Market Overview

Enduro Royalty Trust Announces Enduro Resource Partners Sale Completed and Pending New Name and Ticker Symbol

Share:

Enduro Royalty Trust (NYSE:NDRO) (the "Trust") today announced that on
August 31, 2018, Enduro Resource Partners, the sponsor of the Trust
("Enduro"), completed its previously announced sale of the oil and
natural gas properties underlying the Trust and the outstanding Trust
units owned by Enduro.

The Trust expects to continue in the normal course without disruption to
the unitholders, and the resulting sale is not expected to have an
impact on the operations and future cash flows of the Trust.

The underlying properties remain a portfolio of majority non-operated
conventional and unconventional Permian and Haynesville oil and gas
assets, operated by a diverse group of experienced operators including
Occidental Petroleum, Apache Corporation, Kinder Morgan Inc., XTO
Energy, among others. In addition to conventional reserves typically
having a longer life, the Trust has an interest in two unconventional
shale plays. Through its net profits interest, in 2017 the Trust
participated in several non-operated Haynesville wells operated by
Aethon Energy and BHP Billiton Ltd., which recently announced a sale of
its Haynesville assets to BP American Production Company. Following an
election to participate made by Enduro in July 2018, the Trust also has
a net profits interest in several non-operated Wolfcamp Permian wells in
the Midland Basin operated by Pioneer Natural Resources Company, which
are expected to begin production in the first quarter of 2019.
Meanwhile, increases in both reported production and commodity prices
have allowed the Trust to announce 2018 year-to-date distributions per
unit of $0.34, an increase of 78% over the comparable year-to-date
period in 2017.

To more appropriately reflect the Trust's exposure to both the Permian
and Haynesville basins, the Trust and The Bank of New York Mellon Trust
Company, N.A., as Trustee ("Trustee"), at the request of the new owners
of the underlying properties, intend to change the name of the Trust to
"Permianville Royalty Trust" and for the Trust units to trade under the
ticker symbol (NYSE:PVL). The change in name and ticker symbol will
take effect on September 14, 2018. The new CUSIP number for the Trust as
of September 14, 2018, will be 71425H 100. Until completed, unitholders
can continue to access information regarding the Trust at www.enduroryoyaltytrust.com
or through the SEC's website at http://www.sec.gov.

About Enduro Royalty Trust

Enduro Royalty Trust is a Delaware statutory trust formed 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 of COERT Holdings 1 LLC ("COERT", the acquirer of such
properties from Enduro) 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 www.enduroroyaltytrust.com.

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 impact on the Trust and its unitholders of the
sale transaction between Enduro and COERT and the timing of the
anticipated change in name and ticker symbol of the Trust. Statements
made in this press release are qualified by the cautionary statements
made in this press release. None of Enduro, COERT, the Trustee nor any
of their respective affiliates intends, and none 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 http://www.sec.gov.

View Comments and Join the Discussion!