Exhibit 97





PermRock Royalty Trust

Executive Officer Compensation Recovery Policy

(As adopted November 22, 2023)



This Executive Officer Compensation Recovery Policy
(this “Policy”) of PermRock Royalty Trust (the “Trust”) is hereby adopted as of November
22, 2023 (the “Effective Date”) by Argent Trust Company (the “Trustee”) in compliance with Section
10D of the Securities Exchange Act of 1934 and Section 303A.14 of the New York Stock Exchange (the “NYSE”) Listed
Company Manual (“Section 303A.14”). Certain terms shall have the meanings set forth in “Section
3. Definitions” below.



Section 1.	Recovery Requirement



Subject to Section 4 of this Policy, in the
event the Trust is required to prepare an Accounting Restatement, then the Trustee hereby directs the Trust, to the fullest extent permitted
by governing law, to recover from each Executive Officer the amount received by an Executive Officer, if any, of Erroneously Awarded Compensation,
with such recovery occurring reasonably promptly after the Restatement Date relating to such Accounting Restatement. An Executive Officer
shall be deemed to have “received” Incentive-Based Compensation in the Trust’s fiscal period during which the Financial
Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of the Incentive-Based
Compensation occurs after the end of that fiscal period.



The Trustee may effect recovery in any manner consistent
with applicable law including, but not limited to, (a) seeking reimbursement of all or part of any Erroneously Awarded Compensation previously
received by an Executive Officer and to the extent that the Executive Officer does not reimburse such Erroneously Awarded Compensation,
suing and enforcing recovery against the Executive Officer for repayment of the Erroneously Awarded Compensation, together with any expenses
(including, without limitation, legal fees) incurred by the Trust in enforcing such recovery, (b) cancelling prior grants of Incentive-Based
Compensation, whether vested or unvested, restricted or deferred, or paid or unpaid, and through the forfeiture of previously vested equity
awards, (c) cancelling or setting-off against planned future grants of Incentive-Based Compensation, (d) deducting all or any portion
of such Erroneously Awarded Compensation from any other remuneration payable by the Trust to such Executive Officer, and (e) any other
method authorized by applicable law or contract.



The Trust’s right to recovery pursuant to this
Policy is not dependent on if or when the Accounting Restatement is filed with the Securities and Exchange Commission.



Section 2.	Incentive-Based Compensation
Subject to this Policy.



This Policy applies to all Incentive-Based Compensation
received by each Executive Officer on or after the Effective Date:



(i)       if
such Incentive-Based Compensation was received on or after the date such person became an Executive Officer of the Trust;



(ii)        if
such Executive Officer served as an Executive Officer at any time during the performance period for that Incentive-Based Compensation;
and



(iii)        if
such Incentive-Based Compensation was received during the three completed fiscal years immediately preceding the Restatement Date (including
any transition period that results from a change in the Trust’s fiscal year that is within or immediately following those three
completed fiscal years; provided that a transition period of nine to 12 months is deemed to be a completed fiscal year).











This Policy shall apply and govern Incentive-Based
Compensation received by any Executive Officer, notwithstanding any contrary or supplemental term or condition in any document, plan or
agreement including without limitation any employment contract, indemnification agreement, equity agreement, or equity plan document.



Section 3.	Definitions:



For purposes of this Policy, the following terms have
the meanings set forth below:



| | · | “Accounting Restatement”
means an accounting restatement due to the material noncompliance of the Trust with any financial reporting requirement under the securities
laws, including any required accounting restatement to correct an error (i) in previously issued financial statements that is material
to the previously issued financial statements (commonly referred to as a “Big R” restatement) or (ii) that would result in
a material misstatement if the error were corrected in the current period or left uncorrected in the current period (commonly referred
to as a “little r” restatement).
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| | · | “Erroneously Awarded Compensation”
means the amount of Incentive-Based Compensation received that exceeds the amount of Incentive-Based Compensation that otherwise would
have been received by the Executive Officer had it been determined based on the restated amounts in the Accounting Restatement (computed
without regard to any taxes paid). For Incentive-Based Compensation based on the price of units of beneficial interest in the Trust or
total unitholder return (“TUR”), where the amount of Erroneously Awarded Compensation is not subject to mathematical
recalculation directly from the information in the Accounting Restatement the Trust shall: (i) base the calculation of the amount on a
reasonable estimate of the effect of the Accounting Restatement on the price of units of beneficial interest in the Trust or TUR upon
which the Incentive-Based Compensation received was based; and (ii) retain documentation of the determination of that reasonable estimate
and provide such documentation to the NYSE or, if a class of securities of the Trust is no longer listed on the NYSE, such other national
securities exchange or national securities association on which a class of the Trust’s securities is then listed for trading.
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| | · | “Executive Officer”
has the meaning set forth in Section 303A.14(e) of the NYSE Listed Company Manual. For purposes of clarity, “Executive Officer”
includes officers or employees of the Trustee who perform policy-making functions for the Trust.
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| | · | “Financial Reporting Measure”
is (i) any measure that is determined and presented in accordance with the accounting principles used in preparing the Trust’s financial
statements, or any measure derived wholly or in part from such measure, (ii) unit price and (iii) TUR. A Financial Reporting Measure need
not be presented within the Trust’s financial statements or included in a filing with the Securities Exchange Commission.
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| | · | “Incentive-Based Compensation”
means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure
(including, without limitation, unit price or TUR), including, any short-term or long-term incentive awards, cash bonuses, restricted
unit awards that vest based on achievement of a Financial Reporting Measure. Equity awards that vest exclusively upon completion of a
specified employment period, without any performance condition, and bonus awards that are discretionary or based on subjective goals or
goals unrelated to Financial Reporting Measures, do not constitute Incentive-Based Compensation.
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| | · | “NYSE” means the New
York Stock Exchange.
| | - | -----------------------------------------







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| | · | “Restatement Date”
means the earlier to occur of (i) the date the Trustee (or an officer or officers of the Trust or Trustee authorized to take such action
if action by the board of directors of the Trust or Trustee is not required) concludes, or reasonably should have concluded, that the
Trust is required to prepare an Accounting Restatement and (ii) the date a court, regulator, or other legally authorized body directs
the Trust to prepare an Accounting Restatement.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Section 4.	Exceptions to Recovery



Notwithstanding the foregoing, the Trust is not required
to recover Erroneously Awarded Compensation to the extent that the Trustee has made a determination that recovery would be impracticable
and that:



| | (i) | the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to
be recovered (provided, that, before concluding that it would be impracticable to recover based on the expense of enforcement, the Trust
must make a reasonable attempt to recover such Erroneously Awarded Compensation and must document such attempts and provide such documentation
to the NYSE);
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| | (ii) | recovery would violate one or more laws of the home country that were adopted prior to November 28, 2022
(provided, that, before concluding that it would be impracticable to recover based on violation of home country law, the Trust must obtain
an opinion of home country counsel, acceptable to the NYSE, that recovery would result in such a violation and provide a copy of such
opinion to the NYSE);
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| | (iii) | recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly
available to employees of the Trust and its subsidiaries, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a)
and regulations thereunder; or
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | any other exception permitted under Section 303A.14 of the NYSE Listed Company Manual.
| | ---- | --------------------------------------------------------------------------------------



Section 5.	No
Right to Indemnification or Insurance



The Trust shall not indemnify any Executive Officer
against the loss of Erroneously Awarded Compensation or losses arising from any claims relating to the Trust’s enforcement of this
Policy. In addition, the Trust shall not pay, or reimburse any Executive Officer for, any premiums for a third-party insurance policy
purchased by the Executive Officer or any other party that would fund any of the Executive Officer’s potential recovery obligations
under this Policy.

Section 6.	Award Agreements
and Plan Documents

The Trustee further directs the Trust to
include clawback language in each of the Trust’s incentive compensation plans such that each individual who receives Incentive-Based
Compensation under those plans understands and agrees that all or any portion of such Incentive-Based Compensation may be subject to recovery
by the Trust, and such individual may be required to repay all or any portion of such Incentive-Based Compensation, if (i) recovery of
such Incentive-Based Compensation is required by this Policy, (ii) such Incentive-Based Compensation is determined to be based on materially
inaccurate financial and/or performance information (which includes, but is not limited to, statements of earnings, revenues or gains);
or (iii) repayment of such Incentive-Based Compensation is required by applicable federal or state securities and/or banking laws.



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Section 7.	Interpretation and Amendment
of this Policy



The Trustee, in its discretion, shall have the sole
authority to interpret and make any determinations regarding this Policy. Any interpretation, determination, or other action made or taken
by the Trustee shall be final, binding, and conclusive on all interested parties. The determination of the Trustee need not be uniform
with respect to one or more officers. The Trustee may amend this Policy from time to time in its discretion and shall amend the Policy
to comply with applicable law or with any rules or standards adopted by the NYSE or any national securities exchange on which the Trust’s
securities are then listed. The Trustee may terminate this Policy at any time.



Any employees of the Trustee who assist in the administration
of this Policy shall not be personally liable for any action, determination or interpretation made with respect to this Policy and shall
be fully indemnified by the Trust to the fullest extent under applicable law and Trust policy with respect to any such action, determination
or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the employees of the Trustee under applicable
law or Trust policy.





Section 8.	Other Recoupment Rights.

The Trust intends that this Policy will be
applied to the fullest extent of the law. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies
or rights of recoupment that may be available to the Trust pursuant to the terms of any similar policy in any employment agreement, equity
award agreement, or similar agreement and any other remedies available to the Trust under applicable law. Without by implication limiting
the foregoing, following a restatement of the Trust’s financial statements, the Trust also shall be entitled to recover any compensation
received by the Chief Executive Officer and Chief Financial Officer that is required to be recovered by Section 304 of the Sarbanes-Oxley
Act of 2002.



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