Company: MTR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001104659-25-049448
Chunk: 2

Company: MESA ROYALTY TRUST/TX
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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 (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

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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 Simcoe were received by the Trust in the first quarter of 2023, indicating that the Trust was no longer in a deficit position with Simcoe at that time. In June 2023, Simcoe informed the Trustee that the true-up previously performed by Simcoe included revenues only and did not include any true-up for joint interest billing amounts. Due to the true-up for joint interest billing amounts, the Trust remains in a deficit position with Simcoe as of the quarter ended March 31, 2025 and no royalty income was received by the Trust from Simcoe for the three months ended March 31, 2025.

San Juan Basin  -   New Mexico Properties. Starting from the date of the San Juan Basin Sale and ending on July 31, 2017, ConocoPhillips operated substantially all of the San Juan Basin  -   New Mexico Properties, except a small number of properties that had been assigned to X