Business
PERMIAN BASIN ROYALTY TRUST ANNOUNCES RECEIPT OF SOFTVEST SCHEDULE 13D WITH RESPECT TO PROPOSED BUSINESS COMBINATION
PERMIAN BASIN ROYALTY TRUST ANNOUNCES RECEIPT OF SOFTVEST SCHEDULE 13D WITH RESPECT TO PROPOSED BUSINESS
About this update from Permian Basin Royalty Trust
[{"type":"text","content":"DALLAS, May 19, 2026 /PRNewswire/ -- Argent Trust Company, as trustee (\"Trustee\") of the Permian Basin Royalty Trust (NYSE: PBT) (\"Permian\" or the \"Trust\"), today announced that it has received a Schedule 13D (\"Schedule 13D\") filed with the Securities and Exchange Commission on May 18, 2026 by SoftVest, L.P. (\"SoftVest\"), a unitholder of the Trust, and certain other parties disclosing that SoftVest and Blackbeard Holdings, LLC (\"Blackbeard\") have agreed to a preliminary non-binding term sheet that sets forth the proposed high-level material terms and conditions governing a potential business combination of the Trust and certain Blackbeard assets. The Schedule 13D further states that the term sheet contemplates the formation of a new corporation (\"New PubCo\") that would be owned in part by Trust unitholders, and in part by Blackbeard and its affiliates that would acquire and own (i) all of the assets and operations of the Trust, and (ii) US Land Guild, LLC (\"USLG\"), a wholly owned subsidiary of Blackbeard that will own approximately 66,500 acres of surface estate and a 15% royalty interest associated with certain acreage and certain mineral interests currently owned by Blackbeard or one of its affiliates. The Schedule 13D also states that the term sheet provides for Blackbeard or its affiliates to receive certain working interests owned by the Trust following the conversion of net profits interests into a cost free 15% royalty interest, including those associated with the \"West Ranch\" and \"East Ranch\" properties. Neither the Trust, nor the Trustee has participated or been involved in the negotiation of the term sheet and related transactions involving the proposed business combination described in the Schedule 13D, and is issuing this press release solely for informational purposes for Trust unitholders. Unitholders are encouraged to read the Schedule 13D in its entirety and other materials filed with the Securities and Exchange Commission by SoftVest (and when formed, the New PubCo) for additional information. The Trustee anticipates that the proposed business combination would require approval of Trust unitholders. Based on the recent modifications to the Trust's Indenture approved by a court on May 8, 2026, at SoftVest's request, such approval would likely require the approval of a majority in interes...