PERMIAN BASIN ROYALTY TRUST ANNOUNCES LAWSUIT AGAINST BLACKBEARD OPERATING, LLC
Permian Basin Royalty Trust (PBT)
US:NYSE Investor Relations:
pbt-permian.com/financial_statements.php
Company Research
Source: PR Newswire
DALLAS, May 8, 2024 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today announced that it has initiated a lawsuit by filing a petition in the District Court of Tarrant County, Texas against Blackbeard Operating, LLC ("Blackbeard"), the operator of properties in the Waddell Ranch, in Crane County, Texas, in which the Trust holds a 75% net overriding royalty.Pursuant to the petition, the Trustee seeks to recover more than $15 million in damages to the Trust resulting from overhead costs and other expenses the Trustee alleges were impermissibly deducted from royalty payments to the Trust. The Trustee routinely engages in audits of the revenues and expenses with respect to the Trust's royalty payments. In connection with its audit for the period from 2020-2022 the Trustee identified exceptions to certain expenses deducted from the Trust's royalty payments, including among other things, incorrect overhead charges,
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News
- PERMIAN BASIN ROYALTY TRUST ANNOUNCES RECEIPT OF THE WADDELL RANCH PROPERTIES PROCEEDSPR Newswire
- PERMIAN BASIN ROYALTY TRUST ANNOUNCES MAY CASH DISTRIBUTION; WITH THE OMISSION OF WADDELL RANCH PROPERTIES PROCEEDSPR Newswire
- PERMIAN BASIN ROYALTY TRUST ANNOUNCES APRIL CASH DISTRIBUTIONPR Newswire
- Permian Basin Royalty Trust Is Being Upgraded After It Plunged 56% Over The Last Year [Seeking Alpha]Seeking Alpha
- PERMIAN BASIN ROYALTY TRUST ANNOUNCES AMENDED MARCH CASH DISTRIBUTION RELEASE [Yahoo! Finance]Yahoo! Finance
PBT
Sec Filings
- 5/20/24 - Form 8-K
- 5/9/24 - Form 8-K
- 5/9/24 - Form 10-Q
- PBT's page on the SEC website