Hugoton Royalty Trust is an express trust. The Company created pursuant to the Hugoton Royalty Trust Indenture between XTO Energy Inc., as grantor, and NationsBank, N.A., as trustee. Bank of America, N.A., successor to NationsBank, N.A., is the trustee of the Company. XTO Energy is a wholly owned subsidiary of Exxon Mobil Corporation. XTO Energy conveyed to the Company 80% interests in certain natural gas producing working interest properties in Kansas, Oklahoma and Wyoming under three separate conveyances. In exchange for this interest conveyance to the trust, 40 million units of beneficial interest were issued to XTO Energy. Its properties are gas-producing properties located in the Hugoton area of Oklahoma and Kansas, the Anadarko Basin of Oklahoma and the Green River Basin of Wyoming. XTO Energy operates approximately 95% of the properties.