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Independent Oil Gas

MV Oil Trust (MVO) is an oil and gas-focused royalty trust. The Trust'tes holders are entitled to receive their proportionate share of the net profits and adjustments from the underlying oil and gas properties, known as the Trust's "Royalty Interests." The Trust does not participate in the operation of the Underlying Properties. The Trust's primary source of revenue is from royalty payments received from the operation of the Underlying Properties and termination fee payments in the event of sale or other disposal of working interests in certain of the Underlying Properties. As of December 31, 2022, the Underlying Properties consisted of royalty interests in 699 properties (634 properties net to the Trust) located in 28 states, primarily in the Permian Basin, Bakken, and Eagle Ford regions. The Trust does not maintain any cash balances or other assets, except to the extent necessary for the administration of the Trust.

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