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Did I hear correctly in the podcast that the trust will be liquidated soon due to the 10.8 produced vs the 11.5 required? Because the Trust stipulates that it is “the later to occur of” and that verbiage would push the date to June 30, 2026, pg. 16 paragraph one of the most recent 10K even calls this out

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KT, thanks for the question and the catch! You raise a good point regarding MVO’s liquidation date, a point that I should have covered more thoroughly in the episode.

While acknowledging that the trust would liquidate on the later of June of 2026 or after producing 11.5 MMBoe, I incorrectly surmised that the trust would cease to receive oil royalties after it met its 11.5 MMBoe production limit. With the trust no longer receiving revenue, I assumed that either a majority of shareholders would vote to liquidate the trust or that it’s revenue would fall below 1 million per year which would also lead, eventually to the trusts liquidation. Your question prompted me to dig deeper and I now believe that the trust will continue to receive oil royalty payments beyond the 11.5 MMBoe point until it reaches the June 2026 date at which point the assets will be sold and distributed as discussed.

While the timeline is longer than that alluded to in the episode the ultimate pay out should be similar. A big thanks for helping us with this clarification and we look forward to even more engagement with you in the future!

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At their trailing 3Y production they will burn through proven developed by June 2026, I would avoid unless these estimates are sandbagged, but I’ve never seen that

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