/Not for distribution to U.S. news wire services or dissemination in the U.S./ CALGARY, AB, April 22, 2024 /CNW/ - Source Rock Royalties Ltd. ("Source Rock") (TSXV:SRR), a pure-play oil and gas royalty company with an established portfolio of oil focused royalties, announces results for the three-month period and year ended December 31, 2023. Annual Highlights: Record annual royalty revenue of $6,646,3261, an increase of 2% over 2022. Record annual funds from operations3 of $5,653,618 ($0.126 per share), an increase of 10% over 2022. Record annual Adjusted EBITDA3 of $5,793,204 ($0.129 per share), an increase of 1% over 2022. Record annual royalty production of 2084 boe/d (93% oil and NGLs), an increase of 25% over 2022. Declared $2,968,990 in dividends ($0.066 per share), resulting in a payout ratio3 of 53%. Achieved an operating netback3 of $76.30 per boe and a corporate netback3 of $74.47. Completed $13.23 million of royalty acquisitions in central Alberta and S.E. Saskatchewan. 26 gross horizontal wells drilled on royalty lands in S.E. Saskatchewan (24) and central Alberta (2). Fourth Quarter Highlights: Quarterly royalty revenue of $1,720,2641, an increase of 14% over Q4 2022. Record quarterly funds from operations3 of $1,663,376 ($0.037 per share), an increase of 18% over Q4 2022. Quarterly Adjusted EBITDA3 of $1,525,386 ($0.034 per share), an increase of 9% over Q4 2022. Quarterly royalty production averaged 2184 boe/d (94% oil and NGLs), an increase of 29% over Q4 2022. Declared three monthly dividends of $0.006 per share, resulting in a payout ratio3 of 49%. Achieved an operating netback3 of $76.06 per boe and a corporate netback3 of $82.94 per boe. Completed an $8 million royalty acquisition in the central Alberta Clearwater heavy oil fairway. Financial and Operational Results Three Months Ended December 31, Year Ended December 31, FINANCIAL ($, except as noted) 2023 2022 Change 2023 2022 Change Royalty revenue 1,720,264(1) 1,504,421(2) 14 % 6,646,326(1) 6,490,519(2) 2 %  Adjusted EBITDA(3) 1,525,386 1,399,621 9 % 5,793,204 5,736,622 1 % Per share (basic) 0.034 0.031 10 % 0.129 0.136 -5 % Funds from operations(3) 1,663,376 1,411,440 18 % 5,653,618 5,128,706 10 % Per share (basic) 0.037 0.031 19 % 0.126 0.121 4 % Total comprehensive income (loss) 382,367 559,447 -32 % 1,566,310 2,558,054 -39 % Per share (basic)