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
$0.043178 per unit, payable on August 14, 2018 to unitholders of record
on July 31, 2018. The distribution primarily represents oil production
during the month of April 2018 and natural gas production during March

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 55,566 1,852 394,953 12,740 $ 62.81 $ 2.50
Prior Month 59,985 1,935 395,489 14,125 $ 60.21 $ 3.02

Oil cash receipts for the properties underlying the Trust totaled $3.5
million for the current month, a decrease of $0.1 million from the prior
month distribution period due to a decrease in volumes for the relevant
period. In addition to one less day of production in April compared to
March, payment timing differences caused volume fluctuations.

Natural gas cash receipts decreased from $1.2 million in the prior
distribution period to $1.0 million in the current month primarily due
to a 17 percent decrease in the realized wellhead price as compared to
the prior month. The decrease in realized wellhead price was driven by a
decrease in the NYMEX natural gas futures settlement price for March as
compared to February, which is the basis upon which a significant
portion of the north Louisiana gas volumes are sold. The 10 percent
decrease in natural gas sales volume is driven by payment timing
differences associated with operators in the Permian Basin.

Total direct operating expenses, including lease operating expenses,
production and ad valorem taxes, and gathering and transportation
expenses, were $2.5 million, an increase of $0.3 million from the prior
month. The increase in direct operating expenses is primarily due to
lease operating expenses in the current distribution period returning to
normal levels after being lower than normal in the prior distribution
period. Capital expenditures were $0.1 million in the current month.
Total direct operating expenses and capital expenditures relate to
expenses incurred in May 2018.

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 as part of the bankruptcy proceedings.
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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