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• Royalty interest in PDP (proven developed producing) wells

• 16 producing wells

• Operated by Pioneer Natural Resources

• 22% average last-4-month annualized yield

• Upside and yield growth potential with access to behind-pipe reserves. Yield is subject to production and commodity price variability

• 15% tax-free revenue stream (federal depletion allowance), IRC-1031 exchange compatible (like-kind real estate tax deferral). Suitable for self-directed IRA, family trusts, and direct purchase