Hugoton Royalty Trust declares no March 2026 distribution; going concern doubt

HUGOTON ROYALTY TRUST

No cash distribution for March 2026; no distributions since July 2023 due to excess costs.
Trustee does not foresee near-term distributions; accumulated excess costs on all conveyances.
Substantial doubt about going concern; cash reserve reduced $27k; trustee fee deferred since April 2024.
Out-of-period volumes: 18,000 Bbls and 87,000 Mcf from non-operated OK well; upcoming $1.5M expenses.
Excess costs: KS $3.1M, OK $12.0M, WY $11.3M; trustee exploring termination or sale but unlikely.

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