MV Oil Trust — Director's Dealing 2007

Jan 24, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MV Oil Trust (MVO)
CIK: 0001371782
Period of Report: 2007-01-24

Reporting Person: MV Energy LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-24	Trust Units	S	281250	$18.70	Disposed	1718750	Direct
2007-01-24	Trust Units	S	281250	$18.70	Disposed	1718750	Indirect
2007-01-24	Trust Units	S	7500000	$18.70	Disposed	0	Indirect

Footnotes

F1: In connection with the initial public offering of MV Oil Trust, MV Partners, LLC, MV Energy, LLC and VAP-I, LLC sold 7,500,000, 281,250 and 281,250 Trust Units to the underwriters thereof, respectively, at $18.70 per Trust Unit.

F2: VAP-I, LLC is 69.9% owned by MV Energy, LLC, which is also its managing member. MV Energy, LLC may be deemed the beneficial owner of the VAP-I, LLC Trust Units. MV Energy, LLC disclaims beneficial ownership of the Trust Units held by VAP-I, LLC, except to the extent of its pecuniary interest therein and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.

F3: MV Partners, LLC is 50% owned by MV Energy, LLC, which is also its managing member. MV Energy, LLC may be deemed the beneficial owner of the MV Partners, LLC Trust Units. MV Energy, LLC disclaims beneficial ownership of the Trust Units held by MV Partners, LLC, except to the extent of its pecuniary interest therein and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.