Enduro Royalty Trust (NYSE: NDRO) stands to gain $50.4 million, before adjustments, on the sale of assets and roughly 2% of its daily production to multiple parties in the Permian Basin, the company said June 7.

Enduro, based in Austin, Texas, entered eight separate purchase and sale agreements to divest acreage and associated production. The buyers were not disclosed. The sales appear to be the first divestitures for Enduro in at least two years.

Enduro said it will divest 5,078 net undeveloped acres in eight counties spanning Texas and New Mexico. Of the total acreage, 3,824 acres are prospective for development in the “typical Permian Basin horizontal targets,” the company said.

Enduro Royalty Transaction Overview Chart

The remaining acreage either has no rights to the Delaware, Bone Spring or Wolfcamp zones or is an area where potash mining operations bar drilling.

Enduro will seek to release the trust’s net profits from the divestiture to unitholders because the assets are “burdened by the trust’s 80% net profits interest,” the company said.

Enduro Royalty Trust is a Delaware statutory trust formed by Enduro Resource Partners to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain of Enduro Resource Partners’ properties in Texas, Louisiana and New Mexico.

Enduro said it anticipates that this could result in net proceeds to unitholders of about $40 million—including anticipated expenses likely to be incurred with the transactions.

Enduro said the divestments include its working interests in the assets. At the end of 2016, the company’s Permian position consisted of 40,895 net acres and 14 net wells. Enduro also owns 4,921 net acres in East Texas and Louisiana where it has 71 net wells.

Darren Barbee can be reached at dbarbee@hartenergy.com.