PermRock Royalty Trust Announces Launch of Initial Public Offering

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MIDLAND, Texas, April 23, 2018 /PRNewswire/ — PermRock Royalty Trust (NYSE: PRT) (the “Trust”) announced today the launch of its initial public offering of 6,250,000 trust units, representing an approximate 51.4% beneficial interest in the Trust, at an anticipated initial offering price between $19.00 and $21.00 per unit pursuant to a registration statement on Form S-1 (the “Registration Statement”) previously filed with the Securities and Exchange Commission (the “SEC”). Boaz Energy II, LLC (“Boaz Energy”), the sponsor of the Trust, will be selling the units being offered. In addition, Boaz Energy intends to grant the underwriters a 30-day option to purchase up to an additional 937,500 trust units of the Trust at the initial public offering price, less underwriting discounts and commissions. The trust units have been authorized for listing on the New York Stock Exchange under the ticker symbol “PRT,” subject to official notice of issuance.

Wells Fargo Securities, Goldman Sachs & Co. LLC, UBS Investment Bank, Deutsche Bank Securities, Jefferies, Stifel and Oppenheimer & Co. are acting as joint book-running managers of the offering, with BB&T Capital Markets and Janney Montgomery Scott acting as co-managers.

The offering of the trust units is being made only by means of a prospectus, copies of which may be obtained from the offices of:

Wells Fargo Securities, LLC
Attn: Equity Syndicate Department
375 Park Avenue
New York, New York 10152
Email: [email protected]
Phone: (800) 326-5897

Goldman Sachs & Co. LLC
Attn: Prospectus Department
200 West Street
New York, New York 10282
Email: [email protected]
Phone: (866) 471-2526

UBS Investment Bank
Attn: Prospectus Department
1285 Avenue of the Americas
New York, New York 10019
Phone: (888) 827-7275

Important Information

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “PermRock Royalty Trust.” This press release shall not constitute the offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About PermRock Royalty Trust

PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from properties owned by Boaz Energy in the Permian Basin of West Texas.

About Boaz Energy II, LLC

Boaz Energy is a privately-held Delaware limited liability company focused on the acquisition, development and operation of oil and natural gas properties located throughout the Permian Basin. Boaz Energy was formed by its management team and NGP, a premier private equity firm in the natural resources industry with over $20 billion of cumulative equity commitments.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements.” These forward-looking statements represent the Trust’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Trust’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Trust does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Trust to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with the Trust’s initial public offering. The risk factors and other factors noted in the Trust’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.

Contacts

Boaz Energy II, LLC
Marshall Eves, (432) 253-7074
Chief Executive Officer

PermRock Royalty Trust
Simmons Bank
Trustee of PermRock Royalty Trust
Lee Ann Anderson, (817) 298-5587
Senior Vice President and Trust Officer

SOURCE PermRock Royalty Trust