Exhibit 99.1

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Trustee and
Unitholders of

Tidelands Royalty Trust B and Subsidiary:

We have audited the accompanying consolidated statements of assets, liabilities and trust corpus of Tidelands Royalty Trust B and Subsidiary as of
December 31, 2016 and 2015, and the related consolidated statements of distributable income and changes in trust corpus for each of the years in the three-year period ended December 31, 2016. These consolidated financial statements are the
responsibility of the Trustee. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted
our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

As described in Note 2 to the consolidated financial statements, these consolidated financial statements were prepared on a modified cash basis of accounting,
which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

In our opinion, the
consolidated financial statements referred to above present fairly, in all material respects, the assets, liabilities, and trust corpus of Tidelands Royalty Trust B and Subsidiary as of December 31, 2016 and 2015, and distributable
income and changes in trust corpus for each of the years in the three-year period ended December 31, 2016 in conformity with the modified cash basis of accounting described in Note 2 to the consolidated financial statements.

WEAVER AND TIDWELL, L.L.P

Dallas, Texas

March 28, 2017



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TIDELANDS ROYALTY TRUST B AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

As of December 31, 2016 and 2015



|                                                                                                  |  |                  |         |  |                  |   |         | 
|------------------------------------------------------------------------------------------------- |  | ---------------- | ------- |  | ---------------- | - | ------- | 
|                                                                                                  |  | December 31,2016 |         |  | December 31,2015 |  
|Assets                                                                                            | 
|Current assets:                                                                                   |  |                  |         | 
|Cash and cash equivalents                                                                         |  | $                | 523,892 |  |                  | $ | 579,803 | 
|Producing oil and natural gas properties                                                          |  |                  | 2       |  |                  |   | 2       | 
|Federal income taxes refundable                                                                   |  |                  |        |  |                  |   |        | 
|                                                                                                  |  |                  |         |  |                  |   |         | 
|Total assets                                                                                      |  | $                | 523,894 |  |                  | $ | 579,805 | 
|                                                                                                  |  |                  |         |  |                  |   |         | 
|                                                                                                 
|Liabilities and Trust Corpus                                                                      | 
|Current liabilities:                                                                              |  |                  |         |  |                  |   |         | 
|Income distributable to unitholders                                                               |  |                  | 36,228  |  |                  |   | 55,201  | 
|                                                                                                  |  |                  |         |  |                  |   |         | 
|Total current liabilities                                                                         |  | $                | 36,228  |  |                  | $ | 55,201  | 
|                                                                                                  |  |                  |         |  |                  |   |         | 
|Trust corpusauthorized 1,386,525 units of beneficial interest, issued 1,386,375 at nominal
value |  |                  | 487,666 |  |                  |   | 524,604 | 
|                                                                                                  |  |                  |         |  |                  |   |         | 
|                                                                                                  |  | $                | 523,894 |  |                  | $ | 579,805 | 
|                                                                                                  |  |                  |         |  |                  |   |         | 

See accompanying notes to consolidated financial statements.



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TIDELANDS ROYALTY TRUST B AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME

For the Years ended December 31,



|                                                 |  |      |           |  |      |   |           |      |  |   |           | 
|------------------------------------------------ |  | ---- | --------- |  | ---- | - | --------- | ---- |  | - | --------- | 
|                                                 |  | 2016 |           |  | 2015 |   |           | 2014 | 
|Income:                                          |  |      |           | 
|Oil and natural gas royalties                    |  | $    | 231,999   |  |      | $ | 373,510   |      |  | $ | 716,922   | 
|Interest income                                  |  |      | 347       |  |      |   | 69        |      |  |   | 89        | 
|                                                 |  |      |           |  |      |   |           |      |  |   |           | 
|Total income                                     |  | $    | 232,346   |  |      | $ | 373,579   |      |  | $ | 717,011   | 
|Expenses:                                        |  |      |           |  |      |   |           |      |  |   |           | 
|General and administrative expenses              |  | $    | 144,775   |  |      | $ | 137,509   |      |  | $ | 215,845   | 
|                                                 |  |      |           |  |      |   |           |      |  |   |           | 
|Distributable income before Federal income taxes |  |      | 87,571    |  |      |   | 236,070   |      |  |   | 501,166   | 
|Federal income taxes of subsidiary               |  |      | 3,269     |  |      |   |          |      |  |   |          | 
|                                                 |  |      |           |  |      |   |           |      |  |   |           | 
|Distributable income                             |  | $    | 84,302    |  |      | $ | 236,070   |      |  | $ | 501,166   | 
|                                                 |  |      |           |  |      |   |           |      |  |   |           | 
|Distributable income per unit                    |  | $    | 0.06      |  |      | $ | 0.17      |      |  | $ | 0.36      | 
|                                                 |  |      |           |  |      |   |           |      |  |   |           | 
|Distributions per unit                           |  | $    | 0.09      |  |      | $ | 0.23      |      |  | $ | 0.36      | 
|                                                 |  |      |           |  |      |   |           |      |  |   |           | 
|Units outstanding                                |  |      | 1,386,375 |  |      |   | 1,386,375 |      |  |   | 1,386,375 | 

See accompanying notes to consolidated financial statements.



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TIDELANDS ROYALTY TRUST B AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Years ended December 31,



|                                |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------- |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                |  | 2016 |          |   | 2015 |   |          | 2014 | 
|Trust corpus, beginning of year |  | $    | 524,604  |   |      | $ | 609,407  |      |  | $ | 600,803  |  
|Distributable income            |  |      | 84,302   |   |      |   | 236,070  |      |  |   | 501,166  |  
|Distributions to unitholders    |  |      | (121,240 | ) |      |   | (320,873 | )    |  |   | (492,562 | )
|                                |  |      |          |   |      |   |          |      |  |   |          |  
|Trust corpus, end of year       |  | $    | 487,666  |   |      | $ | 524,604  |      |  | $ | 609,407  |  
|                                |  |      |          |   |      |   |          |      |  |   |          |  

See accompanying notes to consolidated financial statements.



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TIDELANDS ROYALTY TRUST B AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016



| | (1) | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL
| | --- | ------------------------------------------------------



| | (a) | General
| | --- | -------

Tidelands Royalty Trust B (the Trust) was established on
June 1, 1954 with a transfer of contract rights to certain properties to the Trust in exchange for units of beneficial interest. The contract rights enable the Trust to receive an interest in any oil, natural gas or other mineral leases
obtained by Gulf Oil Corporation, now Chevron U.S.A., Inc. (Chevron), which is a subsidiary of Chevron Corporation and its assignees in a designated area of the Gulf of Mexico during a 50-year period that expired on April 30, 2001.

The Trust is required under its Indenture to distribute all income, after paying its liabilities and obligations, to the unitholders
quarterly. The Trust cannot invest any of its money for any purpose and cannot engage in a trade or business.

The Trusts
wholly-owned subsidiary, Tidelands Royalty B Corporation (Tidelands Corporation), holds title to interests in properties that are situated offshore of Louisiana. Ninety-five percent of all oil, natural gas, and other mineral
royalties collected by this subsidiary are retained by and delivered to the Trust. Tidelands Corporation, like the Trust, is prohibited from engaging in a trade or business and does only those things necessary for the administration and liquidation
of its properties. The Trust is authorized to pay the expenses of Tidelands Corporation should it be necessary.

The Trust and its
subsidiary have no employees. Tidelands Corporation has entered into an arrangement with Marine Petroleum Corporation (a wholly-owned subsidiary of Marine Petroleum Trust, an affiliate of the Trust) to share certain administrative expenses related
to the use of office space that was leased through April 30, 2014 and to assist the trustee in the administration of the Trust. For the years ended December 31, 2016, 2015 and 2014, Tidelands Corporation paid $0, $0 and $9,000,
respectively, to Marine Petroleum Corporation as reimbursement for the use of such office space. At December 31, 2016 and 2015, Marine Petroleum Trust owned 32.6% of the Trusts outstanding units of beneficial interest.



| | (b) | Unitholder Voting Matters
| | --- | -------------------------

On March 27, 2001, the unitholders of record at the close of
business on February 16, 2001, approved an amendment to the Indenture to extend the term of the Trust to April 30, 2021.



| | (c) | Principles of Consolidation
| | --- | ---------------------------

The consolidated financial statements include the Trust and its
wholly-owned subsidiary, Tidelands Corporation. All material intercompany accounts and transactions have been eliminated upon consolidation.



| | (d) | Producing Oil and Natural Gas Properties
| | --- | ----------------------------------------

At the time the Trust was established, no
determinable market value was available for the assets transferred to the Trust; consequently, nominal values were assigned. Accordingly, no allowance for depletion has been included.

Tidelands revenues are derived from production payments and overriding royalty interests related to properties located in the Gulf of
Mexico.



| | (e) | U.S. Federal Income Taxes
| | --- | -------------------------

No provision has been made for U.S. Federal income taxes on the
Trusts income since such taxes are the liability of the unitholders.



---

U.S. Federal income taxes are provided on the income of Tidelands Corporation (which
specifically excludes the 95% net profits interest to be retained by and delivered to the Trust) after deducting statutory depletion. There were no significant deferred tax assets or liabilities as of December 31, 2016 and 2015. Tidelands
Corporation uses the cash method of reporting for Federal income taxes.

The primary difference between the actual tax expense of
Tidelands Corporation and the expected tax expense is due to the fact that only 5% of Tidelands Corporations income (i.e., excluding the 95% net profits interest retained by and delivered to the Trust) is subject to U.S. Federal income tax.

Tax positions taken by the Trust related to the Trusts pass-through status and Federal state tax positions have been reviewed, and
the Trustee is of the opinion that material positions taken would more likely than not be sustained by examination. In accordance with the Trusts basis of accounting discussed in Note 2, the Trust would only recognize the impact of tax
positions that were not upheld at the time of payment. As of December 31, 2016, the Trusts tax years 2013 and thereafter remain subject to examination.

Tidelands Corporation recognizes interest and penalties related to unrecognized tax benefits in income tax expense.



| | (f) | Credit Risk Concentration and Cash Equivalents
| | --- | ----------------------------------------------

Financial instruments which potentially
subject the Trust and Tidelands Corporation to concentrations of credit risk are primarily investments in cash equivalents. The Trust and Tidelands Corporation place their cash investments with financial institutions that the Trustee considers
creditworthy and limit the amount of credit exposure from any one financial institution. The estimated fair values of cash equivalents approximate the carrying values due to the short term nature of these financial instruments.

Tidelands had cash and cash equivalents of $523,892 and $579,803 at December 31, 2016 and 2015, respectively, which consisted of cash
deposits, U.S. Treasury and agency bonds, and money market accounts.



| | (g) | Use of Estimates
| | --- | ----------------

The preparation of financial statements in conformity with the modified cash
basis method of accounting requires the Trustee to make various estimates and assumptions that affect the reported amount of liabilities at the date of the consolidated financial statements and the reported amount of expenses during the reporting
period. Actual results may differ from such estimates.



| | (h) | Distributable Income per Unit
| | --- | -----------------------------

Distributable income per unit is determined by dividing
distributable income by the number of units of beneficial interest outstanding during the period.



| | (i) | Significant Royalty Sources
| | --- | ---------------------------

The following table presents the approximate percentage of
royalties actually received from each royalty payor for the past three years:



|                                                              |  |      |     |   |      |  |     |      |  |  |     |  
|------------------------------------------------------------- |  | ---- | --- | - | ---- |  | --- | ---- |  |  | --- | -
|Royalty Payors                                                |  | 2016 |     |   | 2015 |  |     | 2014 | 
|Black Elk Energy Offshore Operations, LLC                     |  |      |    |   |      |  |    |      |  |  | 44  | %
|Fieldwood Energy LLC                                          |  |      | 30  | % |      |  | 38  | %    |  |  | 47  | %
|Renaissance Offshore LLC                                      |  |      | 69  | % |      |  | 60  | %    |  |  | 9   | %
|EnVen Energy Ventures, LLC (f/k/a Eni US Operating Co., Inc.) |  |      | 1   | % |      |  | 2   | %    |  |  |    |  
|                                                              |  |      |     |   |      |  |     |      |  |  |     |  
|                                                              |  |      | 100 | % |      |  | 100 | %    |  |  | 100 | %
|                                                              |  |      |     |   |      |  |     |      |  |  |     |  



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| | (2) | BASIS OF ACCOUNTING
| | --- | -------------------

The financial statements of Tidelands have been prepared on the
modified cash basis method and are not intended to present financial position and results of operations in conformity with generally accepted accounting principles in the United States (GAAP). Under the modified cash basis method:



| |  |  | Royalty income is recognized when received by Tidelands.
| | - |  | --------------------------------------------------------



| |  |  | Tidelands expenses (which include accounting, legal, and other professional fees, trustees fees and out-of-pocket expenses) are recorded on an actual paid basis. Reserves for liabilities that are contingent
or uncertain in amount may also be established if considered necessary.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Distributions to unitholders are recognized when declared by the Trustee of the Trust.
| | - |  | --------------------------------------------------------------------------------------

The
financial statements of Tidelands differ from financial statements prepared in conformity with GAAP because of the following:



| |  |  | Royalty income is recognized in the month received rather than in the month of production.
| | - |  | ------------------------------------------------------------------------------------------



| |  |  | Reserves may be established for contingencies that would not be recorded under GAAP.
| | - |  | ------------------------------------------------------------------------------------



| |  |  | Expenses are recorded in the month paid rather than in the month incurred.
| | - |  | --------------------------------------------------------------------------

This
comprehensive basis of accounting corresponds to the accounting principles permitted for royalty trusts by the SEC, as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.



| | (3) | TEXAS FRANCHISE TAX
| | --- | -------------------

Texas imposes a franchise tax that applies to most business
entities that are formed or qualified to do business, or that are otherwise doing business, in Texas. Under the Texas franchise tax statute, a 0.75% tax (in certain cases not applicable here, the tax rate is 0.475%) is imposed for reports due in
2017 on each taxable entitys taxable margin that is apportioned to Texas. Taxable margin is generally defined as revenues less certain costs, as provided under the statute. Most entities that provide owners with limited liability protection,
including trusts, are considered to be taxable entities for purposes of the Texas franchise tax. The statute provides certain limited exemptions from the tax, including exclusions for certain passive entities that satisfy specified
statutory requirements as described below.

Under the Texas franchise tax statute, passive entities, including trusts, that
meet the following requirements, are exempt from the Texas franchise tax: (a) the trust cannot be a business trust within the meaning of U.S. Treasury Regulation section 301.7701-4(b); (b) at least 90% of the trusts income for the
taxable year must be derived from passive sources (e.g., royalties, bonuses, delay rental income from mineral properties, dividends, interest, gains from the sale of securities); and (c) no more than 10% of the trusts income for the
taxable year can be derived from an active trade or business (e.g., rent, certain income received by a non-operator under a joint operating agreement pursuant to which the operator is the member of an affiliated group that includes such
non-operator). An entity will determine on an annual basis whether it meets the requirements to be treated as a passive entity for Texas franchise tax purposes. The Trustee believes that all or substantially all of the income of the
Trust currently is passive, as it consists of royalty income from the sale of oil and natural gas, dividends and interest income. Subject to any change in the sources of income derived by the Trust or any change in the Indenture, the Trust expects
that it will continue to qualify as a passive entity that is not subject to the franchise tax.

If the Trust is exempt from the Texas
franchise tax as a passive entity, each unitholder that is subject to the Texas franchise tax as a taxable entity under the Texas Tax Code should generally include its share of the Trusts revenue in its franchise tax computation. The Texas
franchise tax does not apply to natural persons. The Trust anticipates that it will be a passive entity in the tax year ending in 2016.



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| | (4) | SUPPLEMENTAL INFORMATION RELATING TO OIL AND NATURAL GAS RESERVES (UNAUDITED)
| | --- | -----------------------------------------------------------------------------

Oil and
natural gas reserve information relating to the Trusts royalty interests is not presented because such information is not available to the Trust without unreasonable effort or expense. The Trusts share of oil and natural gas produced for
its royalty interests was as follows:



|                           |  |                                 |        |  |      |  |        |      |  |  |        | 
|-------------------------- |  | ------------------------------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ | 
|                           |  | For the Year Ended December 31, |       
|                           |  | 2016                            |        |  | 2015 |  |        | 2014 | 
|Net production quantities: |  |                                 |        |  |      |  |        |      |  |  |        | 
|Oil (bbls)                 |  |                                 | 4,363  |  |      |  | 4,460  |      |  |  | 4,537  | 
|Natural gas (mcf)          |  |                                 | 33,518 |  |      |  | 43,410 |      |  |  | 53,152 | 



| | (5) | SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)
| | --- | -----------------------------------------------

The following quarterly financial
information for the years ended December 31, 2016 and 2015 is unaudited; however, in the opinion of the Trustee, all adjustments necessary to present a fair statement of the results of operations for the interim periods have been included.



|                   |  |                             |         |  |                           |   |         |                                   |  |   |       |  
|------------------ |  | --------------------------- | ------- |  | ------------------------- | - | ------- | --------------------------------- |  | - | ----- | -
|                   |  | Oil andNatural GasRoyalties |         |  | DistributableIncome(Loss) |   |         | DistributableIncome(Loss) PerUnit | 
|Quarter ended:     |  |                             |         |  |                           |   |         |                                   |  |   |       |  
|March 31, 2015     |  | $                           | 90,012  |  |                           | $ | 72,543  |                                   |  | $ | 0.05  |  
|June 30, 2015      |  |                             | 76,533  |  |                           |   | (3,999  | )                                 |  |   | 0.00  |  
|September 30, 2015 |  |                             | 115,617 |  |                           |   | 89,719  |                                   |  |   | 0.06  |  
|December 31, 2015  |  |                             | 91,348  |  |                           |   | 77,807  |                                   |  |   | 0.06  |  
|                   |  |                             |         |  |                           |   |         |                                   |  |   |       |  
|                   |  | $                           | 373,510 |  |                           | $ | 236,070 |                                   |  | $ | 0.17  |  
|                   |  |                             |         |  |                           |   |         |                                   |  |   |       |  
|Quarter ended:     |  |                             |         |  |                           |   |         |                                   |  |   |       |  
|March 31, 2016     |  | $                           | 82,201  |  |                           | $ | 58,909  |                                   |  | $ | 0.04  |  
|June 30, 2016      |  |                             | 35,738  |  |                           |   | (34,323 | )                                 |  |   | (0.02 | )
|September 30, 2016 |  |                             | 51,876  |  |                           |   | 30,978  |                                   |  |   | 0.02  |  
|December 31, 2016  |  |                             | 62,184  |  |                           |   | 28,738  |                                   |  |   | 0.02  |  
|                   |  |                             |         |  |                           |   |         |                                   |  |   |       |  
|                   |  | $                           | 231,999 |  |                           | $ | 84,302  |                                   |  | $ | 0.06  |