Item 8.01. Other Events
On May 12, 2009, BP Prudhoe Bay Royalty Trust (the 'Trust') issued a press release concerning the entry by the Trust into a settlement agreement dated May 8, 2009 with BP Exploration (Alaska) Inc. ("BPXA") to resolve certain issues related to the temporary shutdown of the Prudhoe Bay oil field located on the North Slope of Alaska following oil spills on March 2, 2006 and August 6, 2006 and to compromise any claims that the Trust and past, present, and future holders of Units of beneficial interest in the Trust may have relating to conduct by BPXA that may have resulted in a reduction of the royalty payments received by the Trust in 2006, 2007 and 2008. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits
(a) Not applicable

(b) Not applicable

(c) Not applicable

(d) Exhibits:

10.1 Copy of Settlement Agreement, dated May 8, 2009, among BP Exploration (Alaska), Inc., The Bank of New York Mellon, as Trustee, and BNY Mellon Trust of Delaware, as Co-Trustee.

99.1 Press release issued May 12, 2009

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