PermRock Royalty Trust Declares Monthly Cash Distribution

FORT WORTH, Texas, July 20, 2018 /PRNewswire/ -- PermRock Royalty Trust (NYSE: PRT) (the "Trust") today declared a monthly cash distribution to record holders of its trust units representing beneficial interests in the Trust ("Trust Units") as of July 31, 2018 and payable on August 14, 2018 in the aggregate amount of $1,572,278.93 or $0.129238 per Trust Unit, based principally upon production during the month of May 2018.

The following table displays underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month net profits interest calculations:

Oil cash receipts for the properties underlying the Trust totaled $3.06 million for the current month, a decrease of $0.14 million from the prior month distribution period as a result of a reduction in sales volumes compared to the prior month.  The reduction in sales volumes is primarily attributable to decreased oil sales in the Permian Clearfork operating area. Boaz Energy advised the Trustee that the decreased volumes are attributable to the conformance work performed during the previous month in the Kingdom Clearfork waterflood in Terry County and that production is expected to return to previous levels once waterflood fill-up is achieved in the newly exposed reservoir.

Natural gas cash receipts increased slightly from $0.21 million in the prior distribution period to $0.24 million in the current month due to an increase in natural gas sales volumes.  The increase in sales volumes was primarily attributable to increased gas sales in the Permian Platform operating area.

Total direct operating expenses, including lease operating expenses and workover expenses, were $0.52 million, a decrease of $0.09 million from the prior month. Severance and ad valorem taxes were $0.24 million.

Capital expenditures were $0.37 million in the current month.  Boaz Energy advised the Trustee that capital expenditures were primarily attributable to projects in the Permian Platform and Permian Shelf operating areas. Capital expenditures in the Permian Platform operating area are primarily associated with drilling and completion operations on six non-operated wells in Crane County. Production on these wells is expected to come online in the third quarter of 2018. Capital expenditures in the Permian Shelf operating area are primarily associated with one non-operated recompletion in Glasscock County.

About PermRock Royalty Trust

PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy II, LLC ("Boaz Energy") 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 owned by Boaz Energy in the Permian Basin of West Texas. For more information on PermRock Royalty Trust, please visit our website at www.permrock.com.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements." These forward-looking statements represent the Trust's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements include the amount and date of any anticipated distribution to unitholders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Boaz Energy with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Trust does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Trust to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with the Trust's initial public offering. The risk factors and other factors noted in the Trust's prospectus could cause its actual results to differ materially from those contained in any forward-looking statement. The Trust's filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov.

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SOURCE PermRock Royalty Trust