Company: GULTU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010143
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Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 4
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Controls and Procedures

(a)Evaluation of disclosure controls and procedures.
The Royalty Trust has no employees, and, therefore, does not have a principal executive officer or principal financial officer. Accordingly,
the Trustee is responsible for making the evaluations, assessments and conclusions required pursuant to this Item 4. The Trustee has evaluated
the effectiveness of the Royalty Trust’s “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e)
under the Exchange Act) as of the end of the period covered by this Form 10-Q. Based on this evaluation, the Trustee has concluded that
the Royalty Trust’s disclosure controls and procedures are effective as of the end of the period covered by this Form 10-Q.

Due to the nature of the Royalty Trust as a passive
entity and in light of the contractual arrangements pursuant to which the Royalty Trust was created, including the provisions of (i) the
Royalty Trust Agreement and (ii) the master conveyance, the Royalty Trust’s disclosure controls and procedures necessarily rely
on (A) information provided by FCX or HOGA, including information relating to results of operations, the costs and revenues attributable
to the subject interests and other operating and historical data, plans for future operating and capital expenditures, reserve information,
information relating to projected production, and other information relating to the status and results of operations of the subject interests
and the overriding royalty interests, and (B) conclusions and reports regarding reserves by the Royalty Trust’s independent reserve
engineers.

(b)Changes in internal control over financial
reporting. During the quarter ended March 31, 2025, there has been no change in the Royalty Trust’s internal control over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Royalty Trust’s internal control over
financial reporting. The Trustee notes for purposes of clarification that it has no authority over, and makes no statement concerning,
the internal control over financial reporting of HOGA.

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PART II. OTHER INFORMATION

Legal Proceedings