HOUSTON, Texas—(BUSINESS WIRE)—May  20, 2019

Permianville Royalty Trust (NYSE:  PVL, the "Trust") today announced a cash distribution to the holders of its  units of beneficial interest of $0.006988 per unit, payable on June 14, 2019 to  unitholders of record on May 31, 2019. The net profits interest calculation represents  reported oil production for the month of February 2019 and reported natural gas  production during January 2019. The calculation includes accrued costs incurred  in March 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  $3.1 million for the current month on realized wellhead prices of $43.04/bbl.  Recorded natural gas cash receipts from the Underlying Properties totaled $0.8 million  for the current month on realized wellhead prices of $2.60/mcf. The recorded  oil cash receipts reflect the highest reported monthly oil production  attributable to the Underlying Properties since the month of April 2015. The  increase in production in the current month is attributable to both the previously  announced Permian horizontal wells as well as incremental capital expenditures on  conventional oil wells by certain operators of the Underlying Properties. The  increase in production was offset by a decrease in realized oil prices compared  to the prior period. The increase in gas revenues in the current month reflects  higher reported production for the Underlying Properties, which was partially  offset by a decline in realized gas prices compared to the prior period.

Total accrued operating expenses  for the period were $2.2 million, which were flat month-over-month from February  2019.

Capital expenditures increased  from $0.8 million in the month of February 2019 to $1.3 million in the  month of March 2019, and represented a $1.0 million increase over the average  monthly capital expenditures of $0.3 million during 2018. Approximately $0.8  million of the current month's capital expenditures was associated with the drilling  and completion of Permian horizontal wells, operated by Pioneer Natural  Resources and Encana Corporation, which have contributed to the recent oil  production growth exhibited in the current month. 

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 "SEC"), 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. In addition, future monthly capital expenditures may not return to  the average levels experienced in 2018 and prior periods. 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.

Contact
  Permianville Royalty Trust
  The Bank of New York Mellon Trust  Company, N.A., as Trustee