PRT · PermRock Royalty Trust · Insider Trading

On March 31, 2025, the Trust Units representing Beneficial Interests (the "Trust Units") in the Issuer were sold in a private sale (the "Sale") pursuant to the Purchase and Sale Agreement, dated January 10, 2025 (the "Purchase and Sale Agreement"), by and among Boaz Energy II, LLC ("Boaz Energy"), Boaz Energy II Royalty, LLC, a wholly-owned subsidiary of Boaz Energy ("Boaz Royalty" and, together with Boaz Energy, the "Seller"), and T2S Permian Acquisition II LLC (the "Buyer").

Pursuant to the Purchase and Sale Agreement, the Seller sold the Trust Units to the Buyer, as well as certain other oil and gas properties held by the Seller. The allocated value of the Trust Units sold to the Buyer was approximately $2.48 per Trust Unit.

This form is filed jointly by each of the reporting persons. Prior to the Sale, Boaz Energy directly owned 4,888,061 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may have been deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy at the time of the Sale.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.76 to $4.75 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,888,061 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.76 to $4.75 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,888,461 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at a price of $4.75. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,888,661 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.79 to $4.75 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,888,861 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.87 to $4.80 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,893,161 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.90 to $4.85 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,893,161 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.90 to $4.75 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,895,361 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.96 to $4.79 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,906,161 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.89 to $4.75 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,906,161 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.84 to $4.75 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,906,161 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.87 to $4.75 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,907,461 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.87 to $4.79 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,910,661 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.85 to $4.77 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,910,661 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.89 to $4.76 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,910,661 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.87 to $4.81 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,913,761 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.91 to $4.78 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 4,913,761 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

On December 1, 2023, Boaz Energy II, LLC, a Delaware limited liability company ("Boaz Energy") granted Trust Units representing beneficial interests in the Issuer ("Trust Units") to certain employees of Boaz Energy pursuant to individual Trust Unit Agreements entered into between Boaz Energy and such employees. No consideration was paid to Boaz Energy in respect of such grants.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,035,461 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.88 to $4.77 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,035,461 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.83 to $4.76 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,041,306 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $4.95 to $4.75 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,041,306 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $5.00 to $4.82 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,041,306 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $5.12 to $5.00 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,047,406 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $5.04 to $4.78 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,047,406 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices of $6.02. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,050,106 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.20 to $6.00 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,050,106 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.23 to $6.02 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,050,106 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.25 to $6.07 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,052,606 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.08 to $6.00 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,052,606 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.15 to $6.02 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,056,359 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.08 to $6.00 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,056,359 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.05 to $6.05 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,056,359 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.07 to $6.00 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,058,431 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.22 to $6.05 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,058,431 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.62 to $6.28 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,064,859 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.86 to $6.58 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,064,859 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.94 to $6.84 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,064,859 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.88 to $6.72 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,068,774 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.82 to $6.69 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,068,774 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.84 to $6.71 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,073,174 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.73 to $6.61 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,073,174 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.70 to $6.61 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,073,174 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.71 to $6.66 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,075,674 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.73 to $6.62 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,075,674 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.85 to $6.60 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,083,374 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.63 to $6.56 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,083,374 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.62 to $6.43 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,083,374 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.49 to $6.40 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,086,534 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.38 to $6.32 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,086,534 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 8, 2023.

The price reported in Column 4 is a weighted average price. The Trust Units representing Beneficial Interests in the Issuer ("Trust Units") were sold in multiple transactions at prices ranging from $6.34 to $6.30 inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of Trust Units sold at each separate price within the range set forth in this footnote.

This form is filed jointly by each of the reporting persons. Boaz Energy II, LLC ("Boaz Energy") directly owns 5,089,434 Trust Units. Karan Eves and Marshall Eves are husband and wife. Each of Karan Eves and Marshall Eves directly owns 4,400 Trust Units and 38.94% of the limited liability company interests in, and serves as a manager of, Boaz Energy, and may be deemed to indirectly beneficially own the Trust Units held directly by Boaz Energy.