# PERMIAN BASIN ROYALTY TRUST (PBT) — merger [announced]
Source: SEC API (secapi.ai) · situation sit_4aa0b377e6f01d4dcd89 · retrieved 2026-08-12T21:19:02.382Z

## Overview
Permian Basin Royalty Trust is an oil royalty trader that holds units of beneficial interest and owns mineral interests, surface rights, and oil and gas leases in the Permian Basin.

On July 28, 2026, Permian Basin Royalty Trust ("PBT") entered into a combination agreement with PBT Land and Minerals, Inc. ("New PBT"), a wholly-owned subsidiary of SoftVest, and Blackbeard Holdings, LLC and its subsidiary Blackbeard Security Holdings, LLC, and Greybeard Energy, LLC. Pursuant to the agreement, New PBT will acquire a majority of PBT's assets and liabilities, plus approximately 68,000 acres of surface estate and a 15% effective royalty interest from Blackbeard Holdings. Following the business combination, PBT unitholders will own approximately 59.3% of New PBT's Class A and Class B common stock, while Blackbeard Security and Greybeard Energy will own approximately 40.7% of the outstanding New PBT common stock. New PBT will be the managing member of PBT Land and Minerals OpCo, LLC.

## Terms
- Counterparty: Blackbeard Holdings, LLC; Blackbeard Security Holdings, LLC; Greybeard Energy, LLC · Consideration: stock · Stake: 59.3%

## Key dates
- Announced 2026-07-30

## Timeline
- 2026-07-30 · SCHEDULE 13D/A (0001213900-26-083008): SCHEDULE 13D/A - PERMIAN BASIN ROYALTY TRUST — *Permian Basin Royalty Trust is an oil royalty trader that holds units of beneficial interest and owns mineral interests, surface rights, and oil and gas leases in the Permian Basin.* On July 28, 2026, Permian Basin Royalty Trust ("PBT") entered into a combination agreement with PBT Land and Minerals, Inc. ("New PBT"), a wholly-owned subsidiary of SoftVest, and Blackbeard Holdings, LLC and its subsidiary Blackbeard Security Holdings, LLC, and Greybeard Energy, LLC. Pursuant to the agreement, New PBT will acquire a majority of PBT's assets and liabilities, plus approximately 68,000 acres of surface estate and a 15% effective royalty interest from Blackbeard Holdings. Following the business combination, PBT unitholders will own approximately 59.3% of New PBT's Class A and Class B common stock, while Blackbeard Security and Greybeard Energy will own approximately 40.7% of the outstanding New PBT common stock. New PBT will be the managing member of PBT Land and Minerals OpCo, LLC.
  https://www.sec.gov/Archives/edgar/data/319654/0001213900-26-083008.txt

## Citations
- 0001213900-26-083008 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000121390026083008