Permianville Royalty Trust

Permianville Royalty Trust is a Delaware statutory trust formed in May 2011. The Trust was established to acquire and hold a net profits interest for the benefit of its unitholders. This net profits interest represents the right to receive 80% of the net profits from the sale of oil and natural gas production. This production originates from specific properties located in the states of Texas, Louisiana, and New Mexico. These properties were held by Enduro Resource Partners LLC as of the date the net profits interest was conveyed to the Trust. These properties are referred to as the "Underlying Properties." In November 2011, in connection with the closing of the initial public offering of units of beneficial interest in the Trust, Enduro Operating LLC and Enduro Texas LLC merged. Enduro Texas retained all rights, title, and interest to the Net Profits Interest. A Conveyance of Net Profits Interest, effective July 1, 2011, was executed to transfer the Net Profits Interest from Enduro Operating to Enduro Texas. On November 8, 2011, Enduro Texas merged with and into the Trust.