HUGOTON ROYALTY TRUST DECLARES NO OCTOBER CASH DISTRIBUTION

XTO Energy has advised the Trustee that it has included underlying sales volumes of approximately 11,000 Bbls and 51,000 Mcf from four new non-operated wells drilled in Major County, Oklahoma and has deducted development costs of $84,000, production expense of $1,707,000, and overhead of $979,000 in determining the royalty calculation for the Trust for the current month.

Current Month Distribution
XTO Energy has advised the Trustee that out of period plant product revenue for the Oklahoma Working Interest net profits interests contributed to a higher average gas price for the current month. Excluding these out of period plant product revenues, the average gas price would have been $1.97 per Mcf for the current month. This had no effect on the cash distribution in the current or prior month.

Excess Costs
XTO Energy has advised the Trustee that excess costs increased by $53,000 on properties underlying the Kansas net profits interests. Underlying cumulative excess costs remaining on the Kansas net profits interests total $1,483,000, including accrued interest of $95,000.

XTO Energy has advised the Trustee that $1,734,000 of excess costs were recovered on properties underlying the Oklahoma net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma net profits interests to be included in the current month's distribution. Underlying cumulative excess costs remaining on the Oklahoma net profits interests total $1,133,000, including accrued interest of $364,000.

XTO Energy has advised the Trustee that excess costs increased by $450,000 on properties underlying the Wyoming net profits interests. Underlying cumulative excess costs remaining on the Wyoming net profits interests total $6,756,000, including accrued interest of $284,000.

Development Costs
As previously disclosed, XTO Energy advised the Trustee that it elected to participate in the development of four non-operated wells in Major County, Oklahoma. As of the date hereof, $10.2 million underlying ($8.2 million net to the Trust) in development costs have been charged to the Trust for the four non-operated wells. Two wells were completed in second quarter 2023, the third was completed in fourth quarter 2023, and the fourth was completed in first quarter 2024. The Trustee and XTO Energy will continue to provide material updates on the four non-operated wells in subsequent communications.

For more information on the Trust, including the annual tax information, distribution amounts, and historical press releases, please visit our website at .

Statements made in this press release regarding future events or conditions are forward looking statements. Actual future results, including development costs and timing, and future net profits, could differ materially due to changes in natural gas and oil prices and other economic conditions affecting the gas and oil industry and other factors described in Part I, Item 1A of the Trust's Annual Report on Form 10-K for the year ended December 31, 2023.

SOURCE Hugoton Royalty Trust

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