May 28, 2019


Dear Royalty Interest Partner:

White Star Petroleum, LLC (“White Star”) has been actively working to address its capital structure for some time. On May 28th, 2019 White Star filed for protection under Chapter 11 of the United States Bankruptcy Code. We believe this will provide an orderly path to restructuring the Company and its assets and represents the best possible outcome for our stakeholders, including you. We also expect to receive a $28.5 million Debtor in Possession loan (of which $15 million is made immediately available) which will provide the liquidity required for the Company to complete the bankruptcy process.

As an initial step in the Chapter 11 process, we filed a document known as a first day motion requesting bankruptcy court approval to pay our royalty interest partners in full and in the ordinary course. We hope to receive this authority during our first day hearing later this week and will provide an update at that time.

If you have further questions about White Star’s Chapter 11 process, please do not hesitate to reach out to White Star’s royalty interest hotline at (Toll Free) 1.844.402.4903. Additional information is also available on our corporate website and at a website maintained by the company’s claims agent at http://www.kccllc.net/whitestar

Thank you for your continued support.

Sincerely,

Elliot J. Chambers
Chief Executive Officer