TEXAS PACIFIC LAND TRUST
1700 Pacific Avenue
Suite 2770
Dallas, Texas 75201
______
| TRUSTEES: | | ROY THOMAS |
| MAURICE MEYER III | Telephone (214) 969-5530 | General Agent |
| JOHN R. NORRIS III | | |
| JAMES K. NORWOOD | | DAVID M. PETERSON |
| | | Assistant General Agent |
TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - UNAUDITED
| | | Three Months Ended | |
| | | December 31, 2011 | | | December 31, 2010 | |
| | | | | | | |
| Rentals, royalties and other income | | $ | 6,514,422 | | | $ | 4,662,308 | |
| | | | | | | | | |
| Land sales | | | 4,725,140 | | | | 803,000 | |
| | | | | | | | | |
| Total income | | $ | 11,239,562 | | | $ | 5,465,308 | |
| | | | | | | | | |
| Provision for income tax | | $ | 3,449,425 | | | $ | 1,292,781 | |
| | | | | | | | | |
| Net income | | $ | 6,560,335 | | | $ | 2,832,533 | |
| | | | | | | | | |
| Net income per sub-share | | $ | .71 | | | $ | .30 | |
| | | | | | | | | |
| Average sub-shares outstanding during period | | | 9,239,974 | | | | 9,590,444 | |
| | | Year Ended | |
| | | December 31, 2011 | | | December 31, 2010 | |
| | | | | | | |
| Rentals, royalties and other income | | $ | 22,445,924 | | | $ | 17,353,602 | |
| | | | | | | | | |
| Land sales | | | 11,873,112 | | | | 2,738,070 | |
| | | | | | | | | |
| Total income | | $ | 34,319,036 | | | $ | 20,091,672 | |
| | | | | | | | | |
| Provision for income tax | | $ | 10,161,149 | | | $ | 5,115,470 | |
| | | | | | | | | |
| Net income | | $ | 20,594,769 | | | $ | 11,308,711 | |
| | | | | | | | | |
| Net income per sub-share | | $ | 2.21 | | | $ | 1.17 | |
| | | | | | | | | |
| Average sub-shares outstanding during period | | | 9,336,998 | | | | 9,679,921 | |
This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Trust's future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management's intent, beliefs or current expectations with respect to the Trust's future financial performance and other matters. We assume no responsibility to update any such forward-looking statements.
