PERMIAN BASIN ROYALTY TRUST
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Item 3. Legal Proceedings
| Item 3. | Legal Proceedings |
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On December 18, 2023, the Trustee filed a complaint in the United States District Court for the Northern District of Texas against Blackbeard Operating, LLC (“Blackbeard”), the operator of the Waddell Ranch properties. Pursuant to the complaint, the Trustee seeks to recover more than $15 million in damages to the Trust resulting from overheard costs and other expenses the Trustee alleges were impermissibly deducted from royalty payments to the Trust.
Except as described above, there are no material pending legal proceedings to which the Trust is a party or of which any of its property is the subject.
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