Empire Petroleum Corporation (NYSEAM:EP) agreed to acquire Certain Oil and Natural Gas Properties in Permian Basin from Coert Holdings 1 LLC on July 19, 2023. The unitholders of Permianville Royalty Trust approved the deal. The vote in favor of the sale of the Divestiture Properties constituted more than the required 50% of the Trust units outstanding as of the record date for the special meeting and, as a result, the proposal was approved by the Trust unitholders.

Closing of the sale of the Divestiture Properties is expected to occur before August 31, 2023. Following the closing, the Sponsor will set a record date for the special distribution and within 45 days after the closing of the transaction, the Sponsor will distribute 80% of the net proceeds of the sale, less 80% of the expenses associated with the transaction and proxy meeting expenses and associated holdback amount, to unitholders of record. Jhett R. Nelson, Chad M. Smith, Danny Nappier, Steven Taylor of Kirkland & Ellis LLP acted as a legal advisor to Coert Holdings 1 LLC.