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Treasure Island Royalty Trust possesses cost-free overriding royalty interests in extremely deep potential exploration sites situated within the shallower parts of the Gulf of Mexico. This trust either directly owns or maintains claims to overriding royalty interests derived from Newfield Exploration Company's stake in any future oil and gas extraction. Its holdings extend to 116 distinct lease areas located off the coast of Louisiana, specifically covering the South Timbalier, Ship Shoal, South Marsh Island, and Eugene Island zones.