EXHIBIT 99.1


SABINE ROYALTY TRUST

                                  PRESS RELEASE

                          SABINE ROYALTY TRUST DECLARES
                        MONTHLY CASH DISTRIBUTION FOR MAY

         DALLAS, TEXAS, MAY 5, 2003 - 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 $0.26979 per
unit, payable on May 29, 2003, to unit holders of record on May 15, 2003.

         Due to the timing of the end of the month of April, approximately
$1,500,000 of revenue received will be posted in the following month of May in
addition to normal receipts during May. These revenues were not posted primarily
because of industry wide mergers of major oil companies which resulted in
wholesale changes of specific well and lease coding of revenue proceeds to the
Trust. These unannounced changes require intensive research on the part of the
Trust to accommodate and incorporate such changes into the revenue processing
flow. Once these changes are incorporated, this should alleviate the level of
revenues not distributed.

         For 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., Trustee
      (800) 365-6544