Permianville Royalty Trust Announces Monthly Cash Distribution

Permianville Royalty Trust (NYSE: PVL) (the “Trust”) today announced a
cash distribution to the holders of its units of beneficial interest of
$0.016800 per unit, payable on May 14, 2019 to unitholders of record on
April 30, 2019. The net profits interest calculation represents reported
oil production for the month of January 2019 and reported natural gas
production during December 2018. The calculation includes accrued costs
incurred in February 2019.

The following table displays reported underlying oil and natural gas
sales volumes and average received wellhead prices attributable to the
current recorded net profits interest calculations.

Recorded oil cash receipts from the oil and gas properties underlying
the Trust (the “Underlying Properties”) totaled $3.2 million for the
current month on realized wellhead prices of $46.95/bbl. Recorded
natural gas cash receipts from the Underlying Properties totaled $0.5
million for the current month on realized wellhead prices of $3.13/mcf.
The increase in oil volumes over the prior month reflects the increase
in production from the previously announced Permian Wolfcamp horizontal
wells as well as the inclusion in the current month’s calculation of a
small amount of the prior month’s oil cash receipts that had been held
in suspense by operators. The decrease in gas revenues is partially on
account of gas production revenues for the month of December that were
aggregated with the operator’s one-time catch-up reporting reflected in
last month’s reported distribution.

Total accrued operating expenses for the period were $2.2 million, which
were up $0.2 million month-over-month from January 2019. Capital
expenditures were $0.8 million in the month of February 2019, of which
approximately $0.5 million was associated with the completion of the
Permian Wolfcamp wells.

About Permianville Royalty Trust

Permianville Royalty Trust is a Delaware statutory trust formed to own a
net profits interest representing the right to receive 80% of the net
profits from the sale of oil and natural gas production from certain,
predominantly non-operated, oil and gas properties in the states of
Texas, Louisiana and New Mexico. As described in the Trust’s filings
with the Securities and Exchange Commission, the amount of the periodic
distributions is expected to fluctuate, depending on the proceeds
received by the Trust as a result of actual production volumes, oil and
gas prices, the amount and timing of capital expenditures, and the
Trust’s administrative expenses, among other factors. Future
distributions are expected to be made on a monthly basis. For additional
information on the Trust, please visit www.permianvilleroyaltytrust.com.

Forward-Looking Statements and Cautionary Statements

This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release,
other than statements of historical facts, are “forward-looking
statements” for purposes of these provisions. These forward-looking
statements include the amount and date of any anticipated distribution
to unitholders and expected expenses, including capital expenditures.
The anticipated distribution is based, in large part, on the amount of
cash received or expected to be received by the Trust from COERT
Holdings 1 LLC (the “Sponsor”) with respect to the relevant period. The
amount of such cash received or expected to be received by the Trust
(and its ability to pay distributions) has been and will continue to be
directly affected by the volatility in commodity prices, which could
decline or remain low for an extended period of time. Other important
factors that could cause actual results to differ materially include
expenses of the Trust, reserves for anticipated future expenses and the
continuing transition process following the sale of the Underlying
Properties to the Sponsor. Volumes and revenues reflected in the current
period are, and in certain future periods during this transition process
may be, higher than expected as delayed revenues are received by the
Sponsor and are not indicative of future production and revenues.
Statements made in this press release are qualified by the cautionary
statements made in this press release. Neither the Sponsor nor the
Trustee intends, and neither assumes any obligation, to update any of
the statements included in this press release. An investment in units
issued by the Trust is subject to the risks described in the Trust’s
filings with the SEC, including the risks described in the Trust’s
Annual Report on Form 10-K for the year ended December 31, 2018, filed
with the SEC on March 18, 2019. The Trust’s quarterly and other filed
reports are or will be available over the Internet at the SEC’s website
at http://www.sec.gov.

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