Hugoton Royalty Trust News Release HUGOTON ROYALTY TRUST DECLARES APRIL CASH DISTRIBUTION Dallas, Texas, April 18, 2017 - Southwest Bank, as Trustee of the Hugoton Royalty Trust (NYSE:HGT) (the "Trust"), today declared a cash distribution to the holders of its units of beneficial interest of $0.012640 per unit, payable on May 12, 2017, to unitholders of record on April 28, 2017. The following table shows underlying gas sales and average prices attributable to the net overriding royalty for both the current month and prior month. Underlying gas sales volumes attributable to the current month were primarily produced in February.

Underlying Gas Sales

Volumes (Mcf) (a)

Average Gas

Total

Daily

Price per Mcf

Current Month

1,066,000

38,000

$3.22

Prior Month

1,144,000

37,000

$3.66

(a) Sales volumes are recorded in the month the Trust receives the related net profits income. Because of this, sales volumes may fluctuate from month to month based on the timing of cash receipts.

XTO Energy has advised the trustee that it has deducted budgeted development costs of $200,000, production expense of $1,507,000 and overhead of $930,000 in determining the royalty payment to the Trust for the current month.

Hugoton Royalty Trust

Excess Costs

XTO Energy has advised the trustee that lower gas prices caused costs to exceed revenues on properties underlying the Kansas and Wyoming net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances.

For more information on the Trust, please visit our web site at www. hgt-hugoto n.co m.

Statements made in this press release regarding future events or conditions are forward looking statements. Actual future results, including development costs and future net profits, could differ materially due to changes in natural gas prices and other economic c onditions affecting the gas industry and other factors described in Part I, Item 1A of the Trust's Annual Report on Form 10-K for the year ended December 31, 2016.

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Contact:

Nancy Willis Vice President

Southwest Bank, Trustee 855-588-7839

Hugoton Royalty Trust published this content on 18 April 2017 and is solely responsible for the information contained herein.
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