PermRock Royalty Trust (NYSE:PRT) (the "Trust") today announced that Boaz Energy II, LLC ("Boaz Energy"), the now former owner and operator of the oil and gas properties underlying the Trust (the "Underlying Properties"), and its affiliate, Boaz Energy II Royalty, LLC ("Boaz Royalty" and, together with Boaz Energy, the "Grantors") completed the sale contemplated by the Purchase and Sale Agreement entered into on January 10, 2025 (the "Purchase and Sale Agreement") with T2S Permian Acquisition II LLC, a Delaware limited liability company (the "Buyer").
Under the Purchase and Sale and Agreement, (a) the Grantors sold and conveyed to the Buyer all of the Grantors' right, title and interest in and to the Underlying Properties (which shall remain burdened by the net profits interest and subject to the Conveyance of Net Profits Interest, dated May 4, 2018, by and among the Grantors, Simmons Bank (as trustee of the Trust, succeeded by Argent Trust Company) and Wilmington Trust, National Association); and (b) Boaz Energy sold and conveyed to Ustx LLC, a Delaware limited liability company, and wholly-owned subsidiary of the Buyer (as a designee of the Buyer pursuant to a partial assignment of rights under the Purchase and Sale Agreement), Boaz Energy's 4,884,861 Trust units representing beneficial interests in the Trust.
Boaz Energy reports that it intends to help facilitate the transfer of operations of the Underlying Properties from Boaz Energy to the Buyer. Argent Trust Company, as trustee of the Trust (the "Trustee"), expects to continue administration of the Trust in the ordinary course of business.
