MV Oil Trust is a statutory trust that holds an 80% net profits interest (NPI) in oil and natural gas properties operated by MV Partners in the Mid-Continent region of Kansas and Colorado. The Trust does not operate any properties itself — it receives 80% of net proceeds from MV Partners' production and distributes that cash to unitholders quarterly. The underlying properties consist of roughly 833 producing wells, approximately 99% of which produce oil, located in mature, shallow fields (600 to 4,500 feet) with production histories dating back to as early as 1914. The key areas are the El Dorado Area in southeastern Kansas and the Northwest Kansas Area, together accounting for roughly 62% of net acres. MV Partners sells oil from these properties, deducts lease operating expenses, overhead, taxes, and capex, and remits 80% of net proceeds to the Trust. Distributions are driven primarily by WTI oil prices (less a regional differential), production volumes, and operating costs — which run roughly $35–$38/Boe, leaving a thin margin sensitive to oil price moves. The Trust is winding down: the NPI terminates on June 30, 2026, after the minimum production threshold was met, with a final distribution expected around July 24, 2026, after which all Trust units will be cancelled. As of December 31, 2025, only approximately 211 MBoe of proved reserves remained attributable to the Trust.