Mesa Royalty Trust (the Trust) was created when Mesa Petroleum Co. conveyed to the Trust an overriding royalty interest (the Royalty) equal to 90% of the net proceeds in certain oil and gas properties located in the Hugoton field of Kansas, the San Juan Basin field of New Mexico and Colorado, and the Yellow Creek field of Wyoming. The Bank of New York Mellon Trust Company, N.A. is the Trustee of the Trust. The principal property interest conveyed to the Trust accounts for approximately 40% of the Trust's reserves and was carved out of Pioneer's (PNR) working interest in 104,437 net producing acres in the Hugoton field. The Trust owns an interest in 26,700 gross acres and 25,400 net acres with Fruitland Coal potential. As of December 31, 2011, of the wells drilled on Trust properties, 49 (34.8 net) were producing at a combined rate of 35 (16.1 net) million cubic feet of natural gas (MMcf) per day. During the year ended December 31, 2011, it had no development wells drilled.