PermRock Royalty Trust Declares Monthly Cash Distribution

FORT WORTH, Texas, Dec. 20, 2018 /PRNewswire/ -- PermRock Royalty Trust PRT (the "Trust") today declared a monthly cash distribution to record holders of its trust units representing beneficial interests in the Trust ("Trust Units") as of December 31, 2018 and payable on January 15, 2019 in the amount of $0.114594 per Trust Unit, based principally upon production during the month of October 2018.

The following table displays underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month net profits interest calculations:

Oil cash receipts for the properties underlying the Trust totaled $2.66 million for the current month, an increase of $0.20 million from the prior month distribution period as a result of an increase in sales volumes and oil prices compared to the prior month.

Natural gas cash receipts for the properties underlying the Trust totaled $0.25 million for the current month, a decrease of $0.02 million from the prior month distribution period as a result of a decrease in gas prices compared to the prior month. Hedge settlement revenue in the amount of $165,350 has also been included in the calculation of net proceeds.

Total direct operating expenses, including lease operating expenses and workover expenses, were $0.70 million, an increase of $0.10 million from the prior month. Severance and ad valorem taxes were $0.51 million, an increase of $0.23 million from the prior month.  Boaz Energy advised the Trustee that it increased the accrual for 2018 ad valorem tax to bring those accruals in line with expected actual taxes due.

Capital expenditures were $0.19 million in the current month, a decrease of $0.43 million from the prior month.  Boaz Energy has advised the Trustee that the increase in capital expenditures reported in recent months was primarily attributable to non-operated drilling and completions as a result of which production is starting to come on-line in the Crane County, Texas wells.

Qualified De Minimis Sale

The Trust announced on November 19, 2018 that Boaz Energy has sold and assigned its interest in certain leases located in Ward County, Texas as a result of a Qualified De Minimis Sale as contemplated by Section 3.02(c) of the Amended and Restated Trust Agreement of the Trust.  Boaz Energy received $234,341 in consideration of the sale of its interest, which amount has been included in this month's calculation of net proceeds.

About PermRock Royalty Trust

PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy II, LLC ("Boaz Energy") to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain properties owned by Boaz Energy in the Permian Basin of West Texas. For more information on PermRock Royalty Trust, please visit our website at www.permrock.com.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements." These forward-looking statements represent the Trust's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements include the amount and date of any anticipated distribution to unitholders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Boaz Energy with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Trust does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Trust to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with the Trust's initial public offering, and in the Trust's Quarterly Reports on Form 10-Q and other public filings filed with the SEC. The risk factors and other factors noted in the Trust's public filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement. The Trust's filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov.

SOURCE PermRock Royalty Trust