Exhibit 99.2 

**Report of Independent Registered Public Accounting Firm**

To the Trustee on Behalf of Unit holders of SabineRoyalty Trust: 

We have audited the accompanying Statements of Fees and Expenses (as defined in Exhibit C to the Sabine RoyaltyTrust Agreement) paid by Sabine Royalty Trust to Bank of America, N.A., (the “Trustee”), as trustee and escrow agent, for the years ended December 31, 2011, 2010 and 2009. These statements are the responsibility of theTrustee’s management. Our responsibility is to express an opinion on these statements based on our audits. 

We conducted our auditsin accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the Statements of Fees and Expenses are freeof material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Statements of Fees and Expenses. An audit also includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall statement presentation. We believe that our audits provide a reasonable basis for our opinion. 

As described in Note 3, the Statements of Fees and Expenses were prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generallyaccepted in the United States of America. 

In our opinion, the Statements of Fees and Expenses referred to above present fairly, in allmaterial respects, the fees and expenses paid by Sabine Royalty Trust to Bank of America, N.A., as trustee and escrow agent, for the years ended December 31, 2011, 2010 and 2009, on the basis of accounting described in Note 3. 

/s/ PricewaterhouseCoopers LLP 

Dallas, Texas 

March 2, 2012 

**STATEMENTS OF FEES AND EXPENSES**

**PAID BY SABINE ROYALTY TRUST TO**

**BANK OF AMERICA, N.A., AS**

**TRUSTEE AND ESCROW AGENT, FOR EACH OF THE THREE**

**YEARS IN THE PERIOD ENDED DECEMBER 31, 2011**

 
   **2011**   **2010**   **2009** 
Trustee’s fee
  $317,119    $320,721    $331,519  
Escrow agent’s fee
   951,336     962,144     994,537    
 

 
   
 

 
   
 

 
 
Total fees and expenses
   1,268,455     1,282,865     1,326,056    
 

 
   
 

 
   
 

 
 
The accompanying notes are an integral part of these statements. 

**Notes**

**1. **Sabine Royalty Trust(the “Trust”) is an express trust formed under the laws of Texas by the Sabine Corporation Royalty Trust Agreement (the “Trust Agreement”) made and entered into effective as of December 31, 1982, between Sabine Corporation(“Sabine”), as trustor, and Bank of America, N.A. (the “Bank”), as successor trustee (the “Trustee”). Contemporaneously with the execution of the Trust Agreement, Sabine, the Trustee and the predecessor of the Bank, asescrow agent (the “Escrow Agent”), entered into an escrow agreement which establishes an escrow (the “Escrow”). Prior to distribution of units of beneficial interest (the “Units”) in the Trust to Sabine’sshareholders, Sabine transferred to the Trust royalty and mineral interests, including landowner’s royalties, overriding royalty interests, minerals (other than executive rights, bonuses and delay rentals), production payments and othersimilar, non-participatory interests, in certain producing and proved undeveloped oil and gas properties in six states (the “Royalty Properties”). 

In May 1988, Sabine was acquired by Pacific Enterprise (“Pacific”), a California corporation. Through a series of mergers, Sabine was merged into Pacific Enterprises Oil Company (USA) (“Pacific(USA)”), a California corporation and a wholly owned subsidiary of Pacific, effective January 1, 1990. This acquisition and the subsequent mergers had no effect on the Units. Pacific (USA), as successor to Sabine, has assumed by operationof law all of Sabine’s rights and obligations with respect to the Trust. 

The compensation agreement under the Trust Agreementprovides for a “cost plus” fee payable to the Bank for all services rendered in its capacities as Trustee and as Escrow Agent. Generally, the fees payable to the Bank are calculated by dividing the expenses incurred by the Bank, as Trusteeand as Escrow Agent, solely for services provided by the Bank in the administration of the Trust and the Escrow by seven-tenths (0.7). Professional and other noncontributing (out-of-pocket) expenses incurred by the Bank, as Trustee or as EscrowAgent, as the case may be, in the performance of its duties in the foregoing capacities are charged to the Trust or the Escrow, as the case may be, at cost. These expenses do not contribute to the fees payable to the Bank described above. Annually,the Trustee must estimate Trust and Escrow expenses contributing to the fee for the forthcoming year and publish this amount in the Trust’s first quarterly report to Unit holders. The Trustee can be penalized by forfeiture of reimbursement forpart of its expenses if such expenses exceed the estimate. The Trustee also can earn a bonus by administering the Trust for total costs that are lower than the estimate. The Bank elected to forego bonuses earned of $111,545, $97,135 and $48,944 in2011, 2010 and 2009, respectively. 

**2. **Escrow Agent’s fees and Trustee’s fees consist of a profit margin plus allfully allocated costs incurred by the Bank, as Trustee and as Escrow Agent, in performing administrative services to the Trust as specified in the Trust Agreement. Allocated costs do not include any professional and related expenses paid to thirdparties. 

All costs incurred by the Bank in its capacities as Trustee and as Escrow Agent are accumulated in one account. Fees basedthereon are allocated between the Trustee function and the Escrow Agent function according to the actual administrative services rendered by the Bank in each capacity. Any determinations by the Bank as to the allocation of the fee between theTrustee and the Escrow Agent are conclusive and binding on the Unit holders and Pacific (USA), but in no event does the Bank’s allocation affect the aggregate fee payable to the Bank. 

**3.** The Statements of Fees and Expenses are prepared on a modified cash basis, which is acomprehensive basis of accounting other than accounting principles generally accepted in the United States of America. Trust expenses include payments made during the accounting period. Expenses are accrued to the extent of amounts that becomepayable on the next monthly record date following the end of the accounting period. These statements differ from statements prepared in conformity with accounting principles generally accepted in the United States of America because expenses otherthan those expected to be paid on the following monthly record date are not accrued. 

This comprehensive basis of accounting other thanaccounting principles generally accepted in the United States of America corresponds to the accounting permitted for royalty trusts by the U.S. Securities and Exchange Commission, as specified by Staff Accounting Bulletin Topic 12:E, FinancialStatements of Royalty Trusts.