*LL&E-ROYALTY TRUST

LL&E ROYALTY TRUST ANNOUNCES TRUST INCOME FOR JULY 2003

LL&E ROYALTY TRUST

JPMorgan Chase Bank - Trustee                          NEWS RELEASE


FOR IMMEDIATE RELEASE

AUSTIN, TEXAS (June 27, 2003) -- LL&E Royalty Trust (NYSE SYMBOL-LRT) announced
today the Trust income distribution for the month of July 2003. This
distribution represents amounts payable to the Trust with respect to production
for the month of April 2003. Unit holders of record on July 7, 2003 will
receive a distribution of $349,611 or approximately $0.018409 per Unit payable
on July 15, 2003.

The Working Interest Owner, under the terms of the Trust Conveyance, is
permitted to escrow funds up to 125% of the estimated future costs such as
dismantlement costs and capital expenditures for the properties in which the
Trust has an interest (Special Cost Escrow). According to the most recent
reserve report, estimated dismantlement costs are $8.7 million for Jay Field
property, $2.3 million for South Pass 89 property and $2.2 million for Offshore
Louisiana property. The Working Interest Owner has informed the Trustee that it
has elected not to escrow any additional funds at this time. However, the
Working Interest Owner intends to continue to monitor each of the properties in
which the Trust has an interest for possible changes in relevant factors which
may warrant a need for additional escrow. To date, the amounts escrowed for
future dismantlement costs total approximately $4.5 million for Jay Field
property, $2.6 million for South Pass 89 property and $3 million for the
Offshore Louisiana property. The amount escrowed on the Offshore Louisiana
property exceeds 125% of the estimated future dismantlement costs by
approximately $125,000. The Trust Conveyance permits, but does not require, the
Working Interest Owner to release the excess escrowed funds, and the Working
Interest Owner has informed the Trustee that it does not intend to release any
portion of the escrowed funds at this time.

The distribution includes no proceeds from the South Pass 89 properties due to
excess production costs. Jay field has recouped previous months excess
production costs, and no longer reflects a deficit. Excess production costs to
be recouped from future proceeds at the South Pass 89 properties total $88,508.

Gross Proceeds prior to deductions for Production Costs for the month of April
2003 by property is as follows: $1,583,266 for Jay Field property, $3,289 for
South Pass 89 property, and $904,429 for Offshore Louisiana Property.

Production Costs for the month of April 2003 by property is as follows:
$1,322,698 for Jay Field property, $91,796 for South Pass 89 property, and
$610,288 for Offshore Louisiana Property.



There was no deduction made for the Special Cost Escrow in April 2003. Fee
Lands Royalties for the month of April 2003 totaled $6,603. Trust related
expenses for the month of June 2003 totaled $52,005.

The Gross Proceeds, Production Costs and Special Cost Escrow numbers stated
above relate to each property as a whole. The Trust's interest in these
properties is 50% for Jay Field, 50% for South Pass 89 and 90% for Offshore
Louisiana.

The extent of future distributions from the properties in which the Trust has
an interest will continue to be dependent on normal factors associated with oil
and gas operations such as oil and gas production levels, prices and associated
cost, timing and extent of capital expenditures. In addition, the amount of
future distributions will depend on the amounts escrowed by the Working
Interest Owner as described above.

The trust income distribution announcement for the month of August will be made
on or about July 27, 2003.


CONTACT:   LL&E ROYALTY TRUST
           JPMorgan Chase Bank, as Trustee
           Mike Ulrich
           (800) 852-1422
           www.businesswire.com/cnn/lrt.htm