Company: MTR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001104659-25-029944
Chunk: 1

Company: MESA ROYALTY TRUST/TX
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 1
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 Mesa Petroleum Co., predecessor to Mesa Limited Partnership (“ MLP”), which was the predecessor to MESA Inc., conveyed to the Trust the Royalty equal to 90% of the Net Proceeds (as defined in the Conveyance and described below) attributable to the specified interests in properties conveyed by the assignor on that date (the “ Subject Interests”). The Subject Interests consisted of interests in the Royalty Properties described above. The Royalty is evidenced by counterparts of an Overriding Royalty Conveyance, dated as of November 1, 1979 (the “ Conveyance”). In 1985, the Trust Indenture was amended and the Trust conveyed to an affiliate of Mesa Petroleum Co. 88.5571% of the original Royalty (such transfer, the “1985 Assignment”). The effect of the 1985 Assignment was an overall reduction of approximately 88.56% in the size of the Trust. As a result, the Trust is now entitled to receive 11.44% of 90% of the Net Proceeds attributable to each month.

Hugoton Royalty Properties. On November 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 the working interest of Pioneer Natural Resources USA, Inc. (“ PNR”), (successor to Mesa Operating Co.) 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”) (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