---

# UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_________________

# FORM 10-Q

_________________

(Mark One)

|[X] | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended June 30, 2005
|--- | -------------------------------------------------------------------------------------------------------------------------------------

OR

|[  ] | 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:
1-737

Texas Pacific Land Trust
(Exact Name of Registrant as Specified in Its Charter)

|NOT APPLICABLE                                 |  | 75-0279735         
|---------------------------------------------- |  | -------------------
|(State or Other Jurisdiction of Incorporation  |  | (I.R.S. Employer   
|or Organization)                               |  | Identification No.)
|                                              
|1700 Pacific Avenue, Suite 1670, Dallas, Texas |  | 75201              
|(Address of Principal Executive Offices)       |  | (Zip Code)         

(214) 969-5530
(Registrants Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

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

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

---

# Cautionary Statement
Regarding Forward-Looking Statements

Statements
in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, including statements regarding managements
expectations, hopes, intentions or strategies regarding the future. Forward-looking
statements include statements regarding the Trusts future operations and prospects,
the markets for real estate in the areas in which the Trust owns real estate, applicable
zoning regulations, the markets for oil and gas, production limits on prorated oil and gas
wells authorized by the Railroad Commission of Texas, expected competition,
managements intent, beliefs or current expectations with respect to the Trusts
future financial performance and other matters. All forward-looking statements in this
Report are based on information available to us as of the date this Report is filed with
the Securities and Exchange Commission, and we assume no responsibility to update any such
forward-looking statements, except as required by law. All forward-looking statements are
subject to a number of risks, uncertainties and other factors that could cause our actual
results, performance, prospects or opportunities to differ materially from those expressed
in, or implied by, these forward-looking statements. These risks, uncertainties and other
factors include, but are not limited to, the factors discussed in Part 1, Item 2
Managements Discussion and Analysis of Financial Condition and Results of
Operations.

# PART I.  FINANCIAL
INFORMATION

# Item 1.    Financial
Statements

# TEXAS PACIFIC LAND
TRUSTBALANCE SHEETS

|ASSETS                                                                                                                    |  | June 30,
2005 |   | December 31,
2004 | 
|------------------------------------------------------------------------------------------------------------------------- |  | ------------- | - | ----------------- | 
|
|Cash                                                                                                                      |  |               | $ | 3,743,002         | 
|Temporary cash investments - at cost which approximates market                                                            |  |               |   | 6,350,000         | 
|Accounts receivable                                                                                                       |  |               |   | 808,945           | 
|Accrued interest receivable                                                                                               |  |               |   | 163,705           | 
|Prepaid expenses                                                                                                          |  |               |   | 175,870           | 
|Notes receivable for land sales                                                                                           |  |               |   | 18,400,138        | 
|Real estate acquired :                                                                                                    |  |              
|(12,118.84 acres at June 30, 2005 and 6,571.92 acres at December 31, 2004)                                                |  |               |   | 1,838,325         | 
|Water wells, leasehold improvements, furniture and equipment                                                              |  |              
|- at cost less accumulated depreciation                                                                                   |  |               |   | 90,703            | 
|Prepaid Federal income taxes                                                                                              |  |               |   | --                | 
|Property, no value assigned:                                                                                              |  |              
|Land (surface rights) situated in twenty counties in        Texas - 976,089.44 acres in 2005 and 986,100.77 acres in 2004 |  |               |   | --                | 
|                                                                                                                         
|Town lots in Iatan, Loraine and Morita - 628 lots in 2005 and 2004                                                        |  |               |   | --                | 
|1/16 nonparticipating perpetual royalty interest in 386,987.70 acres in 2005                                              |  |              
|and 2004                                                                                                                  |  |               |   | --                | 
|                                                                                                                         
|1/128 nonparticipating perpetual royalty interest in 85,413.60 acres in 2005
       and 2004                              |  |               |   | --                | 
|                                                                                                                          |  |               |   |                  
|                                                                                                                          |  |               | $ | 31,570,688        | 
|                                                                                                                          |  |               |   |                  
|LIABILITIES AND CAPITAL                                                                                                   |  |              
|                                                                                                                         
|Federal income taxes payable                                                                                              |  |               | $ | 1,397,119         | 
|Other taxes                                                                                                               |  |               |   | 132,406           | 
|Other liabilities                                                                                                         |  |               |   | 636,634           | 
|Escrow deposits on land sales                                                                                             |  |               |   | 51,000            | 
|                                                                                                                         
|Deferred taxes                                                                                                            |  |               |   | 6,583,542         | 
|                                                                                                                          |  |               |   |                  
|Total liabilities                                                                                                         |  |               |   | 8,800,701         | 
|                                                                                                                          |  |               |   |                  
|Capital:                                                                                                                  |  |               |   |                  
|Certificates of Proprietary Interest, par value $100
        each; no certificates outstanding in 2005 and 2004           |  |               |   | --                | 
|Sub-share Certificates in Certificates of Proprietary                                                                     |  |              
|Interest, par value $.16 2/3 each; outstanding:                                                                           |  |              
|2,177,475 sub-shares in 2005 and 2,194,275 sub-shares in 2004                                                             |  |               |   | --                | 
|                                                                                                                         
|Net proceeds from all sources                                                                                             |  |               |   | 22,769,987        | 
|                                                                                                                          |  |               |   |                  
|Total capital                                                                                                             |  |               |   | 22,769,987        | 
|                                                                                                                          |  |               |   |                  
|                                                                                                                          |  |               | $ | 31,570,688        | 
|                                                                                                                          |  |               |   |                  

# See accompanying notes
to financial statements.

2

# TEXAS PACIFIC LAND
TRUST STATEMENTS OF INCOME(Unaudited)

|                                                                                                     | Three Months Ended 
June 30, | Six Months Ended 
June 30,
|---------------------------------------------------------------------------------------------------- | ---------------------------- | --------------------------
|
|
|Income:                                                                                              |                              |                           
|Rentals, royalties and sundry income                                                                 |                              |                           
|Land sales                                                                                           |                              |                           
|Interest                                                                                             |                              |                           
|                                                                                                     |                              |                           
|                                                                                                     |                              |                           
|                                                                                                     |                              |                           
|Expenses:                                                                                            |                              |                           
|Taxes, other than Federal income taxes                                                               |                              |                           
|General and administrative expenses                                                                  |                              |                           
|                                                                                                     |                              |                           
|                                                                                                     |                              |                           
|                                                                                                     |                              |                           
|Income before                                                                                        |                              |                           
|Federal income taxes                                                                                 |                              |                           
|                                                                                                     |                              |                           
|Federal income taxes                                                                                 |                              |                           
|                                                                                                     |                              |                           
|Net income                                                                                           |                              |                           
|                                                                                                     |                              |                           
|Average number of sub-share certificates
     and equivalent sub-share certificates
     outstanding |                              |                           
|                                                                                                     |                              |                           
|Basic and dilutive earnings per sub-share certificate                                                |                              |                           
|                                                                                                     |                              |                           
|Cash dividends per sub-share certificate                                                             |                              |                           
|                                                                                                     |                              |                           

See accompanying notes
to financial statements.

3

# TEXAS PACIFIC LAND
TRUSTSTATEMENTS OF CASH FLOWS (Unaudited)

|                                                                                   | Six Months 
Ended June 30,
|---------------------------------------------------------------------------------- | --------------------------
|
|Cash flows from operating activities:                                              |                           
|Net income                                                                         |                           
|Adjustments to reconcile net income to net                                         |                           
|cash provided by operating activities:                                             |                           
|Depreciation                                                                       |                           
|Deferred taxes                                                                     |                           
|(Increase) decrease in assets:                                                     |                           
|Accounts receivable                                                                |                           
|New notes receivable from land sales                                               |                           
|Payments received on notes receivable                                              |                           
|Accrued interest receivable                                                        |                           
|Prepaid Federal income taxes                                                       |                           
|Prepaid expenses                                                                   |                           
|Real estate acquired                                                               |                           
|Increase (decrease) in liabilities:                                                |                           
|Federal income taxes payable                                                       |                           
|Other taxes payable                                                                |                           
|Escrow deposits on land sales                                                      |                           
|Other liabilities payable                                                          |                           
|                                                                                   |                           
|Total adjustments                                                                  |                           
|                                                                                   |                           
|Net cash provided by operating activities                                          |                           
|                                                                                   |                           
|Cash flows from investing activities-                                              |                           
|Additions to water wells, leasehold improvements,
         furniture and equipment |                           
|                                                                                   |                           
|Cash flows from financing activities:                                              |                           
|Sub-shares purchased for retirement                                                |                           
|Dividends paid                                                                     |                           
|                                                                                   |                           
|Net cash used by financing activities                                              |                           
|                                                                                   |                           
|Net increase (decrease) in cash and cash equivalents                               |                           
|Cash and cash equivalents at beginning of period                                   |                           
|                                                                                   |                           
|Cash and cash equivalents at end of period                                         |                           
|                                                                                   |                           

See accompanying notes
to financial statements.

4

# TEXAS PACIFIC LAND
TRUSTNOTES TO UNAUDITED FINANCIAL
STATEMENTSJUNE 30, 2005

|(1) | In
the opinion of management, the accompanying unaudited financial statements
                    contain all adjustments (consisting of only normal recurring
accruals) necessary                     to present fairly the financial position of Texas
Pacific Land Trust (the                     Trust) as of June 30, 2005 and
the results of its operations for the                     three month and six month
periods ended June 30, 2005 and 2004, respectively,                     and its cash
flows for the six month periods ended June 30, 2005 and 2004,
                    respectively. The financial statements and footnotes included herein
should be                     read in conjunction with the Trusts annual financial
statements as of                     December 31, 2004 and 2003 and for each of the years
in the three year period                     ended December 31, 2004 included in the Trusts
Annual Report on Form 10-K                     for the year ended December 31, 2004.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | No
value has been assigned to the land held by the Trust other than parcels
                    which have been acquired through foreclosure and a limited number of
parcels                     which have been acquired because they were offered for sale
and were contiguous                     to parcels already owned by the Trust.
Consequently, no allowance for depletion                     is computed, and no charge
to income is made therefor, and no cost is deducted                     from the proceeds
of the land sales in computing gain or loss thereon.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | The
Sub-shares and the Certificates of Proprietary Interest are freely
                    interchangeable in the ratio of one Certificate of Proprietary
Interest for 600                     Sub-shares or 600 Sub-shares for one Certificate of
Proprietary Interest.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | The
Trusts effective Federal income tax rate is less than the 34%
                    statutory rate because taxable income is reduced by statutory
percentage                     depletion allowed on mineral royalty income.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | The
results of operations for the three month and six month periods ended June
                    30, 2005 are not necessarily indicative of the results to be expected
for the                     full year.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(6) | The
Trust invests cash in excess of daily requirements primarily in overnight
                    investments in loan participation instruments with maturities of
ninety days or                     less. Such investments are deemed to be highly liquid
debt instruments and                     classified as cash equivalents for purposes of
the statements of cash flows.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Supplemental
cash flow information for the six month periods ended June 30, 2005 and 2004 is
summarized as follows:
| | -------------------------------------------------------------------------------------------------------------------

|                          | 2005 |  | 2004
|------------------------- | ---- |  | ----
|
|Federal income taxes paid |      |  | $   

|(7) | SFAS
No. 131, Disclosures about Segments of an Enterprise and Related
                    Information establishes standards for the way public business
enterprises                     are to report information about operating segments. SFAS
No. 131 utilizes the                     management approach as a basis for identifying
reportable segments. The                     management approach is based on the way that
management organizes the segments                     within the enterprise for making
operating decisions and assessing performance.                     The Trusts
management views its operations as one segment and believes the                     only
significant activity is managing the land which was conveyed to the Trust
                    in 1888. The Trusts management makes decisions about resource
allocation                     and performance assessment based on the same financial
information presented in                     these financial statements. Managing the
land includes sales and leases of such                     land, and the retention of oil
and gas royalties.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

# Item 2.    Managements
Discussion and Analysis of Financial Condition and Results of Operations

The
following discussion and analysis should be read together with the Financial Statements,
including the Notes thereto, and the other financial information appearing elsewhere in
this Report. Period-to-period comparisons of financial data are not necessarily
indicative, and therefore should not be relied upon as indicators, of the Trusts
future performance. Words or phrases such as does not believe and believes,
or similar expressions, when used in this Form 10-Q or other filings with the Securities
and Exchange Commission, are intended to identify forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.

Results of Operations for the
Quarter Ended June 30, 2005 Compared to the Quarter Ended June 30, 2004

Earnings
per sub-share certificate were $1.09 for the second quarter of 2005 compared to $.65 for
the second quarter of 2004. Total revenues were $4,065,220 for the second quarter of 2005
compared to $2,600,247 for the second quarter of 2004, an increase of 56.3%. These
increases were due to increases in all categories of revenue.

In
the second quarter of 2005, land sales totaled $1,294,865, representing the sale of
9,974.92 acres at an average price of $130 per acre. In the comparable period of 2004,
land sales totaled $476,152, representing the sale of 5,951.90 acres at an average price
of $80 per acre. During the second quarter of 2005, the Trust purchased 331.00 acres of
land located in Culberson County, Texas from the State of Texas for an aggregate purchase
price of $18,478.08, or approximately $55.83 per acre. While the Trust is generally not a
purchaser of land, the parcels purchased (which were among others offered for sale by the
state) were interspersed among parcels already owned by the Trust. The purchase of these
parcels will make the Trusts holdings in Culberson County more contiguous.

Land
sales may vary widely from year to year and quarter to quarter. The total dollar amount,
the average price per acre, and the number of acres sold in any one year or quarter should
not be assumed to be indicative of land sales in the future. The Trust is a passive seller
of land and does not actively solicit sales of land. The demand for, and the sales price
of, any particular tract of the Trusts land is influenced by many factors,
including, the national and local economies, the rate of residential and commercial
development in nearby areas, livestock carrying capacity, and the condition of the local
agricultural industry, which itself is influenced by range conditions and prices for
livestock and other agricultural products. Approximately 99% of the Trusts land is
classified as ranch land and intermingled with other ownerships to form ranching units.
Ranch land sales are, therefore, largely dependent on the actions of the adjoining
landowners.

Rentals,
royalties and sundry income were $2,324,159 for the second quarter of 2005 compared to
$1,899,651 for the second quarter of 2004, an increase of 22.3%. This increase resulted
primarily from increases in oil and gas royalty income and, to a lesser extent, an
increase in easement and sundry income. The increase in oil and gas royalty revenue was
attributable to the higher market prices for oil and gas which prevailed during the second
quarter of 2005 compared to the second quarter of 2004, which more than offset decreases
in the volume of production of oil and gas in the 2005 period.

Oil
and gas royalty revenue was $1,911,505 for the second quarter of 2005, compared to
$1,504,399 for the second quarter of 2004, an increase of 27.1%. Oil royalty revenue was
$1,296,939 for the second quarter of 2005, an increase of 33.5% from the second quarter of
2004. Crude oil production subject to the Trusts royalty interest decreased 2.6% for
the second quarter of 2005, but this decrease in the volume of production was more than
offset by a 37.1% increase in the average price per royalty barrel of crude oil in the
2005 second quarter compared to the 2004 second quarter. Gas royalty revenue was

6

$614,566 for the second quarter of
2005, an increase of 15.3% from the second quarter of 2004, resulting from a price
increase of 26.0%, which more than offset a decrease of 8.5% in the volume of gas
produced.

Easement
and sundry income was $257,104 for the second quarter of 2005, an increase of 17.2% from
the second quarter of 2004. This category of income is unpredictable and may vary
significantly from quarter to quarter.

Interest
revenue was $446,196 for the second quarter of 2005 compared to $224,444 for the second
quarter of 2004, an increase of 98.8%, primarily due to increased interest from notes
receivable. Interest from notes receivable for the second quarter of 2005 was $403,556, an
increase of 88.0% compared to the second quarter of 2004. As of June 30, 2005, notes
receivable for land sales were $18,400,138, an increase of 77.2% from June 30, 2004. This
increase in notes receivable from land sales was the result of the significant sale of
land near El Paso, Texas, which was recorded during the third quarter of 2004. Sundry
interest was $42,640 for the second quarter of 2005, an increase of 334.5% from the second
quarter of 2004. Sundry interest fluctuates based on cash on hand for investment and
interest rates on short-term investments.

Taxes,
other than Federal income taxes increased 6.3% for the second quarter of 2005 compared to
the second quarter of 2004. This increase is attributable to an increase in oil and gas
production taxes. The increase in oil and gas production taxes, in turn, resulted from the
increased oil and gas royalty income occasioned by the higher oil and gas prices
prevailing during the second quarter of 2005 compared to the second quarter of 2004.

General
and administrative expenses increased 28.7% for the second quarter of 2005 compared to the
second quarter of 2004, primarily due to increases in pension expense and legal expense.

Results of Operations for the Six
Months Ended June 30, 2005 Compared to the Six Months Ended June 30, 2004

Earnings
per sub-share certificate were $1.71 for the first six months of 2005 compared to $1.18
for the first six months of 2004. Total revenues were $6,644,481 for the first six months
of 2005 compared to $4,838,031 for the first six months of 2004, an increase of 37.3%.
These increases were due to increases in all categories of revenue during the first six
months of 2005 compared to the first six months of 2004.

In
the first six months of 2005, land sales totaled $1,294,865, representing the sale of
9,974.92 acres at an average price of approximately $130 per acre. In the comparable
period of 2004, land sales totaled $815,291, representing the sale of 8,414.56 acres at an
average price of approximately $97 per acre. During the first six months of 2005, the
Trust purchased 5,546.92 acres of land located in Culberson County, Texas from the State
of Texas for an aggregate purchase price of $315,501, or approximately, $56.88 per acre.
While the Trust is generally not a purchaser of land, the parcels purchased (which were
among others offered for sale by the state) were interspersed among parcels already owned
by the Trust. The purchase of these parcels will make the Trusts holdings in
Culberson County more contiguous.

Rentals,
royalties, and sundry income were $4,459,364 for the first six months of 2005, compared to
$3,567,147 for the first six months of 2004, an increase of 25.0%. This increase resulted
primarily from increases in oil and gas royalty income and, to a lesser extent, an
increase in easement and sundry income. The increase in oil and gas royalty revenue was
attributable to the higher market prices for oil and gas which prevailed during the first
six months of 2005 compared to the first six months of 2004, which more than offset
decreases in the volume of production of oil and gas in the 2005 period.

7

Oil
and gas royalty revenue was $3,743,039 for the first six months of 2005, compared to
$2,929,643 for the first six months of 2004, an increase of 27.8%. Oil royalty revenue was
$2,518,169 for the first six months of 2005, an increase of 32.5% from the first six
months of 2004. Crude oil production subject to the Trusts royalty interest
decreased 3.6% for the first six months of 2005, but this decrease in production was more
than offset by a 37.4% increase in the average price per royalty barrel of crude oil in
the first six months of 2005 compared to the first six months of 2004. Gas royalty revenue
was $1,224,870 for the first six months of 2005, an increase of 18.9% from the first six
months of 2004, resulting from a price increase of 13.4%, which more than offset a
decrease of 4.9% in the volume of gas produced.

Easement
and sundry income was $441,977 for the first six months of 2005, an increase of 17.2% from
the first six months of 2004. This category of income is unpredictable and may vary
significantly from period to period.

Interest
revenue was $890,252 for the first six months of 2005, compared to $455,593 for the first
six months of 2004, an increase of 95.4%, primarily due to increased interest from notes
receivable. Interest from notes receivable for the first six months of 2005 was $813,578,
an increase of 88.1% from the comparable period of 2004. As of June 30, 2005, notes
receivable from land sales were $18,400,138, an increase of 77.2% from June 30, 2004. This
increase in notes receivable from land sales was the result of the significant sale of
land near El Paso, Texas, which was recorded during the third quarter of 2004. Sundry
interest was $76,674 for the first six months of 2005, an increase of 233.7% from the 2004
period. Sundry interest fluctuates based on cash on hand for investment and interest rates
on short-term investments.

Taxes,
other than Federal income taxes increased 6.7% for the first six months of 2005 compared
to the first six months of 2004. This increase is attributable to an increase in oil and
gas production taxes. The increase in oil and gas production taxes, in turn, resulted from
the increased oil and gas royalty income occasioned by the higher oil and gas prices
prevailing during the first six months of 2005 compared to the first six months of 2004.

General
and administrative expenses for the first six months of 2005 increased 18.8% compared to
the first six months of 2004, primarily due to increases in pension expense and legal
expense.

# Liquidity and Capital
Resources

The
Trusts principal sources of liquidity are revenues from oil and gas royalties, lease
rentals and receipts of interest and principal payments on the notes receivable arising
from land sales. In the past, those sources have generated more than adequate amounts of
cash to meet the Trusts needs and, in the opinion of management, should continue to
do so in the foreseeable future.

# Item 3.  Quantitative and
Qualitative Disclosures About Market Risk

There
have been no material changes in the information related to market risk of the Trust since
December 31, 2004.

# Item 4.  Controls and
Procedures

Pursuant
to Rule 13a-15, management of the Trust under the supervision and with the participation
of Roy Thomas, the Trusts Chief Executive Officer and David M. Peterson, the
Trusts Chief Financial Officer, carried out an evaluation of the effectiveness of
the design and operation of the Trusts disclosure controls and procedures as of the
end of the Trusts fiscal quarter covered by this Report on Form 10-Q. Based upon
that evaluation, Mr. Thomas and Mr. Peterson concluded that the

8

Trusts disclosure controls and
procedures are effective in timely alerting them to material information relating to the
Trust required to be included in the Trusts periodic SEC filings.

There
have been no changes in the Trusts internal control over financial reporting during
the Trusts most recently completed fiscal quarter that have materially affected, or
are reasonably likely to materially affect, the Companys internal control over
financial reporting.

# PART II 
OTHER INFORMATION

# Item 2.  Unregistered
Sales of Equity Securities and Use of Proceeds

(c)    
          During the second quarter of 2005, the Trust repurchased Sub-share certificates
          as follows:

|Period                          | Total Number 
of Sub-shares 
Purchased | Average 
Price Paid 
per Sub-share | Total Number 
of Sub-shares 
Purchased as 
Part of Publicly 
Announced Plans 
or Programs | Maximum 
Number (or Approximate 
Dollar Value) of 
Sub-shares that 
May Yet Be 
Purchased Under the 
Plans or Programs
|------------------------------- | -------------------------------------- | ---------------------------------- | ----------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------
|
|April 1, through April 30, 2005 |                                        |                                    |                                                                                           | 900                                                                                                                   
|May 1, through May 31, 2005     |                                        |                                    |                                                                                           | 5,000                                                                                                                 
|June 1, through June 30, 2005   |                                        |                                    |                                                                                           | 1,600                                                                                                                 
|                                |                                        |                                    |                                                                                           |                                                                                                                       
|Total                           |                                        |                                    |                                                                                           | 7,500                                                                                                                 
|                                |                                        |                                    |                                                                                           |                                                                                                                       

* The Trust purchased and retired
7,500 Sub-shares in the open market.

9

Item 6.  Exhibits

|31.1 |  | Rule 13a-14(a) Certification of Chief Executive Officer.                                                     
|---- |  | -------------------------------------------------------------------------------------------------------------
|31.2 |  | Rule 13a-14(a) Certification of Chief Financial Officer.                                                     
|32.1 |  | Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|32.2 |  | Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

10

# SIGNATURES

Pursuant
to the requirements 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.

TEXAS PACIFIC LAND TRUST

      
      
     
(Registrant)

|Date:  August 8, 2005 |  | By:/s/ Roy Thomas

   
  
Roy Thomas, General Agent,
   
  
Authorized Signatory and Chief Executive
   
  
Officer
|--------------------- |  | -------------------------------------------------------------------------------------------------------------------

|Date:  August 8, 2005 |  | By:/s/ David M. Peterson

   
  
David M. Peterson, Assistant General Agent, 
   
  
and Chief Financial Officer
|--------------------- |  | ----------------------------------------------------------------------------------------------------------------

11

# INDEX TO EXHIBITS

|EXHIBITNUMBER |  | DESCRIPTION
|------------- |  | -----------

|31.1 |  | Rule 13a-14(a) Certification
of Chief Executive Officer.
|---- |  | --------------------------------------------------------

|31.2 |  | Rule 13a-14(a) Certification
of Chief Financial Officer.
|---- |  | --------------------------------------------------------

|32.1 |  | Certification
of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley
                    Act of 2002.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------

|32.2 |  | Certification
of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley
                    Act of 2002.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------

12