Exhibit 99.1
Permian Basin Royalty Trust
News Release
PERMIAN BASIN ROYALTY TRUST
ANNOUNCES JULY CASH DISTRIBUTION
ANNOUNCES JULY CASH DISTRIBUTION
DALLAS, Texas, July 21, 2008– U.S. Trust, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT), today declared a cash distribution to the holders of its units of beneficial interest of $.234609 per unit, payable on August 14, 2008, to unit holders of record on July 31, 2008.
This month’s distribution increased due to substantial increases in the prices of both oil and gas, offset by some prior period adjustments in both oil and gas. This would primarily reflect production for the month of May.
The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.
Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 60,195 bbls and 287,147 mcf. The average price for oil was $123.25 per bbl and for gas was $14.07 per mcf. Capital expenditures were approximately $554,755. The numbers provided reflect what was net to the Trust.
Net to Trust Sales | ||||||||||||||||
Volumes | Average Price | |||||||||||||||
Oil | Gas | |||||||||||||||
Oil (bbls) | Gas (mcf) | (per bbl) | (per mcf) | |||||||||||||
Current Month | 60,195 | 287,147 | $ | 123.25 | $ | 14.07 | ||||||||||
Prior Month | 64,206 | 308,544 | $ | 103.89 | $ | 10.81 |
For additional information, including the latest financial reports on Permian Basin Royalty Trust, please visit our website at http://www.pbt-permianbasintrust.com/.
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Contact: | Ron E. Hooper | |
Senior Vice President | ||
U.S. Trust, Bank of America Private Wealth Management, Trustee | ||
Toll Free – 877.228.5085 |