PBT Land and Minerals, Inc. (the "Company") today announced the establishment of October 13, 2026 as the record date for its proposed rights offering and $28.08 per share as the subscription price. The subscription price is equal to 87.5% of the volume-weighted average price of the Permian Basin Royalty Trust (NYSE:PBT) units for the five consecutive trading days ending October 2, 2026.

The commencement of the rights offering is subject to regulatory clearance and will be announced separately.

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Copies of the prospectus included in the registration statement may be obtained, when available, from D.F. King & Co., Inc., at (877) 478-5039 (toll-free) or PBT@dfking.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements, such as those pertaining to the Company’s plans, goals, objectives, outlook, expectations and intentions with respect to the proposed rights offering. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words "believe," "expect," "anticipate," "should," "plan," "will," "may," "could," "intend," "estimate," "predict," "potential," "continue" or the negative of these terms and similar expressions are intended to identify forward-looking statements. Should one or more of the risks or uncertainties described in the above-referenced registration statement on Form S-1 occur, or should underlying assumptions prove incorrect, actual outcomes could differ materially from those expressed in any forward-looking statements. These forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.

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Krystal Scrudato

krystal.scrudato@dfking.com