Business
SoftVest and Blackbeard Holdings Announce Proposed Business Combination with Permian Basin Royalty Trust
Transaction Would Create a Diversified, NYSE-Listed Energy Royalty and Surface Estate CompanyFORT WORTH, Texas, May 18, 2026 (GLOBE NEWSWIRE) -- SoftVest, L.P. ("SoftVest"), a significant unitholder of the Permian Basin Royalty Trust (NYSE: PBT) (“PBT "), and Blackbeard Holdings, LLC ("Blackbeard") today announced that they have entered into a preliminary non-binding term sheet contemplating a business combination of PBT and certain Blackbeard assets (the "Transaction"). The Transaction would re
About this update from Permian Basin Royalty Trust
[{"type":"text","content":"Transaction Would Create a Diversified, NYSE-Listed Energy Royalty and Surface Estate Company","length":93,"tagName":"p"},{"type":"text","content":"FORT WORTH, Texas, May 18, 2026 (GLOBE NEWSWIRE) -- SoftVest, L.P. ("SoftVest"), a significant unitholder of the Permian Basin Royalty Trust (NYSE: PBT) (“PBT "), and Blackbeard Holdings, LLC ("Blackbeard") today announced that they have entered into a preliminary non-binding term sheet contemplating a business combination of PBT and certain Blackbeard assets (the "Transaction"). The Transaction would result in the formation of a new Texas-incorporated, NYSE-listed company ("New PubCo").","length":537,"tagName":"p"},{"type":"text","content":"Transaction Overview","length":20,"tagName":"p"},{"type":"text","content":"Under the terms of the proposed Transaction, New PubCo would acquire and own (i) all of the assets and operations of PBT 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 mineral interests currently owned by Blackbeard or one of its affiliates.","length":404,"tagName":"p"},{"type":"text","content":"Immediately following the Transaction, former PBT unitholders would own approximately 58% of New PubCo and Blackbeard and its affiliates would own approximately 42%, reflecting the significant value attributed to PBT's existing asset base and unitholder base in the combined entity.","length":286,"tagName":"p"},{"type":"text","content":"Strategic Rationale","length":19,"tagName":"p"},{"type":"text","content":"The proposed Transaction is designed to address the structural limitations of PBT's existing Net Profits Interest ("NPI") framework — originally established in 1980 — and create a modern, durable, diversified land, royalty, and energy company.","length":257,"tagName":"p"},{"type":"text","content":"Key benefits include:","length":21,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Elimination of NPI cost exposure. The conversion of PBT's net profits interests into a cost-free 15% royalty interest eliminates cost exposure associated with the development and production of its oil and gas assets and is expected to generate more pred...