Permian Basin Royalty Trust sues Blackbeard Operating for $15M+ in improper royalty deductions

PERMIAN BASIN ROYALTY TRUST

Trustee filed suit in Tarrant County, TX, seeking over $15M for impermissible overhead and expense deductions from 75% royalty on Waddell Ranch properties.
Alleged improper charges include duplicate costs, overhead on non-producing wells, and ineligible expenses per the 1980 Net Overriding Royalty Conveyance.
Audit of 2020-2022 period identified exceptions; attempts to resolve outside court were unsuccessful.
Blackbeard is successor operator; the trust holds a 75% net overriding royalty in the subject properties.

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