**
**EXHIBIT 99.1**

January 16, 2019 

Mr. Raymond Mitro 

Reserves and Data Management Manager 

XTO Energy Inc.

22777 Springwoods Village Parkway 

Spring, TX77389-1425 

 
 Re: 
Underlying Properties (100%)
  
Relating to the Hugoton Royalty Trust
  
Reserves and Future Net Revenues
  
As of December 31, 2018
  
SEC Pricing Case

Dear Mr. Mitro: 

At your request, Miller and Lents, Ltd. (M&L) estimated the proved reserves and future net revenues as of December 31, 2018, attributable tothe XTO Energy Inc. (XTO) interest in certain oil and gas properties prior to inclusion in the Hugoton Royalty Trust, i.e., Underlying Properties (100%). The Underlying Properties (100%) include working interest properties from which net profitsinterests were conveyed to the Hugoton Royalty Trust. The properties consist of approximately 1,434 leases and 1,554 wells located primarily in Kansas, Oklahoma, and Wyoming. The aggregate results of M&L’s evaluations are as follows: 

 
   **Net Reserves**   **Future Net Revenues** 
**Reserves Category**
  **Oil and****Condensate****MBBL**   **Gas****MMCF**   **Undiscounted****M$**   **Discounted at****10% Per Year****M$** 
**Kansas**
        
Proved Developed Producing
   68    7,482    8,327    5,011 
Proved Developed Nonproducing
   0    281    279    122   
 

 
   
 

 
   
 

 
   
 

 
 
**Total Proved**
  ** ****68**** **  ** ****7,763**** **  ** ****8,606**** **  ** ****5,132**** **  
 

 
   
 

 
   
 

 
   
 

 
 
**Oklahoma**
        
Proved Developed Producing
   1,230    77,252    113,870    67,656 
Proved Undeveloped
   667    9,956    31,223    10,342   
 

 
   
 

 
   
 

 
   
 

 
 
**Total Proved**
  ** ****1,896**** **  ** ****87,208**** **  ** ****145,093**** **  ** ****77,998**** **  
 

 
   
 

 
   
 

 
   
 

 
 
**Wyoming**
        
Proved Developed Producing
   41    26,219    19,528    13,741   
 

 
   
 

 
   
 

 
   
 

 
 
**Total Proved**
  ** ****41**** **  ** ****26,219**** **  ** ****19,528**** **  ** ****13,741**** **  
 

 
   
 

 
   
 

 
   
 

 
 
**Total Underlying Properties (100%)**
        
Proved Developed Producing
   1,339    110,953    141,725    86,407 
Proved Developed Nonproducing
   0    281    279    122 
Proved Undeveloped
   667    9,956    31,223    10,342   
 

 
   
 

 
   
 

 
   
 

 
 
**TOTAL PROVED**
  ** ****2,005**** **  ** ****121,190**** **  ** ****173,228**** **  ** ****96,871**** **  
 

 
   
 

 
   
 

 
   
 

 
 **

Underlying Properties (100%) 

Relating to the Hugoton Royalty Trust 

January 16, 2019

 
Oil and condensate volumes are expressed in thousand barrels (MBBL). Gasvolumes are expressed in million cubic feet (MMCF). Future net revenues are expressed in thousand dollars (M$). 

The report was prepared for the useof XTO in its financial and reserves reporting and was completed on January 16, 2019. M&L performed evaluations, which are designated as the SEC Price Case, using price and expense premises specified by XTO and described in detail onAppendix 1. 

Proved reserves and future net revenues were estimated in accordance with the provisions contained in Securities and ExchangeCommission Regulation S-X, Rule 4-10(a). The Securities and Exchange Commission definition of proved reserves is shown on Appendix 2 (not included). Gas volumes for eachproperty are stated at the pressure and temperature bases appropriate for the sales contract or state regulatory authority; therefore, some of the aggregated totals may be stated at a mixed pressure base. No provisions for the possible consequences,if any, of product sales imbalances were included in M&L’s projections since M&L received no relevant data. Estimates of future net revenues and discounted future net revenues are not intended and should not be interpreted to representfair market values for the estimated reserves. In M&L’s projections, future costs of abandoning facilities and wells were assumed to be offset by salvage values. Estimated costs, if any, for restoration of producing properties to satisfyenvironmental standards are beyond the scope of this assignment. 

Following Appendix 2 (not included) is a list of exhibits that include annualprojections of future production and net revenues for each state and reserves category. Also included in the exhibits are one-line summaries for the total royalty trust and for each state showing the provedreserves and future net revenues for the individual properties. Projections of individual property future production and net revenues are included in separate volumes to this report. These exhibits and volumes should not be relied upon independentlyof this narrative. 

The proved developed producing reserves and production forecasts were estimated by production decline extrapolations, water-oil ratio trends, P/Z declines, or in a few cases, by volumetric calculations. For some properties with insufficient performance history to establish trends, M&L estimated future production by analogy withother properties with similar characteristics. The past performance trends of many properties were influenced by production curtailments, workovers, waterfloods, and/or infill drilling. Actual future production may require that M&L’sestimated trends be significantly altered. Reserves estimates from volumetric calculations and from analogies are often less certain than reserves estimates based on well performance obtained over a period during which a substantial portion of thereserves was produced. 

The estimated proved developed nonproducing reserves can be produced from existing well bores but require capital costs forrecompletions or for pipeline connections. These proved developed nonproducing reserves estimates were based on analogies with other wells that commercially produce from the same formation in the same field. The timing of initial production wasprovided to M&L by XTO. When actual production history is available for these nonproducing reserves, M&L’s reserves estimates may be significantly revised. 

The estimated proved undeveloped reserves require significant capital expenditures, such as for planned drilling and completion costs. The provedundeveloped reserves estimates for infill wells are based on analogies to similar infill wells in the same field and/or the production histories of offset wells in the same field. As actual results of the planned drilling become available,M&L’s reserves estimates may be significantly revised. 

The data employed in M&L’s estimations of proved reserves and future netincome were provided by XTO. The current expenses for each lease were obtained from operating statements provided by XTO except for certain leases where XTO deducted items considered by XTO to be nonrecurring expenditures. No overhead was includedfor those properties operated by XTO. For some properties, such as large waterfloods, XTO assumed a decline in operating costs due to depleting production that was derived by forecasting a decrease in the property well count. For some gasproperties, XTO assumed operating costs would be split between a variable component 

Underlying Properties (100%) 

Relating to the Hugoton Royalty Trust 

January 16, 2019

 
and a fixed component. The variable component was a constant cost perthousand cubic feet of gas production and the fixed component was a constant cost per well completion. The data provided to M&L by XTO, including, but not limited to, graphical representations and tabulations of past production performance, welltests and pressures, ownership interests, prices, capital expenditures, and operating costs were accepted as represented and were considered appropriate for the purpose of this report. M&L employed all methods, data, procedures, and assumptionsconsidered necessary and appropriate in utilizing the data provided to prepare this report. 

The evaluations presented in this report, with theexceptions of those parameters specified by others, reflect M&L’s informed judgments and are subject to the inherent uncertainties associated with interpretation of geological, geophysical, and engineering information. These uncertaintiesinclude, but are not limited to, (1) the utilization of analogous or indirect data and (2) the application of professional judgments. Government policies and market conditions different from those employed in this study may cause(1) the total quantity of oil, natural gas liquids, or gas to be recovered, (2) actual production rates, (3) prices received, or (4) operating and capital costs to vary from those presented in this report. At this time, M&Lis not aware of any regulations that would affect XTO’s ability to recover the estimated reserves. 

Miller and Lents, Ltd. is an independentoil and gas consulting firm. No director, officer, or key employee of Miller and Lents, Ltd. has any financial ownership in XTO Energy Inc. or any related company. M&L’s compensation for the required investigations and preparation of thisreport is not contingent on the results obtained and reported, and it has not performed other work that would affect M&L’s objectivity. Production of this report was supervised by Katie M. Reinaker, P.E., an officer of the firm who is alicensed Professional Engineer in the State of Texas and is professionally qualified, with more than ten years of relevant experience, in the estimation, assessment, and evaluation of oil and gas reserves. 

M&L’s work papers and data are in its files and available for review upon request. If you have any questions regarding the above, or if M&Lcan be of further assistance, please call. 

 

Yours very truly,

MILLER AND LENTS

Texas Registered Engineering Firm No. F-1442

By
 
/S/ KATIE M. REINAKER
 
Katie M. Reinaker, P. E.
 
Senior Vice President

**Appendix 1**

Hugoton Royalty Trust (100%) 

SEC PRICE CASE 

 
A.  
Oil Price
  
Average price during the 12-month period prior to 12/31/18 determined as the arithmeticalaverage of the first-day-of-the-month price for each month during the year 2018. The average price was based on the West TexasIntermediate benchmark price. The arithmetical average of the first-day-of-the-monthbenchmark prices is $65.56 per barrel and is held constant through the life of the property. The average realized price, after appropriate adjustments, is $63.30 per barrel.
B.  
Gas Price
  
Average price during the 12-month period prior to 12/31/18 determined as the arithmeticalaverage of the first-day-of-the-month price for each month during the year 2018. The average price was based on the Henry Hubbenchmark price. The arithmetical average of the first-day-of-the-month benchmark priceis $3.10 per MMBtu and is held constant through the life of the property. The average realized price, after appropriate adjustments is $2.36 per MCF.
C.  
Operating Costs
  
Current expenses held constant through the life of the property. For some properties, expenses included a variable component that wasa constant cost per unit of gas production and a fixed component that was a constant cost per well completion.
D.  
Discount Rate
  
10% per year.