The Chesapeake Granite Wash Trust is a passive statutory trust formed in 2011 to hold royalty interests in oil, natural gas, and NGL producing wells in the Colony Granite Wash play in Washita County, Oklahoma. The Trust holds two royalty interests: a PDP Royalty Interest entitling it to 90% of proceeds from producing wells, and a Development Royalty Interest entitling it to 50% of proceeds from development wells. The Trust collects royalty income from these underlying properties and distributes cash to unitholders quarterly. The Trust has no employees, does not operate wells, and bears no production or development costs. The underlying wells are operated by Diversified, which holds roughly 50.8% of the Trust's 46,750,000 units outstanding. The Trust's distributions are driven primarily by commodity prices — particularly natural gas, which comprises roughly 60% of reserves by volume — and by production volumes, which are in natural decline. No new wells have been drilled since 2016, and the operator has no obligation to drill additional wells, meaning the asset base is fixed and depleting. The Trust terminates on June 30, 2031, at which point half the royalty interests revert to the operator and the other half are sold, with proceeds distributed to unitholders.