SoftVest and Blackbeard Sign Definitive Agreement for $2.2 Billion Combination of Permian Basin Royalty Trust and US Land Guild

SoftVest and Blackbeard Sign Definitive Agreement for $2.2 Billion Combination of Permian Basin Royalty Trust and US Land Guild

Proposed combination creates PBT Land and Minerals, Inc. (“New PBT”), a premier land and minerals platform differentiated by unique operator alignment

New PBT Highlights

Scaled, largely contiguous surface and underlying minerals position comprised of 111,000 net royalty acres (“NRAs”)1 and 68,000 surface acres located in the prolific Central Basin Platform (“CBP”) region of the Permian Basin

Affiliation with Blackbeard Operating (“BBO”), the largest producer2 in the CBP with a history of unlocking resources across legacy fields via modern drilling and completion techniques