Sabine Royalty TrustNYSE: SBR

2025 Report of Reserves (Sabine 2025YE SEC Report including Appendix A and B and ROTP)

Mar 26, 2026 at 8:27 PM UTC · Issued by Sabine Royalty Trust

D e G olyer a N d Mac Naughto N

5001 Sprı N g V alley R oad Suıte 800 East

Dallas, Texas 75244

This is a digital representation of a DeGolyer and MacNaughton report.

Each file contained herein is intended to be a manifestation of certain data in the subject report and as such is subject to the definitions, qualifications, explanations, conclusions, and other conditions thereof. The information and data contained in each file may be subject to misinterpretation; therefore, the signed and bound copy of this report should be considered the only authoritative source of such information.

D e G olyer a N d Mac Naughto N

5001 Sprı N g V alley R oad Suıte 800 East

Dallas, Texas 75244

February 23, 2026

Argent Trust Company

3838 Oak Lawn Avenue, Suite 1720

Dallas, Texas 75219

Ladies and Gentlemen:

Pursuant to the request of Sabine Royalty Trust (the Trust), this report of third party presents an independent evaluation, as of December 31, 2025, of the extent and value of the estimated net proved developed producing oil, condensate, natural gas liquids (NGL), and gas reserves of certain properties in which the Trust has represented it holds an interest. This evaluation was completed on February 23, 2026. The properties evaluated herein consist of royalties located in Florida, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas. Argent Trust Company acts as trustee of the Trust. Argent Trust Company has represented that these properties account for 100 percent of revenues attributed to royalty interest payments received by the Trust as of December 31, 2025. The net proved developed producing reserves estimates have been prepared in accordance with the reserves definitions of Rules 4-10(a) (1)-(32) of Regulation S-X of the United States Securities and Exchange Commission (SEC). This report was prepared in accordance with guidelines specified in Item 1202 (a)(8) of Regulation S-K and is to be used for inclusion in certain SEC filings by the Trust.

Reserves estimates included herein are expressed as net reserves. Gross reserves are defined as the total estimated petroleum remaining to be produced from these properties after December 31, 2025. Net reserves are defined as that portion of the gross reserves attributable to the interests held by the Trust after deducting all interests held by others.

Values for proved developed producing reserves in this report are expressed in terms of future gross revenue, future net revenue, and present worth. Future gross revenue is defined as that revenue which will accrue to the evaluated interests

from the production and sale of the estimated net reserves. Future net revenue is calculated by deducting production taxes, ad valorem taxes, and transportation expenses from future gross revenue. Transportation expenses include marketing, processing, and other expenses that are charged to the royalty interests. At the request of the Trust, future income taxes were not taken into account in the preparation of these estimates. Present worth is defined as future net revenue discounted at a discount rate of 10 percent per year compounded monthly over the expected period of realization. Present worth should not be construed as fair market value because no consideration was given to additional factors that influence the prices at which properties are bought and sold.

Estimates of reserves and revenue should be regarded only as estimates that may change as further production history and additional information become available. Not only are such estimates based on that information which is currently available, but such estimates are also subject to the uncertainties inherent in the application of judgmental factors in interpreting such information.

Information used in the preparation of this report was obtained on behalf of the Trust from Argent Trust Company and from public sources. Additionally, this information includes data supplied by S&P Global; Copyright 2025 S&P Global. In the preparation of this report we have relied, without independent verification, upon information furnished by Argent Trust Company with respect to the property interests being evaluated, production from such properties, current costs of operation and development, current prices for production, agreements relating to current and future operations and sale of production, and various other information and data that were accepted as represented. A field examination was not considered necessary for the purposes of this report.

Definition of Reserves

Petroleum reserves included in this report are classified as proved developed producing. Only proved developed producing reserves have been evaluated for this report. Producing reserves are those developed reserves expected to be recovered from completion intervals that are open and producing at the time of the estimate. Reserves classifications used in this report are in accordance with the reserves definitions of Rules 4-10(a) (1)-(32) of Regulation S-X of the SEC. Reserves are judged to be economically producible in future years from known reservoirs under existing economic and operating conditions and assuming continuation of current regulatory practices using established production methods and equipment. In the analyses of

production-decline curves, reserves were estimated only to the limit of economic rates of production under existing economic and operating conditions using prices and costs consistent with the effective date of this report, including consideration of changes in existing prices provided only by contractual arrangements but not including escalations based upon future conditions. The petroleum reserves are classified as follows:

Proved oil and gas reserves - Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible-from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations-prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

The area of the reservoir considered as proved includes:
1. The area identified by drilling and limited by fluid contacts, if any, and (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.
In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.
Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.
Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:
1. Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities, including governmental entities.
Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Developed oil and gas reserves - Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and
Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

Undeveloped oil and gas reserves - Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.
Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances justify a longer time.
Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in [section 210.4-10 (a) Definitions], or by other evidence using reliable technology establishing reasonable certainty.

Methodology and Procedures

Estimates of reserves were prepared by the use of appropriate geologic, petroleum engineering, and evaluation principles and techniques that are in accordance with the reserves definitions of Rules 4-10(a) (1)-(32) of Regulation S-X of the SEC and with practices generally recognized by the petroleum industry as presented in the publication of the Society of Petroleum Engineers entitled "Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (revised June 2019) Approved by the SPE Board on 25 June 2019." The method or combination of methods used in the analysis of each reservoir was tempered by experience with similar reservoirs, stage of development, quality and completeness of basic data, and production history.

Based on the current stage of field development, production performance, the development plans provided by the Trust, and analyses of areas offsetting existing wells with test or production data, reserves were classified as proved developed producing.

For depletion-type reservoirs or those whose performance disclosed a reliable decline in producing-rate trends or other diagnostic characteristics, reserves were estimated by the application of appropriate decline curves or other performance relationships. In the analyses of production-decline curves, reserves were estimated only to the limits of economic production as defined under the Definition of Reserves heading of this report. Because the Trust is unable to provide actual operating expenses for the properties evaluated (since the Trust's interests are only royalty interests), typical operating expenses, based on our knowledge of the area and/or field operations, were used to determine the economic limits of production.

In certain cases, reserves were estimated by incorporating elements of analogy with similar wells or reservoirs for which more complete data were available.

Data provided by the Trust from wells drilled through October 31, 2025, and made available for this evaluation were used to prepare the reserves estimates herein. These reserves estimates were based on consideration of monthly production data available for certain properties only through October 2025. Estimated cumulative production, as of December 31, 2025, was deducted from the estimated gross ultimate recovery to estimate gross reserves. This required that production be estimated for up to 2 months.

Oil and condensate reserves estimated herein are to be recovered by normal field separation. NGL reserves estimated herein include pentanes and heavier fractions (C5+) and liquefied petroleum gas (LPG), which consists primarily of propane and butane fractions, and are the result of low-temperature plant processing. Oil, condensate, and NGL reserves included in this report are expressed in thousands of barrels (Mbbl). In these estimates, 1 barrel equals 42 United States gallons. For reporting purposes, oil and condensate reserves have been estimated separately and are presented herein as a summed quantity.

Gas quantities estimated herein are expressed as sales gas. Sales gas is defined as the total gas to be produced from the reservoirs, measured at the point of delivery, after reduction for fuel usage, flare, and shrinkage resulting from field separation and processing. Gas reserves estimated herein are reported as sales gas. Gas quantities are expressed at a temperature base of 60 degrees Fahrenheit (°F) and at the pressure base of the state in which the quantities are located. Gas quantities included in this report are expressed in millions of cubic feet (MMcf).

Gas quantities are identified by the type of reservoir from which the gas will be produced. Nonassociated gas is gas at initial reservoir conditions with no oil present in the reservoir. Associated gas is both gas-cap gas and solution gas. Gas-cap gas is gas at initial reservoir conditions and is in communication with an underlying oil zone. Solution gas is gas dissolved in oil at initial reservoir conditions. Gas quantities estimated herein include both associated and nonassociated gas.

The Trust has represented that it holds several thousand individual royalty interests. In view of the small reserves volumes attributable to many of these individual interests, certain of the reserves representing approximately 44 percent of the total net reserves of the properties included herein were summarized by state or area and estimated in the aggregate rather than on a property-by-property basis. Historical records of net production and revenue and our general knowledge of producing characteristics in the areas involved were used in evaluating these grouped properties.

Primary Economic Assumptions

Revenue values in this report were estimated using initial prices, expenses, and costs provided by Argent Trust Company. Future prices were estimated using guidelines established by the SEC and the Financial Accounting Standards Board (FASB). The following economic assumptions were used for estimating the revenue values reported herein:

Oil, Condensate, and NGL Prices

The oil, condensate, and NGL prices were based on a reference price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices are defined by contractual agreements. Differentials to a West Texas Intermediate oil reference price of $66.01 per barrel were based on royalty receipts received by the Trust, as provided by Argent Trust Company. The prices were held constant thereafter. The volume-weighted average prices attributable to the estimated proved developed producing reserves over the lives of the properties were $65.09 per barrel of oil and condensate and

$24.84 per barrel of NGL.

Gas Prices

The gas prices were based on a reference price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices are defined by contractual agreements. Differentials to the Henry Hub gas reference price of $3.40 per million Btu were based on royalty receipts received by the Trust, as provided by Argent Trust Company. The prices were held constant thereafter. Btu factors provided by Argent Trust Company were used to convert prices from dollars per million Btu to dollars per thousand cubic feet. The volume-weighted average price attributable to the estimated proved developed producing reserves over the lives of the properties was $3.225 per thousand cubic feet of gas.

Production and Ad Valorem Taxes

Production taxes were calculated using rates provided by Argent Trust Company, including, where appropriate, abatements for enhanced recovery programs. Ad valorem taxes were calculated using rates provided by Argent Trust Company based on recent payments by the Trust.

Operating Expenses, Capital Costs, and Abandonment Costs

Several properties incur additional expenses related to transportation, marketing, processing, and other expenses that are charged to the royalty interests. These expenses are reported herein as transportation expenses. These expenses were not adjusted for inflation.

In our opinion, the information relating to estimated proved developed producing reserves, estimated future net revenue from proved developed producing reserves, and present worth of estimated future net revenue from proved developed producing reserves of oil, condensate, NGL, and gas contained in this report has been prepared in accordance with Paragraphs 932-235-50-4, 932-235-50-6, 932-235-50-7, 932-235-50-9, 932-235-50-30, and 932-235-50-31(a), (b), and (e) of the Accounting Standards Update 932-235-50, Extractive Industries - Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (January 2010) of the FASB and Rules 4-10(a) (1)-(32) of Regulation S-X and Rules 302(b), 1201, and 1202(a) (1), (2), (3), (4),

(8) of Regulation S-K of the SEC; provided, however, that (i) future income tax expenses have not been taken into account in estimating the future net revenue and present worth values set forth herein and (ii) estimates of the proved developed producing reserves are not presented at the beginning of the year.

To the extent the above-enumerated rules, regulations, and statements require determinations of an accounting or legal nature, we, as engineers, are necessarily unable to express an opinion as to whether the above-described information is in accordance therewith or sufficient therefor.

Summary of Conclusions

DeGolyer and MacNaughton has performed an independent evaluation of the extent and value of the estimated net proved oil, condensate, NGL, and gas reserves of certain properties in which the Trust has represented it holds an interest. The estimated net proved developed producing reserves, as of December 31, 2025, of the properties evaluated herein were based on the definition of proved developed reserves of the SEC and are summarized by state as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf):

Estimated by DeGolyer and MacNaughton Net Proved Developed Producing Reserves as of

December 31, 2025
Oil and Total				Sales
Condensate NGL Liquids				Gas
State	(Mbbl)	(Mbbl)	(Mbbl)	(MMcf)
Florida	28	2	30	0
Louisiana	29	157	186	96
Mississippi	66	1	67	318
New Mexico	276	84	360	842
Oklahoma	670	455	1,125	13,303
Texas	5,562	1,993	7,555	46,099
Total	6,631	2,692	9,323	60,658

The estimated future revenue to be derived from the production and sale of the net proved developed producing reserves, as of December 31, 2025, of the properties evaluated using the guidelines established by the SEC is summarized as follows, expressed in thousands of dollars (M$):

Proved Developed Producing

	(M$)
Future Gross Revenue	694,055
Production Taxes	38,400
Ad Valorem Taxes	24,671
Transportation Expenses	19,785
Future Net Revenue	611,199
Present Worth at 10 Percent	301,151

Note: Future income taxes have not been taken into account in the preparation of these estimates.

While the oil and gas industry may be subject to regulatory changes from time to time that could affect an industry participant's ability to recover its reserves, we are not aware of any such governmental actions which would restrict the recovery of the December 31, 2025, estimated reserves.

DeGolyer and MacNaughton is an independent petroleum engineering consulting firm that has been providing petroleum consulting services throughout the world since 1936. DeGolyer and MacNaughton does not have any financial interest, including stock ownership, in the Trust. Our fees were not contingent on the results of our evaluation. This report has been prepared at the request of the Trust. DeGolyer and MacNaughton has used all assumptions, data, procedures, and methods that it considers necessary and appropriate to prepare this report.

Submitted,

DeGOLYER and MacNAUGHTON

Texas Registered Engineering Firm F-716

Dilhan Ilk, P.E. Executive Vice President

DeGolyer and MacNaughton

DeGolyer aNd MacNaughtoN

CERTIFICATE of QUALIFICATION

I, Dilhan Ilk, Petroleum Engineer with DeGolyer and MacNaughton, 5001 Spring Valley Road, Suite 800 East, Dallas, Texas, 75244 U.S.A., hereby certify:

That I am an Executive Vice President with DeGolyer and MacNaughton, which firm did prepare this report of third party addressed to Argent Trust Company dated February 23, 2026, and that I, as Executive Vice President, was responsible for the preparation of this report of third party.
That I attended Istanbul Technical University, and that I graduated with a Bachelor of Science degree in Petroleum Engineering in the year 2003, a Master of Science degree in Petroleum Engineering from Texas A&M University in 2005, and a Doctor of Philosophy degree in Petroleum Engineering from Texas A&M University in 2010; that I am a Registered Professional Engineer in the State of Texas; that I am a member of the Society of Petroleum Engineers; and that I have in excess of 15 years of experience in oil and gas reservoir studies and reserves evaluations.

Dilhan Ilk, P.E. Executive Vice President
DeGolyer and MacNaughton
D e G olyer a N d Mac Naughto N
5001 Sprı N g V alley R oad Suıte 800 East
Dallas, Texas 75244
This is a digital representation of a DeGolyer and MacNaughton report.
Each file contained herein is intended to be a manifestation of certain data in the subject report and as such is subject to the definitions, qualifications, explanations, conclusions, and other conditions thereof. The information and data contained in each file may be subject to misinterpretation; therefore, the signed and bound copy of this report should be considered the only authoritative source of such information.

‌d e c o l y e r a n d M a c N a u c h t o n
5ooı sprı Ng Valley Road suıte 8oo East
Dallas, T exas 75244
REPORT as of DECEMBER 31, 2025 on RESERVES and REVENUE of CERTAIN PROPERTIES with royalty interests attributable to SABINE ROYALTY TRUST
DeColyer aNd MacNaughtoN
TABLE of CONTENTS Page FOREWORD1
Scope of Investigation 1
Authority 2
Source of Information 2
DEFINITION of RESERVES 4
ESTIMATION of RESERVES 9
VALUATION of RESERVES 12
SUMMARY and CONCLUSIONS 15
APPENDIX A - Bound with Report APPENDIX B - Separately Bound
d e c o l y e r a n d M a c N a u c h t o n
5ooı sprı Ng Valley Road suıte 8oo East
Dallas, T exas 75244
REPORT as of DECEMBER 31, 2025 on RESERVES and REVENUE of CERTAIN PROPERTIES with royalty interests attributable to SABINE ROYALTY TRUST
‌FOREWORD‌
Scope of Investigation This report presents estimates, as of December 31, 2025, of the extent and
value of the proved developed producing oil, condensate, natural gas liquids (NGL), and gas reserves of certain properties in which Sabine Royalty Trust (the Trust) has represented it holds an interest. The properties evaluated herein consist of royalties located in Florida, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas. A list of the properties evaluated in this report is shown in Appendix A to this report under the Data on Reserves and Revenue tab.
Estimates of reserves presented in this report have been prepared in compliance with the regulations promulgated by the United States Securities and Exchange Commission (SEC). These reserves definitions are discussed in detail in the Definition of Reserves section of this report.
Reserves estimated in this report are expressed as gross reserves and net reserves. Gross reserves are defined as the total estimated petroleum remaining to be produced from these properties after December 31, 2025. Net reserves are defined as that portion of the gross reserves attributable to the interests held by the Trust after deducting all interests held by others.
This report presents values for proved developed producing reserves that were estimated using prices, expenses, and costs provided by Argent Trust Company, the trustee for the Trust. Future prices were
estimated using guidelines established by the SEC and the Financial Accounting Standards Board (FASB). A detailed explanation of the future price, expense, and cost assumptions is included in the Valuation of Reserves section of this report.
Values for proved developed producing reserves in this report are expressed in terms of future gross revenue, future net revenue, and present worth. Future gross revenue is defined as that revenue which will accrue to the evaluated interests from the production and sale of the estimated net reserves. Future net revenue is calculated by deducting production taxes, ad valorem taxes, and transportation expenses from future gross revenue. Transportation expenses include marketing, processing, and other expenses that are charged to the royalty interests. At the request of the Trust, future income taxes were not taken into account in the preparation of these estimates. Present worth is defined as future net revenue discounted at a specified arbitrary discount rate compounded monthly over the expected period of realization. Present worth should not be construed as fair market value because no consideration was given to additional factors that influence the prices at which properties are bought and sold. In this report, present worth values using a discount rate of 10 percent are reported in detail and values using discount rates of 5, 8, 12, 15, 20, 25, and 30 percent are reported as totals in the appendices to this report.
‌Estimates of reserves and revenue should be regarded only as estimates that may change as further production history and additional information become available. Not only are such estimates based on that information which is currently available, but such estimates are also subject to the uncertainties inherent in the application of judgmental factors in interpreting such information.
Authority This report was authorized by Ms. Nancy Willis, Director of Royalty
‌Trust Services, Argent Trust Company.
Source of Information Information used in the preparation of this report was obtained on behalf of the
Trust from Argent Trust Company and from public sources. Additionally, this information includes data supplied by S&P Global; Copyright 2025 S&P Global. In the preparation of this report we have relied, without independent verification, upon information furnished by Argent Trust Company with respect to the property
interests being evaluated, production from such properties, current costs of operation and development, current prices for production, agreements relating to current and future operations and sale of production, and various other information and data that were accepted as represented. A field examination was not considered necessary for the purposes of this report.
‌DEFINITION of RESERVES
Petroleum reserves included in this report are classified as proved developed producing. Only proved developed producing reserves have been evaluated for this report. Reserves classifications used in this report are in accordance with the reserves definitions of Rules 4-10(a)
(1)-(32) of Regulation S-X of the SEC. Reserves are judged to be economically producible in future years from known reservoirs under existing economic and operating conditions and assuming continuation of current regulatory practices using established production methods and equipment. In the analyses of production-decline curves, reserves were estimated only to the limit of economic rates of production under existing economic and operating conditions using prices and costs consistent with the effective date of this report, including consideration of changes in existing prices provided only by contractual arrangements but not including escalations based upon future conditions. The petroleum reserves are classified as follows:
Proved oil and gas reserves - Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible-from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations-prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
1. The area of the reservoir considered as proved includes:
  1. The area identified by drilling and limited by fluid contacts, if any, and (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.
2. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience,
  engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.
3. Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.
4. Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:
  1. Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities, including governmental entities.
5. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Probable reserves - Probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.

When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum
of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.
Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.
Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proved reserves.
See also guidelines in paragraphs (iv) and (vi) of the definition of possible reserves.

Possible reserves - Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.

When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.
Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.
Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves.
The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.
Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.
Pursuant to paragraph (iii) of the proved oil and gas reserves definition, where direct observation has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.

Developed oil and gas reserves - Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

Through existing wells with existing equipment and operating methods or in which the cost of the required
equipment is relatively minor compared to the cost of a new well; and
Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.
Undeveloped oil and gas reserves - Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
1. Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.
2. Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances justify a longer time.
3. Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in [section 210.4-10 (a) Definitions], or by other evidence using reliable technology establishing reasonable certainty.

The extent to which probable and possible reserves ultimately may be reclassified as proved reserves is dependent upon future drilling, testing, and well performance. The degree of risk to be applied in evaluating probable and possible reserves is influenced by economic and technological factors as well as the time element. No probable or possible reserves have been evaluated for this report.

‌ESTIMATION of RESERVES

(1)-(32) of Regulation S-X of the SEC and with practices generally recognized by the petroleum industry as presented in the publication of the Society of Petroleum Engineers entitled "Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (revised June 2019) Approved by the SPE Board on 25 June 2019." The method or combination of methods used in the analysis of each reservoir was tempered by experience with similar reservoirs, stage of development, quality and completeness of basic data, and production history.

For depletion-type reservoirs or those whose performance disclosed a reliable decline in producing-rate trends or other diagnostic characteristics, reserves were estimated by the application of appropriate decline curves or other performance relationships. In the analyses of production-decline curves, reserves were estimated only to the limits of economic production as defined in the Definition of Reserves section of this report. Because the Trust is unable to provide actual operating expenses for the properties evaluated (since the Trust's interests are only royalty interests), typical operating expenses, based on our knowledge of the area and/or field operations, were used to determine the economic limits of production.

In certain cases, reserves were estimated by incorporating elements of analogy with similar wells or reservoirs for which more complete data were available.

Oil and condensate reserves estimated herein are to be recovered by normal field separation. NGL reserves estimated herein include pentanes and heavier fractions (C5+) and liquefied petroleum gas (LPG), which consists primarily of propane and butane fractions, and are the result of low-temperature plant processing. Oil, condensate, and NGL reserves included in the appendices to this report are expressed in barrels (bbl). In these estimates, 1 barrel equals 42 United States gallons. For reporting purposes, oil and condensate reserves have been estimated separately and are presented herein as a summed quantity.

Gas quantities estimated herein are expressed as separator gas and sales gas. Separator gas is defined as the gas remaining after field separation but prior to gas processing and shrinkage for fuel use or flare. Sales gas is defined as the total gas to be produced from the reservoirs, measured at the point of delivery, after reduction for fuel usage, flare, and shrinkage resulting from field separation and processing. Gas reserves estimated herein are reported as sales gas. Gross gas quantities are shown as separator gas and sales gas in the appendices to this report. Gas quantities are expressed at a temperature base of 60 degrees Fahrenheit (◦F) and at the pressure base of the state in which the quantities are located. Gas quantities included in the appendices to this report are expressed in thousands of cubic feet (Mcf).

Future oil and gas production rates estimated for this report were based on the most recent data available. The rates used for the production forecasts herein were estimated to be within the capacity of the wells or reservoirs to produce.

The estimated gross and net proved developed producing reserves, as of December 31, 2025, of the properties evaluated herein are summarized by state as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf):

Gross Reserves Net Reserves

	Oil and Condensate	NGL	Sales Gas	Oil and Condensate	NGL	Total Liquids	Sales Gas
State	(Mbbl)	(Mbbl)	(MMcf)	(Mbbl)	(Mbbl)	(Mbbl)	(MMcf)
Florida	5,767	570	0	28	2	30	0
Louisiana	841	192	2,883	29	157	186	96
Mississippi	13,226	60	26,836	66	1	67	318
New Mexico	81,409	66,795	64,876	276	84	360	842
Oklahoma	41,647	5,258	231,387	670	455	1,125	13,303
Texas	611,999	139,430	580,146	5,562	1,993	7,555	46,099
Total	754,889	212,305	906,128	6,631	2,692	9,323	60,658

‌VALUATION of RESERVES

The following economic assumptions were used for estimating the revenue values reported herein:

Oil, Condensate, and NGL Prices

Gas Prices

Production and Ad Valorem Taxes

Operating Expenses, Capital Costs, and Abandonment Costs

The properties evaluated are royalties. Therefore, no operating expenses, capital costs, or abandonment costs are incurred. Because the Trust is unable to provide actual operating expenses for the properties evaluated, typical operating expenses, based on our knowledge of the area and/or field operations, were used to determine the economic limits of production. Several properties incur additional expenses related to transportation, marketing, processing, and other expenses that are charged to the royalty interests. These expenses are reported herein as transportation expenses. These expenses were not adjusted for inflation. Certain properties have been included herein that have zero reserves. At the Trust's request, those properties have been included herein for the Trust's internal inventory purposes.

Proved Developed Producing

	(M$)
Future Gross Revenue	694,055
Production Taxes	38,400
Ad Valorem Taxes	24,671
Transportation Expenses	19,785
Future Net Revenue	611,199
Present Worth at 10 Percent	301,151

Note: Future income taxes have not been taken into account in the preparation of these estimates.

and 932-235-50-31(a), (b), and (e) of the Accounting Standards Update 932-235-50, Extractive Industries - Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (January 2010) of the FASB and Rules 4-10(a) (1)-(32) of Regulation S-X and Rules 302(b), 1201, and 1202(a) (1), (2), (3), (4), (8)(i), (ii), and (v)-(x) of Regulation S-K of the SEC; provided, however, that (i) future income tax expenses have not been taken into account in estimating the future net revenue and present worth values set forth herein and (ii) estimates of the proved developed producing reserves are not presented at the beginning of the year. This report does not include certain disclosures required by Item 1202 (a)(8) of Regulation S-K and is thus not to be used for inclusion in certain SEC filings.

Appendix A, bound with this report, includes (1) summary projections of proved developed producing reserves and revenue by state, (2) tabulations of proved developed producing reserves and revenue by state, field, and lease, and (3) rankings of proved developed producing reserves and revenue by field and lease. Appendix B, separately bound, includes projections of proved developed producing reserves and revenue by state, field, and lease.

‌SUMMARY and CONCLUSIONS

The Trust has represented that it holds royalty interests in certain properties located in Florida, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas evaluated herein. The estimated net proved developed producing reserves, as of December 31, 2025, of the properties evaluated herein are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf):

Net Reserves Oil and Total Sales Condensate NGL Liquids Gas

	(Mbbl)	(Mbbl)	(Mbbl)	(MMcf)
Proved Developed Producing	6,631	2,692	9,323	60,658

The estimated future revenue attributable to the Trust's interest in the proved developed producing reserves, as of December 31, 2025, of the properties evaluated using the guidelines established by the SEC is summarized as follows, expressed in thousands of dollars (M$):

Proved Developed Producing

	(M$)
Future Gross Revenue	694,055
Production Taxes	38,400
Ad Valorem Taxes	24,671
Transportation Expenses	19,785
Future Net Revenue	611,199
Present Worth at 10 Percent	301,151

Note: Future income taxes have not been taken into account in the preparation of these estimates.

DeGolyer and MacNaughton is an independent petroleum engineering consulting firm that has been providing petroleum consulting services throughout the world since 1936. Our fees were not contingent on the results of our evaluation. This report has been prepared at the request of the Trust. DeGolyer and MacNaughton has used all assumptions, procedures, data, and methods that it considers necessary to prepare this report.

Submitted,

DeGOLYER and MacNAUGHTON

Texas Registered Engineering Firm F-716

SIGNED: February 23, 2026

Dilhan Ilk, P.E. Executive Vice President

DeGolyer and MacNaughton

D e G olyer a N d Mac Naughto N

5001 Sprı N g V alley R oad Suıte 800 East

Dallas, Texas 75244

APPENDIX A to REPORT as of DECEMBER 31, 2025 on RESERVES and REVENUE of CERTAIN PROPERTIES with royalty interests attributable to SABINE ROYALTY TRUST

PROJECTION OF ESTIMATED PROVED DEVELOPED PRODUCING PRODUCTION AND REVENUE 1

AS OF DECEMBER 31, 2025

FROM CERTAIN PROPERTIES WITH ROYALTY INTERESTS ATTRIBUTABLE TO SABINE ROYALTY TRUST

Reserve Category: DEVELOPED PRODUCING

Year Ending Dec 31	Completions	Gross Oil and Cond Production (bbl)	Gross NGL Production (bbl)	Gross Separator Gas Production (Mcf)	Gross Sales Gas Production (Mcf)	Net Oil and Cond Production (bbl)	Net NGL Production (bbl)	Net Total Liquids Production (bbl)	Net Sales Gas Production (Mcf)
2026	23,482	58,063,062	18,028,163	185,135,115	93,342,967	632,209	261,393	893,602	6,913,486
2027	23,022	52,317,172	16,244,294	162,087,403	78,629,645	552,672	233,492	786,164	5,651,366
2028	22,362	48,006,639	14,761,722	145,069,320	68,599,501	489,710	208,896	698,606	4,826,368
2029	22,040	43,670,159	13,254,989	129,620,761	60,505,627	431,061	185,473	616,534	4,196,239
2030	21,171	39,997,265	11,891,110	116,353,297	53,542,156	382,615	164,917	547,532	3,691,012
2031	20,749	37,060,922	10,818,521	105,151,040	47,471,139	346,041	148,288	494,329	3,275,501
2032	20,267	34,229,032	9,909,315	95,513,871	42,367,425	313,843	134,517	448,360	2,943,674
2033	19,791	31,756,293	9,081,694	87,394,401	38,481,100	287,323	122,971	410,294	2,656,804
2034	19,479	29,404,823	8,350,618	80,146,199	35,074,426	264,864	113,097	377,961	2,415,892
2035	18,764	27,335,273	7,702,032	73,727,760	32,067,105	244,448	104,007	348,455	2,203,253
2036	18,521	25,670,028	7,130,406	68,028,341	29,318,045	226,601	95,794	322,395	2,015,664
2037	18,221	23,768,856	6,557,917	62,486,807	26,727,936	208,253	87,529	295,782	1,837,270
2038	17,880	22,208,954	6,063,994	57,650,766	24,493,440	192,329	80,342	272,671	1,685,925
2039	17,469	20,775,032	5,591,256	53,055,669	22,263,511	177,786	73,511	251,297	1,540,335
2040	17,223	19,596,164	5,195,404	49,149,638	20,444,457	165,159	67,598	232,757	1,411,852
2041	17,036	18,157,977	4,811,887	45,440,574	18,794,174	152,678	61,957	214,635	1,294,124
2042	16,599	16,683,479	4,466,335	40,949,656	17,350,448	140,986	56,918	197,904	1,184,432
2043	16,375	15,542,510	4,145,373	37,065,666	15,985,290	130,490	52,311	182,801	1,089,038
2044	16,210	14,696,167	3,862,343	34,513,234	14,755,100	121,414	48,084	169,498	1,001,304
2045	15,978	13,561,100	3,519,083	31,602,917	13,329,872	112,325	44,095	156,420	912,602
Subtotal		592,500,907	171,386,456	1,660,142,435	753,543,364	5,572,807	2,345,190	7,917,997	52,746,141
Remaining		162,388,037	40,918,064	363,114,057	152,584,823	1,058,007	346,882	1,404,889	7,911,937
Total		754,888,944	212,304,520	2,023,256,492	906,128,187	6,630,814	2,692,072	9,322,886	60,658,078
Cumulative		12,149,894,914		26,715,980,688
Ultimate		12,904,783,858		28,739,237,180
	Oil and	Natural Gas	Total		Future Gross		Future Gross	Future Gross Future Gross	Future Gross
Year	Cond	Liquids	Liquids	Gas	Revenue		Revenue	Revenue	Revenue	Revenue
Ending	Prices	Prices	Prices	Prices	Oil and Cond		NGL	Total Liquids Gas	Total
Dec 31	($/bbl) ($/bbl) ($/bbl) ($/Mcf)			($)			($)	($)	($)	($)
2026	65.30	25.04	53.53 3.303	41,285,291			6,545,304	47,830,595	22,833,693	70,664,288
2027	65.24	24.97	53.28 3.262	36,057,676			5,829,541	41,887,217	18,435,598	60,322,815
2028	65.19	24.85	53.13 3.238	31,923,352			5,190,522	37,113,874	15,629,597	52,743,471
2029	65.13	24.74	52.98 3.227	28,072,807			4,588,423	32,661,230	13,539,302	46,200,532
2030	65.08	24.68	52.91 3.222	24,901,883			4,070,958	28,972,841	11,892,498	40,865,339
2031	65.08	24.77	52.99 3.214	22,519,215			3,673,637	26,192,852	10,528,649	36,721,501
2032	65.07	24.85	53.00 3.205	20,422,812			3,342,436	23,765,248	9,435,798	33,201,046
2033	65.07	24.86	53.02 3.198	18,696,403			3,057,397	21,753,800	8,495,366	30,249,166
2034	65.07	24.88	53.04 3.192	17,233,483			2,813,537	20,047,020	7,710,469	27,757,489
2035	65.06	24.88	53.07 3.187	15,904,189			2,587,946	18,492,135	7,021,725	25,513,860
2036	65.06	24.87	53.12 3.185	14,742,671			2,381,838	17,124,509	6,419,489	23,543,998
2037	65.06	24.87	53.17 3.182	13,548,660			2,177,015	15,725,675	5,846,949	21,572,624
2038	65.06	24.89	53.23 3.181	12,513,695			1,999,960	14,513,655	5,363,523	19,877,178
2039	65.06	24.90	53.31 3.184	11,566,268			1,830,506	13,396,774	4,904,805	18,301,579
2040	65.06	24.91	53.40 3.185	10,745,489			1,683,694	12,429,183	4,496,915	16,926,098
2041	65.06	24.90	53.47 3.186	9,933,581			1,542,810	11,476,391	4,122,696	15,599,087
2042	65.08	24.86	53.51 3.182	9,175,890			1,414,863	10,590,753	3,769,348	14,360,101
2043	65.10	24.85	53.58 3.182	8,494,542			1,300,062	9,794,604	3,465,509	13,260,113
2044	65.09	24.85	53.68 3.182	7,903,302			1,194,777	9,098,079	3,185,653	12,283,732
2045	65.08	24.85	53.74 3.179	7,310,077			1,095,721	8,405,798	2,900,892	11,306,690
Subtotal	65.13	24.87	53.20 3.223	362,951,286			58,320,947	421,272,233	169,998,474	591,270,707
Remaining	64.85	24.62	54.92 3.239	68,616,433			8,540,582	77,157,015	25,627,729	102,784,744
Total	65.09	24.84	53.46 3.225	431,567,719			66,861,529	498,429,248	195,626,203	694,055,451

Year

Production Ad Valorem Transportation

Future Net Revenue Present Worth at 10 Percent

Gross Completions

Ending Dec 31

Taxes Taxes Expenses

($) ($) ($)

Annual Cumulative ($) ($)

Oil Gas

17,675 5,807

2026	3,416,227	2,794,698	2,180,533	62,272,830	62,272,830	59,113,219	59,113,219	Month of Last Production: 12/2095
2027	2,925,344	2,329,307	1,798,648	53,269,516	115,542,346	45,764,560	104,877,779
2028	2,703,716	1,989,350	1,551,004	46,499,401	162,041,747	36,156,365	141,034,144	Interests (Percent)
2029	2,390,279	1,699,810	1,363,000	40,747,443	202,789,190	28,677,627	169,711,771	Date Working Revenue
2030	2,128,930	1,475,677	1,213,496	36,047,236	238,836,426	22,964,422	192,676,193
2031	2,112,323	1,304,167	1,079,965	32,225,046	271,061,472	18,582,920	211,259,113
2032	1,913,756	1,170,507	970,999	29,145,784	300,207,256	15,212,780	226,471,893
2033	1,743,989	1,062,313	880,381	26,562,483	326,769,739	12,547,770	239,019,663
2034	1,600,829	971,227	804,069	24,381,364	351,151,103	10,426,548	249,446,211	Present Worth Profile ($)
2035 2036	1,472,124 1,358,544	889,987 820,226	736,135 675,719	22,415,614 20,689,509	373,566,717 394,256,226	8,677,601 7,249,623	258,123,812 265,373,435	5.00 Percent 403,152,150 8.00 Percent 334,875,919 12.00 Percent 273,785,942
2037	1,245,483	752,554	617,029	18,957,558	413,213,784	6,012,834	271,386,269	15.00 Percent 241,221,670
2038	1,148,379	692,497	567,040	17,469,262	430,683,046	5,015,813	276,402,082	20.00 Percent 201,786,308
2039	1,058,526	635,400	519,290	16,088,363	446,771,409	4,181,795	280,583,877	25.00 Percent 173,798,515
2040	979,410	586,967	477,407	14,882,314	461,653,723	3,501,245	284,085,122	30.00 Percent 152,850,118
2041	903,568	539,911	438,880	13,716,728	475,370,451	2,921,049	287,006,171
2042	833,535	497,288	403,155	12,626,123	487,996,574	2,434,150	289,440,321
2043	771,577	459,197	372,310	11,657,029	499,653,603	2,034,317	291,474,638
2044	715,629	423,888	342,628	10,801,587	510,455,190	1,706,289	293,180,927
2045	659,308	388,628	313,116	9,945,638	520,400,828	1,422,038	294,602,965
Subtotal	32,081,476	21,483,599	17,304,804	520,400,828		294,602,965
Remaining	6,318,771	3,187,014	2,480,513	90,798,446	611,199,274	6,547,561	301,150,526
Total	38,400,247	24,670,613	19,785,317	611,199,274		301,150,526

These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.

2 PROJECTION OF ESTIMATED PROVED DEVELOPED PRODUCING PRODUCTION AND REVENUE AS OF DECEMBER 31, 2025

FROM CERTAIN PROPERTIES WITH ROYALTY INTERESTS ATTRIBUTABLE TO SABINE ROYALTY TRUST

Reserve Category: DEVELOPED PRODUCING

State:	FLORIDA
		Gross	Gross	Gross	Gross	Net	Net	Net	Net
Year		Oil and Cond	NGL	Separator Gas	Sales Gas	Oil and Cond	NGL	Total Liquids	Sales Gas
Ending		Production	Production	Production	Production	Production	Production	Production	Production
Dec 31	Completions	(bbl)	(bbl)	(Mcf)	(Mcf)	(bbl)	(bbl)	(bbl)	(Mcf)
2026	33	579,025	62,750	8,964,269	0	2,779	301	3,080	0
2027	32	538,521	57,469	8,209,931	0	2,585	276	2,861	0
2028	31	502,171	52,772	7,538,790	0	2,411	253	2,664	0
2029	29	465,720	48,193	6,884,689	0	2,235	232	2,467	0
2030	28	433,141	44,137	6,305,348	0	2,079	212	2,291	0
2031	27	402,842	40,423	5,774,756	0	1,934	194	2,128	0
2032	26	375,650	37,119	5,302,685	0	1,803	178	1,981	0
2033	25	348,383	33,898	4,842,599	0	1,672	162	1,834	0
2034	24	324,012	31,046	4,435,097	0	1,555	149	1,704	0
2035	23	301,346	28,433	4,061,887	0	1,447	137	1,584	0
2036	22	281,006	26,109	3,729,838	0	1,349	125	1,474	0
2037	22	260,609	23,844	3,406,220	0	1,251	115	1,366	0
2038	21	242,378	21,837	3,119,588	0	1,163	105	1,268	0
2039	20	225,422	19,999	2,857,077	0	1,082	96	1,178	0
2040	19	210,207	18,365	2,623,519	0	1,009	88	1,097	0
2041	18	194,949	16,771	2,395,889	0	936	80	1,016	0
2042	18	81,100	6,900	985,659	0	389	33	422	0
2043
2044
2045
Subtotal		5,766,482	570,065	81,437,841	0	27,679	2,736	30,415	0
Remaining		0	0	0	0	0	0	0	0
Total		5,766,482	570,065	81,437,841	0	27,679	2,736	30,415	0
Cumulative		460,045,175		864,108,960
Ultimate		465,811,657		945,546,801
	Oil and	Natural Gas	Total		Future Gross		Future Gross	Future Gross Future Gross	Future Gross
Year	Cond	Liquids	Liquids	Gas	Revenue		Revenue	Revenue	Revenue	Revenue
Ending	Prices	Prices	Prices	Prices	Oil and Cond		NGL	Total Liquids Gas	Total
Dec 31	($/bbl) ($/bbl) ($/bbl) ($/Mcf)			($)			($)	($)	($)	($)
2026	59.81	26.40	56.54 166,218				7,953	174,171	0	174,171
2027	59.81	26.40	56.58 154,589				7,284	161,873	0	161,873
2028	59.81	26.40	56.63 144,156				6,688	150,844	0	150,844
2029	59.81	26.40	56.67 133,692				6,108	139,800	0	139,800
2030	59.81	26.40	56.72 124,339				5,594	129,933	0	129,933
2031	59.81	26.40	56.76 115,641				5,123	120,764	0	120,764
2032	59.81	26.40	56.80 107,836				4,704	112,540	0	112,540
2033	59.81	26.40	56.84 100,008				4,296	104,304	0	104,304
2034	59.81	26.40	56.88 93,013				3,935	96,948	0	96,948
2035	59.81	26.40	56.93 86,505				3,604	90,109	0	90,109
2036	59.81	26.40	56.97 80,667				3,309	83,976	0	83,976
2037	59.81	26.40	57.01 74,812				3,022	77,834	0	77,834
2038	59.81	26.40	57.04 69,578				2,767	72,345	0	72,345
2039	59.81	26.40	57.08 64,710				2,535	67,245	0	67,245
2040	59.81	26.40	57.12 60,343				2,328	62,671	0	62,671
2041	59.81	26.40	57.16 55,963				2,125	58,088	0	58,088
2042	59.81	26.40	57.19 23,281				875	24,156	0	24,156
2043
2044
2045
Subtotal	59.81	26.40	56.80 1,655,351				72,250	1,727,601	0	1,727,601
Remaining				0			0	0	0	0
Total	59.81	26.40	56.80 1,655,351				72,250	1,727,601	0	1,727,601

Year

Production Ad Valorem Transportation

Future Net Revenue Present Worth at 10 Percent

Gross Completions

Ending Dec 31

Taxes Taxes Expenses

($) ($) ($)

Annual Cumulative ($) ($)

Oil Gas

33 0

2026	3,762	0	500	169,909	169,909	161,154	161,154	Month of Last Production: 06/2042
2027	3,496	0	466	157,911	327,820	135,589	296,743
2028	3,259	0	433	147,152	474,972	114,365	411,108	Interests (Percent)
2029	3,020	0	403	136,377	611,349	95,938	507,046	Date Working Revenue
2030	2,806	0	374	126,753	738,102	80,721	587,767
2031	2,609	0	348	117,807	855,909	67,918	655,685
2032	2,431	0	325	109,784	965,693	57,289	712,974
2033	2,252	0	301	101,751	1,067,444	48,060	761,034
2034	2,094	0	280	94,574	1,162,018	40,439	801,473	Present Worth Profile ($)
2035 2036	1,947 1,814	0 0	260 243	87,902 81,919	1,249,920 1,331,839	34,027 28,702	835,500 864,202	5.00 Percent 1,240,220 8.00 Percent 1,055,889 12.00 Percent 872,351
2037	1,681	0	225	75,928	1,407,767	24,079	888,281	15.00 Percent 767,817
2038	1,563	0	209	70,573	1,478,340	20,262	908,543	20.00 Percent 636,444
2039	1,453	0	195	65,597	1,543,937	17,049	925,592	25.00 Percent 541,394
2040	1,353	0	182	61,136	1,605,073	14,383	939,975	30.00 Percent 470,160
2041	1,255	0	168	56,665	1,661,738	12,066	952,041
2042	522	0	70	23,564	1,685,302	4,668	956,709
2043
2044
2045
Subtotal Remaining Total	37,317 37,317	0 0	4,982 4,982	1,685,302 1,685,302	1,685,302	956,709 956,709	956,709

These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.

PROJECTION OF ESTIMATED PROVED DEVELOPED PRODUCING PRODUCTION AND REVENUE 3

AS OF DECEMBER 31, 2025

FROM CERTAIN PROPERTIES WITH ROYALTY INTERESTS ATTRIBUTABLE TO SABINE ROYALTY TRUST

State:	LOUISIANA
		Gross	Gross	Gross	Gross	Net	Net	Net	Net
Year		Oil and Cond	NGL	Separator Gas	Sales Gas	Oil and Cond	NGL	Total Liquids	Sales Gas
Ending		Production	Production	Production	Production	Production	Production	Production	Production
Dec 31	Completions	(bbl)	(bbl)	(Mcf)	(Mcf)	(bbl)	(bbl)	(bbl)	(Mcf)
2026	18	132,172	18,872	543,517	436,315	2,716	13,530	16,246	8,900
2027	18	115,132	16,752	438,869	352,476	2,480	12,446	14,926	8,028
2028	18	100,631	15,047	364,321	292,731	2,267	11,479	13,746	7,301
2029	18	87,561	13,530	306,729	246,553	2,065	10,531	12,596	6,627
2030	18	76,479	12,257	263,090	211,548	1,886	9,689	11,575	6,048
2031	18	66,862	11,142	228,557	183,834	1,721	8,913	10,634	5,529
2032	18	58,658	10,180	200,991	161,706	1,580	8,221	9,801	5,074
2033	18	26,919	9,263	176,702	142,199	1,391	7,544	8,935	4,635
2034	17	23,549	8,460	156,461	125,940	1,275	6,939	8,214	4,250
2035	17	21,247	7,736	139,099	111,988	1,169	6,386	7,555	3,897
2036	17	19,222	7,097	124,464	100,224	1,074	5,888	6,962	3,584
2037	17	17,289	6,218	84,811	68,450	981	5,403	6,384	3,213
2038	14	15,601	5,648	70,709	57,119	900	4,970	5,870	2,936
2039	14	14,080	5,198	65,321	52,764	824	4,572	5,396	2,702
2040	14	12,383	4,761	56,803	45,911	758	4,219	4,977	2,485
2041	13	10,403	4,291	44,431	35,975	689	3,870	4,559	2,259
2042	13	9,375	3,948	40,879	33,098	632	3,560	4,192	2,078
2043	13	8,449	3,633	37,610	30,453	581	3,276	3,857	1,912
2044	13	7,633	3,350	34,695	28,091	533	3,021	3,554	1,764
2045	13	6,861	3,074	31,831	25,772	488	2,772	3,260	1,618
Subtotal		830,506	170,457	3,409,890	2,743,147	26,010	137,229	163,239	84,840
Remaining		10,440	21,484	171,772	139,626	3,070	19,882	22,952	11,460
Total		840,946	191,941	3,581,662	2,882,773	29,080	157,111	186,191	96,300
Cumulative		28,882,896		706,730,668
Ultimate		29,723,842		710,312,330
	Oil and	Natural Gas	Total		Future Gross		Future Gross	Future Gross Future Gross	Future Gross
Year	Cond	Liquids	Liquids	Gas	Revenue		Revenue	Revenue	Revenue	Revenue
Ending	Prices	Prices	Prices	Prices	Oil and Cond		NGL	Total Liquids Gas	Total
Dec 31	($/bbl) ($/bbl) ($/bbl) ($/Mcf)			($)			($)	($)	($)	($)
2026	68.54	6.63	16.98 5.705	186,199			89,661	275,860	50,771	326,631
2027	68.55	6.62	16.91 5.749	169,918			82,439	252,357	46,161	298,518
2028	68.57	6.62	16.84 5.782	155,522			76,012	231,534	42,216	273,750
2029	68.59	6.62	16.78 5.807	141,611			69,713	211,324	38,484	249,808
2030	68.60	6.62	16.72 5.826	129,357			64,122	193,479	35,234	228,713
2031	68.61	6.62	16.66 5.841	118,195			58,984	177,179	32,295	209,474
2032	68.63	6.62	16.60 5.853	108,309			54,403	162,712	29,703	192,415
2033	68.69	6.62	16.29 5.864	95,658			49,903	145,561	27,182	172,743
2034	68.70	6.62	16.25 5.873	87,582			45,909	133,491	24,952	158,443
2035	68.71	6.61	16.22 5.880	80,280			42,235	122,515	22,914	145,429
2036	68.72	6.61	16.19 5.887	73,786			38,956	112,742	21,103	133,845
2037	68.73	6.61	16.16 5.945	67,449			35,714	103,163	19,097	122,260
2038	68.74	6.61	16.13 5.961	61,839			32,853	94,692	17,503	112,195
2039	68.75	6.61	16.10 5.960	56,699			30,226	86,925	16,106	103,031
2040	68.77	6.61	16.07 5.969	52,051			27,880	79,931	14,826	94,757
2041	68.79	6.61	16.01 5.991	47,446			25,571	73,017	13,533	86,550
2042	68.80	6.61	15.99 5.991	43,511			23,527	67,038	12,452	79,490
2043	68.81	6.61	15.96 5.991	39,903			21,646	61,549	11,455	73,004
2044	68.82	6.61	15.94 5.991	36,694			19,967	56,661	10,568	67,229
2045	68.83	6.61	15.92 5.991	33,559			18,320	51,879	9,695	61,574
Subtotal	68.65	6.62	16.50 5.849	1,785,568			908,041	2,693,609	496,250	3,189,859
Remaining	69.22	6.61	14.98 6.023	212,571			131,343	343,914	69,027	412,941
Total	68.71	6.62	16.31 5.870	1,998,139			1,039,384	3,037,523	565,277	3,602,800

Reserve Category: DEVELOPED PRODUCING

Year

Production Ad Valorem Transportation

Future Net Revenue Present Worth at 10 Percent

Gross Completions

Ending Dec 31

Taxes Taxes Expenses

($) ($) ($)

Annual Cumulative ($) ($)

Oil Gas

3 15

2026	22,994	0	7,537	296,100	296,100	280,883	280,883	Month of Last Production: 08/2074
2027	20,975	0	6,869	270,674	566,774	232,442	513,325
2028	19,193	0	6,292	248,265	815,039	192,974	706,299	Interests (Percent)
2029	17,473	0	5,744	226,591	1,041,630	159,422	865,721	Date Working Revenue
2030	15,960	0	5,263	207,490	1,249,120	132,152	997,873
2031	14,582	0	4,828	190,064	1,439,184	109,589	1,107,462
2032	13,363	0	4,444	174,608	1,613,792	91,126	1,198,588
2033	11,812	0	4,068	156,863	1,770,655	74,101	1,272,689
2034	10,815	0	3,737	143,891	1,914,546	61,534	1,334,223	Present Worth Profile ($)
2035 2036	9,914 9,111	0 0	3,432 3,163	132,083 121,571	2,046,629 2,168,200	51,133 42,600	1,385,356 1,427,956	5.00 Percent 2,192,288 8.00 Percent 1,816,798 12.00 Percent 1,474,449
2037	8,323	0	2,870	111,067	2,279,267	35,228	1,463,184	15.00 Percent 1,290,568
2038	7,630	0	2,632	101,933	2,381,200	29,268	1,492,452	20.00 Percent 1,067,773
2039	6,997	0	2,422	93,612	2,474,812	24,332	1,516,784	25.00 Percent 910,338
2040	6,423	0	2,231	86,103	2,560,915	20,259	1,537,043	30.00 Percent 793,316
2041	5,853	0	2,038	78,659	2,639,574	16,752	1,553,795
2042	5,368	0	1,876	72,246	2,711,820	13,927	1,567,722
2043	4,925	0	1,725	66,354	2,778,174	11,580	1,579,302
2044	4,529	0	1,592	61,108	2,839,282	9,654	1,588,956
2045	4,141	0	1,460	55,973	2,895,255	8,003	1,596,959
Subtotal	220,381	0	74,223	2,895,255		1,596,959
Remaining	26,320	0	10,414	376,207	3,271,462	31,406	1,628,365
Total	246,701	0	84,637	3,271,462		1,628,365

These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.

4 PROJECTION OF ESTIMATED PROVED DEVELOPED PRODUCING PRODUCTION AND REVENUE AS OF DECEMBER 31, 2025

FROM CERTAIN PROPERTIES WITH ROYALTY INTERESTS ATTRIBUTABLE TO SABINE ROYALTY TRUST

Reserve Category: DEVELOPED PRODUCING

State:	MISSISSIPPI
		Gross	Gross	Gross	Gross	Net	Net	Net	Net
Year		Oil and Cond	NGL	Separator Gas	Sales Gas	Oil and Cond	NGL	Total Liquids	Sales Gas
Ending		Production	Production	Production	Production	Production	Production	Production	Production
Dec 31	Completions	(bbl)	(bbl)	(Mcf)	(Mcf)	(bbl)	(bbl)	(bbl)	(Mcf)
2026	545	1,737,036	5,646	2,947,584	2,844,580	6,763	9	6,772	42,832
2027	532	1,535,474	5,144	2,638,819	2,550,756	6,233	8	6,241	37,439
2028	514	1,361,873	4,698	2,377,940	2,300,313	5,795	8	5,803	33,079
2029	499	1,192,000	4,296	2,132,952	2,065,238	5,022	7	5,029	28,485
2030	485	1,050,270	3,939	1,915,410	1,855,945	4,573	6	4,579	24,410
2031	461	969,716	3,565	1,720,386	1,667,040	4,211	6	4,217	21,305
2032	447	891,460	3,285	1,514,590	1,470,200	3,793	5	3,798	14,839
2033	436	805,984	3,023	1,366,567	1,327,533	3,424	5	3,429	11,797
2034	425	738,249	2,747	1,241,767	1,206,191	3,136	4	3,140	10,822
2035	400	674,479	2,477	1,117,433	1,085,720	2,888	4	2,892	9,940
2036	385	597,060	2,264	1,003,498	975,451	2,634	4	2,638	8,660
2037	363	335,140	2,059	897,493	872,698	1,833	3	1,836	7,476
2038	340	307,429	1,855	741,268	727,144	1,688	3	1,691	6,815
2039	327	278,469	1,670	664,899	652,236	1,558	3	1,561	6,135
2040	315	265,979	1,521	597,245	586,370	1,452	2	1,454	5,405
2041	303	252,007	1,339	529,777	519,618	1,348	2	1,350	4,956
2042	288	134,174	1,156	461,063	451,626	1,099	2	1,101	4,511
2043	280	19,039	1,051	420,657	412,148	849	2	851	4,170
2044	274	15,905	944	379,105	371,962	756	1	757	3,856
2045	262	14,999	822	334,181	327,466	694	2	696	3,539
Subtotal		13,176,742	53,501	25,002,634	24,270,235	59,749	86	59,835	290,471
Remaining		49,405	6,706	2,590,813	2,565,106	6,370	10	6,380	27,781
Total		13,226,147	60,207	27,593,447	26,835,341	66,119	96	66,215	318,252
Cumulative		153,326,518		922,571,727
Ultimate		166,552,665		950,165,174
	Oil and	Natural Gas	Total		Future Gross		Future Gross	Future Gross Future Gross	Future Gross
Year	Cond	Liquids	Liquids	Gas	Revenue		Revenue	Revenue	Revenue	Revenue
Ending	Prices	Prices	Prices	Prices	Oil and Cond		NGL	Total Liquids Gas	Total
Dec 31	($/bbl) ($/bbl) ($/bbl) ($/Mcf)			($)			($)	($)	($)	($)
2026	63.62	26.87	63.57 3.156	430,271			243	430,514	135,193	565,707
2027	63.59	26.87	63.54 3.169	396,393			221	396,614	118,657	515,271
2028	63.55	26.87	63.51 3.183	368,337			202	368,539	105,281	473,820
2029	63.53	26.87	63.48 3.189	318,785			184	318,969	90,844	409,813
2030	63.51	26.87	63.46 3.191	290,564			170	290,734	77,886	368,620
2031	63.49	26.87	63.44 3.196	267,278			153	267,431	68,107	335,538
2032	63.42	26.87	63.37 3.281	240,722			141	240,863	48,688	289,551
2033	63.39	26.87	63.34 3.335	216,978			130	217,108	39,336	256,444
2034	63.38	26.87	63.33 3.334	198,829			118	198,947	36,080	235,027
2035	63.38	26.87	63.33 3.333	183,068			107	183,175	33,124	216,299
2036	63.38	26.87	63.33 3.358	166,985			97	167,082	29,087	196,169
2037	62.79	26.87	62.72 3.386	115,030			89	115,119	25,315	140,434
2038	62.77	26.87	62.70 3.383	105,960			79	106,039	23,059	129,098
2039	62.75	26.87	62.69 3.381	97,743			72	97,815	20,741	118,556
2040	62.73	26.87	62.67 3.379	91,172			65	91,237	18,268	109,505
2041	62.72	26.87	62.66 3.377	84,592			58	84,650	16,737	101,387
2042	62.66	26.87	62.60 3.375	68,795			50	68,845	15,221	84,066
2043	62.56	26.87	62.49 3.373	53,114			45	53,159	14,067	67,226
2044	62.48	26.87	62.41 3.371	47,253			40	47,293	13,002	60,295
2045	62.45	26.87	62.38 3.369	43,296			36	43,332	11,921	55,253
Subtotal	63.35	26.87	63.30 3.238	3,785,165			2,300	3,787,465	940,614	4,728,079
Remaining	63.11	26.87	63.05 3.431	402,007			288	402,295	95,331	497,626
Total	63.33	26.87	63.27 3.255	4,187,172			2,588	4,189,760	1,035,945	5,225,705

Year

Production Ad Valorem Transportation

Future Net Revenue Present Worth at 10 Percent

Gross Completions

Ending Dec 31

Taxes Taxes Expenses

($) ($) ($)

Annual Cumulative ($) ($)

Oil Gas

215 330

2026	25,903	0	5,512	534,292	534,292	506,767	506,767	Month of Last Production: 01/2075
2027	23,499	0	5,145	486,627	1,020,919	417,791	924,558
2028	21,538	0	4,826	447,456	1,468,375	347,737	1,272,295	Interests (Percent)
2029	18,626	0	4,221	386,966	1,855,341	272,252	1,544,547	Date Working Revenue
2030	16,679	0	3,819	348,122	2,203,463	221,732	1,766,279
2031	15,120	0	3,504	316,914	2,520,377	182,707	1,948,986
2032	12,844	0	3,055	273,652	2,794,029	142,923	2,091,909
2033	11,303	0	2,746	242,395	3,036,424	114,503	2,206,412
2034	10,364	0	2,540	222,123	3,258,547	94,969	2,301,381	Present Worth Profile ($)
2035 2036	9,534 8,626	0 0	2,352 2,155	204,413 185,388	3,462,960 3,648,348	79,120 64,955	2,380,501 2,445,456	5.00 Percent 3,469,014 8.00 Percent 2,943,590 12.00 Percent 2,447,982
2037	6,264	0	1,300	132,870	3,781,218	42,139	2,487,595	15.00 Percent 2,172,624
2038	5,758	0	1,195	122,145	3,903,363	35,068	2,522,663	20.00 Percent 1,828,310
2039	5,275	0	1,101	112,180	4,015,543	29,159	2,551,822	25.00 Percent 1,577,064
2040	4,856	0	1,019	103,630	4,119,173	24,376	2,576,198	30.00 Percent 1,385,791
2041	4,493	0	937	95,957	4,215,130	20,434	2,596,632
2042	3,752	0	841	79,473	4,294,603	15,319	2,611,951
2043	3,040	0	748	63,438	4,358,041	11,072	2,623,023
2044	2,731	0	690	56,874	4,414,915	8,986	2,632,009
2045	2,505	0	635	52,113	4,467,028	7,452	2,639,461
Subtotal	212,710	0	48,341	4,467,028		2,639,461
Remaining	22,316	0	6,395	468,915	4,935,943	33,773	2,673,234
Total	235,026	0	54,736	4,935,943		2,673,234

These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.

PROJECTION OF ESTIMATED PROVED DEVELOPED PRODUCING PRODUCTION AND REVENUE 5

AS OF DECEMBER 31, 2025

FROM CERTAIN PROPERTIES WITH ROYALTY INTERESTS ATTRIBUTABLE TO SABINE ROYALTY TRUST

State:	NEW MEXICO
		Gross	Gross	Gross	Gross	Net	Net	Net	Net
Year		Oil and Cond	NGL	Separator Gas	Sales Gas	Oil and Cond	NGL	Total Liquids	Sales Gas
Ending		Production	Production	Production	Production	Production	Production	Production	Production
Dec 31	Completions	(bbl)	(bbl)	(Mcf)	(Mcf)	(bbl)	(bbl)	(bbl)	(Mcf)
2026	2,619	4,260,014	3,244,123	20,668,455	5,297,896	21,187	4,810	25,997	76,991
2027	2,463	4,010,909	3,101,243	19,259,522	4,757,027	19,926	4,545	24,471	71,932
2028	2,426	3,810,020	2,973,772	18,174,516	4,380,536	18,841	4,286	23,127	67,695
2029	2,383	3,606,613	2,837,871	17,099,622	4,025,262	17,686	4,048	21,734	63,244
2030	2,351	3,428,454	2,716,394	16,147,611	3,710,373	16,250	3,785	20,035	57,266
2031	2,312	3,263,185	2,601,004	15,271,930	3,428,750	14,980	3,597	18,577	52,184
2032	2,280	3,116,658	2,497,525	14,488,671	3,171,607	13,831	3,432	17,263	47,351
2033	2,250	2,963,219	2,385,145	13,684,239	2,925,901	12,736	3,257	15,993	42,963
2034	2,217	2,827,069	2,284,527	12,974,549	2,713,318	11,780	3,101	14,881	39,255
2035	2,191	2,698,550	2,188,393	12,309,416	2,518,567	10,909	2,954	13,863	35,901
2036	2,168	2,583,279	2,101,982	11,710,130	2,340,569	9,964	2,824	12,788	31,963
2037	2,124	2,459,245	2,007,505	11,076,007	2,158,678	8,929	2,588	11,517	27,463
2038	2,082	2,347,341	1,922,086	10,477,868	1,978,747	8,034	2,320	10,354	23,665
2039	2,046	2,241,398	1,839,444	9,916,457	1,815,940	7,427	2,194	9,621	21,319
2040	2,005	2,148,079	1,766,559	9,438,597	1,686,772	6,778	2,096	8,874	19,279
2041	1,983	2,048,117	1,688,307	8,952,304	1,563,754	6,283	1,999	8,282	17,366
2042	1,938	1,958,204	1,618,122	8,508,217	1,448,033	5,831	1,907	7,738	15,542
2043	1,913	1,872,796	1,550,914	8,090,834	1,343,862	5,435	1,824	7,259	14,149
2044	1,893	1,795,635	1,490,571	7,724,489	1,255,587	5,068	1,749	6,817	12,982
2045	1,855	1,712,236	1,424,802	7,329,008	1,163,280	4,707	1,668	6,375	11,822
Subtotal		55,151,021	44,240,289	253,302,442	53,684,459	226,582	58,984	285,566	750,332
Remaining		26,258,127	22,554,726	105,095,800	11,191,784	49,020	25,538	74,558	91,497
Total		81,409,148	66,795,015	358,398,242	64,876,243	275,602	84,522	360,124	841,829
Cumulative		345,574,171		2,962,147,877
Ultimate		426,983,319		3,320,546,119
	Oil and	Natural Gas	Total		Future Gross		Future Gross	Future Gross Future Gross	Future Gross
Year	Cond	Liquids	Liquids	Gas	Revenue		Revenue	Revenue	Revenue	Revenue
Ending	Prices	Prices	Prices	Prices	Oil and Cond		NGL	Total Liquids Gas	Total
Dec 31	($/bbl) ($/bbl) ($/bbl) ($/Mcf)			($)			($)	($)	($)	($)
2026	62.70	25.00	55.72 3.041	1,328,430			120,223	1,448,653	234,143	1,682,796
2027	62.69	25.05	55.70 3.046	1,249,288			113,839	1,363,127	219,067	1,582,194
2028	62.67	25.10	55.71 3.046	1,180,570			107,629	1,288,199	206,224	1,494,423
2029	62.67	25.14	55.68 3.047	1,108,398			101,747	1,210,145	192,734	1,402,879
2030	62.69	25.26	55.62 3.043	1,018,878			95,607	1,114,485	174,269	1,288,754
2031	62.73	25.29	55.48 3.044	939,689			90,952	1,030,641	158,825	1,189,466
2032	62.77	25.31	55.32 3.041	868,144			86,864	955,008	143,995	1,099,003
2033	62.81	25.32	55.17 3.040	799,885			82,474	882,359	130,616	1,012,975
2034	62.85	25.34	55.03 3.040	740,378			78,612	818,990	119,322	938,312
2035	62.88	25.36	54.88 3.040	685,984			74,974	760,958	109,123	870,081
2036	62.94	25.38	54.65 3.046	627,178			71,662	698,840	97,372	796,212
2037	62.94	25.65	54.57 3.034	561,933			66,279	628,212	83,328	711,540
2038	62.91	26.07	54.65 3.002	505,339			60,550	565,889	71,042	636,931
2039	62.96	26.08	54.54 3.000	467,622			57,269	524,891	63,966	588,857
2040	63.04	26.10	54.32 3.002	427,398			54,662	482,060	57,886	539,946
2041	63.09	26.11	54.17 3.001	396,270			52,128	448,398	52,121	500,519
2042	63.14	26.12	54.01 2.998	368,117			49,861	417,978	46,595	464,573
2043	63.18	26.13	53.87 2.995	343,558			47,685	391,243	42,386	433,629
2044	63.22	26.14	53.71 2.993	320,448			45,739	366,187	38,849	405,036
2045	63.27	26.16	53.56 2.991	297,639			43,629	341,268	35,358	376,626
Subtotal	62.83	25.47	55.11 3.035	14,235,146			1,502,385	15,737,531	2,277,221	18,014,752
Remaining	63.78	26.28	50.94 2.972	3,126,793			671,079	3,797,872	271,907	4,069,779
Total	63.00	25.71	54.25 3.028	17,361,939			2,173,464	19,535,403	2,549,128	22,084,531

Reserve Category: DEVELOPED PRODUCING

Year

Production Ad Valorem Transportation

Future Net Revenue Present Worth at 10 Percent

Gross Completions

Ending Dec 31

Taxes Taxes Expenses

($) ($) ($)

Annual Cumulative ($) ($)

Oil Gas

2,304 315

2026	136,217	0	112,623	1,433,956	1,433,956	1,360,000	1,360,000	Month of Last Production: 04/2089
2027	128,081	0	105,676	1,348,437	2,782,393	1,157,655	2,517,655
2028	120,984	0	99,469	1,273,970	4,056,363	990,005	3,507,660	Interests (Percent)
2029	113,581	0	93,275	1,196,023	5,252,386	841,376	4,349,036	Date Working Revenue
2030	104,358	0	86,216	1,098,180	6,350,566	699,419	5,048,455
2031	96,301	0	80,263	1,012,902	7,363,468	583,985	5,632,440
2032	88,970	0	74,816	935,217	8,298,685	488,061	6,120,501
2033	82,005	0	69,510	861,460	9,160,145	406,922	6,527,423
2034	75,938	0	64,898	797,476	9,957,621	341,000	6,868,423	Present Worth Profile ($)
2035 2036	70,418 64,408	0 0	60,650 55,988	739,013 675,816	10,696,634 11,372,450	286,075 236,863	7,154,498 7,391,361	5.00 Percent 11,781,491 8.00 Percent 9,594,770 12.00 Percent 7,681,107
2037	57,600	0	50,488	603,452	11,975,902	191,511	7,582,872	15.00 Percent 6,677,558
2038	51,615	0	45,663	539,653	12,515,555	154,943	7,737,815	20.00 Percent 5,478,859
2039	47,739	0	42,618	498,500	13,014,055	129,578	7,867,393	25.00 Percent 4,641,179
2040	43,733	0	39,748	456,465	13,470,520	107,382	7,974,775	30.00 Percent 4,023,138
2041	40,542	0	37,178	422,799	13,893,319	90,035	8,064,810
2042	37,641	0	34,852	392,080	14,285,399	75,580	8,140,390
2043	35,128	0	32,737	365,764	14,651,163	63,825	8,204,215
2044	32,799	0	30,864	341,373	14,992,536	53,927	8,258,142
2045	30,499	0	28,946	317,181	15,309,717	45,344	8,303,486
Subtotal	1,458,557	0	1,246,478	15,309,717		8,303,486
Remaining	327,370	0	312,075	3,430,334	18,740,051	229,852	8,533,338
Total	1,785,927	0	1,558,553	18,740,051		8,533,338

These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.

6 PROJECTION OF ESTIMATED PROVED DEVELOPED PRODUCING PRODUCTION AND REVENUE AS OF DECEMBER 31, 2025

FROM CERTAIN PROPERTIES WITH ROYALTY INTERESTS ATTRIBUTABLE TO SABINE ROYALTY TRUST

Reserve Category: DEVELOPED PRODUCING

State:	OKLAHOMA
		Gross	Gross	Gross	Gross	Net	Net	Net	Net
Year		Oil and Cond	NGL	Separator Gas	Sales Gas	Oil and Cond	NGL	Total Liquids	Sales Gas
Ending		Production	Production	Production	Production	Production	Production	Production	Production
Dec 31	Completions	(bbl)	(bbl)	(Mcf)	(Mcf)	(bbl)	(bbl)	(bbl)	(Mcf)
2026	3,677	3,865,888	554,281	30,458,289	28,961,890	50,814	32,500	83,314	1,018,475
2027	3,652	3,315,257	490,655	24,887,334	23,533,547	48,574	31,952	80,526	980,846
2028	3,626	2,943,641	442,654	21,237,786	20,005,641	47,151	31,642	78,793	952,912
2029	3,612	2,636,589	400,221	18,486,581	17,369,138	45,777	31,235	77,012	925,891
2030	3,594	2,389,550	357,923	16,259,698	15,247,845	43,163	29,668	72,831	871,788
2031	3,569	2,180,374	322,148	14,463,075	13,542,776	39,577	27,257	66,834	798,377
2032	3,553	1,973,736	287,370	12,967,033	12,144,181	36,331	24,964	61,295	732,501
2033	3,531	1,775,360	255,929	11,553,553	10,811,492	33,158	22,828	55,986	667,742
2034	3,508	1,643,058	232,718	10,348,652	9,679,765	30,455	20,993	51,448	611,170
2035	3,480	1,519,559	210,970	9,261,138	8,662,898	27,916	19,269	47,185	558,950
2036	3,453	1,405,832	192,787	8,279,923	7,738,520	25,599	17,750	43,349	510,067
2037	3,426	1,285,582	166,405	7,339,665	6,878,025	23,285	16,161	39,446	463,786
2038	3,404	1,188,356	146,857	6,591,467	6,181,295	21,354	14,786	36,140	424,943
2039	3,390	1,109,735	131,850	5,959,863	5,590,438	19,652	13,535	33,187	388,479
2040	3,368	1,025,960	117,540	5,247,476	4,927,860	18,106	12,447	30,553	351,838
2041	3,345	937,228	104,494	4,663,833	4,385,296	16,500	11,365	27,865	320,366
2042	3,333	874,958	92,644	4,138,775	3,899,823	15,092	10,433	25,525	291,814
2043	3,311	819,544	78,541	3,636,036	3,438,406	13,913	9,557	23,470	266,198
2044	3,290	770,328	69,572	3,228,412	3,061,251	12,865	8,799	21,664	244,403
2045	3,275	719,497	62,386	2,864,787	2,721,093	11,789	8,065	19,854	223,198
Subtotal		34,380,032	4,717,945	221,873,376	208,781,180	581,071	395,206	976,277	11,603,744
Remaining		7,266,886	539,752	23,507,750	22,606,172	89,621	59,416	149,037	1,698,881
Total		41,646,918	5,257,697	245,381,126	231,387,352	670,692	454,622	1,125,314	13,302,625
Cumulative		647,588,421		2,744,829,929
Ultimate		689,235,339		2,990,211,055
	Oil and	Natural Gas	Total		Future Gross		Future Gross	Future Gross Future Gross	Future Gross
Year	Cond	Liquids	Liquids	Gas	Revenue		Revenue	Revenue	Revenue	Revenue
Ending	Prices	Prices	Prices	Prices	Oil and Cond		NGL	Total Liquids Gas	Total
Dec 31	($/bbl) ($/bbl) ($/bbl) ($/Mcf)			($)			($)	($)	($)	($)
2026	62.25	20.34	45.90 3.174	3,162,843			660,974	3,823,817	3,233,014	7,056,831
2027	62.14	20.28	45.53 3.159	3,018,815			647,980	3,666,795	3,098,631	6,765,426
2028	62.06	20.24	45.27 3.148	2,926,062			640,564	3,566,626	2,999,317	6,565,943
2029	62.00	20.20	45.05 3.139	2,838,222			631,114	3,469,336	2,906,057	6,375,393
2030	61.97	20.18	44.95 3.136	2,674,827			598,666	3,273,493	2,733,924	6,007,417
2031	61.96	20.18	44.92 3.136	2,451,836			549,899	3,001,735	2,504,049	5,505,784
2032	61.95	20.17	44.94 3.138	2,250,747			503,522	2,754,269	2,298,879	5,053,148
2033	61.95	20.16	44.91 3.137	2,054,339			460,239	2,514,578	2,094,871	4,609,449
2034	61.95	20.16	44.90 3.136	1,886,927			423,316	2,310,243	1,916,754	4,226,997
2035	61.94	20.16	44.88 3.136	1,729,138			388,537	2,117,675	1,752,850	3,870,525
2036	61.93	20.16	44.83 3.138	1,585,403			357,659	1,943,062	1,600,708	3,543,770
2037	61.93	20.13	44.80 3.137	1,441,956			325,431	1,767,387	1,454,928	3,222,315
2038	61.93	20.11	44.82 3.138	1,322,378			297,295	1,619,673	1,333,487	2,953,160
2039	61.93	20.11	44.87 3.143	1,216,975			272,201	1,489,176	1,220,817	2,709,993
2040	61.93	20.11	44.89 3.141	1,121,210			250,311	1,371,521	1,105,208	2,476,729
2041	61.93	20.11	44.87 3.141	1,021,934			228,534	1,250,468	1,006,429	2,256,897
2042	61.92	20.11	44.84 3.138	934,666			209,763	1,144,429	915,837	2,060,266
2043	61.92	20.09	44.89 3.138	861,538			192,022	1,053,560	835,325	1,888,885
2044	61.93	20.09	44.94 3.139	796,704			176,797	973,501	767,161	1,740,662
2045	61.92	20.10	44.93 3.139	729,983			162,130	892,113	700,665	1,592,778
Subtotal	62.00	20.18	45.07 3.144	36,026,503			7,976,954	44,003,457	36,478,911	80,482,368
Remaining	61.92	20.01	45.21 3.160	5,548,922			1,188,981	6,737,903	5,368,160	12,106,063
Total	61.99	20.16	45.09 3.146	41,575,425			9,165,935	50,741,360	41,847,071	92,588,431

Year

Production Ad Valorem Transportation

Future Net Revenue Present Worth at 10 Percent

Gross Completions

Ending Dec 31

Taxes Taxes Expenses

($) ($) ($)

Annual Cumulative ($) ($)

Oil Gas

82 3,595

2026	329,952	0	193,169	6,533,710	6,533,710	6,195,913	6,195,913	Month of Last Production: 03/2091
2027	316,010	0	189,782	6,259,634	12,793,344	5,373,123	11,569,036
2028	443,753	0	187,264	5,934,926	18,728,270	4,610,900	16,179,936	Interests (Percent)
2029	430,573	0	184,240	5,760,580	24,488,850	4,050,845	20,230,781	Date Working Revenue
2030	405,570	0	174,351	5,427,496	29,916,346	3,456,885	23,687,666
2031	371,660	0	159,725	4,974,399	34,890,745	2,868,129	26,555,795
2032	341,154	0	145,605	4,566,389	39,457,134	2,383,210	28,939,005
2033	311,164	0	133,234	4,165,051	43,622,185	1,967,535	30,906,540
2034	285,299	0	122,039	3,819,659	47,441,844	1,633,450	32,539,990	Present Worth Profile ($)
2035 2036	261,219 239,090	0 0	111,433 101,760	3,497,873 3,202,920	50,939,717 54,142,637	1,354,186 1,122,383	33,894,176 35,016,559	5.00 Percent 55,074,960 8.00 Percent 45,208,389 12.00 Percent 36,298,777
2037	217,388	0	92,806	2,912,121	57,054,758	923,725	35,940,284	15.00 Percent 31,548,667
2038	199,268	0	84,735	2,669,157	59,723,915	766,384	36,706,668	20.00 Percent 25,831,265
2039	182,886	0	77,298	2,449,809	62,173,724	636,797	37,343,465	25.00 Percent 21,822,159
2040	167,077	0	70,686	2,238,966	64,412,690	526,810	37,870,275	30.00 Percent 18,864,016
2041	152,245	0	64,539	2,040,113	66,452,803	434,494	38,304,769
2042	138,931	0	59,041	1,862,294	68,315,097	359,027	38,663,796
2043	127,398	0	54,182	1,707,305	70,022,402	297,968	38,961,764
2044	117,407	0	49,843	1,573,412	71,595,814	248,559	39,210,323
2045	107,410	0	45,522	1,439,846	73,035,660	205,882	39,416,205
Subtotal	5,145,454	0	2,301,254	73,035,660		39,416,205
Remaining	817,909	0	336,302	10,951,852	83,987,512	877,969	40,294,174
Total	5,963,363	0	2,637,556	83,987,512		40,294,174

These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.

PROJECTION OF ESTIMATED PROVED DEVELOPED PRODUCING PRODUCTION AND REVENUE 7

AS OF DECEMBER 31, 2025

FROM CERTAIN PROPERTIES WITH ROYALTY INTERESTS ATTRIBUTABLE TO SABINE ROYALTY TRUST

State:	TEXAS
		Gross	Gross	Gross	Gross	Net	Net	Net	Net
Year		Oil and Cond	NGL	Separator Gas	Sales Gas	Oil and Cond	NGL	Total Liquids	Sales Gas
Ending		Production	Production	Production	Production	Production	Production	Production	Production
Dec 31	Completions	(bbl)	(bbl)	(Mcf)	(Mcf)	(bbl)	(bbl)	(bbl)	(Mcf)
2026	16,590	47,488,927	14,142,491	121,553,001	55,802,286	547,950	210,243	758,193	5,766,288
2027	16,325	42,801,879	12,573,031	106,652,928	47,435,839	472,874	184,265	657,139	4,553,121
2028	15,747	39,288,303	11,272,779	95,375,967	41,620,280	413,245	161,228	574,473	3,765,381
2029	15,499	35,681,676	9,950,878	84,710,188	36,799,436	358,276	139,420	497,696	3,171,992
2030	14,695	32,619,371	8,756,460	75,462,140	32,516,445	314,664	121,557	436,221	2,731,500
2031	14,362	30,177,943	7,840,239	67,692,336	28,648,739	283,618	108,321	391,939	2,398,106
2032	13,943	27,812,870	7,073,836	61,039,901	25,419,731	256,505	97,717	354,222	2,143,909
2033	13,531	25,836,428	6,394,436	55,770,741	23,273,975	234,942	89,175	324,117	1,929,667
2034	13,288	23,848,886	5,791,120	50,989,673	21,349,212	216,663	81,911	298,574	1,750,395
2035	12,653	22,120,092	5,264,023	46,838,787	19,687,932	200,119	75,257	275,376	1,594,565
2036	12,476	20,783,629	4,800,167	43,180,488	18,163,281	185,981	69,203	255,184	1,461,390
2037	12,269	19,410,991	4,351,886	39,682,611	16,750,085	171,974	63,259	235,233	1,335,332
2038	12,019	18,107,849	3,965,711	36,649,866	15,549,135	159,190	58,158	217,348	1,227,566
2039	11,672	16,905,928	3,593,095	33,592,052	14,152,133	147,243	53,111	200,354	1,121,700
2040	11,502	15,933,556	3,286,658	31,185,998	13,197,544	137,056	48,746	185,802	1,032,845
2041	11,374	14,715,273	2,996,685	28,854,340	12,289,531	126,922	44,641	171,563	949,177
2042	11,009	13,625,668	2,743,565	26,815,063	11,517,868	117,943	40,983	158,926	870,487
2043	10,858	12,822,682	2,511,234	24,880,529	10,760,421	109,712	37,652	147,364	802,609
2044	10,740	12,106,666	2,297,906	23,146,533	10,038,209	102,192	34,514	136,706	738,299
2045	10,573	11,107,507	2,027,999	21,043,110	9,092,261	94,647	31,588	126,235	672,425
Subtotal		483,196,124	121,634,199	1,075,116,252	464,064,343	4,651,716	1,750,949	6,402,665	40,016,754
Remaining		128,803,179	17,795,396	231,747,922	116,082,135	909,926	242,036	1,151,962	6,082,318
Total		611,999,303	139,429,595	1,306,864,174	580,146,478	5,561,642	1,992,985	7,554,627	46,099,072
Cumulative		10,514,477,733		18,515,591,527
Ultimate		11,126,477,036		19,822,455,701
	Oil and	Natural Gas	Total		Future Gross		Future Gross	Future Gross Future Gross	Future Gross
Year	Cond	Liquids	Liquids	Gas	Revenue		Revenue	Revenue	Revenue	Revenue
Ending	Prices	Prices	Prices	Prices	Oil and Cond		NGL	Total Liquids Gas	Total
Dec 31	($/bbl) ($/bbl) ($/bbl) ($/Mcf)			($)			($)	($)	($)	($)
2026	65.72	26.95	54.97 3.326	36,011,330			5,666,250	41,677,580	19,180,572	60,858,152
2027	65.70	27.01	54.85 3.284	31,068,673			4,977,778	36,046,451	14,953,082	50,999,533
2028	65.70	27.04	54.85 3.260	27,148,705			4,359,427	31,508,132	12,276,559	43,784,691
2029	65.68	27.11	54.88 3.251	23,532,099			3,779,557	27,311,656	10,311,183	37,622,839
2030	65.67	27.20	54.95 3.248	20,663,918			3,306,799	23,970,717	8,871,185	32,841,902
2031	65.68	27.40	55.10 3.238	18,626,576			2,968,526	21,595,102	7,765,373	29,360,475
2032	65.68	27.56	55.16 3.225	16,847,054			2,692,802	19,539,856	6,914,533	26,454,389
2033	65.67	27.59	55.20 3.215	15,429,535			2,460,355	17,889,890	6,203,361	24,093,251
2034	65.66	27.61	55.22 3.207	14,226,754			2,261,647	16,488,401	5,613,361	22,101,762
2035	65.66	27.62	55.26 3.201	13,139,214			2,078,489	15,217,703	5,103,714	20,321,417
2036	65.64	27.60	55.33 3.196	12,208,652			1,910,155	14,118,807	4,671,219	18,790,026
2037	65.64	27.61	55.41 3.193	11,287,480			1,746,480	13,033,960	4,264,281	17,298,241
2038	65.63	27.62	55.46 3.192	10,448,601			1,606,416	12,055,017	3,918,432	15,973,449
2039	65.63	27.65	55.56 3.194	9,662,519			1,468,203	11,130,722	3,583,175	14,713,897
2040	65.62	27.67	55.66 3.196	8,993,315			1,348,448	10,341,763	3,300,727	13,642,490
2041	65.61	27.65	55.73 3.196	8,327,376			1,234,394	9,561,770	3,033,876	12,595,646
2042	65.60	27.59	55.80 3.193	7,737,520			1,130,787	8,868,307	2,779,243	11,647,550
2043	65.59	27.58	55.88 3.192	7,196,429			1,038,664	8,235,093	2,562,276	10,797,369
2044	65.58	27.59	55.99 3.191	6,702,203			952,234	7,654,437	2,356,073	10,010,510
2045	65.56	27.59	56.06 3.187	6,205,600			871,606	7,077,206	2,143,253	9,220,459
Subtotal	65.67	27.33	55.18 3.244	305,463,553			47,859,017	353,322,570	129,805,478	483,128,048
Remaining	65.20	27.06	57.19 3.259	59,326,140			6,548,891	65,875,031	19,823,304	85,698,335
Total	65.59	27.30	55.49 3.246	364,789,693			54,407,908	419,197,601	149,628,782	568,826,383

Reserve Category: DEVELOPED PRODUCING

Year

Production Ad Valorem Transportation

Future Net Revenue Present Worth at 10 Percent

Gross Completions

Ending Dec 31

Taxes Taxes Expenses

($) ($) ($)

Annual Cumulative ($) ($)

Oil Gas

15,038 1,552

2026	2,897,399	2,794,698	1,861,192	53,304,863	53,304,863	50,608,502	50,608,502	Month of Last Production: 12/2095
2027	2,433,283	2,329,307	1,490,710	44,746,233	98,051,096	38,447,960	89,056,462
2028	2,094,989	1,989,350	1,252,720	38,447,632	136,498,728	29,900,384	118,956,846	Interests (Percent)
2029	1,807,006	1,699,810	1,075,117	33,040,906	169,539,634	23,257,794	142,214,640	Date Working Revenue
2030	1,583,557	1,475,677	943,473	28,839,195	198,378,829	18,373,513	160,588,153
2031	1,612,051	1,304,167	831,297	25,612,960	223,991,789	14,770,592	175,358,745
2032	1,454,994	1,170,507	742,754	23,086,134	247,077,923	12,050,171	187,408,916
2033	1,325,453	1,062,313	670,522	21,034,963	268,112,886	9,936,649	197,345,565
2034	1,216,319	971,227	610,575	19,303,641	287,416,527	8,255,156	205,600,721	Present Worth Profile ($)
2035 2036	1,119,092 1,035,495	889,987 820,226	558,008 512,410	17,754,330 16,421,895	305,170,857 321,592,752	6,873,060 5,754,120	212,473,781 218,227,901	5.00 Percent 329,394,177 8.00 Percent 274,256,483 12.00 Percent 225,011,276
2037	954,227	752,554	469,340	15,122,120	336,714,872	4,796,152	223,024,053	15.00 Percent 198,764,436
2038	882,545	692,497	432,606	13,965,801	350,680,673	4,009,888	227,033,941	20.00 Percent 166,943,657
2039	814,176	635,400	395,656	12,868,665	363,549,338	3,344,880	230,378,821	25.00 Percent 144,306,381
2040	755,968	586,967	363,541	11,936,014	375,485,352	2,808,035	233,186,856	30.00 Percent 127,313,697
2041	699,180	539,911	334,020	11,022,535	386,507,887	2,347,268	235,534,124
2042	647,321	497,288	306,475	10,196,466	396,704,353	1,965,629	237,499,753
2043	601,086	459,197	282,918	9,454,168	406,158,521	1,649,872	239,149,625
2044	558,163	423,888	259,639	8,768,820	414,927,341	1,385,163	240,534,788
2045	514,753	388,628	236,553	8,080,525	423,007,866	1,155,357	241,690,145
Subtotal	25,007,057	21,483,599	13,629,526	423,007,866		241,690,145
Remaining	5,124,856	3,187,014	1,815,327	75,571,138	498,579,004	5,374,561	247,064,706
Total	30,131,913	24,670,613	15,444,853	498,579,004		247,064,706

These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.

THIS PAGE LEFT BLANK INTENTIONALLY

Earlier from Sabine Royalty Trust

All Sabine Royalty Trust news releases