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UNITED STATES



Washington, D.C. 20549


Form 10-K/A



|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|x          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934    
|          
|           |  | For the fiscal year ended December 31,
    2004                                             
|          
|o          |  | 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: 1-8424

Sabine Royalty Trust

(Exact name of registrant as specified in its
charter)


|                                                                                                                                                                    |  |                                         
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------
|Texas                                                                                                                                                               |  | 75-6297143                              
|(State or other jurisdiction
    of incorporation or organization)                                                                                                  |  | (I.R.S. Employer
    Identification No.)
|Trust Division
    Bank of America, N.A.
    Bank of America Plaza
    17th Floor
    901 Main Street
    Dallas, Texas(Address of principal executive
    offices) |  | 75202(Zip Code)                         

Registrants telephone number, including
area code: (214) 209-2400

Securities registered pursuant to Section 12(b)
of the Act:

|                             |  |                        
|---------------------------- |  | -----------------------
|                             |  | Name of Each Exchange  
|Title of Each Class          |  | on Which Registered    
|                             |  |                        
|Units of Beneficial Interest |  | New York Stock Exchange

Securities registered pursuant to
Section 12(g) of the Act: None

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 o

Indicate by check
mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrants
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this
Form 10-K or any amendment to this
Form 10-K. x

Indicate by check
mark whether the registrant is an accelerated filer (as defined
in Rule 12b-2 of the Securities and Exchange Act of
1934). Yes x   No o

The aggregate
market value of units of beneficial interest of the registrant
(based on the closing sale price on the New York Stock Exchange
as of the last business day of its most recently completed
second fiscal quarter) held by non-affiliates of the registrant
was approximately $498 million.

At March 4,
2005, there were 14,579,345 units of beneficial interest
outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None










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EXPLANATORY NOTE We are filing this Amendment No. 1 to our Annual Report on Form 10-K/A for the year ended
December 31, 2004 to amend and restate Item 9A, Controls and Procedures, to include the Trustees
report on internal control over financial reporting and the related Attestation Report of Deloitte
& Touche LLP, an independent registered public accounting firm, which had been omitted from our original
Annual Report on Form 10-K as permitted by the Order Under Section 36 of the Securities Exchange
Act of 1934 Granting an Exemption from Specified Provisions of Exchange Act Rules 13a-1 and 15d-1
issued by the Securities and Exchange Commission on November 30, 2004. This Amendment speaks as of
the original filing date of our Annual Report on Form 10-K and has not been updated to reflect
events occurring subsequent to the original filing date.




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TABLE OF CONTENTS PageItem 9A. Controls and Procedures.
    
    
    2Item 15. Exhibits, Financial Statement Schedules.
    
    
    5SignaturesRule 13a-14(a)/15d-14(a) CertificationCertification Pursuant to Section 906




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Item 9A. Controls and Procedures. Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures The Trustee conducted an evaluation of the Trusts disclosure controls and procedures, as such
term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as
amended. Based on this evaluation, the Trustee has concluded that the Trusts disclosure controls
and procedures were effective as of the end of the period covered by this annual report. Changes in Internal Control Over Financial Reporting There has not been any change in the Trusts internal control over financial
reporting during the fourth quarter of 2004 that has materially affected, or is reasonably likely
to materially affect, the Trusts internal control over financial reporting. Trustees Report on Internal Control Over Financial Reporting The Trustee is responsible for establishing and maintaining adequate internal control over
financial reporting, as such term is defined in Rule 13a-15(f) promulgated under the Securities and
Exchange Act of 1934, as amended. The Trustee conducted an evaluation of the effectiveness of the
Trusts internal control over financial reportingmodified
cash basis (internal control over financial reporting) based on the criteria established in Internal
ControlIntegrated Frameworkissued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on the Trustees evaluation under the framework in Internal ControlIntegrated
Framework, the Trustee concluded that the Trusts internal control over financial reporting was
effective as of December 31, 2004. The Trustees assessment of the effectiveness of the Trusts
internal control over financial reporting as of December 31, 2004 has been audited by Deloitte &
Touche LLP, an independent registered public accounting firm, as stated in their report which is
included herein. Report of Independent Registered Public Accounting Firm UNIT HOLDERS OF SABINE ROYALTY TRUST AND BANK OF AMERICA, N.A., TRUSTEE We
have audited the Trustees assessment, included in the
accompanying trustee report on internal control over financial
reporting, that Sabine
Royalty Trust (the Trust) maintained effective internal control over financial reporting as of
December 31, 2004, based on criteria established in Internal ControlIntegrated Frameworkissued
by the Committee of Sponsoring Organizations of the Treadway Commission. The Trustee is
responsible for maintaining effective internal control over financial
reportingmodified
cash basis (internal control over financial reporting) and for its
assessment of the effectiveness of internal control over financial reporting. Our responsibility
is to express an opinion on the Trustees assessment and an opinion on the effectiveness of the
Trusts internal control over financial reporting based on our audit. 2




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We conducted our audit in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, evaluating managements assessment, testing and evaluating the
design and operating effectiveness of internal control, and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable basis
for our opinions. The Trusts internal control over financial reporting is a process designed by, or under the
supervision of, the Trustee, or persons performing similar functions, and effected by the Trustee
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with the modified cash
basis of accounting, which is a comprehensive basis of accounting other than accounting principles
generally accepted in the United States of America and is described in Note 3 to the Trusts
financial statements. The Trusts internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the Trust; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with the modified cash basis of accounting discussed above, and
that receipts and expenditures of the Trust are being made only in accordance with authorizations
of the Trustee; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the Trusts assets that could have a material
effect on the financial statements. Because of the inherent limitations of internal control over financial reporting, including
the possibility of collusion or improper management override of controls, material misstatements
due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any
evaluation of the effectiveness of the internal control over financial reporting to future periods
are subject to the risk that the controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, the Trustees assessment that the Trust maintained effective internal control
over financial reporting as of December 31, 2004, is fairly stated, in all material respects, based
on the criteria established in Internal ControlIntegrated Frameworkissued by the Committee of
Sponsoring Organizations of the Treadway Commission. Also in our opinion, the Trust maintained, in
all material respects, effective internal control over financial reporting as of December 31, 2004,
based on the criteria established in Internal ControlIntegrated Frameworkissued by the Committee
of Sponsoring Organizations of the Treadway Commission. We have also audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the statements of assets, liabilities and trust 3




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corpus of the Trust as of December 31, 2004 and 2003, and the related statements of distributable
income and changes in trust corpus for each of the three years in the period ended December 31,
2004, which financial statements have been prepared on the modified cash basis of accounting as
described in Note 3 to such financial statements, and our report dated March 14, 2005 expressed an
unqualified opinion on those financial statements. DELOITTE & TOUCHE LLP Dallas, Texas
April 4, 2005 4




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|         |                                             
|-------- | --------------------------------------------
|Item 15. | Exhibits, Financial Statement
    Schedules.

(a) The following documents are filed as a
part of this report:

Exhibits

| |        |     |  |                                                                                                                                                                                                                                                              
| | ------ | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (4)(a) | *   |  |  Sabine Corporation Royalty Trust
    Agreement effective as of December 31, 1982, by and between
    Sabine Corporation and InterFirst Bank Dallas, N.A., as trustee.                                                                                      
| | (b)    | *   |  |  Sabine Corporation Louisiana Royalty
    Trust Agreement effective as of December 31, 1982, by and
    between Sabine Corporation and Hibernia National Bank in
    New Orleans, as trustee, and joined in by InterFirst Bank
    Dallas, N.A., as trustee.
| | (23)   | **  |  |  Consent of DeGolyer and MacNaughton.                                                                                                                                                                                                                       
| | (31)   | *** |  |  Rule 13a-14(a)/15d-14(a) Certification.                                                                                                                                                                                                                    
| | (32)   | *** |  |  Certification by Bank of America,
    Trustee of Sabine Royalty Trust, dated April 5, 2004 and
    submitted pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002 (18 U.S.C. Section 1350).                                                       
| | (99)   | **  |  |  Report dated February 10, 2005
    of the Trustee containing interim tax information for each of
    the 12 months in the year ending December 31, 2004.                                                                                                   



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|    |  |                                                                                                                                                                                                      
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|*   |  | Exhibits 4(a) and 4(b) are incorporated herein by
    reference to Exhibits 4(a) and 4(b), respectively, of the
    Registrants Annual Report on Form 10-K for the year
    ended December 31, 1993.
|**  |  | Exhibits 23 and 99 are incorporated herein by reference to Exhibits 23 and 99,
respectively, of the Registrants Annual Report on Form 10-K for the year ended December 31, 2004.                    
|*** |  | Filed herewith.                                                                                                                                                                                      

5



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SIGNATURES

Pursuant to the requirements of Section 13
or 15(d) 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.



| |                     
| | --------------------
| | SABINE ROYALTY TRUST



| |     |                               
| | --- | ------------------------------
| | BY: | BANK OF AMERICA, N.A., Trustee



| |     |                  
| | --- | -----------------
| | By: | /s/ RON E. HOOPER

| |                      
| | ---------------------
| |                      
| | Ron E. Hooper        
| | Senior Vice-President

Date: April 5, 2005

(The Registrant has no directors or executive
officers.)