SABINE ROYALTY TRUST

                                                                    NEWS RELEASE

                          SABINE ROYALTY TRUST DECLARES
                      MONTHLY CASH DISTRIBUTION FOR OCTOBER

         DALLAS, TEXAS, OCTOBER 3, 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 $0.18215 per
unit, payable on October 29, 2003, to unit holders of record on October 15,
2003.

         Approximately $530,000 for ad valorem taxes for 2003 is being deducted
from this month's distribution as compared to $650,000 for 2002. These payments
are normal expenditures at this time of year. Also, due to the timing of the end
of the month of September, approximately $892,000 of revenue received will be
posted in the following month of October in addition to normal receipts during
October.

         Effective July 1, 2003, unit holders who are not Oklahoma residents are
subject to a new 5% Oklahoma income tax withholding tax. The withholding tax
applies to the Oklahoma share of the Trust's income. The withholding tax reduces
the amount of cash that the unit holders who are not Oklahoma residents are
receiving in this distribution. The Oklahoma Tax Commission ("OTC") is in the
process of updating its website to include information about this new
withholding tax. The OTC's website address is:
http://www.oktax.state.ok.us/passwith.html. More specific tax information as to
timing and filing of the tax withheld will follow soon.

         For more information on Sabine Royalty Trust, please visit our website
at www.sbr-sabineroyalty.com.

                                      * * *

         Contact: Ron E. Hooper
                  Senior Vice President
                  Bank of America, N.A.
                  Toll Free - 800.365.6541