original Petition for Modification of Trust ("Notice of Bench Trial"), also collectively known as the "Unitholder Mailing". The Unitholder Mailing advises Unitholders of a hearing to be scheduled Friday, May 8, 2026, (now scheduled for 9:30 a.m.) before the 96th District Court of Tarrant County, Tom Vandergriff Civil Courts Building, 4th Floor, 100 North Calhoun Street, Fort Worth, Texas 76196, on the merits of SoftVest's Petition pursuant to which it seeks to (1) amend Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding units of the Trust, and (2) delete Section 10.01 of the Indenture that sets forth certain prohibited amendments and replace Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (which, as amended, would permit amendment by a majority in interest of unitholders constituting a quorum at a meeting of unitholders where a quorum is present).FORWARD-LOOKING STATEMENTS
Any statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q.Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839 View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-change-in-time-of-hearing-on-may-8-2026-302764567.htmlSOURCE Permian Basin Royalty Trust Original: PERMIAN BASIN ROYALTY TRUST ANNOUNCES CHANGE IN TIME OF HEARING ON MAY 8, 2026

PERMIAN BASIN ROYALTY TRUST ANNOUNCES MARCH CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND UNITHOLDER MAILING BY SOFTVESTMarch 20, 2026 8:00 AM
PR Newswire (US)

DALLAS, March 20, 2026 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.010662 per unit, payable on April 14, 2026, to unit holders of record on March 31, 2026. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of February, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.This month's distribution decreased compared to the previous month due primarily to Texas Royalty Properties having lower oil and natural gas volumes, along with lower oil pricing, partially offset by higher natural gas pricing.WADDELL RANCHInformation from Blackbeard, the operator of the Waddell Ranch properties, necessary to calculate the net profits interest ("NPI") proceeds for a given month is received after the announcement date for the month's distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month's distribution.As noted above, no proceeds were received by the Trustee in February 2026 to be included in the March distribution. All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).TEXAS ROYALTY PROPERTIESProduction for the underlying Texas Royalty Properties was 15,009 barrels of oil and 9,793 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 13,047 barrels of oil and 8,518 Mcf of gas. The average price for oil was $56.56 per bbl and for gas was $6.02, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in December for oil and November for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $907,884. Deducted from these revenues were taxes and expenses of $124,031 resulting in a Net Profit of $783,853 for February. With the Trust's NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $744,660 to this month's distribution.
Underlying PropertiesNet to Trust Sales

VolumesVolumesAverage Price
Oil(bbls)Gas(Mcf)Oil(bbls)Gas(Mcf) (1)Oil(per bbl)Gas(per Mcf) (2)Current Month












Waddell Ranch(3)(3)(3)(3)(3)(3)Texas Royalties15,0099,79313,0478,518$56.56$6.02






Prior Month





Waddell Ranch(3)(3)(3)(3)(3)(3)Texas Royalties15,2929,84113,3258,573$56.78$5.85(1) These volumes are net to the Trust, after allocation of expenses to Trust's net profit interest, including any prior period adjustments.
(2) This pricing includes sales of gas liquid products.
(3) Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the extent the Trustee receives such information timely following the quarter, information will be included in the Trust's quarterly report on Form 10-Q for the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).General and Administrative Expenses deducted for the month, net of interest earned were $247,710 resulting in a distribution of $496,950 to 46,608,796 units outstanding, or $0.010662 per unit.The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.UNITHOLDER MAILING FILED BY SOFTVEST
On or about February 10, 2026, SoftVest, L.P. ("SoftVest"), a unit holder of the Trust, mailed documents to holders of units of beneficial interest ("Unitholders") which included a cover letter, a Citation in the District Court of Tarrant County, Texas ("Citation"), the Original Petition for Modification of Trust (the "Petition") in the District Court of Tarrant County, Texas (Cause No. 96-373245-25) seeking judicial modification of the Trust's Indenture, and the Petitioner SoftVest, L.P.'s Notice of Bench Trial on Petitioner's Original Petition for Modification of Trust ("Notice of Bench Trial"), also collectively known as the "Unitholder Mailing". The Unitholder Mailing advises Unitholders of a hearing to be scheduled Friday, May 8, 2026, at 10:30 a.m. before the 96th District Court of Tarrant County, Tom Vandergriff Civil Courts Building, 4th Floor, 100 North Calhoun Street, Fort Worth, Texas 76196, on the merits of SoftVest's Petition pursuant to which it seeks to (1) amend Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding units of the Trust, and (2) delete Section 10.01 of the Indenture that sets forth certain prohibited amendments and replace Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (which, as amended, would permit amendment by a majority in interest of unitholders constituting a quorum at a meeting of unitholders where a quorum is present).The 2024 Annual Report with Form 10-K, which includes the December 31, 2024, Reserve Summary, has been filed with the Securities Exchange Commission. Permian's cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian's website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.FORWARD-LOOKING STATEMENTS
Any statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q.Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839



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Original: PERMIAN BASIN ROYALTY TRUST ANNOUNCES MARCH CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND UNITHOLDER MAILING BY SOFTVEST

Permian Basin Royalty Trust Announces August Cash Distribution (8/20/24)

DALLAS, Aug. 20, 2024 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.051902 per unit, payable on September 16, 2024, to unit holders of record on August 30, 2024. The distribution does not include proceeds from the Waddell Ranch properties for the current month but does include the proceeds from July in the amount of $1,508,873. More information regarding the Waddell Ranch properties is described below.

This month's distribution decreased from the previous month due mainly to the July proceeds being less than the June proceeds from Waddell Ranch properties and, for the Texas Royalty Properties, lower gas volumes and oil prices, slightly offset by higher oil volumes and gas prices for the month reported.

WADDELL RANCH

Notwithstanding requests from the Trustee to Blackbeard Operating, LLC ("Blackbeard"), the operator of the Waddell Ranch properties, and the fact that prior to May 2024, Blackbeard has provided this information on a monthly basis since Argent Trust Company has become Trustee of the Trust, Blackbeard has refused to provide the Trustee information necessary to calculate the net profits interest ("NPI") proceeds for July 2024 as of the announcement date for this month's distribution. As a result of Blackbeard's failure to provide this information by the NYSE notification date for the distribution, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the August distribution, rather than the July distribution. As noted above, proceeds of $1,508,873 received by the Trustee in July 2024 after the announcement date for the July distribution will be included in the August distribution. The Trustee has continued to request information from Blackbeard, including production and pricing information, however, there can be no assurances that additional information will be forthcoming or on what time frame.

TEXAS ROYALTY PROPERTIES

Production for the underlying Texas Royalty Properties was 16,295 barrels of oil and 5,722 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 14,513 barrels of oil and 5,101 Mcf of gas. The average price for oil was $77.62 per bbl and for gas was $11.27, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in May for oil and April for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $1,329,226. Deducted from these revenues were taxes and expenses of $141,804, resulting in a Net Profit of $1,187,422 for August. With the Trust's Net Profit Interest (NPI) of 95% of the Underlying Properties, this would result in a net contribution by the Texas Royalty Properties of $1,128,051 to this month's distribution.

General and Administrative Expenses deducted for the month, net of interest earned were $217,800 resulting in a distribution of $2,419,132 to 46,608,796 units outstanding, or $0.051902 per unit.

The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.

Trust Litigation. On May 8, 2024, the Trustee announced that it had initiated a lawsuit by filing a petition in the District Court of Tarrant County, Texas against Blackbeard Operating, LLC ("Blackbeard"), the operator of properties in the Waddell Ranch, in Crane County, Texas, in which the Trust holds a 75% net overriding royalty. On June 10, 2024, Blackbeard filed its original answer and counterclaim to the lawsuit. The parties are currently engaged in discovery, and the District Court of Tarrant County has set a preliminary trial date of April 21, 2025, 8:30 a.m., Central Time.

Pursuant to the petition, the Trustee seeks to recover more than $15 million in damages to the Trust resulting from overhead costs and other expenses the Trustee alleges were impermissibly deducted from royalty payments to the Trust. The Trustee routinely engages in audits of the revenues and expenses with respect to the Trust's royalty payments. In connection with its audit for the period from 2020-2022 the Trustee identified exceptions to certain expenses deducted from the Trust's royalty payments, including among other things, incorrect overhead charges, application of overhead charges to non-producing wells, duplicate charges for services, materials and utilities as well as other expenses the Trustee alleges are ineligible charges. Attempts to resolve the disputed charges outside of court have been unsuccessful to date. Included in Blackbeard's original answer and counterclaim are requests for declaratory judgment by the court that it may deduct certain disputed overhead charges from Trust royalty payments and that it may limit information it provides to the Trust to quarterly statements of the net proceeds computation and inspection of books and record during normal business hours.

The 2023 Annual Report with Form 10-K, which includes the December 31, 2023, Reserve Summary, is posted on Permian's website. Permian's cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian's website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.

Contact: Jana Egeler, Vice President, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839

https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-august-cash-distribution-302225402.html

$PBT starting to go...

https://tylerpaper.com/news/texas/permian-basin-royalty-trust-announces-october-cash-distribution/article_7cd14c33-28ee-5b96-b8a1-129d52847257.html

SHORTS getting SCARED!!!! Cathy Wood knows something !!!!!!

good div

I would appreciate someone from this board answer several questions. I ask this since my oil trust investment does NOT have an IH entry.

I've been in Biotech for the last 5 years. Actually done quite well. However, my major biotech investment started to go SOUTH several months ago. Therefore, I took my profits, sold all the Biotech & invested in PRT - PERMROCK ROYALTY TRUST. This was a random choice but I like the fact that it came out in May '18 at $17, I paid an average of - 12.15 & has a current 11%+ monthly dividend. (I'm getting older & need great income )

Questions -

1. After I bought PRT, friends told me to look at ROYT. It came out at 20 (when?) & is now around 2. Guess this is possible with any stock, but how do you compare your PBT to a ROYT?

2. Here's my PRT - Operational Update as of October 2018:
http://s22.q4cdn.com/510766723/files/doc_downloads/PermRock-Royalty-Trust-10-09-2018-Operational-Update_vF.pdf Opinions if this is a good or bad investment?

3. Are you concerned that there are NO unit holders meetings, NO unit holders inputs, etc?

4. Have any of these royalty trusts been bought out by a major oil company, etc.?

T.I.A.

Anyone tell me the Life expectancy of PBT's wells in Permian Basin? Thanks

Powell Loyd has filed a new 13G, reporting 2.67% ownership in $PBT - https://fintel.io/so/us/pbt

Oil And Gas Trust Value Rankings, Q4 2014 (3/23/15)

http://seekingalpha.com/article/3019846-oil-and-gas-trust-value-rankings-q4-2014

Thanks- wish we could forecast when the monthly cap ex would come back down to the $2M range from the $3M+range, where we've been the last couple months. This has really effected the divi - although the new wells as a result of the drilling seem to be coming paying off. Thanks for the reply

I would think that the Board of Directors would project an annual expense & prorate that monthly or make adjustments when required to offset any large outlay.

Anyone know how to forecast the Capital Expenditures? November and December's Cap Ex has been almost more than double the average monthly Cap Ex for the rest of 2013. If this can return to the $2M range, the divi should head back up to $0.10/month. Production has strongly returned in December compared to November and is now at the averages for the rest of 2013. Thanks in advance-

Just got in under $14.00, looking for $20.00.

~ Monday! $PBT ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $PBT ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=PBT&p=D&b=3&g=0&id=p88783918276&a=237480049




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~ Google Finance: http://www.google.com/finance?q=PBT
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=PBT#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=PBT+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=PBT
Finviz: http://finviz.com/quote.ashx?t=PBT
~ BusyStock: http://busystock.com/i.php?s=PBT&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=PBT >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

I think it is just the case that PBT has never been a "High FLyer". Its price has been a function of the returns from the production royalties, which dictates the divvie yield.

When oil begins to spiral higher, you should see PBT move up, but delayed due to the nature of the royalty contracts in place.

Hockmir, nor do I (believe charts drive the price of a stock. However, when read properly it seems charts can give a picture of investor sentiment. In PBT's case it appears investors are waiting for something? and I thought you might be able to shed some light on any (possible) approaching positive Company events/news.
Thanks for responding to my note and I wish you continued success in your investment.

I'm not a big believer in stocks doing things just because some chart configuration ordains it. In this case, the things that will drive PBT upward are the divvies in a market where people are looking for safe returns, the general upward motion in commodities, and its historic performance.

Hockmir, PBT's pps has nearly completed a perfect 4 month symmetrical triangle. Usually this type triangle breaks out in the direction when it entered the triangle. In BPT's case it entered this triangle as part of a long term pps increase. Often the breakout is as much as the largest 'leg' within the triangle. In this case the breakout might be nearly $ 5.00.
I'm curious about what fundamental event/s could create a $ 5. price increase.

But since there are none of those around, I thought I would open the discussion up to interested shareholders and potential shareholders.

Any opinions as to whether PBT or HGT is the best US Oil Royalty Trust to hold?

Permian Basin Royalty Trust Announces August Cash Distribution

Press Release Source: Permian Basin Royalty Trust On Friday August 20, 2010, 11:30 am EDT

DALLAS, Aug. 20 /PRNewswire-FirstCall/ -- Permian Basin Royalty Trust (NYSE:PBT - News) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $.111909 per unit, payable on September 15, 2010, to unit holders of record on August 31, 2010. Permian's cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.pbt-permianbasintrust.com/.

This month's distribution decreased slightly from the previous month due primarily to slightly lower oil prices and lower production of both oil and gas. This would primarily reflect production for the month of June. The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.

Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 55,890 bbls and 250,232 Mcf. The average price for oil was $68.08 per bbl and for gas was $6.57 per Mcf. Capital expenditures were approximately $70,000. The numbers provided reflect what was net to the Trust.

Remember that the Canroys ,like PGH and PWE face a change in the Canadian Tax laws at the end of the year, losing them their generous tax loophole. I have backed my holdings out of the Canroys until after New Years to get past the possible price fluctuations likely to come with the change in their cash positions for payouts resulting from the tax law changes.

PBT is an American entity and does not face that particular gyration. It might be that money seeking refuge from the Canroy tax law changes seeks out US corps like PBT.

Besides, the current payout yield is pretty nice, given the current interest and dividend levels out there.

Been playing this one a long time. It has been very, very good to me.