PVL Permianville Royalty Trust

Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.012500 per unit, payable on July 14, 2023 to unitholders of record on June 30, 2023. The net profits interest calculation represents reported oil production for the month of March 2023 and reported natural gas production during February 2023. The calculation includes accrued costs incurred in April 2023.

The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.

Underlying Sales Volumes

Average Price

Oil

Natural Gas

Oil

Natural Gas

Bbls

Bbls/D

Mcf

Mcf/D

(per Bbl)

(per Mcf)

Current Month

38,120

1,230

195,616

6,986

$

71.94

$

2.85

Prior Month

39,651

1,416

241,119

7,778

$

75.60

$

3.84

Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $2.7 million for the current month on realized wellhead prices of $71.94/Bbl, down $0.3 million from the prior month’s oil cash receipts.

Recorded natural gas cash receipts from the Underlying Properties totaled $0.6 million for the current month on realized wellhead prices of $2.85/Mcf, down $0.3 million from the prior month.

Total accrued operating expenses for the period were $2.5 million, up $0.1 million from the prior period. Capital expenditures decreased $0.8 million from the prior period to $0.1 million.

Operational Update and Acreage Sale

COERT Holdings 1 LLC (the “Sponsor”) has informed the Trustee that in May, three wells from one of the larger, previously detailed drilling projects were finally converted to first revenues after a delay associated with the operator. These wells began generating revenues in 2022, but the amounts were only finalized for non-operating partners in 2023. The cash revenue catch-up totaled approximately $3.7 million, or approximately $2.9 million net to the Trust’s interest, which, due to the timing of the receipt of such amount, will be included in next month’s net profits interest calculation. These wells are expected to continue to contribute to the monthly Net Profits Interest calculation in future months. This delayed receipt of revenues reflects the non-operated nature of the Underlying Properties.

In addition, in May, the Sponsor sold approximately $0.3 million in non-producing, non-cash flowing acreage to a private oil company, free and clear of the net profits interest burdening the properties, as permitted under the Amended and Restated Trust Agreement. The cash proceeds of this sale will be included in next month’s net profits interest calculation.

As previously disclosed, on May 3, 2023, the Sponsor entered into a sale contract for certain oil and natural gas properties (the “Divestiture Properties”) that constitute part of the Underlying Properties, subject to approval by the unitholders. The estimated net profits from the Divestiture Properties for the current month’s calculation were negative, given elevated operating expenses and capital expenditures by the operator of the Divestiture Properties.

About Permianville Royalty Trust

Permianville Royalty Trust is a Delaware statutory trust formed to own 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, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.

Forward-Looking Statements and Cautionary Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include expectations regarding future operations and production from recently drilled wells, estimates of future amounts to be distributed to unitholders reflecting net proceeds from the sale of certain of the Underlying Properties, the timing of such distributions, and the amount and date of any anticipated distribution to unitholders. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 as a result of a variety of factors that are beyond the control of the Trust and the Sponsor. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and public health concerns, including the COVID‑19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2022 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 23, 2023. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.

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Permianville Royalty Trust The Bank of New York Mellon Trust Company, N.A., as Trustee Sarah Newell 1 (512) 236-6555

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