Mesa Royalty Trust is a passive oil and gas royalty trust created in 1979 that holds an overriding royalty interest in producing natural gas properties across three areas: the Hugoton field in Kansas and the San Juan Basin in New Mexico and Colorado. The Trust owns an overriding royalty equal to 11.44% of 90% of Net Proceeds from these properties. Net Proceeds are defined as gross revenues from gas, NGL, and oil sales minus production and capital costs charged by the Working Interest Owners — Scout Energy Group, Hilcorp San Juan, and Simcoe/Mach Natural Resources. The Trust collects its royalty share and distributes cash to unitholders quarterly. The Trust employs no staff, makes no operating decisions, and cannot drill new wells or acquire assets; Bank of New York Mellon Trust Company serves as Trustee and handles all administrative functions. Production is overwhelmingly natural gas, making Henry Hub prices the dominant driver of Trust income. If costs exceed gross proceeds in any period, the shortfall carries forward with interest and must be recovered before the Trust receives any payment — meaning distributions can fall to zero in low-price environments, as occurred across two of the three property areas in 2024. The San Juan Basin — New Mexico properties, operated by Hilcorp, account for the vast majority of reserves and nearly all royalty income. The Trust is a wasting asset: reserves are entirely proved developed with no new drilling activity, and the Trust terminates automatically if annual royalty income falls below $250,000 for two consecutive years.