08:58 AM EDT, 05/27/2025 (MT Newswires) -- Permian Basin Royalty Trust ( PBT ) trustee Argent Trust said Tuesday it filed a second amended petition connected with its lawsuit against Blackbeard Operating.

Blackbeard operates the Waddell Ranch properties in Crane County, Texas, in which Permian Basin Royalty ( PBT ) holds a 75% net overriding royalty, according to the statement.

Under the petition, Argent seeks to recover more than $9 million in damages to the trust due to Blackbeard's alleged failure to properly calculate and pay royalties from April 2020 through December 2023.

Argent also claims Blackbeard failed to pay on all volumes of oil, gas, and other minerals produced from the relevant lands and failed to provide the required annual reports.

The trial date in the District Court of Tarrant County, Texas, is scheduled for November 17, and discovery is currently ongoing, Argent said.