EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF HUGOTON ROYALTY TRUST APPEARS HERE]
HUGOTON ROYALTY TRUST
DECLARES OCTOBER CASH DISTRIBUTION
Dallas, Texas, October 20, 2006 - Bank of America, N.A., as Trustee of the Hugoton Royalty Trust (NYSE - HGT), today declared a cash distribution to the holders of its units of beneficial interest of $0.167660 per unit, payable on November 14, 2006, to unitholders of record on October 31, 2006. The following table shows underlying gas sales and average prices attributable to the current month and prior month distributions. Underlying gas sales volumes attributable to the current month distribution were primarily produced in August.
Underlying Gas Sales Volumes (Mcf) (a) | ||||||||||
Total | Daily | Average Gas Price per Mcf | ||||||||
Current Month Distribution | 2,552,000 | 82,000 | $ | 6.27 | ||||||
| Prior Month Distribution | 2,556,000 | 82,000 | $ | 5.50 | ||||||
| (a) | Sales volumes are recorded in the month the trust receives the related net profits income. Because of this, sales volumes may fluctuate from month to month based on the timing of cash receipts. |
Ten wells are currently being drilled on the underlying properties. Budgeted development costs of $5,000,000 were deducted for this distribution. Production expense for the month was $1,702,000 and overhead was $715,000.
For more information on the Trust, please visit our web site at www.hugotontrust.com.
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| Contacts: | Nancy G. Willis Vice President Bank of America, N.A. (Toll Free) 877/228-5083 | Louis G. Baldwin Executive Vice President & Chief Financial Officer XTO Energy, Inc. 817/870-2800 |