Market Overview

Enduro Royalty Trust Announces Monthly Cash Distribution


Enduro Royalty Trust (NYSE:NDRO) (the "Trust") today announced a cash
distribution to the holders of its units of beneficial interest of
$0.034256 per unit, payable on June 14, 2018 to unitholders of record on
May 31, 2018. The distribution primarily represents oil production
during the month of February 2018 and natural gas production during
January 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.

Underlying Sales Volumes Average Price
Oil     Natural Gas Oil     Natural Gas
Bbls     Bbls/D Mcf     Mcf/D (per Bbl)   (per Mcf)
Current Month 52,534 1,876 359,703   11,603 $ 60.77 $ 2.92
Prior Month 59,699 1,926


12,813 $ 60.77 $ 2.87

Oil cash receipts for the properties underlying the Trust totaled $3.2
million for the current month, a decrease of $0.4 million from the prior
month distribution period as a result of a reduction in sales volumes
compared to the prior month. The reduction in sales volumes was
primarily attributable to three fewer days of production in February
compared to January.

Natural gas cash receipts decreased slightly from $1.1 million in the
prior distribution period to $1.0 million in the current month due to a
decrease in natural gas volumes, driven by payment timing differences,
partially offset by an increase in the realized natural gas price.

Total direct operating expenses, including lease operating expenses,
production and ad valorem taxes, and gathering and transportation
expenses, were $2.6 million, an increase of $0.3 million from the prior
month. The increase in direct operating expenses is primarily due to
lower than normal lease operating expenses in the prior distribution
period. Capital expenditures were $0.1 million in the current month.

Also included in the current month distribution is a reduction of
approximately $53,000 from the net profits attributable to the
underlying properties due to the inclusion in prior period distribution
calculations of certain expenses and revenue that related to properties
sold as part of the divestitures completed in September 2017. As a
result of the sale of these properties, the net amounts previously paid
to the Trust have been adjusted in the current distribution period.

Bankruptcy of Enduro Resource Partners

Enduro Resource Partners, the sponsor of the Trust, has informed The
Bank of New York Mellon Trust Company, N.A., as Trustee (the "Trustee")
of the Trust, that on May 15, 2018 Enduro Resource Partners and certain
of its affiliates filed voluntary petitions for a court-supervised
proceeding under Chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the District of Delaware (the
"Court"). Enduro Resource Partners has also informed the Trustee that it
has entered into a stalking horse purchase agreement with Evolution
Petroleum Corporation ("Evolution") relating to the sale of the
properties in which the Trust holds a net profits interest and all of
the outstanding trust units owned by Enduro Resource Partners. The
stalking horse purchase agreement and sale contemplated by the purchase
agreement are subject to higher and better bids and Court approval. The
Trust has not filed a Chapter 11 petition and expects to continue in the
normal course without disruption to the unitholders.

About Enduro Royalty Trust

Enduro Royalty Trust is a Delaware statutory trust formed by Enduro
Resource Partners 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 of Enduro Resource Partners' properties in the
states of Texas, Louisiana and New Mexico. As described in the Trust's
filings with the Securities and Exchange Commission, the amount of the
periodic distributions is expected to fluctuate, depending on the
proceeds received by the Trust as a result of actual production volumes,
oil and gas prices, the amount and timing of capital expenditures, and
the Trust's administrative expenses, among other factors. Future
distributions are expected to be made on a monthly basis. For additional
information on the Trust, please visit

Forward-Looking Statements and Cautionary Statements

This press release contains statements that are "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release,
other than statements of historical facts, are "forward-looking
statements" for purposes of these provisions. These forward-looking
statements include the amount and date of any anticipated distribution
to unitholders and expected expenses, including capital expenditures.
The anticipated distribution is based, in large part, on the amount of
cash received or expected to be received by the Trust from Enduro
Resource Partners with respect to the relevant period. The amount of
such cash received or expected to be received by the Trust (and its
ability to pay distributions) has been and will be significantly and
negatively affected by prevailing low commodity prices, which have
declined significantly, could decline further and could remain low for
an extended period of time. Other important factors that could cause
actual results to differ materially include expenses of the Trust,
reserves for anticipated future expenses and the outcome of the
bankruptcy proceedings involving Enduro Resource Partners, including the
related sale contemplated by the purchase agreement with Evolution.
Statements made in this press release are qualified by the cautionary
statements made in this press release. Neither Enduro Resource Partners
nor the Trustee intends, and neither assumes any obligation, to update
any of the statements included in this press release. An investment in
units issued by Enduro Royalty Trust is subject to the risks described
in the Trust's filings with the SEC, including the risks described in
the Trust's Annual Report on Form 10-K for the year ended December 31,
2017, filed with the SEC on March 12, 2018. The Trust's quarterly and
other filed reports are or will be available over the Internet at the
SEC's website at

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