Company: MTR
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001104659-25-111306
Chunk: 2

Company: MESA ROYALTY TRUST/TX
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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 22, 2019, Riviera Resources, Inc. completed the sale of its interest in its remaining properties located in the Hugoton Basin to Scout Energy Group V, LP (“ Scout”). Since November 23, 2019, Scout has operated the Hugoton Royalty Properties.

San Juan Basin  -   Colorado Properties. On April 30, 1991, MLP sold to Conoco, Inc. (“ ConocoPhillips”) its interests in the San Juan Basin Royalty Properties (the “ San Juan Basin Sale”). The Trust’s interest in the San Juan Basin Royalty Properties was conveyed from Pioneer Natural Resources’ working interest in 31,328 net producing acres in northwestern New Mexico and southwestern Colorado. ConocoPhillips sold the portion of its interests in the San Juan Basin  -   Colorado Properties to MarkWest Energy Partners, Ltd. (effective January 1, 1993) and Red Willow Production Company (“ Red Willow”)

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(effective April 1, 1992). On October 26, 1994, MarkWest Energy Partners, Ltd. sold substantially all of its interest in the San Juan Basin  -   Colorado Properties to BP Amoco Company (“ BP”), a subsidiary of BP p. l. c. On February 28, 2020, BP completed the sale of all of its interest in the San Juan Basin  -   Colorado Properties to SIMCOE LLC, (“ Simcoe”), an affiliate of IKAV Energy Inc. BP, under a transition services agreement with Simcoe, operated the properties until December 1, 2020. Simcoe and Red Willow currently operate the San Juan Basin  -   Colorado Properties.

In June 2023, Simcoe informed the Trustee that the true-up previously performed by Simcoe for the periods of 2020 through 2022 included revenues only and did not include any true-up for joint interest billing amounts. In addition, in March 2025, Simcoe informed the Trustee that it is in the process of performing a true-up for periods from 2020 to 2024. Due to the true-up for joint interest billing and other amounts, the Trust remains in a deficit position with Simcoe as of the quarter ended September 30, 2025 and no royalty income was received by the Trust from Simcoe for the three months ended September 30, 2025.

San Juan Basin  -   New Mexico Properties. Starting