Over-Riding Royalty Interests
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About Us
PermRock Royalty Trust (the “Trust”) is a Delaware statutory trust formed to own a perpetual interest in oil and natural gas producing properties.
The Trust was established in 2017 through a trust agreement among Boaz Energy II, LLC (“Boaz Energy”), as Trustor, Argent Trust Company, as Trustee (the “Trustee”) effective on December 30, 2022, and Wilmington Trust, National Association, as Delaware Trustee (the “Delaware Trustee”). On May 4, 2018, in connection with the Trust’s initial public offering, Boaz Energy conveyed to the Trust an 80% net profits interest (the “NPI”) carved out of a subset of Boaz Energy’s oil and natural gas leaseholds in the Permian Basin of West Texas (the “Underlying Properties”). The NPI is the principal asset of the Trust.
Under the Amended and Restated Trust Agreement of the Trust, dated May 4, 2018, among Boaz Energy, the Trustee and the Delaware Trustee (the “Trust Agreement”), the Trustee, has the primary function of collecting monthly net proceeds attributable to the NPI and making the monthly distributions to the unitholders, after deducting Trust administrative expenses and any amounts necessary for cash reserves.
PermRock Royalty Trust is a New York Stock Exchange-listed entity, with units trading under the symbol “PRT.”
NEWS RELEASES
August 21st, 2023
PermRock Royalty Trust (NYSE:PRT) (the “Trust”) today declared a monthly cash distribution to record holders of its trust units representing beneficial interests…
FAQs
PermRock Royalty Trust (the “Trust”) was established in 2017 by a trust agreement among Boaz Energy II, LLC (“Boaz Energy”), as Trustor, Argent Trust Company, as Trustee (the “Trustee”) effective December 30, 2022 and Wilmington Trust, National Association, as Delaware Trustee.
No. The Trust is a grantor trust.
Unitholders receive monthly distributions of the Trust’s net cash flow. The Trust is a Delaware statutory trust formed to own an 80% net profits interest (the “NPI”) in certain oil and natural gas producing properties in the Permian Basin of West Texas (the “Underlying Properties”) on a perpetual basis.
The Trust is a flow-through, grantor trust for federal income tax purposes. Unitholders receive annual Forms 1099 reporting their income from the Trust. Information will be provided on the Trust’s website and in a tax information booklet regarding deductions, including depletion deductions, that shield a portion of a unitholder’s income from tax and reduce a unitholder’s basis in their units (calculated as the greater of cost depletion or, if allowable, percentage depletion). The Trust cannot acquire additional properties, have any leverage or hedge its oil and gas production (other than hedges put in place by Boaz Energy at the time of the Trust’s initial public offering).
Boaz Energy is the current owner and operator of a majority of the Underlying Properties.
