Enduro Royalty Trust (NYSE:NDRO) is an oil and gas trust created by Enduro Resource Partners. The trust receives 80% of the net profits from certain properties that Enduro Resource Partners owns in Oklahoma, Texas, and Louisiana. This share in profit is received without a termination from time or amount of gas extracted. The proceeds from the NDRO's IPO will be used to acquire new oil and natural gas properties for Enduro Resource Partners.
Because Enduro Royalty Trust is a recently formed trust, it does not have any financial statements from its operations. However, the underlying properties from which it will extract its proftis reported a total revenye of $103.8M for 2010. The properties also had a profit over costs of $69.2M. 
The company's initial public offering of stock on the NYSE occurred on November 2, 2011. The company offered 13.2M shares each for $22. This was below the range of the $23-$25. The deal raised a total of $290M. The lead mangers of the deal were Barclays (BCS), Citigroup (C), Goldman Sachs Group (GS), Royal Bank Of Canada (RY), and Wells Fargo (WFC).
Enduro Royalty Trust does not own the underlying properties and so it can not directly alter the operations. Since the third party's expenses are covered before distributions to Enduro Royalty Trust, it may not have a large incentive to choose efficient oil and gas extraction techniques. Furthermore, since it receives 80% of the profits, the actions taken by the third party disproportionately impact NDRO.