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UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
   Form
    10-K
 (Mark One)x

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2008o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission File Number: 1-8424
  Sabine Royalty Trust
   Texas

75-6297143(State or other jurisdiction
    of incorporation or organization)

(I.R.S. Employer
    Identification No.)Trust Division
    U.S. Trust, Bank of America
    Private Wealth Management
    Bank of America Plaza
    17th Floor
    901 Main Street
    Dallas, Texas(Address of principal executive offices)

75202(Zip Code)   (214) 209-2400
    Name of Each ExchangeTitle of Each Class

on Which RegisteredUnits of Beneficial Interest

New York Stock Exchange   None
  o x
  o x
  x o
  Regulation S-K Form 10-K Form 10-K. x
    x o o o
  o x
      DOCUMENTS INCORPORATED BY REFERENCE




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##### 





TABLE OF
    CONTENTS
  PagePART IItem 1.

Business


1Description of the Trust


1Assets of the Trust


2Liabilities of the Trust


2Duties and Limited Powers of
    Trustee


2Liabilities of Trustee


3Duration of Trust


3Voting Rights of Unit Holders


3Description of Units


4Distributions of Net Income


4Transfer


4Reports to Unit Holders


5Widely Held Fixed Investment Trust
    Reporting


5Liability of Unit Holders


5Possible Divestiture of Units


6Federal Taxation


6State Tax Considerations


8Regulation and Prices


10Regulation


10Prices


10Item 1A.

Risk Factors


11Item 1B.

Unresolved Staff Comments


14Item 2.

Properties


15Title


15Reserves


16Item 3.

Legal Proceedings


21Item 4.

Submission of Matters to a Vote of Security
    Holders


21PART IIItem 5.

Market for Registrants Common Equity and
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities


22Item 6.

Selected Financial Data


22Item 7.

Trustees Discussion and Analysis of
    Financial Condition and Results of Operations


22Item 7A.

Quantitative and Qualitative Disclosures About
    Market Risk


27Item 8.

Financial Statements and Supplementary Data


28Item 9.

Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure


38Item 9A.

Controls and Procedures


38Item 9B.

Other Information


41PART IIIItem 10.

Directors and Executive Officers and Corporate
    Governance


41Item 11.

Executive Compensation


41Item 12.

Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters


41Item 13.

Certain Relationships and Related Transactions,
    and Director Independence


41Item 14.

Principal Accounting Fees and Services


42PART IVItem 15.

Exhibits, Financial Statement Schedules


42EX-23EX-31EX-32EX-99.1EX-99.2   i




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PART
    I  Item 1. Business.
  DESCRIPTION
    OF THE TRUST
  (214) 209-2400.
  Form 10-K, Form 10-Q, Form 8-K,
       1




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Form 10-K
 Assets of
    the Trust   Liabilities
    of the Trust   Duties
    and Limited Powers of Trustee       2




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Liabilities
    of Trustee    Duration
    of Trust    non-cash non-cash
 Voting
    Rights of Unit Holders   3




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DESCRIPTION
    OF UNITS     Distributions
    of Net Income   Transfer   4




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Reports
    to Unit Holders     Widely
    Held Fixed Investment Trust Reporting Information  (214) 209-2400, www.sbr-sabineroyalty.com
 Liability
    of Unit Holders   5




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Possible
    Divestiture of Units      90-day 30-day 30-day
     FEDERAL
    TAXATION  THE TAX CONSEQUENCES TO A UNIT HOLDER OF THE OWNERSHIP AND
    SALE OF UNITS WILL DEPEND IN PART ON THE UNIT HOLDERS TAX
    CIRCUMSTANCES. EACH UNIT HOLDER SHOULD THEREFORE CONSULT THE
    UNIT HOLDERS TAX ADVISOR ABOUT THE FEDERAL, STATE AND
    LOCAL TAX CONSEQUENCES TO THE UNIT HOLDER OF THE OWNERSHIP OF
    UNITS.
       6




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Sections 1.1254-1 through 1.1254-6
           7




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STATE TAX
    CONSIDERATIONS  THE FOLLOWING IS INTENDED AS A BRIEF SUMMARY OF CERTAIN
    INFORMATION REGARDING STATE INCOME TAXES AND OTHER STATE TAX
    MATTERS AFFECTING THE TRUST AND THE UNIT HOLDERS. UNIT HOLDERS
    SHOULD CONSULT THE UNIT HOLDERS TAX ADVISOR REGARDING
    STATE INCOME TAX FILING AND COMPLIANCE MATTERS.
  Texas.
 8




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Louisiana.
  Florida, Mississippi, New Mexico and
    Oklahoma.
       9




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REGULATION
    AND PRICES Regulation  General
      Natural
    Gas
     Prices  Oil
    Natural
    Gas
   10




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Environmental
    Regulation
  General.
  Superfund.
  Solid and Hazardous Waste.
 Item 1A. Risk
    Factors  Crude oil
    and natural gas prices are volatile and fluctuate in response to
    a number of factors; Lower prices could reduce the net proceeds
    payable to the Trust and Trust distributions.
  month-to-month
  
    political conditions in major oil producing regions, especially
    in the Middle East;
    worldwide economic conditions;
    weather conditions; 11




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
    the supply and price of domestic and foreign crude oil or
    natural gas;
    the level of consumer demand;
    the price and availability of alternative fuels;
    the proximity to, and capacity of, transportation facilities;
    the effect of worldwide energy conservation measures; and
    the nature and extent of governmental regulation and taxation.    Trust
    reserve estimates depend on many assumptions that may prove to
    be inaccurate, which could cause both estimated reserves and
    estimated future net revenues to be too high, leading to
    write-downs of estimated reserves.
      
    historical production from the area compared with production
    rates from similar producing areas;
    the effects of governmental regulation;
    assumptions about future commodity prices, production and taxes;
    the availability of enhanced recovery techniques; and
    relationships with landowners, working interest partners,
    pipeline companies and others.    The
    assets of the Trust are depleting assets and, if the operators
    developing the Royalty Properties do not perform additional
    development projects, the assets may deplete faster than
    expected. Eventually, the assets of the Trust will cease to
    produce in commercial quantities and the Trust will cease to
    receive proceeds from such assets. In addition, a reduction in
    depletion tax benefits may reduce the market value of the
    Units.
   12




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The
    market price for the Units may not reflect the value of the
    royalty interests held by the Trust.
    Terrorism
    and continued hostilities in the Middle East could decrease
    Trust distributions or the market price of the Units.
    Cash held
    by the Trustee is not fully insured by the Federal Deposit
    Insurance Corporation, and future royalty income may be subject
    to risks related to the creditworthiness of third
    parties.
    Unit
    holders and the Trustee have no influence over the operations
    on, or future development of, the Royalty Properties.
   13




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The
    operator developing any Royalty Property may abandon the
    property, thereby terminating the royalties payable to the
    Trust.
    The
    Royalty Properties can be sold and the Trust would be
    terminated.
    Unit
    holders have limited voting rights and have limited ability to
    enforce the Trusts rights against the current or future
    operators developing the Royalty Properties.
      Financial
    information of the Trust is not prepared in accordance with
    GAAP.
    The
    limited liability of the Unit holders is uncertain.
   Item 1B. Unresolved
    Staff Comments   14




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Item 2. Properties.      Mineral and RoyaltyState

Gross Acres


Net AcresFlorida


5,448



697Louisiana


244,391



23,682Mississippi


75,489



9,713New Mexico


112,294



9,141Oklahoma


381,538



67,558Texas


1,273,132



105,760Total


2,092,292



216,551    Title   15




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Reserves   16




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DeGolyer
    and MacNaughton 5001
    Spring Valley Road
    Suite 800 East
    Dallas, Texas 75244
  February 18,
    2009
    75283-0650
        property-by-property
     17




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Proved oil and gas reserves
  and/or
      Proved developed oil and gas reserves
  Proved undeveloped reserves
   18




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Proved Developed Reserves


Proved Undeveloped ReservesOil, Condensate,





Oil, Condensate,and NGL


Sales Gas


and NGL


Sales GasState

(Mbbl)


(MMcf)


(Mbbl)


(MMcf)Florida


79



3



0



0Louisiana


49



453



0



0Mississippi


121



1,787



26



350New Mexico


394



2,744



0



0Oklahoma


502



9,884



0



0Texas


4,135



20,700



565



1,298Total


5,280



35,571



591



1,648       Oil,
    Condensate, NGL, and Natural Gas Prices
      Expenses
  and/or
 19




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Year Ending December 31

Future Net Revenue (M$)2009


36,7932010


32,2772011


28,780Subtotal


97,850Remaining


288,500Total


386,350       30(a)-(b) property-by-property
        /s/  Paul
    J. Szatkowski, P.E.   Senior Vice President
  20




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Item 3. Legal
    Proceedings.   Item 4. Submission
    of Matters to a Vote of Security Holders.   21




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PART II Item 5. Market
    for Registrants Common Equity, Related Stockholder Matters
    and Issuer Purchases of Equity Securities.    Sales Price


Distributions2008

High


Low


per UnitFirst Quarter

$
53.25


$
38.50


$
1.18703Second Quarter


70.75



48.65



1.40332Third Quarter


70.28



50.75



1.89550Fourth Quarter


57.73



35.34



1.55033   Sales Price


Distributions2007

High


Low


per UnitFirst Quarter

$
43.50


$
38.69


$
0.81313Second Quarter


44.63



40.81



0.93571Third Quarter


44.25



38.78



1.03131Fourth Quarter


52.04



42.23



1.07033        Item 6. Selected
    Financial Data.  Years Ended December 31

2008


2007


2006


2005


2004Royalty Income

$
90,886,060


$
58,910,367


$
61,608,030


$
54,594,978


$
42,338,724Distributable Income


89,008,982



57,059,819



59,830,843



52,680,811



40,587,685Distributable Income per Unit


6.11



3.91



4.10



3.61



2.78Total Assets at Year End


7,118,136



6,624,000



5,370,010



7,371,124



4,912,815Distributions per Unit


6.04



3.85



4.24



3.43



2.79  Item 7. Trustees
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
   22




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Results
    of Operations
             23




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Contractual
    Obligations
  Less








Morethan








than1


1-3


3-5


5Contractual Obligations

Total


Year


Years


Years


YearsLong-Term Debt Obligations


0



0



0



0



0Capital Lease Obligations


0



0



0



0



0Operating Lease Obligations


0



0



0



0



0Purchase Obligations


0



0



0



0



0Other Long-Term Liabilities Reflected on the Trusts Balance Sheet


0



0



0



0



0Total


0



0



0



0



0   Critical
    Accounting Policies and Estimates
    1.  Basis
    of Accounting
    
    Royalty income, net of severance and ad valorem taxes, and
    interest income are recognized in the month in which amounts are
    received by either the escrow agent or the Trust.
    Trust expenses, consisting principally of routine general and
    administrative costs, include payments made during the
    accounting period. Expenses are accrued to the extent of amounts
    that become 24




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##### Table of Contents



payable on the next monthly record date following the end of the
    accounting period. Reserves for liabilities that are contingent
    or uncertain in amount may also be established if considered
    necessary.  
    Royalties that are producing properties are amortized using the
    unit-of-production method. This amortization is shown as a
    reduction of Trust corpus.
    Distributions to Unit holders are recognized when declared by
    the Trustee.    
    Royalty income is recognized in the month received rather than
    in the month of production.
    Expenses other than those expected to be paid on the following
    monthly record date are not accrued.
    Amortization of the royalties is shown as a reduction to Trust
    corpus and not as a charge to operating results.
    Reserves may be established for contingencies that would not be
    recorded under accounting principles generally accepted in the
    United States of America.    2.  Revenue
    Recognition
    3.  Reserve
    Disclosure
    4.  Contingencies
    New
    Accounting Pronouncements
  New
    Accounting Standards
  Accounting for Uncertainty in
    Income Taxes, Accounting for Income
    Taxes.
 25




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Fair Value Measurements
  The
    Fair Value Option for Financial Assets and Financial
    Liabilities-Including an amendment of FASB Statement
    No. 115
  Business Combinations
  Noncontrolling Interests in Consolidated Financial
    Statements  an amendment of Accounting Research
    Bulletin No. 51
  Disclosures about Derivative Instruments and Hedging
    Activities, an amendment of FASB Statement No. 133
    (SFAS No. 161)
  The
    Hierarchy of Generally Accepted Accounting Principles. The Meaning of Present
    Fairly in Conformity with Generally Accepted Accounting
    Principles
  Off-Balance
    Sheet Arrangements
   26




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Inflation
    Oil


GasPer BBL


Per Mcf2008

$
97.32


$
8.452007


58.35



6.342006


54.71



7.19   Forward-Looking
    Statements
   Item
    7A. Quantitative and Qualitative Disclosures About
    Market Risk.   27




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Item 8. Financial
    Statements and Supplementary Data.  REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
             Internal Control  Integrated Framework
  
  
 28




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SABINE
    ROYALTY TRUST
  FINANCIAL
    STATEMENTS
  Statements
    of Assets, Liabilities and Trust Corpus
  December 31,2008


2007AssetsCash and short-term investments

$
6,383,892


$
5,796,869Royalty interests in oil and gas properties less accumulated
    amortization of $21,660,941(2008) and $21,568,054 (2007)


734,244



827,131Total

$
7,118,136


$
6,624,000Liabilities and Trust CorpusTrust expenses payable

$
143,197


$
183,748Other payables (Note 4)


239,674



617,597Total liabilities


382,871



801,345Trust Corpus (14,579,345 units of beneficial interest
    authorized and outstanding)


6,735,265



5,822,655Total

$
7,118,136


$
6,624,000   Statements
    of Distributable Income
  Year Ended December 31,2008


2007


2006Royalty Income

$
90,886,060


$
58,910,367


$
61,608,030Interest Income


293,971



347,199



349,941Total


91,180,031



59,257,566



61,957,970General and administrative expenses (Note 6)


2,171,049



2,197,747



2,127,128Distributable income

$
89,008,982


$
57,059,819


$
59,830,843Distributable income per unit (Basic and Assuming Dilution)
    (14,579,345 units) (Notes 1)

$
6.11


$
3.91


$
4.10Distributions per unit (Note 3)

$
6.04


$
3.85


$
4.24   Statements
    of Changes in Trust Corpus
  2008


2007


2006Trust corpus, beginning of year

$
5,822,655


$
4,998,409


$
7,046,252Amortization of royalty interests


(92,887
)


(98,090
)


(110,081
)Distributable income


89,008,982



57,059,819



59,830,843Distributions to unit holders (Note 3)


(88,003,485
)


(56,137,483
)


(61,768,605
)Trust corpus, end of year

$
6,735,265


$
5,822,655


$
4,998,409    29




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##### Table of Contents



SABINE
    ROYALTY TRUST
 NOTES TO FINANCIAL STATEMENTS
  1. Trust
    Organization and Provisions
            
    The Trust shall not engage in any business or commercial
    activity of any kind or acquire assets other than those
    initially transferred to the Trust.
    The Trustee may not sell all or any part of its assets unless
    approved by the holders of a majority of the outstanding Units
    in which case the sale must be for cash and the proceeds, after
    satisfying all existing liabilities, promptly distributed to
    Unit holders.
    The Trustee may establish a cash reserve for the payment of any
    liability that is contingent or uncertain in amount or that
    otherwise is not currently due and payable.
    The Trustee will use reasonable efforts to cause the Trust and
    the Unit holders to recognize income and expenses on monthly
    record dates.
    The Trustee is authorized to borrow funds to pay liabilities of
    the Trust provided that such borrowings are repaid in full
    before any further distributions are made to Unit holders.
    The Trustee will make monthly cash distributions to Unit holders
    of record on the monthly record date (see Note 3).     30




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##### Table of Contents



SABINE
    ROYALTY TRUST
 NOTES TO FINANCIAL STATEMENTS  (Continued)
        2. Accounting
    Policies
  Basis of
    Accounting
    
    Royalty income, net of severance and ad valorem taxes, and
    interest income are recognized in the month in which amounts are
    received by either the escrow agent or the Trust (see
    Note 1).
    Trust expenses, consisting principally of routine general and
    administrative costs, include payments made during the
    accounting period. Expenses are accrued to the extent of amounts
    that become payable on the next monthly record date following
    the end of the accounting period. Reserves for liabilities that
    are contingent or uncertain in amount may also be established if
    considered necessary.
    Royalties that are producing properties are amortized using the
    unit-of-production method. This amortization is shown as a
    reduction of Trust corpus.
    Distributions to Unit holders are recognized when declared by
    the Trustee (see Note 3).    
    Royalty income is recognized in the month received rather than
    in the month of production.
    Expenses other than those expected to be paid on the following
    monthly record date are not accrued. 31




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SABINE
    ROYALTY TRUST
 NOTES TO FINANCIAL STATEMENTS  (Continued)
   
    Amortization of the royalties is shown as a reduction to Trust
    corpus and not as a charge to operating results.
    Reserves may be established for contingencies that would not be
    recorded under accounting principles generally accepted in the
    United States of America.    Use of
    Estimates
    Impairment
    New
    Accounting Standards
  New
    Accounting Standards
    Fair
    Value Measurements
  The
    Fair Value Option for Financial Assets and Financial
    Liabilities-Including an amendment of FASB Statement
    No. 115
  Business Combinations
 32




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##### Table of Contents



SABINE
    ROYALTY TRUST
 NOTES TO FINANCIAL STATEMENTS  (Continued)
    Noncontrolling Interests in Consolidated Financial
    Statements  an amendment of Accounting Research
    Bulletin No. 51
  Disclosures about Derivative Instruments and Hedging
    Activities, an amendment of FASB Statement No. 133
    (SFAS No. 161)
  The
    Hierarchy of Generally Accepted Accounting Principles. The Meaning of Present
    Fairly in Conformity with Generally Accepted Accounting
    Principles
  Distributable
    Income Per Unit
    Federal
    Income Taxes
     33




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##### Table of Contents



SABINE
    ROYALTY TRUST
 NOTES TO FINANCIAL STATEMENTS  (Continued)
  (214) 209-2400, www.sbr-sabineroyalty.com
  3. Distributions
    to Unit Holders
        4. Other
    Payables
    December 31,

2008


2007Royalty receipts in suspense pending verification of ownership
    interest or title

$
239,674


$
617,597Total

$
239,674


$
617,597  34




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##### Table of Contents



SABINE
    ROYALTY TRUST
 NOTES TO FINANCIAL STATEMENTS  (Continued)
    5. Subsequent
    Events
  Distributions
    Distribution perNotification Date

Monthly Record Date

Payment Date

UnitJanuary 5, 2009

January 15, 2009

January 29, 2009

$
.41550February 5, 2009

February 17, 2009

February 27, 2009

$
.25441   6.
    General
    and Administrative Expenses    2008


2007


2006Trustees fee

$
331,898


$
332,928


$
317,251Escrow agents fee


995,680



998,758



951,740Professional fees


385,595



318,231



371,752Unit holders services fees


326,439



416,354



355,154Other


131,437



131,476



131,231Total General and Administrative Expenses


2,171,049



2,197,747



2,127,128   7. Quarterly
    Financial Data (Unaudited)
    Royalty


Distributable


Distributable2008

Income


Income


Income per UnitFirst Quarter

$
18,856


$
18,382


$
1.26Second Quarter


23,055



22,446



1.54Third Quarter


28,421



28,025



1.92Fourth Quarter


20,554



20,156



1.39$
90,886


$
89,009


$
6.11   Royalty


Distributable


Distributable2007

Income


Income


Income per UnitFirst Quarter

$
12,802


$
12,314


$
0.84Second Quarter


14,569



13,977



0.96Third Quarter


16,711



16,364



1.12Fourth Quarter


14,828



14,405



0.99$
58,910


$
57,060


$
3.91   8. Supplemental
    Oil and Gas Information (Unaudited)
  Reserve
    Quantities
   35




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SABINE
    ROYALTY TRUST
 NOTES TO FINANCIAL STATEMENTS  (Continued)
      Oil


Gas(Barrels)


(Mcf)January 1, 2006


6,268



36,402Revisions of previous statements


86



4,450Production


(464
)


(4,584
)December 31, 2006


5,890



36,268Revisions of previous statements


959



4,447Production


(424
)


(4,900
)December 31, 2007


6,425



35,815Revisions of previous statements


(168
)


6,261Production


(387
)


(4,856
)December 31, 2008


5,870



37,220     Oil


Gas(Barrels)


(Mcf)Proved developed reserves:January 1, 2006


6,197



36,172December 31, 2006


5,787



35,333December 31, 2007


5,820



34,437December 31, 2008


5,279



35,572   Disclosure
    of a Standardized Measure of Discounted Future Net Cash
    Flows
   36




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##### Table of Contents



December 31,

2008


2007


2006Future net cash inflows

$
386,350


$
675,878


$
426,723Discount of future net cash flows @ 10%


(197,150
)


(353,400
)


(214,561
)Standardized measure of discounted future net cash inflows

$
189,200


$
322,478


$
212,162     2008


2007


2006Standardized measure of discounted future net cash flows,
    January 1,

$
322,478


$
212,162


$
287,777Royalty income, net of severance and ad valorem taxes


(90,886
)


(58,910
)


(61,608
)Changes in prices, net of related costs


(103,460
)


90,510



(52,702
)Revisions of previous estimates and other


28,820



57,500



9,917Accretion of discount


32,248



21,216



28,778Standardized measure of discounted future net cash flows,
    December 31,

$
189,200


$
322,478


$
212,162     9. Texas
    Margin Tax
     37




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##### Table of Contents



Item 9.
    Changes
    in and Disagreements with Accountants on Accounting and
    Financial Disclosure.    Item 9A.
    Controls
    and Procedures.  Conclusion
    Regarding the Effectiveness of Disclosure Controls and
    Procedures  Rule 13a-15(e)
  Changes
    in Internal Control Over Financial Reporting    Trustees
    Report on Internal Control Over Financial Reporting  Rule 13a-15(f) Internal Control 
    Integrated Framework Internal
    Control  Integrated Framework,
 38




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Report of
    Independent Registered Public Accounting Firm
     Internal Control  Integrated Framework
        Internal Control  Integrated Framework
 39




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##### Table of Contents



40




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##### Table of Contents



Item 9B.
    Other
    Information.   PART III  Item 10.
    Directors
    and Executive Officers and Corporate Governance.  Directors and Executive Officers.
  Compliance with Section 16(a) of the Exchange
    Act.
  Code of Ethics.
  Audit Committee.
  Nominating Committee.
  Item 11.
    Executive
    Compensation.    Item 12.
    Security
    Ownership of Certain Beneficial Owners and Management and
    Related Stockholder Matters.  Security Ownership of Certain Beneficial
    Owners.
  Security Ownership of Management.
  Changes in Control.
  Securities Authorized for Issuance Under Equity
    Compensation Plans.
  Item 13.
    Certain
    Relationships and Related Transactions, and Director
    Independence.   41




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##### Table of Contents



Item 14.
    Principal
    Accounting Fees and Services.    2008


2007Audit fees

$
139,000


$
137,000Audit-related fees

$
0


$
0Tax fees

$
40,786


$
32,843All other fees

$
0


$
0    PART
    IV  Item 15.
    Exhibits,
    Financial Statement Schedules.    Financial Statements (included in Item 8 of this
    report)
            Financial Statement Schedules
    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 March 2, 2009 and submitted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.
    Section 1350).(99.1)




Report dated February 17, 2009 of the Trustee containing
    interim tax information for each of the 12 months in the
    year ending December 31, 2008.(99.2)




Report dated February 27, 2009 of the Statement of Fees and
    Expenses paid by Sabine Royalty Trust to Bank of America, N.A.,
    as Trustee and Escrow Agent.     *
    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. 42




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##### Table of Contents



SIGNATURES
      BY:
    BANK OF AMERICA, N.A., Trustee  By:
    /s/  RON E.
    HOOPER       (The Registrant has no directors or executive officers.)
 43




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##### Table of Contents



INDEX TO
    EXHIBITS
  ExhibitNumber




Description(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 March 2, 2009 and submitted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.
    Section 1350).(99.1)




Report dated February 17, 2009 of the Trustee containing
    interim tax information for each of the 12 months in the
    year ending December 31, 2008.(99.2)




Report dated February 27, 2009 of the Statement of Fees and
    Expenses paid by Sabine Royalty Trust to Bank of America, N.A.,
    as Trustee and Escrow Agent.     *
    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.