Company: GULTU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021996
Chunk: 4

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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 and the Delaware Trustee entered
into the amended and restated royalty trust agreement to govern the Royalty Trust and the respective rights and obligations of FCX, the
Trustee, the Delaware Trustee, and the Royalty Trust unitholders with respect to the Royalty Trust (the Royalty Trust Agreement); and
(2) McMoRan, as grantor, and the Royalty Trust, as grantee, entered into the master conveyance of overriding royalty interests (the master
conveyance) pursuant to which McMoRan conveyed to the Royalty Trust the overriding royalty interests in future production from the subject
interests. Other than (a) its formation, (b) its receipt of contributions and loans from the Depositor (defined below) for administrative
and other expenses as provided for in the Royalty Trust Agreement, (c) its payment of such administrative and other expenses, (d) its
repayment of loans from the Depositor, (e) its receipt of the conveyance of the overriding royalty interests from McMoRan pursuant to
the master conveyance, (f) its receipt of royalties from McMoRan or Highlander Oil & Gas Assets LLC (HOGA), and (g) its cash dividends
to Royalty Trust unitholders, if any, the Royalty Trust has not conducted any activities.

On
February 5, 2019, McMoRan completed the sale of all of its rights, title and interest in and to the onshore Highlander subject interest
pursuant to a purchase and sale agreement with HOGA (the Highlander Sale). The onshore Highlander subject interest was sold subject to
the overriding royalty interest in future production held by the Royalty Trust. As a result of the Highlander Sale, HOGA has a 72 percent
working interest and an approximate 48 percent net revenue interest in the onshore Highlander subject interest. The Royalty Trust continues
to hold a 3.6 percent overriding royalty interest in the onshore Highlander subject interest. HOGA is the operator of the Highlander
subject interest. The onshore Highlander subject interest is the only subject interest in which HOGA has an interest, as McMoRan previously
had relinquished, allowed to expire or sold all of the other subject interests.

Effective
December 31, 2024 (the Effective Date), FCX, McMoRan and HOGA entered into an Assignment and Assumption Agreement and Bill of