On June 9, 2023, Shipyard Capital Management LLC filed a definitive proxy statement soliciting proxies and urged the shareholders of Pacific Coast Oil Trust to vote on the proposals: (1) to remove the Bank of New York Mellon Trust Company, N.A. as trustee of the Trust and (2) to adopt an amendment to Section 8.02 of the trust agreement requiring the Trust to bear all costs associated with calling any meeting of unitholders that is called by unitholders owning of record not less than 10% of the then outstanding units should any of the proposals submitted at such meeting receive a majority vote in favor, at the Company's annual shareholders meeting scheduled to be held on July 12, 2023.