Company: GULTU
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001201
Chunk: 21

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 21
---
 the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.

Critical
Audit Matters

Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the Trustee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved
our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/
Weaver and Tidwell L. L. P.

Houston,
Texas

March
28, 2025

We
have served as the Trust’s auditor since 2024.

  36  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

TO THE TRUSTEE AND HOLDERS OF ROYALTY TRUST UNITS

OF GULF COAST ULTRA DEEP ROYALTY TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement
of assets, liabilities and trust corpus of Gulf Coast Ultra Deep Royalty Trust (the Royalty Trust) as of December 31, 2023, the related
statements of distributable income and changes in trust corpus for the year ended December 31, 2023, and the related notes (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the assets, liabilities and trust corpus of the Royalty Trust at December 31, 2023, and the distributable income for the year ended December
31, 2023, in conformity with modified cash basis of accounting described in Note 1.

Basis of Accounting

As described in Note 1, these financial statements
were prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles.

Basis for Opinion

These financial statements are the responsibility
of The Bank of New York Mellon Trust Company, N. A., as the