- --------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- --------------------------------------------------------------------------------
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _________ TO ________
COMMISSION FILE NUMBER 1-8033
PERMIAN BASIN ROYALTY TRUST
(EXACT NAME OF REGISTRANT AS SPECIFIED IN THE PERMIAN BASIN ROYALTY TRUST
INDENTURE)
Texas 75-6280532
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
Bank of America, N.A.
Trust Department
901 Main Street
Dallas, Texas 75202
(Address of Principal Executive
Offices; Zip Code)
(214) 209-2400
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
Number of Units of beneficial interest of the Trust outstanding at
November 1, 2001: 46,608,796.
PERMIAN BASIN ROYALTY TRUST
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The condensed financial statements included herein have been prepared by Bank of
America, N.A. as Trustee for the Permian Basin Royalty Trust, without audit,
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in annual
financial statements have been condensed or omitted pursuant to such rules and
regulations, although the Trustee believes that the disclosures are adequate to
make the information presented not misleading. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and the notes thereto included in the Trust's latest annual report on
Form 10-K. In the opinion of the Trustee, all adjustments, consisting only of
normal recurring adjustments, necessary to present fairly the assets,
liabilities and trust corpus of the Permian Basin Royalty Trust at September 30,
2001, and the distributable income and changes in trust corpus for the
three-month and nine-month periods ended September 30, 2001 and 2000 have been
included. The distributable income for such interim periods is not necessarily
indicative of the distributable income for the full year.
Deloitte & Touche LLP, independent certified public accountants, has made a
limited review of the condensed financial statements as of September 30, 2001
and for the three-month and nine-month periods ended September 30, 2001 and 2000
included herein.
2
INDEPENDENT ACCOUNTANTS' REPORT
Bank of America, N.A.,
as Trustee for the Permian Basin Royalty Trust
We have reviewed the accompanying condensed statement of assets, liabilities and
trust corpus of the Permian Basin Royalty Trust as of September 30, 2001 and the
related condensed statements of distributable income and changes in trust corpus
for the three-month and nine-month periods ended September 30, 2001 and 2000.
These financial statements are the responsibility of the Trustee.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States of
America, the objective of which is the expression of an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.
The accompanying condensed financial statements are prepared on a modified cash
basis as described in Note 1, which is a comprehensive basis of accounting other
than accounting principles generally accepted in the United States of America.
Based on our reviews, we are not aware of any material modifications that should
be made to such condensed financial statements for them to be in conformity with
the basis of accounting described in Note 1.
We have previously audited, in accordance with auditing standards generally
accepted in the United States of America, the statement of assets, liabilities
and trust corpus of the Permian Basin Royalty Trust as of December 31, 2000, and
the related statements of distributable income and changes in trust corpus for
the year then ended (not presented herein); and in our report dated March 20,
2001, we expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying condensed statement of
assets, liabilities and trust corpus as of December 31, 2000 is fairly stated,
in all material respects, in relation to the statement of assets, liabilities
and trust corpus from which it has been derived.
/s/ DELOITTE & TOUCHE LLP
Dallas, Texas
November 5, 2001
3
PERMIAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
September 30, December 31,
2001 2000
------------- ------------
(Unaudited)
ASSETS
- ------
Cash and short-term investments $ 2,255,830 $ 3,056,122
Net overriding royalty interests in producing
oil and gas properties (net of accumulated
amortization of $8,547,962 and
$8,379,962 at September 30, 2001 and
December 31, 2000, respectively) 2,427,254 2,595,254
----------- -----------
TOTAL ASSETS $ 4,683,084 $ 5,651,376
=========== ===========
LIABILITIES AND TRUST CORPUS
- ----------------------------
Distribution payable to Unit holders $ 2,255,830 $ 3,056,122
Commitments and contingencies
Trust corpus - 46,608,796 Units of beneficial
interest authorized and outstanding 2,427,254 2,595,254
----------- -----------
TOTAL LIABILITIES
AND TRUST CORPUS $ 4,683,084 $ 5,651,376
=========== ===========
The accompanying notes are an integral part of these financial statements.
4
PERMIAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)
Three Months Ended Nine Months Ended
September 30 September 30
------------------------------- -------------------------------
2001 2000 2001 2000
------------ ------------ ------------ ------------
Royalty income $ 8,433,236 $ 9,486,867 $ 32,568,650 $ 24,897,284
Interest income 17,543 23,172 68,002 56,476
------------ ------------ ------------ ------------
8,450,779 9,510,039 32,636,652 24,953,760
General and administrative
expenditures 74,320 46,979 371,336 329,646
------------ ------------ ------------ ------------
Distributable income $ 8,376,459 $ 9,463,060 $ 32,265,316 $ 24,624,114
============ ============ ============ ============
Distributable income per Unit
(46,608,796 Units) $ .179718 $ .203032 $ .692258 $ .528315
============ ============ ============ ============
The accompanying notes to condensed financial statements are an integral part of
these statements.
5
PERMIAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)
Three Months Ended Nine Months Ended
September 30 September 30
-------------------------------- --------------------------------
2001 2000 2001 2000
------------ ------------ ------------ ------------
Trust corpus, beginning of period $ 2,477,296 $ 2,743,157 $ 2,595,254 $ 2,889,978
Amortization of net overriding royalty
interests (50,042) (69,572) (168,000) (216,393)
Distributable income 8,376,459 9,463,060 32,265,316 24,624,114
Distributions declared (8,376,459) (9,463,060) (32,265,316) (24,624,114)
------------ ------------ ------------ ------------
Total Trust Corpus, end of period $ 2,427,254 $ 2,673,585 $ 2,427,254 $ 2,673,585
============ ============ ============ ============
The accompanying notes to condensed financial statements are an integral part
of these statements.
6
PERMIAN BASIN ROYALTY TRUST
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF ACCOUNTING
The Permian Basin Royalty Trust (the "Trust") was established as of November 1,
1980. The net overriding royalties conveyed to the Trust include: (1) a 75% net
overriding royalty carved out of Southland Royalty Company's fee mineral
interests in the Waddell ranch in Crane County, Texas (the "Waddell Ranch
properties"); and (2) a 95% net overriding royalty carved out of Southland
Royalty Company's major producing royalty interests in Texas (the "Texas Royalty
properties"). The net overriding royalty for the Texas Royalty properties is
subject to the provisions of the lease agreements under which such royalties
were created. The financial statements of the Trust are prepared on the
following basis:
- - Royalty income recorded for a month is the amount computed and paid to
Bank of America, N.A. ("Trustee") as Trustee for the Trust by the
interest owners: Burlington Resources Oil & Gas Company ("BROG") for the
Waddell Ranch properties and Riverhill Energy Corporation ("Riverhill
Energy"), formerly a wholly owned subsidiary of Riverhill Capital
Corporation ("Riverhill Capital") and formerly an affiliate of Coastal
Management Corporation ("CMC"), for the Texas Royalty properties. CMC
currently conducts all field, technical and accounting operations on
behalf of BROG with regard to the Waddell Ranch properties. CMC also
conducts the accounting operations for the Texas Royalty properties on
behalf of Riverhill Energy. Royalty income consists of the amounts
received by the owners of the interest burdened by the net overriding
royalty interests ("Royalties") from the sale of production less accrued
production costs, development and drilling costs, applicable taxes,
operating charges, and other costs and deductions multiplied by 75% in
the case of the Waddell Ranch properties and 95% in the case of the
Texas Royalty properties.
As was previously reported, in February 1997, BROG sold its interest in
the Texas Royalty properties to Riverhill Energy.
The Trustee has been advised that in the first quarter of 1998,
Schlumberger Technology Corporation ("Schlumberger") acquired all of the
shares of stock of Riverhill Capital. Prior to such acquisition by
Schlumberger, CMC and Riverhill Energy were wholly owned subsidiaries of
Riverhill Capital. The Trustee has further been advised that in
connection with Schlumberger's acquisition of Riverhill Capital, the
shareholders of Riverhill Capital acquired ownership of all of the
shares of stock of Riverhill Energy. Thus, the ownership in the Texas
Royalty properties referenced above remained in Riverhill Energy, the
stock ownership of which was acquired by the former shareholders of
Riverhill Capital.
- - Trust expenses recorded are based on liabilities paid and cash reserves
established out of cash received or borrowed funds for liabilities and
contingencies.
7
- - Distributions to Unit holders are recorded when declared by the Trustee.
- - Royalty income is computed separately for each of the conveyances under
which the Royalties were conveyed to the Trust. If monthly costs exceed
revenues for any conveyance ("excess costs"), such excess cannot reduce
royalty income from other conveyances, but is carried forward with
accrued interest to be recovered from future net proceeds of that
conveyance.
The financial statements of the Trust differ from financial statements prepared
in accordance with accounting principles generally accepted in the United States
of America ("GAAP") because revenues are not accrued in the month of production
and certain cash reserves may be established for contingencies which would not
be accrued in financial statements. Amortization of the Royalties calculated on
a unit-of-production basis is charged directly to trust corpus.
2. FEDERAL INCOME TAXES
For Federal income tax purposes, the Trust constitutes a fixed investment trust
which is taxed as a grantor trust. A grantor trust is not subject to tax at the
trust level. The Unit holders are considered to own the Trust's income and
principal as though no trust were in existence. The income of the Trust is
deemed to have been received or accrued by each Unit holder at the time such
income is received or accrued by the Trust and not when distributed by the
Trust.
The Royalties constitute "economic interests" in oil and gas properties for
Federal income tax purposes. Unit holders must report their share of the
revenues from the Royalties as ordinary income from oil and gas royalties and
are entitled to claim depletion with respect to such income.
The Trust has on file technical advice memoranda confirming the tax treatment
described above.
The classification of the Trust's income for purposes of the passive loss rules
may be important to a Unit holder. As a result of the Tax Reform Act of 1986,
royalty income will generally be treated as portfolio income and will not offset
passive losses.
ITEM 2. TRUSTEE'S DISCUSSION AND ANALYSIS
FORWARD LOOKING INFORMATION
Certain information included in this report contains, and other materials filed
or to be filed by the Trust with the Securities and Exchange Commission (as well
as information included in oral statements or other written statements made or
to be made by the Trust) may contain or include, forward looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended. Such forward
looking statements may be or may concern, among other things, capital
expenditures, drilling activity, development activities, production efforts and
volumes, hydrocarbon prices and the results thereof, and regulatory matters.
Although the Trustee believes that the expectations reflected in such
forward-looking statements are reasonable, such expectations are subject to
numerous risks and uncertainties and the Trustee can give no assurance that they
will prove correct. There are many factors, none of which is within the
Trustee's control, that may cause
8
such expectations not to be realized, including, among other things, factors
such as actual oil and gas prices and the recoverability of reserves, capital
expenditures, general economic conditions, actions and policies of
petroleum-producing nations and other changes in the domestic and international
energy markets. Such forward looking statements generally are accompanied by
words such as "estimate," "expect," "predict," "anticipate," "goal," "should,"
"assume," "believe," or other words that convey the uncertainty of future events
or outcomes.
THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THREE MONTHS ENDED SEPTEMBER
30, 2000
For the quarter ended September 30, 2001 royalty income received by the Trust
amounted to $8,433,236 compared to royalty income of $9,486,867 during the third
quarter of 2000. The decrease in royalty income is primarily attributable to
decreases in both oil and gas prices.
Interest income for the quarter ended September 30, 2001, was $17,543 compared
to $23,172 during the third quarter of 2000. The decrease in interest income is
primarily attributable to less funds available for investment. General and
administrative expenses during the third quarter of 2001 amounted to $74,320
compared to $46,979 during the third quarter of 2000. The increase in general
and administrative expenses can be primarily attributed to the timing of payment
of annual expenses.
These transactions resulted in distributable income for the quarter ended
September 30, 2001 of $8,376,459, or $.18 per Unit of beneficial interest.
Distributions of $.072291, $.59027 and $.048399 per Unit were made to Unit
holders of record as of July 31, August 31 and September 28, 2001, respectively.
For the third quarter of 2000, distributable income was $9,463,060, or $.20 per
Unit of beneficial interest.
Royalty income for the Trust for the third quarter of the calendar year is
associated with actual oil and gas production for the period of May, June and
July 2001 from the properties from which the Trust's net overriding royalty
interests ("Royalties") were carved. Oil and gas sales attributable to the
Royalties and the properties from which the Royalties were carved are as
follows:
9
THIRD QUARTER
------------------------------
2001 2000
------------- -------------
ROYALTIES:
Oil sales (Bbls) 216,148 231,820
Gas sales (Mcf) 944,179 893,292
PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
Total oil sales (Bbls) 343,865 367,470
Average per day (Bbls) 3,738 3,994
Average price per Bbl $ 24.59 $ 28.44
Gas:
Total gas sales (Mcf) 1,636,098 1,528,344
Average per day (Mcf) 17,784 16,612
Average price per Mcf $ 3.74 $ 3.75
The posted price of oil decreased to an average price per barrel of $24.59 per
Bbl in the third quarter of 2001, compared to $28.44 per Bbl in the third
quarter of 2000. The Trustee has been advised by BROG that for the period August
1, 1993, through September 30, 2001, the oil from the Waddell Ranch properties
was being sold under a competitive bid to a third party. The average price of
gas decreased from $3.75 per Mcf in the third quarter of 2000 to $3.74 per Mcf
in the third quarter of 2001. This decrease is primarily attributable to the
softening market for natural gas nationwide.
Since the oil and gas sales attributable to the Royalties are based on an
allocation formula that is dependent on such factors as price and cost
(including capital expenditures), the production amounts in the Royalties
section of the above table do not provide a meaningful comparison. Oil sales
volumes from the Underlying Properties have decreased for the applicable period
in 2001 compared to 2000 being offset by increases in gas sales volumes.
Capital expenditures for drilling, remedial and maintenance activities on the
Waddell Ranch properties during the third quarter of 2001 totaled $394,000 as
compared to $1.1 million for the third quarter of 2000. BROG has informed the
Trustee that the 2001 capital expenditures budget has been revised to $4.6
million for the Waddell Ranch. The total amount of capital expenditures for 2000
was $4.6 million. Through the third quarter of 2001, capital expenditures of
$3.0 million have been expended.
The Trustee has been advised that there were 3 wells completed or in progress
during the three months ended September 30, 2001 as compared to no wells for the
three months ended September 30, 2000 on the Waddell Ranch properties.
Lease operating expense and property taxes totaled $2.6 million for the third
quarter of 2001, compared to $2.3 million in the third quarter of 2000 on the
Waddell Ranch properties. This increase is primarily attributable to higher
maintenance costs for the quarter.
10
NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO NINE MONTHS ENDED
SEPTEMBER 30, 2000
For the nine months ended September 30, 2001, royalty income received by the
Trust amounted to $32,568,650 compared to royalty income of $24,897,284 for the
nine months ended September 30, 2000. The increase in royalty income is
primarily due to an increase in gas prices in the first nine months of 2001,
compared to the first nine months in 2000. Interest income for the nine months
ended September 30, 2001 was $68,002 compared to $56,476 for the nine months
ended September 30, 2000. The increase in interest income is attributable
primarily to an increase in funds available for investment. General and
administrative expenses for the nine months ended September 30, 2001 were
$371,336. During the nine months ended September 30, 2000, general and
administrative expenses were $329,646. The increase in general and
administrative expenses is primarily due to timing differences in the receipt
and payment of these expenses.
These transactions resulted in distributable income for the nine months ended
September 30, 2001 of $32,265,316, or $.692258, per Unit. For the nine months
ended September 30, 2000, distributable income was $24,624,114 or $.528315 per
Unit.
Royalty income for the Trust for the nine month period ended September 30, 2001
is associated with actual oil and gas production for the period through July
2001 from the properties from which the Royalties were carved. Oil and gas
production attributable to the Royalties and the properties from which the
Royalties were carved are as follows:
FIRST NINE MONTHS
-----------------------------
2001 2000
------------- -------------
ROYALTIES:
Oil sales (Bbls) 701,263 658,399
Gas sales (Mcf) 2,960,147 2,472,451
PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
Total oil sales (Bbls) 1,084,061 1,109,405
Average per day (Bbls) 3,970 4,049
Average price per Bbl $ 25.59 $ 27.06
Gas:
Total gas sales (Mcf) 4,810,652 4,529,290
Average per day (Mcf) 17,621 16,530
Average price per Mcf $ 5.36 $ 3.35
The average price of oil decreased during the nine months ended September 30,
2001 to $25.59 per barrel compared to $27.06 per barrel for the same period in
2000. The decrease in the average price of oil is primarily due to lagging
demand in 2001, caused by a worldwide economic slowdown. The increase in the
average price of gas from $3.35 per Mcf for the nine months ended September 30,
2000 to $5.36 per Mcf for the nine months ended September 30, 2001 is primarily
the result of an increase in the spot prices of natural gas for the first nine
months of 2001.
Since the oil and gas sales volumes attributable to the Royalties are based on
an allocation formula that is dependent on such factors as price and cost
(including capital expenditures), the
11
production amounts in the Royalties section of the above table do not provide a
meaningful comparison. The oil and gas sales volumes from the properties from
which the Royalties are carved have remained relatively constant for the
applicable period of 2001 compared to 2000.
The Trust has been advised that 7 gross and 3 net productive oil wells were
drilled and completed on the Waddell Ranch properties during the nine months
ended September 30, 2001 or during the nine months ended September 30, 2000.
Capital expenditures for the Waddell Ranch properties for the nine months ended
September 30, 2001 totaled $2,999,000 compared to $4,500,000 for the same period
in 2000.
Lease operating expense and property taxes totaled $7.0 million in 2001 compared
to $7.4 million in 2000. The decrease in lease operating expense is primarily
attributable to more efficient field operations on the Waddell Ranch properties.
CALCULATION OF ROYALTY INCOME
The Trust's royalty income is computed as a percentage of the net profit from
the operation of the properties in which the Trust owns net overriding royalty
interests. These percentages of net profits are 75% and 95% in the case of the
Waddell Ranch properties and the Texas Royalty properties, respectively. Royalty
income received by the Trust for the three months ended September 30, 2001 and
2000, respectively, were computed as shown in the table below:
THREE MONTHS ENDED SEPTEMBER 30,
------------------------------------------------------------------------
2001 2000
-------------------------------- --------------------------------
WADDELL TEXAS WADDELL TEXAS
RANCH ROYALTY RANCH ROYALTY
PROPERTIES PROPERTIES PROPERTIES PROPERTIES
------------ ------------ ------------ ------------
Gross proceeds of sales from the
Underlying Properties
Oil proceeds $ 6,403,660 $ 2,079,708 $ 8,219,877 $ 2,343,951
Gas proceeds 5,077,883 841,330 5,111,625 635,166
------------ ------------ ------------ ------------
Total 11,481,543 2,921,038 13,331,502 2,979,117
------------ ------------ ------------ ------------
Less:
Severance tax:
Oil 267,953 79,269 340,086 88,837
Gas 275,778 54,729 332,925 39,728
Lease operating expense and property tax:
Oil and gas 2,623,728 155,125 2,328,796 150,000
Capital expenditures 393,528 -- 1,074,248 0
Other 10,000 26,990 0
------------ ------------ ------------ ------------
Total 3,570,987 289,123 4,103,045 278,565
------------ ------------ ------------ ------------
Net profits 7,910,556 2,631,915 9,228,456 2,700,551
Net overriding royalty interests 75% 95% 75% 95%
------------ ------------ ------------ ------------
Royalty income $ 5,932,917 $ 2,500,319 $ 6,921,343 $ 2,565,524
============ ============ ============ ============
12
ITEM 3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in the Trust's market risk, as disclosed in
the Trust's annual report on Form 10-K for the fiscal year ended December 31,
2000.
13
PART II - OTHER INFORMATION
ITEMS 1 THROUGH 5.
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
(4)(a) Permian Basin Royalty Trust Indenture dated November
3, 1980, between Southland Royalty Company (now
Burlington Resources Oil & Gas Company) and The First
National Bank of Fort Worth (now Bank of America,
N.A.), as Trustee, heretofore filed as Exhibit (4)(a)
to the Trust's Annual Report on Form 10-K to the
Securities and Exchange Commission for the fiscal
year ended December 31, 1980 is incorporated herein
by reference.
(4)(b) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust) from Southland Royalty Company (now
Burlington Resources Oil & Gas Company) to The First
National Bank of Fort Worth (now Bank of America,
N.A.), as Trustee, dated November 3, 1980 (without
Schedules), heretofore filed as Exhibit (4)(b) to the
Trust's Annual Report on Form 10-K to the Securities
and Exchange Commission for the fiscal year ended
December 31, 1980 is incorporated herein by
reference.
(4)(c) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust - Waddell Ranch) from Southland Royalty
Company (now Burlington Resources Oil & Gas Company)
to The First National Bank of Fort Worth (now Bank of
America, N.A.), as Trustee, dated November 3, 1980
(without Schedules), heretofore filed as Exhibit
(4)(c) to the Trust's Annual Report on Form 10-K to
the Securities and Exchange Commission for the fiscal
year ended December 31, 1980 is incorporated herein
by reference.
(b) Reports on Form 8-K
No reports were filed during the quarter ended September
30, 2001.
14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
BANK OF AMERICA, N.A.,
TRUSTEE FOR THE
PERMIAN BASIN ROYALTY TRUST
By /s/ RON E. HOOPER
-------------------------------------
Ron E. Hooper
Senior Vice President
Trust Administrator
Date: November 14, 2001
(The Trust has no directors or executive officers.)
15
INDEX TO EXHIBITS
Sequentially
Numbered Exhibit
Page Number Exhibit
(4)(a) Permian Basin Royalty Trust Indenture dated November
3, 1980, between Southland Royalty Company (now
Burlington Resources Oil & Gas Company) and The First
National Bank of Fort Worth (now Bank of America,
N.A.), as Trustee, heretofore filed as Exhibit (4)(a)
to the Trust's Annual Report on Form 10-K to the
Securities and Exchange Commission for the fiscal
year ended December 31, 1980 is incorporated herein
by reference.*
(b) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust) from Southland Royalty Company (now
Burlington Resources Oil & Gas Company) to The First
National Bank of Fort Worth (now Bank of America,
N.A.), as Trustee, dated November 3, 1980 (without
Schedules), heretofore filed as Exhibit (4)(b) to the
Trust's Annual Report on Form 10-K to the Securities
and Exchange Commission for the fiscal year ended
December 31, 1980 is incorporated herein by
reference.*
(c) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust - Waddell Ranch) from Southland Royalty
Company (now Burlington Resources Oil & Gas Company)
to The First National Bank of Fort Worth (now Bank of
America, N.A.), as Trustee, dated November 3, 1980
(without Schedules), heretofore filed as Exhibit
(4)(c) to the Trust's Annual Report on Form 10-K to
the Securities and Exchange Commission for the fiscal
year ended December 31, 1980 is incorporated herein
by reference.*
* A copy of this Exhibit is available to any Unit holder, at the actual cost
of reproduction, upon written request to the Trustee, Bank of America,
N.A., P. O. Box 830650, Dallas, Texas 75202.
16