Company: MTR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001104659-25-078590
Chunk: 2

Company: MESA ROYALTY TRUST/TX
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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alty Properties 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 Pioneer Natural Resources’ working interest 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”)

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(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 28, 2020, BP completed the sale of all of its interest in the San Juan Basin  -   Colorado Properties to SIMCOE LLC, (“ Simcoe”), an affiliate of IKAV Energy Inc. BP, under a transition services agreement with Simcoe, operated the properties until December 1, 2020. Simcoe and Red Willow currently operate the San Juan Basin  -   Colorado Properties.

Simcoe has informed the Trustee that the amount paid to the Trust in the month of May 2021 included adjusted proceeds for prior periods. Simcoe has also informed the Trustee that the amounts paid to the Trust in the months of May and June 2021 were subject to further adjustment in future periods for certain expenses that Simcoe asserts it was entitled to deduct under the Conveyance. In March 2023, Simcoe informed the Trustee that Simcoe performed a true-up of its production for the periods of 2020 through 2022, and a true-up report was received by the Trustee. Net Proceeds from the San Juan Basin  -   Colorado Properties operated by Sim