UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549










FORM 10-Q










|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------



For the quarterly period ended March 31,
2022



OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------



For the transition period from                     
to



Commission File Number: 001-35333










PERMIANVILLE
ROYALTY TRUST

(Exact name of registrant as specified in its charter)










|Delaware                                                                                                             | 45-6259461                              
|-------------------------------------------------------------------------------------------------------------------- | ----------------------------------------
|(State or other jurisdiction of
    incorporation or organization)                                                   | (I.R.S. Employer
    Identification No.)
|                                                                                                                     |                                         
|The Bank of New York Mellon Trust Company, N.A.,
    Trustee
    601 Travis Street
    16th Floor
    Houston, Texas | 77002                                   
|(Address of principal executive offices)                                                                             | (Zip Code)                              



1-512-236-6555

(Registrant’s telephone number, including
area code)












Securities registered pursuant to Section 12(b) of the Act:



|Title of each class          | Trading Symbol(s) | Name of each exchange on which registered
|---------------------------- | ----------------- | -----------------------------------------
|Units of Beneficial Interest | PVL               | The New York Stock Exchange              



Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.    YesxNo   ̈



Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).    Yes ̈   No   ̈



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
 “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth
company” in Rule 12b-2 of the Exchange Act.



|Large accelerated filer |  ̈ | Accelerated filer         |  ̈
|----------------------- | - | ------------------------- | -
|                        |   |                           |  
|Non-accelerated filer   | x | Smaller reporting company | x
|                        |   |                           |  
|                        |   | Emerging growth company   |  ̈



If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ̈



Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ̈   No  x



As of May 16, 2022, 33,000,000 units of beneficial interest in
Permianville Royalty Trust were outstanding.




















TABLE OF CONTENTS



|         | Glossary of Certain Oil and Natural Gas Terms                                                             | 1 
|-------- | --------------------------------------------------------------------------------------------------------- | --
|         |                                                                                                           |   
|         | PART I — FINANCIAL INFORMATION                                                                            |   
|Item 1.  | Financial Statements                                                                                      |   
|         | Statements of Assets, Liabilities and Trust Corpus as of March 31, 2022 (unaudited) and December 31, 2021 | 2 
|         | Statements of Distributable Income for the three months ended March 31, 2022 and 2021 (unaudited)         | 3 
|         | Statements of Changes in Trust Corpus for the three months ended March 31, 2022  and 2021 (unaudited)     | 4 
|         | Notes to Financial Statements                                                                             | 5 
|Item 2.  | Trustee’s Discussion and Analysis of Financial Condition and Results of Operations                        | 9 
|Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                                | 15
|Item 4.  | Controls and Procedures                                                                                   | 15
|         |                                                                                                           |   
|         | PART II — OTHER INFORMATION                                                                               |   
|Item 1A. | Risk Factors                                                                                              | 16
|Item 6.  | Exhibits                                                                                                  | 16
|         | Signature                                                                                                 | 18













GLOSSARY OF CERTAIN OIL AND NATURAL GAS TERMS



The following are definitions of significant terms
used in this report.



Bbl—One
barrel of 42 U.S. gallons liquid volume, used herein in reference to crude oil and other liquid hydrocarbons.



Boe—One
barrel of oil equivalent, computed on an approximate energy equivalent basis that one Bbl of crude oil equals approximately six Mcf of
natural gas.



Btu—A
British Thermal Unit, a common unit of energy measurement.



Completion—The
installation of permanent equipment for the production of oil or natural gas, or in the case of a dry hole, the reporting of abandonment
to the appropriate agency.



Differential—The
difference between a benchmark price of oil and natural gas, such as the NYMEX crude oil spot, and the wellhead price received.



Field—An
area consisting of either a single reservoir or multiple reservoirs, all grouped on or related to the same individual geological structural
feature and/or stratigraphic condition.



GAAP—Accounting
principles generally accepted in the United States of America.



Gross
acres or gross wells—The total acres or wells, as the case may be, in which a working interest is owned.



MBbl—One
thousand barrels of crude oil or condensate.



MBoe—One
thousand barrels of oil equivalent.



Mcf—One
thousand cubic feet of natural gas.



MMBoe—One
million barrels of oil equivalent.



MMcf—One
million cubic feet of natural gas.



Net
acres or net wells—The sum of the fractional working interests owned in gross acres or wells, as the case may be.



Net
profits interest—A nonoperating interest that creates a share in gross production from an operating or working interest
in oil and natural gas properties. The share is measured by net profits from the sale of production after deducting costs associated with
that production.



NYMEX—New
York Mercantile Exchange.



NYSE—New
York Stock Exchange.



Plugging
and abandonment—Activities to remove production equipment and seal off a well at the end of a well’s economic life.



Reservoir—A
porous and permeable underground formation containing a natural accumulation of producible oil and/or natural gas that is confined by
impermeable rock or water barriers and is individual and separate from other reservoirs.



Working
interest—The right granted to the lessee of a property to explore for and to produce and own oil, natural gas, or other
minerals. The working interest owners bear the exploration, development, and operating costs on either a cash, penalty, or carried basis.



1







PART I—FINANCIAL INFORMATION



|Item  1. | Financial Statements.
|-------- | ---------------------



PERMIANVILLE ROYALTY TRUST

Statements of Assets, Liabilities and Trust
Corpus



|                                                            |  | March 31,   |            |  | December 31, |  
|----------------------------------------------------------- |  | ----------- | ---------- |  | ------------ | -
|                                                            |  | 2022        |            |  | 2021         |  
|                                                            |  | (unaudited) |            |  |              |  
|ASSETS                                                      |  |             |            |  |              |  
|Cash and cash equivalents                                   |  | $           | 275,232    |  |              | $
|Net profits interest in oil and natural gas properties, net |  |             | 63,754,552 |  |              |  
|Total assets                                                |  | $           | 64,029,784 |  |              | $
|LIABILITIES AND TRUST CORPUS                                |  |             |            |  |              |  
|Trust corpus (33,000,000 units issued and outstanding)      |  |             | 64,029,784 |  |              |  
|Total liabilities and Trust corpus                          |  | $           | 64,029,784 |  |              | $



The accompanying notes are an integral part of
these financial statements.





2







PERMIANVILLE ROYALTY TRUST

Statements of Distributable
Income

(unaudited)



|                                                 |  | Three Months Ended March 31, |          
|------------------------------------------------ |  | ---------------------------- | ---------
|                                                 |  | 2022                         |          
|Income from net profits interest                 |  | $                            | 3,224,801
|Income from sale of assets                       |  |                              | 130,030  
|Interest and investment income                   |  |                              | 5        
|General and administrative expenses              |  |                              | (209,719 
|Cash reserves used (withheld) for Trust expenses |  |                              | (208,117 
|Distributable income                             |  | $                            | 2,937,000
|                                                 |  |                              |          
|Distributable income per unit (33,000,000 units) |  | $                            | 0.089000 



The accompanying notes are an integral part of
these financial statements.





3







PERMIANVILLE ROYALTY TRUST

Statements of Changes in Trust Corpus

(unaudited)



|                                                 |  | Three Months Ended March 31, |           
|------------------------------------------------ |  | ---------------------------- | ----------
|                                                 |  | 2022                         |           
|Trust corpus, beginning of period                |  | $                            | 65,192,767
|Cash reserves (used) withheld for Trust expenses |  |                              | 208,117   
|Distributable income                             |  |                              | 2,937,000 
|Distributions to unitholders ($0.089 per unit)   |  |                              | (2,937,000
|Amortization of net profits interest             |  |                              | (1,371,100
|Trust corpus, end of period                      |  | $                            | 64,029,784



The accompanying notes are an integral part
of these financial statements.





4









PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited)



1.     TRUST
ORGANIZATION AND PROVISIONS



Permianville Royalty Trust
(the “Trust”), previously known as Enduro Royalty Trust, is a Delaware statutory trust formed in May 2011 pursuant to
a trust agreement (the “Trust Agreement”) among Enduro Resource Partners LLC (“Enduro”), as trustor, The Bank
of New York Mellon Trust Company, N.A. (the “Trustee”), as trustee, and Wilmington Trust Company (the “Delaware Trustee”),
as Delaware Trustee.



The Trust was created to
acquire and hold for the benefit of the Trust unitholders a net profits interest representing the right to receive 80% of the net profits
from the sale of oil and natural gas production from certain properties in the states of Texas, Louisiana and New Mexico held by Enduro
as of the date of the conveyance of the net profits interest to the Trust (the “Net Profits Interest”). The properties in
which the Trust holds the Net Profits Interest are referred to as the “Underlying Properties.”



In connection with the closing
of the initial public offering in November 2011, Enduro contributed the Net Profits Interest to the Trust in exchange for 33,000,000
units of beneficial interest in the Trust (the “Trust Units”). On August 31, 2018, COERT Holdings 1 LLC (“COERT”
or the “Sponsor”) acquired from Enduro the Underlying Properties and all of the outstanding Trust Units owned by Enduro (the
 “Sale Transaction”). In connection with the Sale Transaction, COERT assumed all of Enduro’s obligations under the Trust
Agreement and other instruments to which Enduro and the Trustee were parties. As of March 31, 2022, the Sponsor owned 8,600,000 Trust
Units, or 26% of the issued and outstanding Trust Units.



The Net Profits Interest
is passive in nature and neither the Trust nor the Trustee has any management control over or responsibility for costs relating to the
operation of the Underlying Properties. The Amended and Restated Trust Agreement provides, among other provisions, that:



| | · |  | the Trust’s business activities are limited to owning the Net Profits Interest and any activity reasonably related to such ownership, including activities required or permitted by the terms of the Conveyance of Net Profits Interest, dated effective as of July 1, 2011 (as supplemented and amended to date, the “Conveyance”). As a result, the Trust is not permitted to acquire other oil and natural gas properties or net profits interests or otherwise to engage in activities beyond those necessary for the conservation and protection of the Net Profits Interest;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · |  | the Trust may dispose of all or any material part of the assets of the Trust (including the sale of the Net Profits Interest) if approved by at least 75% of the outstanding Trust Units;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · |  | the Sponsor may sell a divided or undivided portion of its interests in the Underlying Properties, free from and unburdened by the Net Profits Interest, if approved by at least 50% of the outstanding Trust Units at a meeting of Trust unitholders;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · |  | the Trustee will make monthly cash distributions to unitholders (Note 5);
| | - |  | -------------------------------------------------------------------------



| | · |  | the Trustee may create a cash reserve to pay for future liabilities of the Trust;
| | - |  | ---------------------------------------------------------------------------------



| | · |  | the Trustee may authorize the Trust to borrow money to pay administrative or incidental expenses of the Trust that exceed its cash on hand and available reserves. No further distributions will be made to Trust unitholders until such amounts borrowed are repaid; and
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · |  | the Trust is not subject to any pre-set termination provisions based on a maximum volume of oil or natural gas to be produced or the passage of time. The Trust will dissolve upon the earliest to occur of the following:
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · |  | the Trust, upon approval of the holders of at least 75% of the outstanding Trust Units, sells the Net Profits Interest;
| | - |  | -----------------------------------------------------------------------------------------------------------------------



| | · |  | the annual cash proceeds received by the Trust attributable to the Net Profits Interest are less than $2 million for each of any two consecutive years;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | · |  | the holders of at least 75% of the outstanding Trust Units vote in favor of dissolution; or
| | - |  | -------------------------------------------------------------------------------------------



| | · |  | the Trust is judicially dissolved.
| | - |  | ----------------------------------





5









PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS - Continued

(unaudited)





2.     BASIS
OF PRESENTATION



The Statement of Assets,
Liabilities and Trust Corpus as of December 31, 2021, which has been derived from audited financial statements, and the unaudited
interim financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information
and disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and regulations.
Therefore, these financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “2021 Annual Report on Form 10-K”).



In the opinion of the Trustee,
the accompanying unaudited financial statements reflect all adjustments, consisting only of normal, recurring accrual adjustments, that
are necessary for a fair presentation of the interim periods presented and include all the disclosures necessary to make the information
presented not misleading. These interim results are not necessarily indicative of results for a full year.



The preparation of financial
statements requires the Trustee to make estimates and assumptions that affect reported amounts of assets and liabilities and the reported
amounts of revenues and expenses during the reporting period. Although the Trustee believes that these estimates are reasonable, actual
results could differ from those estimates.



The Trust uses the modified
cash basis of accounting to report Trust receipts of income from the Net Profits Interest and payments of expenses incurred. The Net Profits
Interest represents the right to receive revenues (oil and natural gas sales), less direct operating expenses (lease operating expenses
and production and property taxes) and development expenses of the Underlying Properties, multiplied by 80%. Cash distributions of the
Trust are made based on the amount of cash received by the Trust pursuant to terms of the Conveyance creating the Net Profits Interest.



Under the terms of the Conveyance,
the monthly Net Profits Interest calculation includes oil and natural gas revenues received during the relevant month. Monthly operating
expenses and capital expenditures represent estimated incurred expenses and, as a result, represent accrued expenses as well as expenses
paid during the period.



The financial statements
of the Trust are prepared on the following basis:



(a) Income from Net
Profits Interest is recorded when distributions are received by the Trust;



(b) Distributions to
Trust unitholders are recorded when paid by the Trust;



(c) Trust general and
administrative expenses (which includes the Trustee’s fees as well as accounting, engineering, legal, and other professional fees)
are recorded when paid;



(d) Cash reserves for
Trust expenses may be established by the Trustee for certain future expenditures that would not be recorded as contingent liabilities
under accounting principles generally accepted in the United States of America (“GAAP”);



(e) Amortization of
the Net Profits Interest in oil and natural gas properties is calculated on a unit-of-production basis and is charged directly to the
Trust corpus; and



(f) The Net Profits
Interest in oil and natural gas properties is periodically assessed whenever events or circumstances indicate that the aggregate value
may have been impaired below its total capitalized cost based on the Underlying Properties. If an impairment loss is indicated by the
carrying amount of the assets exceeding the sum of the undiscounted expected future net cash flows of the Net Profits Interest, then an
impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its estimated fair value determined using
discounted cash flows. An impairment loss would be charged to the Trust Corpus and would not impact the Statement of Distributable Income.



The
financial statements of the Trust differ from financial statements prepared in accordance with GAAP because revenues are not accrued;
certain cash reserves may be established for contingencies which would not be accrued in financial statements prepared in accordance with
GAAP; general and administrative expenses are recorded when paid instead of when incurred; and amortization of the net profits interest
calculated on a unit-of-production basis is charged directly to trust corpus instead of as an expense. While these statements differ from
financial statements prepared in accordance with GAAP, the modified cash basis of reporting is considered to be the most meaningful because
monthly distributions to the Trust unitholders are based on net cash receipts.



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





6









PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS - Continued

(unaudited)



3.     NET
PROFITS INTEREST IN OIL AND NATURAL GAS PROPERTIES



The Net Profits Interest in
oil and natural gas properties was recorded at its fair value on the date of conveyance. Amortization of the Net Profits Interest in oil
and natural gas properties is calculated on a unit-of-production basis based on the Underlying Properties’ production and reserves.
The reserves upon which the amortization rate is based are quantity estimates that are subject to numerous uncertainties inherent in the
estimation of proved reserves. The volumes considered to be commercially recoverable fluctuate with changes in commodity prices and operating
costs. These estimates are expected to change as additional information becomes available in the future. Downward revisions in proved
reserves may result in an increased rate of amortization. Amortization is charged directly to the Trust corpus balance and does not affect
the distributable income of the Trust. Accumulated amortization as of March 31, 2022 and December 31, 2021 was $293,336,606
and $291,965,506, respectively.



The Net Profits Interest is
periodically assessed for impairment whenever events or circumstances indicate that the current fair value based on expected future cash
flows of the Underlying Properties may be less than the carrying value of the Net Profits Interest. While the Trust did not record an
impairment during the three months ended March 31, 2022 or 2021, future downward revisions in actual production volumes relative
to current forecasts, higher than expected operating costs, or lower than anticipated commodity prices could result in recognition of
impairment in future periods.



4.     INCOME
TAXES



Federal Income Taxes



For federal income tax purposes,
the Trust is a grantor trust and therefore is not subject to tax at the trust level. Trust unitholders are treated as owning a direct
interest in the assets of the Trust, and each Trust unitholder is taxed directly on his or her pro rata share of the income and gain attributable
to the assets of the Trust and entitled to claim his or her pro rata share of the deductions and expenses attributable to the assets of
the Trust. The income of the Trust is deemed to have been received or accrued by each unitholder at the time such income is received or
accrued by the Trust rather than when distributed by the Trust.



The deductions of the Trust
consist of severance taxes and administrative expenses. In addition, each unitholder is entitled to depletion deductions because the Net
Profits Interest constitutes “economic interests” in oil and natural gas properties for federal income tax purposes. Each
unitholder is entitled to amortize the cost of the Trust Units through cost depletion over the life of the Net Profits Interest or, if
greater, through percentage depletion. Unlike cost depletion, percentage depletion is not limited to a unitholder’s depletable tax
basis in the Trust Units. Rather, a unitholder could be entitled to percentage depletion as long as the applicable Underlying Properties
generate gross income.



Some Trust Units are held
by a middleman, as such term is broadly defined in U.S. Treasury Regulations (and includes custodians, nominees, certain joint owners,
and brokers holding an interest for a custodian in street name). Therefore, the Trustee considers the Trust to be a non-mortgage widely
held fixed investment trust (“WHFIT”) for U.S. federal income tax purposes. The Bank of New York Mellon Trust Company, N.A.,
601 Travis, 16th Floor, Houston, Texas 77002, telephone number (512) 236-6545, is the representative of the Trust that will
provide tax information in accordance with applicable U.S. Treasury Regulations governing the information reporting requirements of the
Trust as a WHFIT. Tax information is also posted by the Trustee at www.permianvilleroyaltytrust.com. Notwithstanding the foregoing,
the middlemen holding units on behalf of unitholders, and not the Trustee of the Trust, are solely responsible for complying with the
information reporting requirements under the U.S. Treasury Regulations with respect to such units, including the issuance of IRS Forms
1099 and certain written tax statements. Unitholders whose units are held by middlemen should consult with such middlemen regarding the
information that will be reported to them by the middlemen with respect to the Trust Units.



The tax consequences to a
unitholder of ownership of Trust Units will depend in part on the unitholder’s tax circumstances. Unitholders should consult their
tax advisors about the federal tax consequences relating to owning the Trust Units.





7







State Taxes



The Trust’s revenues
are from sources in the states of Louisiana, New Mexico, and Texas. Because it distributes all of its net income to unitholders, the Trust
is not taxed at the trust level in Louisiana or New Mexico. Although the Trust does not owe tax, the Trustee is required to file
a return with Louisiana reflecting the income and deductions of the Trust attributable to properties located in that state. Presently,
Louisiana and New Mexico tax nonresident income from real property located within that state. Louisiana and New Mexico impose a corporate
income tax which may apply to unitholders organized as corporations.



Texas does not impose a state
income tax, so the Trust’s income is not subject to income tax at the trust level in Texas. Texas imposes a franchise tax at a rate
of 0.75% on gross revenues less certain deductions for returns originally due on or after January 1, 2016, as specifically set forth
in the Texas franchise tax statutes. Entities subject to tax generally include trusts unless otherwise exempt. Trusts that receive at
least 90% of their federal gross income from designated passive sources, including royalties from mineral properties and other income
from other non-operating mineral interests, and do not receive more than 10% of their income from operating an active trade or business,
generally are exempt from the Texas franchise tax as “passive entities.” Although the Trust is intended to be exempt from
Texas franchise tax at the trust level as a passive entity, each unitholder that is considered a taxable entity under the Texas franchise
tax would generally be required to include its portion of Trust net income in its own Texas franchise tax computation.



Each unitholder should consult
his or her own tax advisor regarding state tax requirements, if any, applicable to such person’s ownership of Trust Units.



5.     DISTRIBUTIONS
TO UNITHOLDERS



Each
month, the Trustee determines the amount of funds available for distribution to the Trust unitholders. Available funds are the excess
cash, if any, received by the Trust from the Net Profits Interest and other sources (such as interest earned on any amounts reserved by
the Trustee) that month, over the Trust’s liabilities for that month, subject to adjustments for changes made by the Trustee during
the month in any cash reserves established for future liabilities of the Trust.No distributions will be made to Trust unitholders
until the indebtedness created by such amounts drawn or borrowed as advances to the Trust have been repaid in full. Distributions are
made to the holders of Trust Units as of the applicable record date (generally the last business day of each calendar month) and are payable
on or before the 10th business day after the record date.



The following table provides
information regarding the Trust’s distributions per unit paid during the periods indicated:



|                                   |  |                   |  |                   |  | Distribution |         
|---------------------------------- |  | ----------------- |  | ----------------- |  | ------------ | --------
|Declaration Date                   |  | Record Date       |  | Payment Date      |  | per Unit     |         
|Three Months Ended March 31, 2022: |  |                   |  |                   |  |              |         
|December 17, 2021                  |  | December 31, 2021 |  | January 14, 2022  |  | $            | 0.025000
|January 18, 2022                   |  | January 31, 2022  |  | February 14, 2022 |  |              | 0.023000
|February 18, 2022                  |  | February 28, 2022 |  | March 14, 2022    |  |              | 0.041000
|Year to Date – 2022                |  |                   |  |                   |  | $            | 0.089000
|                                   |  |                   |  |                   |  |              |         
|Three Months Ended March 31, 2021: |  |                   |  |                   |  |              |         
|Year to Date – 2021                |  |                   |  |                   |  | $            | 0.000000



For the three months ended
March 31, 2021, although the Net Profits Interest generated positive income for each month in the period, these amounts were
applied to reduce the cumulative New Profits Interest shortfall of $1.7 million that existed as of December 31, 2020. As a result,
there were no net profits reported or distributed in the first three months of 2021. The aggregate Net Profits Interest shortfall, which
was approximately $1.3 million as of March 31, 2021, was carried forward and deducted from net profits generated by the Underlying
Properties in 2021 and was fully eliminated in August 2021.





8









| | 6. | TRUSTEE FEES
| | -- | ------------



Under the terms of the Trust
Agreement, the Trust pays an administrative fee of $200,000 per year to the Trustee and an annual fee of $2,000 to the Delaware Trustee.
During each of the three-month periods ended March 31, 2022 and 2021, the Trust paid $50,000 to the Trustee and $0 to the Delaware
Trustee pursuant to the terms of the Trust Agreement.



| | 7. | SUBSEQUENT EVENTS
| | -- | -----------------



Distributions Paid or Declared



On April 14, 2022, a
distribution of $0.016000 per unit, which was declared on March 18, 2022, was paid to Trust unitholders of record as of March 31,
2022.



On April 18, 2022, the
Trust declared a distribution of $0.031500 per unit to unitholders of record as of April 29, 2022. The distribution was paid to
unitholders on May 13, 2022.



On May 16, 2022, the
Trust declared a distribution of $0.032000 per unit to unitholders of record as of May 31, 2022. The distribution is expected to
be paid to unitholders on June 14, 2022.



|Item 2. | Trustee’s Discussion and Analysis of Financial Condition and Results of Operations.
|------- | -----------------------------------------------------------------------------------



References to the “Trust”
in this document refer to Permianville Royalty Trust, previously known as Enduro Royalty Trust, while references to “COERT”
or the “Sponsor” in this document refer to COERT Holdings 1 LLC. References to “Enduro” in this document refer
to Enduro Resource Partners LLC, the original sponsor of the Trust. The following review of the Trust’s financial condition and
results of operations should be read in conjunction with the financial statements and notes thereto, as well as Management’s Discussion
and Analysis of Financial Condition and Results of Operations contained in the Trust’s 2021 Annual Report on Form 10-K. The
Trust’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all other filings
with the SEC are available on the SEC’s website at www.sec.gov.



Forward-Looking Statements



This Form 10-Q includes
 “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this Form 10-Q,
including without limitation the statements under this “Trustee’s Discussion and Analysis of Financial Condition and Results
of Operations” are forward-looking statements. Such statements may be influenced by factors that could cause actual outcomes and
results to differ materially from those projected. No assurance can be given that such expectations will prove to have been correct. When
used in this document, the words “believes,” “expects,” “anticipates,” “intends” or similar
expressions are intended to identify such forward-looking statements. The following important factors, in addition to those discussed
elsewhere in this Form 10-Q, in the Trust’s 2021 Annual Report on Form 10-K and the Trust’s other filings with the
SEC could affect the future results of the energy industry in general, and COERT and the Trust in particular, and could cause actual results
to differ materially from those expressed in such forward-looking statements:



| | · | risks associated with the drilling and operation of oil and natural gas wells;
| | - | ------------------------------------------------------------------------------



| | · | the amount of future direct operating expenses and development expenses;
| | - | ------------------------------------------------------------------------



| | · | the effect, impact, potential duration or other implications of the novel strain of coronavirus (“COVID-19”) pandemic;
| | - | ----------------------------------------------------------------------------------------------------------------------



| | · | the actions of the Organization of Petroleum Exporting Countries (“OPEC”);
| | - | --------------------------------------------------------------------------



| | · | the ongoing armed conflict between Russia and Ukraine and the potential destabilizing effect such conflict may pose for the European
continent or the global oil and gas markets;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | the effect of existing and future laws and regulatory actions;
| | - | --------------------------------------------------------------



| | · | the effect of changes in commodity prices or alternative fuel prices;
| | - | ---------------------------------------------------------------------



| | · | the prohibition on the Trust’s entry into any new hedging arrangements under the terms of the Conveyance;
| | - | ---------------------------------------------------------------------------------------------------------



| | · | conditions in the capital markets;
| | - | ----------------------------------



| | · | competition from others in the energy industry;
| | - | -----------------------------------------------



| | · | uncertainty of estimates of oil and natural gas reserves and production; and
| | - | ----------------------------------------------------------------------------



| | · | cost inflation.
| | - | ---------------





9







You should not place undue
reliance on these forward-looking statements. All forward-looking statements speak only as of the date of this Form 10-Q. The Trust
does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances
after the date of this Form 10-Q or to reflect the occurrence of unanticipated events, unless the securities laws require us to
do so.



This Form 10-Q describes
other important factors that could cause actual results to differ materially from expectations of the Sponsor and the Trust. All forward-looking
statements in this report and all subsequent written and oral forward-looking statements attributable to the Sponsor or the Trust or persons
acting on behalf of the Sponsor or the Trust are expressly qualified in their entirety by such factors. The Trust assumes no obligation,
and disclaims any duty, to update these forward-looking statements.





10







Overview



Permianville Royalty Trust,
a statutory trust created in May 2011, completed its initial public offering in November 2011. The Trust’s only asset
and source of income is the Net Profits Interest, which entitles the Trust to receive 80% of the net profits from oil and natural gas
production from the Underlying Properties. The Net Profits Interest is passive in nature and neither the Trust nor the Trustee has any
management control over or responsibility for costs relating to the operation of the Underlying Properties. Additionally, third parties
operate substantially all of the wells on the Underlying Properties and, therefore, the Sponsor is not in a position to control the timing
of development efforts, associated costs, or the rate of production of the reserves.



On August 31, 2018,
COERT completed the acquisition from Enduro of the Underlying Properties and all of the outstanding Trust Units owned by Enduro (the “Sale
Transaction”). In connection with the Sale Transaction, COERT assumed all of Enduro’s obligations under the Amended and Restated
Trust Agreement of the Trust and other instruments to which Enduro and the Trustee were parties.



The Trust is required to
make monthly cash distributions of substantially all of its monthly cash receipts, after deducting the Trust’s administrative expenses,
to the holders of Trust Units as of the applicable record date (generally the last business day of each calendar month) on or before the
10th business day after the record date. The Net Profits Interest is entitled to a share of the profits from and after July 1,
2011 attributable to production occurring on or after June 1, 2011. The amount of Trust revenues and cash distributions to Trust
unitholders depends on, among other things:



| | · | oil and natural gas sales prices;                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                           
| | · | volumes of oil and natural gas produced and sold attributable to the Underlying Properties;                               
| |   |                                                                                                                           
| | · | production and development costs;                                                                                         
| |   |                                                                                                                           
| | · | price differentials;                                                                                                      
| |   |                                                                                                                           
| | · | potential reductions or suspensions of production;                                                                        
| |   |                                                                                                                           
| | · | the amount and timing of Trust administrative expenses; and                                                               
| |   |                                                                                                                           
| | · | the establishment, increase, or decrease of reserves for approved development expenses or future liabilities of the Trust.



Generally, the Sponsor receives
cash payment for oil production 30 to 60 days after it is produced and for natural gas production 60 to 90 days after it is produced.



Outlook



The outlook for development
activity for the Underlying Properties continued to improve during the first quarter of 2022, following the rise in commodity prices and
operator activity in the second half of 2021. While the global economy remains volatile following the outbreak of the armed conflict between
Russia and Ukraine and given the continuing effects of the COVID-19 pandemic, the Sponsor does not expect the impact to the Underlying
Properties and the 2022 development activity to be material, aside from the effects of volatile commodity prices. The West Texas Intermediate
spot price of crude oil has increased materially from $76.99 per barrel on December 31, 2021 to $106.13 per barrel on May 12,
2022. Natural gas prices have shown greater volatility and have increased at an even higher rate than crude oil prices, with the Henry
Hub spot price increasing from $3.66 per MMBTU on December 31, 2021 to $7.25 per MMBTU on May 12, 2022. While lingering effects
of the COVID-19 pandemic remain, most recently in the form of oilfield service inflationary pressures and supply chain bottlenecks, operators
of the Underlying Properties have continued to increase their spending activity. However, due to the current heightened market volatility
and global macroeconomic uncertainty, it is not possible to reliably estimate the ultimate impact on of these conflicting market drivers
against an overall supportive commodity price environment. If commodity prices for crude oil and natural gas remain volatile and inflationary
trends continue, monthly cash distributions to unitholders could vary greatly and possibly be lower than historical distributions.



The Sponsor previously announced
an anticipated 2022 capital expenditures program between $6 million to $8 million attributable to the Underlying Properties, or $4.8 million
to $6.4 million net to the Trust’s 80% Net Profits Interest. At the current pace, the Sponsor now expects the 2022 cash capital
expenditures to be at the high end of that range, based on recent drilling proposals received from operators of the Underlying Properties
for projects that are expected to take place in 2022. To account for this increased activity level,
the Sponsor has established a cash reserve for approved, future development expenses this year. In addition,the Sponsor maintains
significant liquidity and financial flexibility to respond to the operational and capital spending changes of the operators of the Underlying
Properties. The Sponsor will continue to monitor and possibly participate in future, to be announced capital projects in 2022 as operators
continue to increase capital ependitures to levels beyond that of recent years in response to current commodity prices.





11







Results of Operations



Three Months Ended March 31, 2022
Compared to Three Months Ended March 31, 2021



The Trust’s net profits
income consists of monthly net profits attributable to the Net Profits Interest, which was determined as shown in the following table:



|                                                                               |  | Three Months Ended  March 31, |            |   | Increase |  
|------------------------------------------------------------------------------ |  | ----------------------------- | ---------- | - | -------- | -
|                                                                               |  | 2022                          |            |   | 2021     |  
|Gross profits:                                                                 |  |                               |            |   |          |  
|Oil sales                                                                      |  | $                             | 9,387,220  |   |          | $
|Natural gas sales                                                              |  |                               | 3,707,288  |   |          |  
|Total                                                                          |  |                               | 13,094,508 |   |          |  
|                                                                               |  |                               |            |   |          |  
|Costs:                                                                         |  |                               |            |   |          |  
|Direct operating expenses:                                                     |  |                               |            |   |          |  
|Lease operating expenses                                                       |  |                               | 5,158,000  |   |          |  
|Compression, gathering and transportation                                      |  |                               | 809,000    |   |          |  
|Production, ad valorem and other taxes                                         |  |                               | 1,173,000  |   |          |  
|Development expenses                                                           |  |                               | 1,891,000  |   |          |  
|Total                                                                          |  |                               | 9,031,000  |   |          |  
|Gross proceeds from sale of assets                                             |  |                               | 130,030    |   |          |  
|Net profits                                                                    |  |                               | 4,193,538  |   |          |  
|Percentage allocable to Net Profits Interest                                   |  |                               | 80         | % |          |  
|Net profits allocable to Net Profits Interest                                  |  |                               | 3,354,831  |   |          |  
|Less: Trust general and administrative expenses and cash withheld for expenses |  |                               | (417,831   | ) |          |  
|Less: Net profits allocable to Net Profits Interest Shortfall                  |  |                               | –          |   |          |  
|Distributable income                                                           |  |                               | 2,937,000  |   |          |  
|                                                                               |  |                               |            |   |          |  
|Cumulative Net Profits Interest Shortfall                                      |  |                               | –          |   |          |  



For the three months ended
March 31, 2021, although the Net Profits Interest generated positive income for each month in the period, these amounts were
applied to reduce the cumulative Net Profits Interest shortfall of $1.7 million that existed as of December 31, 2020. As a result,
there were no net profits reported or distributed in the first three months of 2021. The aggregate Net Profits Interest shortfall, which
was approximately $1.3 million as of March 31, 2021, was carried forward and deducted from net profits generated by the Underlying
Properties in 2021 and was fully eliminated in August 2021.



The following table displays
reported oil and natural gas sales volumes and average prices from the Underlying Properties, representing the amounts included in the
net profits calculation for distributions paid during the three months ended March 31, 2022 and 2021:



|                                                    |  | Three
    Months Ended March 31, |         |   |      |  
|--------------------------------------------------- |  | -------------------------------- | ------- | - | ---- | -
|                                                    |  | 2022                             |         |   | 2021 |  
|Underlying Properties Production Volumes:           |  |                                  |         |   |      |  
|Oil (Bbls)                                          |  |                                  | 125,837 |   |      |  
|Natural Gas (Mcf)                                   |  |                                  | 820,646 |   |      |  
|Combined (Boe)                                      |  |                                  | 262,611 |   |      |  
|                                                    |  |                                  |         |   |      |  
|Average Prices:                                     |  |                                  |         |   |      |  
|Oil - NYMEX (applicable NPI period) ($/Bbl)         |  | $                                | 77.14   |   |      | $
|Differential                                        |  | $                                | (2.54   | ) |      | $
|Oil prices realized ($/Bbl)                         |  | $                                | 74.60   |   |      | $
|                                                    |  |                                  |         |   |      |  
|Natural gas - NYMEX (applicable NPI period) ($/Mcf) |  | $                                | 4.75    |   |      | $
|Differential                                        |  | $                                | (0.23   | ) |      | $
|Natural gas prices realized ($/Mcf)                 |  | $                                | 4.52    |   |      | $





12







Net profits attributable
to the Underlying Properties for the three months ended March 31, 2022 were $3.3 million compared to $0.5 million for the three months
ended March 31, 2021. The $2.8 million increase in net profits attributable to the Underlying Properties from the 2021 period
to the 2022 period was primarily due to the following items:



| | · | Oil sales increased $4.3 million due to higher realized prices, which caused oil sales to increase by
$4.7 million. This increase was offset by reduced sales volumes, which reduced oil sales by $0.4 million. The average oil price received
increased 100% primarily due to a 92% increase in the average NYMEX oil price for the relevant production months. Oil sales volumes decreased
8% as a result of natural production declines.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Natural gas sales increased $2.5 million due to higher realized prices, which increased natural gas sales
by $2.4 million, and by higher produced volumes, which increased natural gas sales by $0.1 million. The average natural gas price received
increased 183% primarily due to a 118% increase in the average NYMEX natural gas price for the relevant production months.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Lease operating expenses increased $1.1 million, primarily attributable to the increased number of producing
wells in the quarter ended March 31, 2022 compared to the quarter ended March 31, 2021.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Compression, gathering and transportation costs increased $0.2 million, primarily due to the 6% increase
in natural gas production.
| | - | -----------------------------------------------------------------------------------------------------------------------------------



| | · | Production, ad valorem and other taxes increased $0.4 million during the three months ended March 31,
2022 compared to the three months ended March 31, 2021, due to the increase in oil and natural gas sales.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Development expenses increased $1.6 million due to drilling and completion costs for drilling multiple
new wells in the Permian and Haynseville Area.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------



For the three months ended
March 31, 2022, the Trust withheld $0.4 million and paid $0.2 million for general and administrative expenses. Expenses paid during
the period primarily consisted of fees for the preparation of the Trust’s monthly press releases, financial statement audit fees,
and Trustee fees. For the three months ended March 31, 2021, the Trust withheld $0.0 million and paid $0.3 million for general and
administrative expenses.





13







Liquidity and Capital Resources



The Trust’s principal
sources of liquidity are cash flow generated from the Net Profits Interest and borrowing capacity under the letter of credit described
below. Other than Trust administrative expenses, including any reserves established by the Trustee for future liabilities, the Trust’s
only use of cash is for distributions to Trust unitholders. Available funds are the excess cash, if any, received by the Trust from the
Net Profits Interest and other sources (such as interest earned on any amounts reserved by the Trustee) in any given month, over the Trust’s
expenses paid for that month. Available funds are reduced by any cash the Trustee determines to hold as a reserve against future expenses.



The
Trustee may create a cash reserve to pay for future liabilities of the Trust.In November 2021, the Trustee notified COERT
that the Trustee intends to build a reserve for the payment of future known, anticipated or contingent expenses or liabilities. Commencing
with the distribution to Trust unitholders paid in February 2022, the Trust has been withholding, and in the future intends to withhold,
$37,833 from the funds otherwise available for distribution each month to gradually build a cash reserve of approximately $2.3 million.
This cash is reserved for the payment of future known, anticipated or contingent expenses or liabilities of the Trust. The Trustee may
increase or decrease the targeted cash reserve amount at any time, and may increase or decrease the rate at which it is withholding funds
to build the cash reserve at any time, without advance notice to the Trust unitholders. Cash held in reserve will be invested as required
by the Trust Agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated
or contingent expenses or liabilities eventually will be distributed to Trust unitholders, together with interest earned on the funds.



If the Trustee determines
that the cash on hand and the cash to be received are, or will be, insufficient to cover the Trust’s liabilities, the Trustee may
authorize the Trust to borrow money to pay administrative or incidental expenses of the Trust that exceed cash held by the Trust. The
Trustee may authorize the Trust to borrow from any person, including the Trustee or the Delaware Trustee or an affiliate thereof, although
none of the Trustee, the Delaware Trustee or any affiliate thereof intends to lend funds to the Trust. The Trustee may also cause the
Trust to mortgage its assets to secure payment of the indebtedness. The terms of such indebtedness and security interest, if funds were
to be loaned by the entity serving as Trustee or Delaware Trustee or an affiliate thereof, would be similar to the terms which such entity
would grant to a similarly situated commercial customer with whom it did not have a fiduciary relationship. In addition, COERT has provided
the Trust with a $1.2 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is insufficient
to pay ordinary course administrative expenses. Further, if the Trust requires more than the $1.2 million under the letter of credit to
pay administrative expenses, COERT has agreed to loan funds to the Trust necessary to pay such expenses. Any loan made by COERT to the
Trust would be evidenced by a written promissory note, be on an unsecured basis, and have terms that are no less favorable to COERT than
those that would be obtained in an arm’s length transaction between COERT and an unaffiliated third party. If the Trust borrows
funds or draws on the letter of credit, no further distributions will be made to Trust unitholders until such amounts borrowed or drawn
are repaid. Except for the foregoing, the Trust has no source of liquidity or capital resources. The Trustee has no current plans to authorize
the Trust to borrow any funds. As of March 31, 2022 and December 31, 2021, the Trust had cash of $275,232 and $67,116, respectively,
to be used towards future Trust expenses. Since its formation, the Trust has not borrowed any funds and no amounts have been drawn on
the letter of credit.



From
time to time, if the Trust’s cash on hand (including available cash reserves, if any) is not sufficient to pay the Trust’s
ordinary course administrative expenses that are due prior to the monthly payment to the Trust of proceeds from the Net Profits Interest,
COERT may advance funds to the Trust to pay such expenses.At March 31, 2022 and December 31, 2021, there was no outstanding
balance. Any advances to the Trust will be carried forward to be repaid out of future net profits generated by the Underlying Properties.



Cash held by the Trustee
as a reserve against future liabilities or for distribution at the next distribution date may be held in a noninterest-bearing account
or may be invested in:



| | · | interest-bearing obligations of the United States government;
| | - | -------------------------------------------------------------



| | · | money market funds that invest only in United States government securities;
| | - | ---------------------------------------------------------------------------



| | · | repurchase agreements secured by interest-bearing obligations of the United States government; or
| | - | -------------------------------------------------------------------------------------------------



| | · | bank certificates of deposit.
| | - | -----------------------------



The Trust pays the Trustee
an annual administrative fee of $200,000 and the Delaware Trustee an annual fee of $2,000. The Trust also incurs, either directly or as
a reimbursement to the Trustee, legal, accounting, tax and engineering fees, printing costs and other expenses that are deducted by the
Trust before distributions are made to Trust unitholders. The Trust also is responsible for paying other expenses incurred as a result
of being a publicly traded entity, including costs associated with annual and quarterly reports to Trust unitholders, tax return and Form 1099
preparation and distribution, NYSE listing fees, independent auditor fees and registrar and transfer agent fees.



The Trust does not have any
transactions, arrangements or other relationships with unconsolidated entities or persons that could materially affect the Trust’s
liquidity or the availability of capital resources.





14







Distributions Declared After Quarter End



On April 18, 2022, the
Trust declared a distribution of $0.031500 per unit to unitholders of record as of April 29, 2022. The distribution was paid to unitholders
on May 13, 2022.



On May 16, 2022, the
Trust declared a distribution of $0.032000 per unit to unitholders of record as of May 31, 2022. The distribution is expected to
be paid to unitholders on June 14, 2022.



Off-Balance Sheet Arrangements



The Trust has no off-balance
sheet arrangements. The Trust has not guaranteed the debt of any other party, nor does the Trust have any other arrangements or relationships
with other entities that could potentially result in unconsolidated debt, losses or contingent obligations.



Critical Accounting Policies and Estimates



Please read “Item 7.
Trustee’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates”
of the Trust’s 2021 Annual Report on Form 10-K for additional information regarding the Trust’s critical accounting policies
and estimates. There were no material changes to the Trust’s critical accounting policies or estimates during the three months ended
March 31, 2022.



Subsequent Events



Distributions Paid or Declared



On April 14, 2022, a
distribution of $0.016000 per unit, which was declared on March 18, 2022, was paid to Trust unitholders of record as of March 31,
2022.



On April 18, 2022, the
Trust declared a distribution of $0.031500 per unit to unitholders of record as of April 29, 2022. The distribution was paid to unitholders
on May 13, 2022.



On May 16, 2022, the
Trust declared a distribution of $0.032000 per unit to unitholders of record as of May 31, 2022. The distribution is expected to
be paid to unitholders on June 14, 2022.



| | Item 3. | Quantitative and Qualitative Disclosures About Market Risk.
| | ------- | -----------------------------------------------------------



As a “smaller reporting
company” as defined in Item 10(f)(1) of Regulation S-K, the Trust is not required to provide information required by this Item.



| | Item 4. | Controls and Procedures.
| | ------- | ------------------------



Evaluation of Disclosure Controls and Procedures



The Trustee conducted an
evaluation of the Trust’s disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the Trustee has concluded that the disclosure controls
and procedures of the Trust were effective, as of the end of the period covered by this report, in ensuring that information required
to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Trustee
to allow timely decisions regarding required disclosure.



Due to the nature of the
Trust as a passive entity and in light of the contractual arrangements pursuant to which the Trust was created, including the provisions
of (i) the Trust Agreement and (ii) the Conveyance, the Trustee’s disclosure controls and procedures related to the Trust
necessarily rely on (A) information provided by the Sponsor, including information relating to results of operations, the costs and
revenues attributable to the Trust’s interest under the Conveyance and other operating and historical data, plans for future operating
and capital expenditures, reserve information, information relating to projected production, and other information relating to the status
and results of operations of the Underlying Properties and the Net Profits Interest, and (B) conclusions and reports regarding reserves
by the Trust’s independent reserve engineers.





15







Changes in Internal Control over Financial
Reporting



As
of the end of the period covered by this report, there were no changes in the Trust’s internal control over financial reporting
that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.
The Trustee notes for purposes of clarification that it has no authority over, and makes no statement concerning, the internal control
over financial reporting of the Sponsor.



PART II—OTHER
INFORMATION



|Item 1A. | Risk Factors.
|-------- | -------------



There have been no material
changes to the risk factors contained in Item 1A of the Trust’s 2021 Annual Report on Form 10-K.



|Item 6. | Exhibits.
|------- | ---------



The exhibits listed in the
following index to exhibits are filed or furnished as part of this Form 10-Q.





16







INDEX TO EXHIBITS



|Exhibit 
Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                               
|--------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.1             |  | Agreement and Plan of Merger of Enduro Royalty Trust and Enduro Texas LLC, dated as of November 3, 2011, by and between the Bank of New York Mellon Trust Company, N.A., as Trustee of Enduro Royalty Trust, and Enduro Texas LLC. (Incorporated herein by reference to Exhibit 1.2 to our Current Report on Form 8-K filed on November 8, 2011 (File No. 1-35333))                                                       
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                           
|3.1             |  | Certificate of Trust of Enduro Royalty Trust.
(Incorporated herein by reference to Exhibit 3.3 to the Registration Statement on Form S-1, filed on May 16, 2011
(Registration No. 333-174225))                                                                                                                                                                                                                            
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                           
|3.2             |  | Certificate of Amendment to Certificate of Trust. (Incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on September 5, 2018 (File No. 1-35333))                                                                                                                                                                                                                                       
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                           
|3.3             |  | Amended and Restated Trust Agreement of Enduro Royalty Trust, dated November 3, 2011, among Enduro Resource Partners LLC, The Bank of New York Mellon Trust Company, N.A., as Trustee of Enduro Royalty Trust, and Wilmington Trust Company, as Delaware Trustee of Enduro Royalty Trust. (Incorporated herein by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on November 8, 2011 (File No. 1-35333))
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                           
|3.4             |  | Second Amendment to Amended and Restated Trust Agreement of Enduro Royalty Trust, dated September 14, 2018, among COERT Holdings 1 LLC, Wilmington Trust Company, as Delaware trustee, and The Bank of New York Mellon Trust Company, N.A., as trustee. (Incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on September 14, 2018 (File No. 1-35333))                                
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                           
|31.1*           |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                   
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                           
|32.1**          |  | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                   



| | * | Filed herewith.
| | - | ---------------



| | ** | Furnished herewith.
| | -- | -------------------





17







SIGNATURE



Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



| | PERMIANVILLE ROYALTY TRUST
| | --------------------------
| |                           
| | By:                       
| |                           
| | By:                       
| |                           
| |                           
| |                           



Date: May 16, 2022



The Registrant, Permianville
Royalty Trust, has no principal executive officer, principal financial officer, board of directors or persons performing similar functions.
Accordingly, no additional signatures are available, and none have been provided. In signing the report above, the Trustee does not imply
that it has performed any such function or that such function exists pursuant to the terms of the Trust.





18