Pacific Coast Oil Trust Announces Monthly Net Profits Interest Calculations

HOUSTON, August 31, 2026--PACIFIC COAST OIL TRUST (OTC–ROYTL) (the "Trust"), a royalty trust formed by Pacific Coast Energy Company LP ("PCEC"), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on August 31, 2026 based on the Trust's calculation of net profits generated during June 2026 (the "Current Month") as provided in the conveyance of net profits interests and overriding royalty interest (the "Conveyance"). As further described below under "Update on Estimated Asset Retirement Obligations," based on information from PCEC, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust's administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. As further described below under "Status of the Dissolution of the Trust", because the annual cash proceeds received by the Trust from its net profits interests (the "Net Profits Interests") and 7.5% overriding royalty interest (the "Royalty Interest") totaled less than $2.0 million for each of 2020 and 2021, the amended and restated trust agreement governing the Trust (the "Trust Agreement") provides that the Trust is to be dissolved and wound-up. All financial and operational information in this press release has been provided to the Trustee by PCEC.

Update on Legal Proceedings

On May 20, 2026, Shipyard Capital, LP, Cedar Creek Partners, Walter Keenan, Cromwell Capital, LLC, Timothy Eriksen, Eriksen Family, LLC and Revi Ramesh Desai, derivatively on behalf of the Trust and, in the alternative, individually, filed a complaint, styled Shipyard Capital, LP, et al v. The Bank of New York Mellon Trust Company, N.A., in the 151st District Court of Harris County, Texas, against the Trustee alleging breach of contract, breach of fiduciary duty, gross negligence and willful misconduct, and negligent misrepresentation, in connection with PCEC's deduction of its asset retirement obligations discussed below under "Update on Estimated Asset Retirement Obligations." Among other things, the plaintiffs also seek to enjoin the Trustee from dissolving the Trust or selling Trust assets pending resolution of the action. On June 29, 2026, the Trustee removed the action to the Texas Business Court, Eleventh Division. On August 19, 2026, the court entered a scheduling order setting the case for trial on January 31, 2028. On August 28, 2026, the court sustained the Trustee's special exceptions and ordered the plaintiffs to replead the claims they are asserting derivatively on behalf of the Trust, as well as the plaintiffs' willful misconduct claim, and if the repleading fails to cure the defects in those claims, the court's order states that those claims will be stricken by the court. The Trustee has made demand upon PCEC for indemnification pursuant to Section 6.02 of the Trust Agreement and Section 6(b) of the registration rights agreement to which the Trust and PCEC are parties. The Trustee has not yet fully analyzed any claims it may make in connection with the litigation.