Exhibit 99.1

PermRock Royalty Trust

News Release

FORT WORTH, Texas, March 19, 2019 – 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 March 29, 2019, and payable on April 12, 2019 in the amount of $0.041582 per Trust Unit, based principally upon production during the month of January 2019.

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:

 

     Underlying Sales Volumes      Average Price  
     Oil      Natural Gas      Oil
(per Bbl)
     Natural Gas
(per Mcf)
 
     Bbls      Bbls/D      Mcf      Mcf/D  

Current Month

     50,863        1,640        54,305        1,752        41.47        1.86  

Prior Month

     47,189        1,522        55,897        1,803        41.52        3.23  

Oil cash receipts for the properties underlying the Trust totaled $2.11 million for the current month, an increase of $0.15 million from the prior month distribution period as a result of increased sales volumes. Permian Basin oil differentials significantly impacted the prices received for oil produced in January 2019. Boaz Energy indicated it anticipates the differential to return to a more historic norm starting in the production month of March 2019.

Natural gas cash receipts for the properties underlying the Trust totaled $0.10 million for the current month, a decrease of $0.08 million from the prior month distribution period as a result of a decrease in the price received for natural gas. This was primarily a function of a gas purchaser incorrectly accounting for natural gas liquids in Crane County. This will be corrected and accounted for in subsequent distributions.

Total direct operating expenses, including lease operating expenses and workover expenses, were $0.64 million, a decrease of $0.07 million from the prior month. Severance and ad valorem taxes were $0.25 million, an increase of $0.09 million from the prior month.

Capital expenditures were $0.49 million in the current month, an increase of $0.14 million from the prior month. Boaz Energy indicated that the capital was primarily spent for drilling and completions in Crane and Glasscock counties.


The following information was filed by Permrock Royalty Trust (PRT) on Tuesday, March 19, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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