Exhibit 99.1 CAWLEY, GILLESPIE & ASSOCIATES, INC. PETROLEUM CONSULTANTS  6500 RIVER PLACE BLVD, SUITE 3-200
AUSTIN, TEXAS 78730-1111 512-249-7000

306 WEST SEVENTH STREET, SUITE 302
FORT WORTH, TEXAS 76102-4987 817-336-2461 www.cgaus.com

1000 LOUISIANA STREET, SUITE 1900
HOUSTON, TEXAS 77002-5008 713-651-9944 February 26, 2024 Ms. Jana Egeler Permian Basin Royalty Trust 3838 Oak Lawn Avenue, Suite 1720 Dallas, Texas 75219  Re:  Evaluation Summary
Permian Basin Royalty Trust Interests
Proved Reserves As of
December 31, 2023

Pursuant to the Rules and Regulations of the
Securities and Exchange Commission for Reporting
Corporate Reserves and Future Net Revenue  Dear Ms. Egeler: As requested, we are submitting this report of the estimates of proved reserves and economics forecasts attributable to the Permian Basin
Royalty Trust interests effective as of December 31, 2023, completed February 26, 2024 for the purpose of reporting corporate reserves and future net revenue. This report has been prepared for the Permian Basin Royalty Trust pursuant to
the rules, regulations and guidelines of the Securities and Exchange Commission, Item 1202 (a) (8) of Regulation S-K, for reporting corporate reserves and future net revenue. We reviewed 100 percent
of the total proved reserves of the Permian Basin Royalty Trust in connection with the preparation of this report. The proved reserves presented in this report constitute 100 percent of the proved reserves owned by the Permian Basin Royalty
Trust, all of which are located in the United States. Composite reserve estimates and economic forecasts for the proved reserves are
summarized below:  Texas RoyaltyProperties


WaddellRanch PropertiesTotalProved


ProvedDevelopedProducing


ProvedDevelopedProducing


ProvedDevelopedNon-Producing


ProvedUndevelopedNet ReservesOil/Condensate


- Mbbl



11,662.4



2,488.7



4,669.7



77.5



4,426.6Gas


- MMcf



28,762.5



3,146.7



17,551.6



302.7



7,761.5Net RevenueOil/Condensate


- M$



883,864.6



189,688.0



353,352.5



5,867.1



334,957.0Gas


- M$



54,865.3



8,203.5



31,971.9



551.5



14,138.4Severance Taxes


- M$



41,315.5



7,519.9



17,567.7



292.6



15,935.3Operating Income (BFIT)


- M$



897,414.4



190,371.7



367,756.6



6,126.0



333,160.2Discounted at 10%


- M$



508,548.2



82,207.5



240,730.1



2,748.4



182,862.2




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Ms. Jana Egeler Permian Basin Royalty Trust Interests February 26, 2024 Page 2  In accordance with the Securities and Exchange Commission guidelines, the future net
cash flow, operating income (BFIT), has been discounted at an annual rate of 10% to determine its present worth. The discounted value, present worth, is indicative of the time value of money. The discounted value,
present worth, shown above should not be construed to represent an estimate of the fair market value by Cawley, Gillespie & Associates, Inc. The Permian Basin Royalty Trust consists of the Waddell Ranch Properties located in Crane County, Texas, and the Texas Royalty Properties
located in various counties in Texas. As to the assumptions, methods and procedures used in connection with the preparation of this
report, prices were forecast in accordance with Securities and Exchange Commission rules and guidelines. The prices are determined as an unweighted arithmetic average of the first-day-of-the-month benchmark price for each month of 2023. The 12-month average benchmark Henry Hub spot gas price of
$2.64 per MMBtu and 12-month average benchmark WTI Cushing spot oil price of $78.22 per barrel were used. The oil and gas prices were held constant throughout the life of the properties. The prices were
adjusted for gravity, quality, heating value, transportation and marketing. For the Texas Royalty Properties, the gas prices were adjusted using differentials of -$1.45 to $2.90 per Mcf, and the oil prices were adjusted using a differential of
-$2.00 per barrel. For the Waddell Ranch Properties, the gas and oil prices were adjusted using differentials of -$0.82 per Mcf and -$2.55 per barrel, respectively. Deductions were applied to the net gas volumes for fuel and shrinkage. For the Texas
Royalty Properties, the adjusted volume-weighted average product prices over the life of the properties are $76.22 per barrel and $2.61 per MCF, respectively. For the Waddell Ranch Properties, the adjusted volume-weighted average product prices over
the life of the properties are $75.67 per barrel and $1.82 per MCF, respectively. For the Waddell Ranch Properties, operating expenses
and capital costs were based on an analysis of data provided by Blackbeard Operating. Operating expenses include direct lease operating expenses and administrative overhead and were forecast as $5,000 per well per month and $15.00 per barrel of oil.
Investments include drilling costs, work-over costs, production equipment and facilities costs. No operating expense or capital cost data is available for the Texas Royalty Properties since they are purely a royalty interest only. Based on an
analysis of the Permian Basin Royalty Trust Monthly reports, severance taxes were forecast as 3.80% of oil and gas revenue for the Texas Royalty Properties. For the Waddell Ranch Properties, severance taxes were forecast as 4.57% and 4.44% of oil
and gas revenue, respectively. The ad valorem taxes were forecast as 1.45% and 4.60% for the Waddell Ranch Properties and the Texas Royalty Properties, respectively. Neither expenses nor investments were escalated. The cost of plugging and the
salvage value of equipment have been considered. The reserves were estimated using the production performance, volumetric or analogy
methods, or a combination of these methods. In each case, we used the method or combination of methods that we considered appropriate and necessary to establish the reserves and conclusions presented. Riverhill Energy Corporation supplied the
royalty production data for the Texas Royalty Properties. For these properties, the proved producing reserves are forecast using the production performance, decline analysis method to an estimated final production rate equal to approximately one-tenth of the current production rate. The producing reserves for the Waddell Ranch Properties were estimated using the production performance or analogy methods or a combination of these methods. The non-producing and undeveloped reserves were estimated using the analogy or volumetric methods or a combination of these methods.




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Ms. Jana Egeler Permian Basin Royalty Trust Interests February 26, 2024 Page 3  The reserve classifications conform to the definitions and criteria of
the Securities and Exchange Commission. The reserves and economics are predicated on the regulatory agency classifications, rules, policies, laws, taxes and royalties in effect on the effective date except as noted herein. The possible effects of
changes in legislation or other Federal or State restrictive actions which could affect the reserves and economics have not been considered. We are not aware of any legislative changes or restrictive actions that may possibly impact the reserves or
economics as presented. Possible environmental liability related to the properties has not been investigated nor considered. The assumptions, data, methods and procedures as described are appropriate for the purpose of this report. All reserve
estimates represent our best judgment based on data available at the time of preparation and assumptions as to future economic and regulatory conditions. Due to the inherent uncertainties of reserves estimates, future production rates, commodity
prices, costs and expenses, it should be realized that the reserves actually recovered, the revenue received and the actual cost incurred could be more or less than the estimated amounts. The reserve estimates were based on interpretations of factual data furnished by Blackbeard Operating, Riverhill Energy Corporation and the
Permian Basin Royalty Trust. Liquid and gas price information, cost and expense history, subject wells and ownership were supplied by one or more of the above and were accepted as furnished. To some extent, information from public records has been
used to check and/or supplement these data. The basic engineering and geological data were utilized subject to third party reservations and qualifications. Nothing has come to our attention, however, that would cause us to believe that we are not
justified in relying on such data. An on-site inspection of these properties has not been made nor have the wells been tested by Cawley, Gillespie & Associates, Inc. We have used all methods and
procedures that we consider necessary under the circumstances to prepare this report. Cawley, Gillespie & Associates, Inc. is
independent with respect to the Permian Basin Royalty Trust as provided in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserve Information promulgated by the Society of Petroleum Engineers. Neither Cawley,
Gillespie & Associates, Inc. nor any of its employees has any interest in the subject properties. Neither the employment to make this study nor the compensation is contingent on the results of our work or the future performance of the
subject properties. Cawley, Gillespie and Associates, Inc. is a Texas registered engineering firm, F-693, of professional engineers and geologists serving the oil and gas industry for over fifty years. This
report was prepared by, or under the supervision of, J. Zane Meekins, a Texas registered professional engineer (License No. 71055).  Respectfully submitted,LOGOCAWLEY, GILLESPIE & ASSOCIATES, INC.Texas Registered Engineering Firm F-693LOGOJ. Zane Meekins, P.E.Executive Vice President