BP Prudhoe Bay Royalty Trust Watch

from 8-K 5 pages Michael J. Utsler Bpxa Senior Vice President Greater Prudhoe Bay Bp Exploration (Alaska) Inc. 900 E. Benson Boulevard Anchorage, Alaska 99508 via Overnight Mail & as a Scanned Attachment to E-Mail December 21, 2007 Ms. Ming J. Ryan, Vice President the Bank of New York 101 Barclay Street New York, Ny 10286 Re: BP Prudhoe Bay Royalty Trust Dear Ms. Ryan

from 10-K 12 pages Support Agreement Among the British Petroleum Company P.L.C. and Bp Exploration (Alaska) Inc. the Standard Oil Company and BP Prudhoe Bay Royalty Trust

from 10-K 10 pages Trust Conveyance Dated February 28, 1989 Between the Standard Oil Company (“Grantor”) and BP Prudhoe Bay Royalty Trust

from 10-K 25 pages Overriding Royalty Conveyance Dated February 27, 1989 Between BP Exploration (Alaska) Inc. (“Grantor”) and the Standard Oil Company

from 10-K 112 pages BP Prudhoe Bay Royalty Trust Agreement by and Among the Standard Oil Company and Bp Exploration (Alaska) Inc. and the Bank of New York, Trustee and F. James Hutchinson, Co-Trustee

from 10-Q 10 pages This Is to Confirm the Consensus Principles That Have Been Developed With the Bank of New York (“Bank”), as Trustee of the BP Prudhoe Bay Royalty Trust (“Trust”), for Applying the Alaska Oil and Gas Production Tax (“New Tax”), as Amended by Chapter 2, Third Special Session Laws of Alaska 2006 (“Act”), in the Context of the Overriding Royalty Conveyance (“Conveyance”) and the Overriding Royalty Interest (“Orri”) Thereunder That Is Owned by the Trust. These Principles Would Resolve the Two Major Issues Presented by the Act: One, How the Amount of New Tax Chargeable Against the Orri Will Be Determined Under the Conveyance; and Two, the Extent, if Any, to Which the Retroactivity of the New Tax Under the Act Is to Be Recognized for Purposes of the Conveyance. We Understand the Consensus Principles to Be the Following: 1. Calculation of the Amount of New Tax Chargeable Against the Orri. the Amount of New Tax Chargeable Against the Trust’s Orri Under the Conveyance Will Be Determined as Follows: A) the Taxable Value Per Barrel Equals the Wti Price Determined Under Section 4.3 of the Conveyance,1 Minus the Chargeable Costs Under Section 4.4 as Adjusted by the Cost Adjustment Factor Under Section 4.5. 1 All References Herein to a “Section” With a Capital “S” Refer to the Corresponding Section of the Conveyance Unless Otherwise Specifically Noted. Ms. Ming J. Ryan, Vice President the Bank of New York October 11, 2006 Page 2

from 10-K405 ~5 pages Exhibit 4.4-Bp Support Agreement

from 10-K405 ~5 pages Exhibit 4.3-Trust Conveyance

from 10-K405 ~20 pages Exhibit 4.2-Overriding Royalty Conveyance

from 10-K405 ~50 pages Exhibit 4.1-Bp Prudhoe Bay Royalty Trust Agreement