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 conveyances, 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 itself did not receive proceeds from these unit sales. The current trustee of the Trust is Argent Trust Company, a Tennessee chartered trust company, effective April 10, 2023. Simmons Bank served as trustee from February 20, 2018, through April 9, 2023. The principal office of the Trust is located at 3838 Oak Lawn Ave, Suite 1720, Dallas, Texas 75219.