Exhibit 99.1









February 4, 2020



Ms. Sarah Newell

Permianville Royalty Trust

The Bank of New York Mellon Trust Company,
N.A., Trustee

919 Congress Avenue, Suite 500

Austin, TX 78701



|Re: |  | Evaluation—Total Proved Reserves
        Permianville
Royalty Trust Net Profit Interests
        Derived From Permianville Resource
Partners LLC
        Underlying Properties Total Controlled
Interests
        Texas, Louisiana
and New Mexico Properties
        Using Year-end SEC Prices as
of December 31, 2019 |  | Pursuant to the Guidelines of the
        Securities and Exchange Commission
for
        Reporting Corporate Reserves
and
        Future Net Revenue
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------



Dear Ms. Newell:



As requested, this
report was prepared on February 4, 2020 for Permianville Royalty Trust (“Trust”) for the purpose of submitting our
estimates of total proved reserves and forecasts of economics attributable to the Trust net profits interests. We evaluated 100%
of the Trust reserves, which are made up of oil and gas properties in Texas, Louisiana and New Mexico controlled by COERT Holdings
1, LLC (“Company”). This evaluation utilized an effective date of December 31, 2019, was prepared using constant
prices and costs, and conforms to Item 1202(a)(8) of Regulation S-K and other rules of the Securities and Exchange Commission
(SEC). Composite summaries of the proved reserves for both the total controlled interests and the net profits interests are presented
below.



Total
Controlled Interests



|                            |        | Proved Developed Producing |           | Proved Developed |  | Proved Undeveloped |  |  | Total Proved | 
|--------------------------- | ------ | -------------------------- | --------- | ---------------- |  | ------------------ |  |  | ------------ | 
|Net Reserves                |        |                            |           |                  |  |                    |  |  |              | 
|Oil                         | – Mbbl |                            | 10,019.7  |                  |  | 10,019.7           |  |  | 613.2        | 
|Gas                         | – MMcf |                            | 20,960.4  |                  |  | 20,960.4           |  |  | 16,865.0     | 
|Revenue                     |        |                            |           |                  |  |                    |  |  |              | 
|Oil                         | – M$   |                            | 458,324.9 |                  |  | 458,324.9          |  |  | 23,801.3     | 
|Gas                         | – M$   |                            | 39,594.7  |                  |  | 39,594.7           |  |  | 37,969.7     | 
|Net Taxes                   | – M$   |                            | 42,077.0  |                  |  | 42,077.0           |  |  | 3,803.6      | 
|Operating Expenses          | – M$   |                            | 291,933.3 |                  |  | 291,933.3          |  |  | 8,406.1      | 
|Investments                 | – M$   |                            | 0.0       |                  |  | 0.0                |  |  | 25,072.4     | 
|Net Operating Income (BFIT) | – M$   |                            | 163,909.7 |                  |  | 163,909.7          |  |  | 24,489.0     | 
|Discounted at 10%           | – M$   |                            | 77,729.8  |                  |  | 77,729.8           |  |  | 7,374.3      | 













Permianville Royalty Trust

February 4, 2020

Page 2



Net Profits Interests



|                            |        | Proved Developed Producing |           | Proved Developed |  | Proved Undeveloped |  |  | Total Proved |  | 
|--------------------------- | ------ | -------------------------- | --------- | ---------------- |  | ------------------ |  |  | ------------ |  | 
|Net Reserves                |        |                            |           |                  |  |                    |  |  |              |  | 
|Oil                         | – Mbbl |                            | 2,878.0   |                  |  | 2,878.0            |  |  | 243.0        |  | 
|Gas                         | – MMcf |                            | 6,149.0   |                  |  | 6,149.0            |  |  | 8,184.0      |  | 
|Revenue                     |        |                            |           |                  |  |                    |  |  |              |  | 
|Oil                         | – M$   |                            | 131,579.0 |                  |  | 131,579.0          |  |  | 8,820.0      |  | 
|Gas                         | – M$   |                            | 11,651.0  |                  |  | 11,651.0           |  |  | 18,439.0     |  | 
|Net Taxes                   | – M$   |                            | 12,100.0  |                  |  | 12,100.0           |  |  | 1,757.0      |  | 
|Operating Expenses          | – M$   |                            | 0.0       |                  |  | 0.0                |  |  | 0.0          |  | 
|Investments                 | – M$   |                            | 0.0       |                  |  | 0.0                |  |  | 0.0          |  | 
|Net Operating Income (BFIT) | – M$   |                            | 131,129.0 |                  |  | 131,129.0          |  |  | 25,501.0     |  | 
|Discounted at 10%           | – M$   |                            | 62,184.0  |                  |  | 62,184.0           |  |  | 10,968.0     |  | 



Future revenue is
prior to deducting state production taxes and ad valorem taxes. Future net cash flow is after deducting these taxes, future capital
costs and operating expenses, but before consideration of federal income taxes. In accordance with SEC guidelines, the future net
cash flow has been discounted at an annual rate of ten percent to determine its “present worth”. The present worth
is shown to indicate the effect of time on the value of money and should not be construed as being the fair market value of the
properties.



The oil reserves include
oil, condensate, and NGL. Oil volumes are expressed in barrels (42 U.S. gallons). Gas volumes are expressed in thousands of standard
cubic feet (Mcf) at contract temperature and pressure base.



Our estimates are
for proved reserves only and do not include any probable or possible reserves nor have any values been attributed to interest in
acreage beyond the location for which undeveloped reserves have been estimated.



Net Profit Calculation



The net profits interests
entitle the Trust to receive 80% of the net proceeds attributable to the Company interest from the sale of production from the
underlying properties.



Hydrocarbon Pricing



The base SEC oil and
gas prices calculated for December 31, 2019 were $55.69/bbl and $2.578/MMBTU, respectively. As specified by the SEC, a company
must use a 12-month average price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each
month within the 12-month period prior to the end of the reporting period. The base oil price is based upon WTI-Cushing spot prices
(EIA) during 2019 and the base gas price is based upon Henry Hub spot prices (EIA) during 2019.



The base prices were
adjusted for differentials on a per-property basis, which may include local basis differentials, transportation, gas shrinkage,
gas heating value (BTU content) and/or crude quality and gravity corrections. After these adjustments, the net realized prices
for the SEC price case over the life of the proved properties was estimated to be $45.34 per barrel for oil and $2.05 per MCF for
gas. All economic factors were held constant in accordance with SEC guidelines.













Permianville Royalty Trust

February 4, 2020

Page 3



Economic Parameters



Ownership was accepted
as furnished and has not been independently confirmed. Oil and gas price differentials, lease operating expenses (LOE), workover
expenses, overhead expenses and investments were calculated and prepared by Company and were thoroughly reviewed by us for accuracy
and completeness. LOE was determined at the well level using averages determined from historical lease operating statements. All
economic parameters, including expenses and investments, were held constant (not escalated) throughout the life of these properties.



Severance tax rates
were applied at normal state percentages of oil and gas revenue. Ad valorem taxes were applied to each property as provided by
your office.



Possible Effects of Federal and State
Legislation



Federal, state and
local laws and regulations, which are currently in effect and that govern the development and production of oil and natural gas,
have been considered in the evaluation of proved reserves for this report. However, the impact of possible changes to legislation
or regulations to future operating expenses and investment costs have not been included in the evaluation. These possible changes
could have an effect on the reserves and economics. However, we do not anticipate nor are we aware of any legislative changes or
restrictive regulatory actions that may impact the recovery of reserves.



SEC Conformance and Regulations



The reserve classifications
and the economic considerations used herein for the SEC pricing scenario conform to the criteria of the SEC as defined in pages
3 and 4 of the Appendix. The reserves and economics are predicated on regulatory agency classifications, rules, policies, laws,
taxes and royalties currently in effect 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. However, we do not anticipate
nor are we aware of any legislative changes or restrictive regulatory actions that may impact the recovery of reserves.



Reserve Estimation Methods



The methods employed
in estimating reserves are described in page 2 of the Appendix. Reserves for proved developed producing wells were estimated using
production performance methods for the vast majority of properties. Certain new producing properties with very little production
history were forecast using a combination of production performance and analogy to similar production, both of which are considered
to provide a relatively high degree of accuracy.



Non-producing reserve
estimates, for both developed and undeveloped properties, were forecast using either volumetric or analogy methods, or a combination
of both. These methods provide a relatively high degree of accuracy for predicting proved developed non-producing and proved undeveloped
reserves for the Company properties, due to the mature nature of their properties targeted for development and an abundance of
subsurface control data. The assumptions, data, methods and procedures used herein are appropriate for the purpose served by this
report.













Permianville Royalty Trust

February 4, 2020

Page 4





General Discussion



The estimates and
forecasts were based upon interpretations of data furnished by your office and available from our files. To some extent information
from public records has been used to check and/or supplement these data. The basic engineering and geological data were 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. All estimates represent our best judgment based on the data available at the time
of preparation. Due to inherent uncertainties in future production rates, commodity prices and geologic conditions, it should be
realized that the reserve estimates, the reserves actually recovered, the revenue derived therefrom and the actual cost incurred
could be more or less than the estimated amounts.



An on-site field inspection
of the properties has not been performed. The mechanical operation or condition of the wells and their related facilities have
not been examined nor have the wells been tested by Cawley, Gillespie & Associates, Inc. Possible environmental liability
related to the properties has not been investigated nor considered. The cost of plugging and the salvage value of equipment at
abandonment have not been included as part of the workover expenses described previously.



Closing



Cawley, Gillespie &
Associates, Inc. is a Texas Registered Engineering Firm (F-693), made up of independent registered professional engineers and geologists
that have provided petroleum consulting services to the oil and gas industry for over 50 years. This evaluation was supervised
by W. Todd Brooker, Senior Vice President at Cawley, Gillespie & Associates, Inc. and a State of Texas Licensed Professional
Engineer (License #83462). We do not own an interest in the properties or Permianville Resource Partners LLC or Permianville Royalty
Trust and are not employed on a contingent basis. We have used all methods and procedures that we consider necessary under the
circumstances to prepare this report. Our work-papers and related data utilized in the preparation of these estimates are available
in our office. We consent to the filing of this report as an exhibit to the Annual Report on Form 10-K of Permianville Royalty
Trust for the year-end December 31, 2019.



| |  | Yours very truly,                         | 
| |  | ----------------------------------------- | 
| |  |                                          
| |  |                                           | 
| |  | W. Todd Brooker, P.E.                     | 
| |  | Senior Vice President                     | 
| |  | CAWLEY, GILLESPIE & ASSOCIATES, INC.      | 
| |  | Texas Registered Engineering Firm (F-693) | 













APPENDIX



Reserve Definitions and Classifications







The
Securities and Exchange Commission, in SX Reg. 210.4-10 dated November 18, 1981, as amended on September 19, 1989 and January 1,
2010, requires adherence to the following definitions of oil and gas reserves:



"(22)    
Proved oil and gas reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis
of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given
date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—
prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably
certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons
must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.



"(i)
     The area of a reservoir considered as proved includes: (A) The area identified by drilling and limited by fluid contacts, if any,
and (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and
to contain economically producible oil or gas on the basis of available geoscience and engineering data.



"(ii)  
In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as
seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact
with reasonable certainty.



"(iii) 
Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an
associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience,
engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.



"(iv)
Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to,
fluid injection) are included in the proved classification when: (A) Successful testing by a pilot project in an area of the reservoir
with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an
analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis
on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities,
including governmental entities.



"(v)
   Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The
price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined
as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined
by contractual arrangements, excluding escalations based upon future conditions.



"(6)      
Developed oil and gas reserves. Developed oil and gas reserves are reserves of any category that can be expected
to be recovered:



“(i)  
Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively
minor compared to the cost of a new well; and



“(ii)
   Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is
by means not involving a well.



"(31)    
Undeveloped oil and gas reserves. Undeveloped oil and gas reserves are reserves of any category that are expected
to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for
recompletion.



“(i)   
Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain
of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic
producibility at greater distances.



“(ii)
   Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that
they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.



“(iii) 
Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid
injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects
in the same reservoir or an analogous reservoir, as defined in paragraph (a)(2) of this section, or by other evidence using reliable
technology establishing reasonable certainty.





| |                                          | Appendix
| | ---------------------------------------- | --------
| | Cawley, Gillespie &
    Associates, Inc. | Page 3  















"(18)   
Probable reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved
reserves but which, together with proved reserves, are as likely as not to be recovered.



“(i)
    When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated
proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual
quantities recovered will equal or exceed the proved plus probable reserves estimates.



“(ii)  
Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of
available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable
certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas
are in communication with the proved reservoir.



“(iii) 
Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the
hydrocarbons in place than assumed for proved reserves.



“(iv)  See
also guidelines in paragraphs (17)(iv) and (17)(vi) of this section (below).



"(17)     Possible
reserves. Possible reserves are those additional reserves that are less certain to be recovered than probablereserves.



“(i)  
When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding
proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that
the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.



“(ii)  
Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations
of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable
to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.



“(iii)  Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place
than the recovery quantities assumed for probable reserves.



“(iv)
The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical
and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results
in successful similar projects.



“(v) 
Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within
the same accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other
geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent portions
are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher
or lower than the proved area if these areas are in communication with the proved reservoir.



“(vi)
Pursuant to paragraph (22)(iii) of this section (above), where direct observation has defined a highest known oil (HKO) elevation
and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions
of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology.
Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or
gas based on reservoir fluid properties and pressure gradient interpretations.”



Instruction
4 of Item 2(b) of Securities and Exchange Commission Regulation S-K was revised January 1, 2010 to state that "a registrant
engaged in oil and gas producing activities shall provide the information required by Subpart 1200 of Regulation S–K."
This is relevant in that Instruction 2 to paragraph (a)(2) states: “The registrant is permitted, but not required,
to disclose probable or possible reserves pursuant to paragraphs (a)(2)(iv) through (a)(2)(vii) of this Item.”



"(26)    
Reserves. Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically
producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or
there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production,
installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement
the project.



“Note to paragraph
(26): Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs
are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from
a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results).
Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).”





| |                                          | Appendix
| | ---------------------------------------- | --------
| | Cawley, Gillespie &
    Associates, Inc. | Page 4