Hugoton Royalty Trust

Hugoton Royalty Trust is an express trust created under Texas law on December 1, 1998. The Trust holds 80% net profits interests in certain predominantly natural gas producing working interest properties located in Kansas, Oklahoma, and Wyoming. These interests were conveyed to the Trust by XTO Energy Inc. (formerly Cross Timbers Oil Company) on December 1, 1998, through three separate conveyances. In exchange for these net profits interests, 40 million units of beneficial interest were issued to XTO Energy. XTO Energy subsequently sold 17 million units in the Trust's initial public offering in April and May 1999, and an additional 1.3 million Trust units to certain of its officers in 1999 and 2000. The Trust did not receive proceeds from these unit sales. Argent Trust Company, a Tennessee chartered trust company, has served as the Trustee since April 10, 2023, succeeding Simmons Bank, which served from February 20, 2018, through April 9, 2023. The Trust's principal office is located at 3838 Oak Lawn Ave, Suite 1720, Dallas, Texas 75219.