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Enduro Royalty Trust Announces 2014 Capital Program Focused On Midland Basin Wolfcamp Drilling And Reports Monthly Cash Distribution

Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced its 2014 capital program, including development opportunities in the Wolfcamp play of west Texas, and reported its monthly cash distribution to be paid in February 2014.

Recent Activity

In December 2013, Enduro Resource Partners LLC (“Enduro”), the sponsor of the Trust, received drilling proposals from Pioneer Natural Resources (“Pioneer”) for 3 gross (0.8 net) wells in the Wolfcamp play in the Midland Basin. The wells have been drilled and the completions are scheduled in late January. The wells are anticipated to begin production in February 2014.

2014 Capital Program

Enduro has informed the Trust that total capital expenditures included in 2014 distributions are expected to range from $27 to $30 million attributable to the properties in which the Trust owns an interest, or $22 to $24 million net to the Trust’s 80% net profits interest. The 2014 capital program is expected to be focused on Wolfcamp Permian Basin oil projects in the Midland Basin, with $18 million of the capital program expected to be allocated to drilling projects operated by Pioneer in Reagan County and Irion County, Texas. The remaining $9 to $11 million of capital is anticipated to be spent on workover and development opportunities across several Permian Basin and north Louisiana properties. The increase in expected capital during 2014 is based on additional information obtained by Enduro from the operator of the Wolfcamp projects.

During periods included in 2014 distributions, Enduro will participate in several wells drilled by Pioneer in the Wolfcamp play in the Midland Basin. Development began in the fourth quarter of 2013 and through 2014, Enduro anticipates 25 locations to be drilled on the properties in which the Trust has an interest, where Enduro owns working interests ranging from 6.25% to 25%. Enduro estimates that the projects in the Wolfcamp will provide internal rates of return of approximately of 50% at $90 per Bbl crude oil and $4 per Mcf natural gas prices. Capital costs per well are expected to be $7.2 million gross with estimated ultimate recovery of 525 MBOE. This development is anticipated to increase the Trust’s oil production in 2014.

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