PermRock Royalty Trust ^{Priced, NYSE: PRT}

PermRock Royalty Trust is a Delaware statutory trust formed in November 2017 by Boaz Energy, a portfolio company of NGP that is focused on the acquisition, development and operation of oil and natural gas properties in the Permian Basin. PermRock Royalty Trust will 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 the Underlying Properties. The trust will make monthly cash distributions of all of its monthly cash receipts, after deduction of fees and expenses for the administration of the trust and any cash reserves. The first record date will be on or about May 15, 2018, and the first distribution is expected to be made on or about May 30, 2018. The Underlying Properties are located in the Permian Basin, the most prolific oil producing area in the US, and consist of long-life reserves in mature, conventional oil fields with an established production profile. The properties had approximately 15.25 MMBoe of proved reserves at year-end, approximately 89% oil, and 74.1% proved developed reserves. The properties produced approximately 1,952 net Boe/d from 429 gross (320 net) producing wells during the 4Q17, and Boaz Energy operated approximately 93%.