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Hugoton Royalty Trust, administered by Argent Trust Company, reported that there will be no cash distribution to unitholders for May 2026 because all three net profits interests remain in excess cost positions, and the Trust’s cash reserve was reduced by $1,000 to pay expenses.
Accumulated excess costs in Kansas, Oklahoma and Wyoming, together with lower oil and natural gas prices, development spending and $1,000,000 of prior advance distributions, have led to no distributions since July 2023 and raised substantial doubt about the Trust’s ability to continue as a going concern. The Trustee has deferred its fee since April 2024 and is evaluating alternatives, including a possible asset sale or termination, each requiring approval of at least 80% of outstanding units and which may still leave nothing for unitholders.
Because cash constraints prevent engagement of a new auditor, the Trust filed Form 12b-25 and is not able to continue making SEC filings, audited financial statements or regular reporting, limiting information available to investors. The units were removed from the OTCQB on July 17, 2026 and now trade on the Expert Market on an unsolicited quotes only basis, and the Trust warns that unitholders could lose their entire investment.
Hugoton Royalty Trust reported that it will not declare a cash distribution for May 2026 and highlighted serious liquidity issues. Excess costs on its Kansas, Oklahoma, and Wyoming net profits interests have prevented any unitholder distributions since July 2023 and have eroded its cash reserve. The Trustee increased the cash reserve by $4,000 from a refunded expense but does not foresee distributions in the near term and sees substantial doubt about the Trust’s ability to continue as a going concern. The Trustee is reviewing alternatives including a potential sale of assets or termination of the Trust, though prior outreach to potential buyers produced no interest and any sale might not yield funds for unitholders after obligations are paid.
Hugoton Royalty Trust, managed by Argent Trust Company, announced it will not pay a cash distribution for May 2026 because all three net profits interests remain in excess cost positions. The Trust also reduced its cash reserve by $5,000 to cover expenses and does not foresee distributions in the near term.
The Trustee reports accumulated excess costs and low oil and gas prices have prevented any unitholder distributions since July 2023 and have raised substantial doubt about the Trust’s ability to continue as a going concern. Cash shortages have led to dismissal of the prior audit firm, a halt to engaging a new auditor, and inability to continue SEC filings, which may jeopardize the OTCQB listing. The Trustee is evaluating options including a possible sale of assets or termination of the Trust, and warns unitholders could face significant or total losses.
Hugoton Royalty Trust announced there will be no cash distribution for April 2026 because all three net profits interests remain in excess cost positions. The cash reserve was reduced by $97,000 for expenses, and the Trustee does not foresee any distributions in the near term.
The Trust highlights severe liquidity pressure and states that accumulated excess costs and low commodity prices have raised substantial doubt about its ability to continue as a going concern. It is reviewing options including a potential sale of assets or termination, both requiring 80% unitholder approval, but notes a sale may be unlikely and distributions might not result even if a sale occurs.
The Trust dismissed Grant Thornton LLP as auditor and does not expect to engage a new firm or maintain future SEC reporting once its reserve is depleted. It warns that unitholders may have limited or no information on which to base decisions and could ultimately lose a significant portion or all of their investment.
Hugoton Royalty Trust dismissed Grant Thornton LLP as its independent registered public accounting firm, following a decision recommended and approved by Argent Trust Company, the Trustee. Grant Thornton’s most recent audit report on the year ended December 31, 2025 included an explanatory paragraph expressing substantial doubt about the Trust’s ability to continue as a going concern, but otherwise was not adverse or qualified.
The Trust states there were no disagreements with Grant Thornton on accounting principles, financial statement disclosure, or audit procedures, and no reportable events under Regulation S-K Item 304(a)(1)(v). Because of cash constraints, the Trust is not currently seeking to engage a new independent registered public accounting firm.
Hugoton Royalty Trust reports its 2025 annual results and warns of substantial doubt about its ability to continue as a going concern. All three state conveyances are in excess costs, no net profits income has been generated for 33 months, and no distributions have been paid since July 2023.
Cash reserves are expected to be depleted in the second quarter of 2026, after which the Trust expects it will likely be unable to make SEC filings or provide audited financials, which could lead to OTCQB removal and severely limited trading liquidity. XTO Energy and later Mach advanced two separate $500,000 amounts to fund near‑term obligations, but the Trustee sees longer‑term financing as unlikely and is reviewing alternatives, including potential termination or sale of the Trust’s net profits interests, which would require approval of at least 80% of outstanding units.
Hugoton Royalty Trust reported that it will not pay a cash distribution for March 2026 because all three net profits interests remain in excess cost positions, and the cash reserve was reduced by $27,000 to cover expenses. The Trustee expects to replenish this reserve before any future distributions and does not foresee distributions in the near term.
The Trust highlighted severe liquidity pressure and stated that accumulated excess costs and a reduced expense reserve raise substantial doubt about its ability to continue as a going concern. Prior advance distributions totaling $1,000,000, lower oil and gas prices, and high development and operating costs have contributed to the cash shortfall. The Trustee is exploring alternatives, including a potential sale of assets or termination of the Trust, but noted limited third-party interest and no assurance of any ultimate payout to unitholders.
Hugoton Royalty Trust reported that there will be no cash distribution to unitholders for February 2026 because all three of its net profits interests remain in excess cost positions. The Trust’s cash reserve was reduced by $63,000 to cover expenses, and any future net profits would first be used to replenish this reserve before resuming distributions.
The Trust highlighted serious liquidity pressures and stated that these conditions raise substantial doubt about its ability to continue as a going concern, as it lacks sufficient cash to meet obligations over the year after its year-end financial statements are issued. Excess costs remain significant, including $3,034,000 for Kansas, $13,458,000 for Oklahoma, and $11,466,000 for Wyoming, each including accrued interest. The Trustee is exploring options such as a potential asset sale or termination of the Trust, but prior outreach to third parties produced no interest and any sale may not yield funds for unitholders after obligations are paid.
Hugoton Royalty Trust reported that it will not declare a monthly cash distribution for January 2026. The trust disclosed this decision in connection with a news release dated January 20, 2026, which is furnished as an exhibit. This means unitholders will not receive a January 2026 cash payment that might otherwise have been expected based on prior monthly distributions.