Hugoton Royalty Trust was created on December 1, 1998 when XTO Energy Inc. conveyed 80% net profits interests in certain predominantly gas-producing properties located in Kansas, Oklahoma and Wyoming to the trust. The net profits interests are the only assets of the trust, other than cash held for trust expenses and for distribution to unitholders.

The trust was created to collect and distribute to unitholders monthly net profits income related to the 80% net profits interests. Such net profits income is calculated as 80% of the net proceeds received from certain working interests in predominantly gas-producing properties in Kansas, Oklahoma and Wyoming.

Net proceeds from properties in each state are calculated by deducting production costs, development costs and overhead from revenues. Net profits income received by the trust on the last business day of each month is calculated and paid by XTO Energy based on net proceeds received from the underlying properties in the prior month. Distributions, as calculated by the trustee, are paid to month-end unitholders of record within ten business days.

Units of beneficial interest in the trust were sold in its initial public offering in April and May 1999, and are listed and traded on the New York Stock Exchange under the symbol “HGT.” As of May 12, 2006, XTO Energy is not a unitholder of the trust.

XTO Energy News Release dated May 12, 2006 regarding its Hugoton Royalty Trust Units dividend.

Effective August 27, 2018 - Hugoton Royalty Trust began trading on the
OTCQX® Best Market, the most prestigious tier of the OTC markets operated by
OTC Markets Group Inc, under the symbol, "HGTXU". Please see press release here.

Hugoton Royalty Trust Announces Filing Of Solicitation/Recommendation Statement On Schedule 14D-9

Prospectus - April 8, 1999