Hugoton Royalty Trust declares May cash distribution $0.010003/unit; arbitration update estimates $14.6M charge

HUGOTON ROYALTY TRUST

Cash distribution of $0.010003 per unit payable June 14, 2023 to record holders May 31, 2023.
May distribution based on underlying gas sales 662,000 Mcf at $4.43/Mcf and oil sales 13,000 bbls at $71.76/bbl.
Development costs of $1.8M charged to Trust ($1.5M net) for first non-operated well in Oklahoma.
Arbitration panel ruled Trust must pay share of $48M Chieftain settlement; estimated $14.6M net charge to Trust.
Final hearing on remaining net proceeds dispute rescheduled to November 8, 2023.

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