04:54 PM EDT, 06/17/2025 (MT Newswires) -- BP Prudhoe Bay Royalty Trust ( BPT ) said late Tuesday that it has begun the sales process for its remaining assets following the trust's official termination on Dec. 31, 2024.

The Bank of New York Mellon Trust, acting as trustee, is overseeing the sale as part of the trust's wind-down process. Under the terms of the trust agreement, all non-cash assets must be sold following termination.

After Hilcorp North Slope declined to exercise its purchase option by the June 2 deadline, RedOaks Energy Advisors was engaged by the trustee to handle the sales process, with bids due by July 29.

While Hilcorp North Slope has signaled interest in making a lower offer, the trustee cannot predict whether any bids will be received or whether unitholders will receive proceeds from the sale, the company said.

Shares of BP Prudhoe Bay Royalty Trust ( BPT ) were down more than 9% in after-hours activity.