PermRock Royalty Trust (the Trust) is a statutory trust. The Trust owns a perpetual interest in oil and natural gas producing properties. The underlying properties include working interests in oil and natural gas producing properties located in the Permian Basin in Texas. The underlying properties consist of approximately 35,390 gross (22,997 net) acres in the Permian Basin. The Permian Basin extends over 75,000 square miles in West Texas and Southeastern New Mexico. The underlying properties consist of four operating areas, which include Permian Clearfork area, Permian Abo area, Permian Shelf area and Permian Platform area. Permian Clearfork area consists of about 2,434 net acres. Permian Abo area consists of about 1,667 net acres. Permian Shelf area consists of about 14,727 net acres. Permian Platform area consists of about 4,169 net acres. The Trust has produced over 30 billion barrels (Bbls) of oil and more than 75 trillion cubic feet (Tcf) of natural gas.