Exhibit 99.1


PermRock Royalty Trust


News Release


PermRock Royalty Trust

Declares Monthly Cash Distribution

FORT WORTH, Texas, October 20, 2020 – 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 October 30, 2020 and payable on November 16, 2020 in the amount of $164,082.52 ($0.013487 per Trust Unit), based principally upon production during the month of August 2020.


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

 

 

Natural Gas

 

 

 

 

Bbls

 

 

Bbls/D

 

 

Mcf

 

 

Mcf/D

 

 

(per Bbl)

 

 

(per Mcf)

 

Current Month

 

 

 

35,896

 

 

 

1,158

 

 

 

52,804

 

 

 

1,703

 

 

$

39.38

 

 

$

2.03

 

Prior Month

 

 

 

38,186

 

 

 

1,232

 

 

 

42,273

 

 

 

1,364

 

 

$

37.36

 

 

$

1.98

 


Oil cash receipts for the properties underlying the Trust totaled $1.41 million for the current month, a decrease of $0.02 million from the prior month’s distribution period. This decrease was due to a decrease in sales volumes.


Natural gas cash receipts for the properties underlying the Trust totaled $0.11 million for the current month, an increase of $0.03 million from the prior month’s distribution period. This increase was due to an increase in sales volumes and natural gas prices.


Total direct operating expenses, including marketing, lease operating expenses and workover expenses, were $0.50 million reflecting a $0.19 million decrease from the prior month. Severance and ad valorem taxes were $0.18 million.


Capital expenditures were $0.34 million in the current month reflecting a $0.21 million increase from the prior month. Boaz Energy reported these expenditures primarily related to running a casing liner in the Kingdom Abo operating area. Boaz Energy informed the Trust that this month’s net profits calculation included $104,000 net to the Trust of funds reserved by Boaz Energy to cover future capital obligations and expenses.


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.





The following information was filed by Permrock Royalty Trust (PRT) on Tuesday, October 20, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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