Sabine Royalty Trust (SBR) 8-K Sabine Royalty Trust Declares Monthly Cash Distribution for March

Exhibit 99.1

Sabine Royalty Trust

News Release

SABINE ROYALTY TRUST DECLARES
MONTHLY CASH DISTRIBUTION FOR MARCH

     Dallas, Texas, March 4, 2004– Bank of America, N.A., Dallas, Texas, as Trustee of the Sabine Royalty Trust (NYSE – SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.18951 per unit, payable on March 29, 2004, to unit holders of record on March 15, 2004.

     Due to the timing of the end of the month of February, approximately $1,426,000 of revenue received will be posted in the following month of March in addition to normal receipts during March. Approximately $1,245,000 in revenue was received on March 1, 2004.

     Effective March 15, 2004, Mellon Investor Services, transfer agent for Sabine Royalty Trust, will offer a new toll free number dedicated to Sabine Royalty Trust, to provide account service assistance for registered unit holders of the Trust. That toll free number is 800-874-2086.

     Tax Information for 2003 is now available. For the Tax Information guide and more information on Sabine Royalty Trust, please visit our website at www.sbr-sabineroyalty.com.

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Contact: Ron E. Hooper
Senior Vice President
Bank of America, N.A.
Toll Free – 800.365.6541