PermRock Royalty Trust

PermRock Royalty Trust (the Trust) is a statutory trust. The Trust owns 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 II, LLC (Boaz Energy) in the Permian Basin of West Texas. The underlying properties consist of about 31,354 gross (22,394 net) acres in the Permian Basin. The Permian Basin extends over 75,000 square miles in West Texas and Southeastern New Mexico. The underlying properties consist of four operating areas. Permian Clearfork area consists of about 2,434 net acres on the Central Basin Platform of the Permian Basin in Hockley and Terry Counties, Texas. Permian Abo area consists of about 1,667 net acres on the Central Basin Platform of the Permian Basin in Terry and Cochran Counties, Texas. Permian Shelf area consists of about 14,390 net acres on the Eastern Shelf of the Permian Basin. Permian Platform area consists of about 3,903 net acres.