Company: GULTU
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001201
Chunk: 27

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 27
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an or 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 Highlander Oil & Gas Assets LLC (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 Sale, pursuant
to which (1) FCX assigned to HOGA, and HOGA assumed, all of the financial and other obligations of FCX as depositor under the Royalty
Trust Agreement, and (2) McMoRan assigned to HOGA, and HOGA assumed, all of the rights and obligations of McMoRan as grantor under the
Royalty Trust Agreement and the master conveyance that were not previously assumed by HOGA at the time of the Highlander Sale (collectively,
the Assignment). Notwithstanding the Assignment, FCX remains obligated to perform the financial and other obligations owed to the Royalty
Trust by the depositor under the Royalty Trust Agreement, if HOGA were to be unable to fully perform such obligations in the future.
In this Form 10-K, the “ Depositor” refers to FCX, for all periods ending prior to the Effective Date, and to HOGA, for all
periods beginning on and after the Effective Date; and the “ Grantor” refers to McMoRan, for all periods ending prior to the
Effective Date, and to H