{"id":910690,"date":"2025-11-17T08:40:50","date_gmt":"2025-11-17T13:40:50","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\/"},"modified":"2025-11-17T08:40:50","modified_gmt":"2025-11-17T13:40:50","slug":"permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\/","title":{"rendered":"PERMIAN BASIN ROYALTY TRUST ANNOUNCES NOVEMBER CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND NOTICE OF SPECIAL MEETING CALLED BY SOFTVEST"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n DALLAS<\/span>
\n <\/span>, Nov. 17, 2025<\/span><\/span> \/PRNewswire\/ —\u00a0Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) (“Permian” or the “Trust”) today declared a cash distribution to the holders of its units of beneficial interest of $0.019233<\/span> per unit, payable on December 12, 2025<\/span>, to unit holders of record on November 28, 2025<\/span>. The distribution does not include proceeds from the\u00a0Waddell Ranch properties, as total production costs (“Production Costs”) exceeded gross proceeds (“Gross Proceeds”) for the month of September, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.<\/p>\n

This month’s distribution decreased compared to the previous month due primarily to the Texas Royalty Properties having lower natural gas volumes, along with lower oil and natural gas prices, partially offset by slightly higher oil volumes for the month reported.<\/p>\n

\n WADDELL\u00a0RANCH<\/b>\n <\/p>\n

Information from Blackbeard, the operator of the Waddell Ranch properties, necessary to calculate the net profits interest (“NPI”) proceeds for a given month is received after the announcement date for the month’s distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month’s distribution.<\/p>\n

As noted above, no proceeds were received by the Trustee in October 2025<\/span> to be included in the November distribution. \u00a0All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).<\/p>\n

\n
\n TEXAS<\/span> ROYALTY PROPERTIES<\/b>\n <\/p>\n

Production for the underlying Texas Royalty Properties was 16,337 barrels of oil and 10,723 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalty Properties was 14,356 barrels of oil and 9,425 Mcf of gas. The average price for oil was $63.38<\/span> per bbl and for gas was $7.10<\/span>, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in August for oil and July for gas. These allocated volumes were impacted by the pricing of\u00a0both\u00a0oil\u00a0and\u00a0gas.\u00a0This\u00a0production\u00a0and\u00a0pricing\u00a0for\u00a0the\u00a0underlying\u00a0properties\u00a0resulted\u00a0in\u00a0revenues\u00a0for\u00a0the\u00a0Texas\u00a0Royalty Properties\u00a0of\u00a0$1,111,632. Deducted from these revenues were taxes and expenses of $137,663<\/span> resulting in a Net Profit of $973,969<\/span> for October. With the Trust’s NPI of 95% of the Underlying Properties, this would result in a net contribution by the Texas Royalty Properties of $925,270<\/span> to this month’s distribution.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n Underlying\u00a0Properties<\/span>\n <\/p>\n<\/td>\n

\n

\n Net\u00a0to Trust\u00a0Sales<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Volumes<\/span>\n <\/p>\n<\/td>\n

\n

\n Volumes<\/span>\n <\/p>\n<\/td>\n

\n

\n Average Price<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Oil
(bbls)<\/span>\n <\/p>\n<\/td>\n

\n

\n Gas
(Mcf)<\/span>\n <\/p>\n<\/td>\n

\n

\n Oil
(bbls)<\/span>\n <\/p>\n<\/td>\n

\n

\n Gas
(Mcf) (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n Oil
(per bbl)<\/span>\n <\/p>\n<\/td>\n

\n

\n Gas\u00a0
(per\u00a0Mcf) (2)<\/sup><\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Current\u00a0Month<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Waddell\u00a0Ranch<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Texas Royalties<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,337<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,723<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,356<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,425<\/span>\n <\/p>\n<\/td>\n

\n

\n $63.38<\/span>\n <\/p>\n<\/td>\n

\n

\n $7.10<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Prior\u00a0Month<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Waddell\u00a0Ranch<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Texas Royalties<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,239<\/span>\n <\/p>\n<\/td>\n

\n

\n 13,282<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,323<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,709<\/span>\n <\/p>\n<\/td>\n

\n

\n $65.08<\/span>\n <\/p>\n<\/td>\n

\n

\n $8.10<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n
\n

\n
\n (1)<\/sup>\u00a0These\u00a0volumes are\u00a0net\u00a0to\u00a0the\u00a0Trust, after\u00a0allocation\u00a0of\u00a0expenses\u00a0to\u00a0Trust’s\u00a0net\u00a0profit\u00a0interest,\u00a0including\u00a0any\u00a0prior\u00a0period\u00a0adjustments.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2) <\/sup>This\u00a0pricing includes\u00a0sales\u00a0of\u00a0gas\u00a0liquid products.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (3)<\/sup>\u00a0Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the extent the Trustee receives such information timely following the quarter, information will be included in the Trust’s quarterly report on Form 10-Q for the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

General\u00a0and\u00a0Administrative\u00a0Expenses deducted\u00a0for\u00a0the\u00a0month, net of interest earned\u00a0were\u00a0$28,833 resulting\u00a0in\u00a0a\u00a0distribution\u00a0of\u00a0$896,437 to 46,608,796 units outstanding, or $0.019233<\/span> per unit.<\/p>\n

The\u00a0worldwide\u00a0market\u00a0conditions\u00a0continue to\u00a0affect\u00a0the\u00a0pricing\u00a0for\u00a0domestic\u00a0production.\u00a0It\u00a0is\u00a0difficult to\u00a0predict\u00a0what\u00a0effect\u00a0these conditions will have on future distributions.<\/p>\n

\n SPECIAL MEETING<\/b>\n <\/p>\n

As previously announced, on October 10, 2025<\/span>, the Trustee received a request from\u00a0SoftVest Advisors, LLC (“SoftVest”), together with other holders of units of beneficial interest (“Units”) who collectively with SoftVest own more than 15% of the outstanding Units of the Trust, to call a special meeting (“Special Meeting”) of the Trust’s Unit holders to be held on December 16, 2025<\/span>, with a record date of November 11, 2025<\/span>. The purpose of the Special Meeting requested by the Unit holders is to present for a vote by the Trust’s Unit holders a proposal in support of SoftVest or another appropriate party taking appropriate actions to effect the judicial reformation of the Trust’s Indenture to provide that the affirmative vote of a majority of Units cast at a special meeting (at which a quorum is present) be sufficient to approve any amendment to the Trust Indenture. In accordance with the terms of the Trust’s Indenture, the Trustee intends to call the Special Meeting. Additional details regarding the Special Meeting will be set forth in the Trustee’s notice of special meeting to be mailed to Unit holders at a later date and are also expected to be set forth in a definitive proxy statement to be filed by SoftVest with respect to the Special Meeting.<\/p>\n

\n IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT<\/b>\n <\/p>\n

\n This press release is not a proxy solicitation. None of the Trust, the Trustee, or its officers or directors, are soliciting proxies in connection with the Special Meeting and are not participants in any solicitation of proxies by SoftVest and\/or other Unit holders in connection with the Special Meeting. The Trustee and the Trust are making this communication for informational purposes only and do not intend to file a proxy statement with respect to the Special Meeting.<\/b>\n <\/p>\n

\n SoftVest has filed a preliminary proxy statement, and the Trustee anticipates that SoftVest and\/or other Unit holders will file a definitive proxy statement with the Securities and Exchange Commission in connection with the Special Meeting. Unit holders are strongly encouraged to read the preliminary proxy statement and the definitive proxy statement when it becomes available because it will contain important information. Unit holders may obtain a free copy of the proxy statement, any amendments and documents that SoftVest and\/or any other Unit holders or the Trust files with the SEC from the SEC’s website at www.sec.gov<\/a>.<\/b>\n <\/p>\n

The 2024 Annual Report with Form 10-K, which includes the December 31, 2024<\/span>, Reserve Summary, has been filed with the Securities Exchange Commission. Permian’s cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian’s website at http:\/\/www.pbt-permian.com\/<\/b>.<\/a>\u00a0Additionally, printed reports can be requested and are mailed free of charge.<\/p>\n

\n FORWARD-LOOKING STATEMENTS<\/b>\n <\/p>\n

Any statements in this press release about future events or conditions, and other statements containing the words “estimates,” “believes,” “anticipates,” “plans,” “expects,” “will,” “may,” “intends,” and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust’s actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, “Risk Factors” of the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024<\/span>, and Part II, Item 1A, “Risk Factors” of subsequently filed Quarterly Reports on Form 10-Q.<\/p>\n

Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee’s views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee’s views as of any date subsequent to the date hereof.<\/p>\n

Contact:\u00a0Nancy Willis,\u00a0Director of Royalty Trust Services,\u00a0Argent\u00a0Trust\u00a0Company, Trustee,\u00a0Toll\u00a0Free\u00a0\u2013\u00a01.855.588.7839<\/p>\n

\u00a0<\/p>\n

\n \"Cision\" View original content:https:\/\/www.prnewswire.com\/news-releases\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest-302615653.html<\/a><\/p>\n

SOURCE Permian Basin Royalty Trust<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire DALLAS , Nov. 17, 2025 \/PRNewswire\/ —\u00a0Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) (“Permian” or the “Trust”) today declared a cash distribution to the holders of its units of beneficial interest of $0.019233 per unit, payable on December 12, 2025, to unit holders of record on November 28, 2025. The distribution does not include proceeds from the\u00a0Waddell Ranch properties, as total production costs (“Production Costs”) exceeded gross proceeds (“Gross Proceeds”) for the month of September, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below. This month’s distribution decreased compared to the previous month due primarily to the Texas Royalty … <\/p>\n

Continue reading “PERMIAN BASIN ROYALTY TRUST ANNOUNCES NOVEMBER CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND NOTICE OF SPECIAL MEETING CALLED BY SOFTVEST”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-910690","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPERMIAN BASIN ROYALTY TRUST ANNOUNCES NOVEMBER CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND NOTICE OF SPECIAL MEETING CALLED BY SOFTVEST - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PERMIAN BASIN ROYALTY TRUST ANNOUNCES NOVEMBER CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND NOTICE OF SPECIAL MEETING CALLED BY SOFTVEST - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire DALLAS , Nov. 17, 2025 \/PRNewswire\/ —\u00a0Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) (“Permian” or the “Trust”) today declared a cash distribution to the holders of its units of beneficial interest of $0.019233 per unit, payable on December 12, 2025, to unit holders of record on November 28, 2025. The distribution does not include proceeds from the\u00a0Waddell Ranch properties, as total production costs (“Production Costs”) exceeded gross proceeds (“Gross Proceeds”) for the month of September, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below. This month’s distribution decreased compared to the previous month due primarily to the Texas Royalty … Continue reading "PERMIAN BASIN ROYALTY TRUST ANNOUNCES NOVEMBER CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND NOTICE OF SPECIAL MEETING CALLED BY SOFTVEST"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-17T13:40:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/edge.prnewswire.com\/c\/img\/favicon.png?sn=DA24274&sd=2025-11-17\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"PERMIAN BASIN ROYALTY TRUST ANNOUNCES NOVEMBER CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND NOTICE OF SPECIAL MEETING CALLED BY SOFTVEST\",\"datePublished\":\"2025-11-17T13:40:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\\\/\"},\"wordCount\":1348,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/edge.prnewswire.com\\\/c\\\/img\\\/favicon.png?sn=DA24274&sd=2025-11-17\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\\\/\",\"name\":\"PERMIAN BASIN ROYALTY TRUST ANNOUNCES NOVEMBER CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND NOTICE OF SPECIAL MEETING CALLED BY SOFTVEST - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest\/","og_locale":"en_US","og_type":"article","og_title":"PERMIAN BASIN ROYALTY TRUST ANNOUNCES NOVEMBER CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND NOTICE OF SPECIAL MEETING CALLED BY SOFTVEST - Market Newsdesk","og_description":"PR Newswire DALLAS , Nov. 17, 2025 \/PRNewswire\/ —\u00a0Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) (“Permian” or the “Trust”) today declared a cash distribution to the holders of its units of beneficial interest of $0.019233 per unit, payable on December 12, 2025, to unit holders of record on November 28, 2025. The distribution does not include proceeds from the\u00a0Waddell Ranch properties, as total production costs (“Production Costs”) exceeded gross proceeds (“Gross Proceeds”) for the month of September, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below. 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