PERMIAN BASIN ROYALTY TRUST
Permian Basin Royalty Trust is an express trust. Simmons Bank, a chartered bank, is the Trustee of the Trust. The Trust's Waddell Ranch Properties has mineral interests in the Waddell Ranch. Its Waddell Ranch properties have proved reserves in six fields: Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian) and Waddell. Its Waddell Ranch properties contain approximately 775 gross (268 net) productive oil wells, 107 gross 38 net) productive gas wells, and 152 gross (50 net) injection wells. Blackbeard Operating, LLC is an operator of record for the Waddell Ranch properties. In the six fields, there are 12 producing zones ranging in depth from 2,800 to 10,600 feet. The prolific of these zones are the Grayburg and San Andres, which produce from depths between 2,800 and 3,400 feet. Also productive from the San Andres are the Sand Hills (Judkins) gas field and the Sand Hills (McKnight) oil field, and the Dune (Grayburg/San Andres) oil field.
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