Permian Basin Royalty Trust receives $2.25M Waddell Ranch proceeds; updates lawsuit against operator for >$15M

PERMIAN BASIN ROYALTY TRUST

Received $2,247,045 in Waddell Ranch proceeds for inclusion in June 2024 distribution.
Operator Blackbeard did not provide supporting documentation on production or pricing.
Trustee filed lawsuit seeking >$15M in damages for improper overhead and expense deductions (2020-2022).
Alleged deductions include incorrect overhead charges, duplicate charges, and other ineligible expenses.
2023 Annual Report with Reserve Summary is available on Trust’s website.

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