PERMIAN BASIN ROYALTY TRUST ANNOUNCES FILING OF SECOND AMENDED PETITION AGAINST BLACKBEARD OPERATING, LLC
Permian Basin Royalty Trust (NYSE: PBT) has filed a Second Amended Petition against Blackbeard Operating in the District Court of Tarrant County, Texas. The Trust is seeking to recover over $9 million in damages due to alleged improper calculation and payment of royalties from April 2020 through December 2023. The Trust claims Blackbeard incorrectly calculated overhead costs, labor expenses, and saltwater disposal fees, failed to pay on all production volumes, and didn't provide required annual reports. The Trust holds a 75% net overriding royalty in the Waddell Ranch properties.
The trial is scheduled for November 17, 2025. Discovery is ongoing, including on-site audits, expert witness analyses, and document review. A joint venture audit of 2024 production months is in progress, with the Trust reserving rights to bring additional claims based on audit findings.
Permian Basin Royalty Trust (NYSE: PBT) ha presentato una Seconda Petizione Modificata contro Blackbeard Operating presso la Corte Distrettuale della Contea di Tarrant, Texas. Il Trust cerca di recuperare oltre 9 milioni di dollari in danni a causa di presunte irregolarità nel calcolo e nel pagamento delle royalties dal aprile 2020 fino a dicembre 2023. Il Trust sostiene che Blackbeard abbia calcolato in modo errato i costi generali, le spese del lavoro e le tariffe per lo smaltimento dell'acqua salata, non abbia pagato su tutti i volumi di produzione e non abbia fornito i rapporti annuali richiesti. Il Trust detiene una royalty netta sovrapposta del 75% sulle proprietà Waddell Ranch.
Il processo è previsto per il 17 novembre 2025. L'istruttoria è in corso, inclusi audit in loco, analisi di periti e revisione dei documenti. È in corso un audit congiunto per i mesi di produzione del 2024, con il Trust che si riserva il diritto di avanzare ulteriori reclami basati sui risultati dell'audit.
Permian Basin Royalty Trust (NYSE: PBT) ha presentado una Segunda Petición Enmendada contra Blackbeard Operating en el Tribunal de Distrito del Condado de Tarrant, Texas. El Trust busca recuperar más de 9 millones de dólares en daños debido a un supuesto cálculo y pago incorrecto de regalías desde abril de 2020 hasta diciembre de 2023. El Trust afirma que Blackbeard calculó erróneamente los costos generales, los gastos laborales y las tarifas de eliminación de agua salada, no pagó sobre todos los volúmenes de producción y no proporcionó los informes anuales requeridos. El Trust posee una regalía neta sobresaliente del 75% en las propiedades Waddell Ranch.
El juicio está programado para el 17 de noviembre de 2025. El proceso de descubrimiento está en curso, incluyendo auditorías in situ, análisis de peritos y revisión de documentos. Se está realizando una auditoría conjunta de los meses de producción de 2024, con el Trust reservándose el derecho de presentar reclamos adicionales basados en los hallazgos de la auditoría.
Permian Basin Royalty Trust (NYSE: PBT)는 텍사스주 타런트 카운티 지방법원에 Blackbeard Operating을 상대로 두 번째 수정 청원서를 제출했습니다. 트러스트는 2020년 4월부터 2023년 12월까지의 로열티 계산 및 지급 부적절로 인한 900만 달러 이상의 손해배상을 요구하고 있습니다. 트러스트는 Blackbeard가 간접비, 노동비용, 염수 처리 비용을 잘못 계산했고, 모든 생산량에 대해 지급하지 않았으며, 요구되는 연례 보고서를 제공하지 않았다고 주장합니다. 트러스트는 Waddell Ranch 부동산에 대해 75% 순초과 로열티 권리를 보유하고 있습니다.
재판은 2025년 11월 17일로 예정되어 있습니다. 현재 현장 감사, 전문가 분석, 문서 검토 등 증거개시 절차가 진행 중입니다. 2024년 생산 월에 대한 합동 감사도 진행 중이며, 트러스트는 감사 결과에 따라 추가 청구를 제기할 권리를 보유하고 있습니다.
Permian Basin Royalty Trust (NYSE : PBT) a déposé une seconde requête modifiée contre Blackbeard Operating devant le tribunal de district du comté de Tarrant, Texas. Le Trust cherche à récupérer plus de 9 millions de dollars de dommages-intérêts en raison d’un calcul et d’un paiement présumés incorrects des redevances d’avril 2020 à décembre 2023. Le Trust affirme que Blackbeard a incorrectement calculé les frais généraux, les dépenses de main-d’œuvre et les frais d’élimination des eaux salées, n’a pas payé sur tous les volumes de production et n’a pas fourni les rapports annuels requis. Le Trust détient une redevance nette de 75 % sur les propriétés Waddell Ranch.
Le procès est prévu pour le 17 novembre 2025. La phase de découverte est en cours, comprenant des audits sur site, des analyses d’experts et la revue de documents. Un audit conjoint des mois de production de 2024 est en cours, le Trust se réservant le droit de formuler des réclamations supplémentaires en fonction des résultats de l’audit.
Permian Basin Royalty Trust (NYSE: PBT) hat eine zweite geänderte Klage gegen Blackbeard Operating beim Bezirksgericht des Tarrant County, Texas, eingereicht. Der Trust fordert die Rückzahlung von über 9 Millionen US-Dollar Schadensersatz aufgrund angeblich fehlerhafter Berechnung und Zahlung von Lizenzgebühren von April 2020 bis Dezember 2023. Der Trust behauptet, Blackbeard habe Gemeinkosten, Arbeitsaufwendungen und Salzabwasserkosten falsch berechnet, nicht für alle Produktionsmengen gezahlt und die erforderlichen Jahresberichte nicht bereitgestellt. Der Trust hält eine 75%ige Netto-Überroylalty an den Waddell Ranch Grundstücken.
Der Prozess ist für den 17. November 2025 angesetzt. Die Beweisaufnahme läuft, einschließlich Vor-Ort-Prüfungen, Gutachteranalysen und Dokumentenprüfung. Eine Gemeinschaftsprüfung der Produktionsmonate 2024 ist im Gange, wobei sich der Trust das Recht vorbehält, basierend auf den Prüfungsergebnissen weitere Ansprüche geltend zu machen.
- Trust is actively pursuing $9 million in damages to protect shareholder interests
- Some claims from original and first amended petitions have been resolved through joint venture audit
- Comprehensive discovery process including on-site audits and expert analyses is underway
- Alleged underpayment of royalties affecting Trust's revenue from April 2020 through December 2023
- Legal proceedings could result in additional costs and uncertain outcomes
- Ongoing dispute with operator may impact future business relationships and operations
Insights
PBT seeks $9M+ from Blackbeard for alleged royalty underpayments; litigation outcome uncertain with November 2025 trial date.
Permian Basin Royalty Trust's legal action against Blackbeard Operating represents a significant attempt to recover substantial royalty payments allegedly owed to unitholders. The Trust's Second Amended Petition seeks
The specific allegations are technically significant in royalty accounting terms: impermissible deductions for overhead costs, labor expenses, and saltwater disposal fees; failure to pay on all production volumes; and non-compliance with reporting requirements. These issues span a substantial period (April 2020 through December 2023), suggesting systematic rather than isolated discrepancies.
The litigation timeline is important for unitholders to understand. With trial scheduled for November 2025 and ongoing discovery including on-site audits and expert witness engagement, this represents a protracted resolution process. The reference to previously resolved claims from earlier petitions does indicate some progress through the joint venture audit process.
For context, royalty trusts like PBT are pass-through entities that distribute income directly to unitholders, meaning any systematic underpayment directly impacts the distributions unitholders receive. The
While the potential recovery represents a positive possibility, litigation outcomes remain inherently uncertain, with significant legal expenses and a lengthy timeline before resolution. The ongoing audit of 2024 production months also suggests the possibility of additional claims being added to the lawsuit, further extending the process.
Under the Second Amended Petition, the Trustee seeks to recover more than
The trial date in the District Court of
FORWARD-LOOKING STATEMENTS
Any statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q.
Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.
Contact: Jana Egeler, Vice President, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839
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SOURCE Permian Basin Royalty Trust
FAQ
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