Gulf of Mexico Royalty Trust is a passive statutory trust that holds a 5% gross overriding royalty interest in oil and gas exploration prospects in the shallow waters of the Gulf of Mexico and onshore South Louisiana. In practice, its only meaningful asset is a 3.6% overriding royalty interest in the onshore Highlander prospect in South Louisiana, operated by HOGA. An overriding royalty interest entitles the holder to a share of production proceeds with no obligation to fund drilling, development, or operating costs. The trust has no employees, no operating activities, and no ability to influence operations on the underlying properties — it only collects royalty income, pays administrative expenses, and distributes remaining cash to unitholders. The trust currently generates no income; its sole producing well was shut in March 2023 after water flooded the wellbore and was plugged and abandoned in early 2024, with no royalty distributions since Q1 2023. HOGA spudded a new well on the Highlander interest in January 2025, reaching total depth in February 2026, but whether it will produce commercial quantities of natural gas is unknown. When producing, the trust's distributions depend entirely on production volumes and natural gas prices. To cover administrative expenses during periods of no production, HOGA contributes up to $350,000 annually and may loan the trust additional funds, with any borrowed amounts repaid before unitholders receive distributions. The trust is scheduled to dissolve no later than June 3, 2033.