SECURITIES AND EXCHANGE
    COMMISSION
 Washington, D.C.
    20549
      FORM 10-K/A
      (Mark One)
 þ
    ANNUAL REPORT PURSUANT TO
    SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF
    1934  For the Fiscal Year ended December 31, 2007
  OR
  o
    TRANSITION REPORT PURSUANT TO
    SECTION 13 OR 15(d) OF THE 
         SECURITIES EXCHANGE ACT OF
    1934  Commission File
    Number: 1-8518
 LL&E ROYALTY
    TRUST
 (Exact name of registrant as
    specified in its charter)
  Texas(State or other jurisdiction
    of incorporation or organization)

76-6007940(I.R.S. Employer Identification
    No.)The Bank of New York Mellon Trust Company, N.A.,
    TrusteeGlobal Corporate Trust919 Congress Avenue
    Austin, Texas

78701(Address of principal executive
    offices)

(Zip Code)   Registrants telephone number, including area code:
    1-800-852-1422
 Securities registered pursuant to Section 12(b) of the
    Act:
  Name of Each ExchangeTitle of Each Class

On Which RegisteredUnits of Beneficial Interest


New York Stock Exchange   Securities registered pursuant to Section 12(g) of the
    Act: None
  o þ
  o þ
  þ o
  Regulation S-K Form 10-K Form 10-K. þ
  12b-2
  Large accelerated
    filer o

Accelerated
    filer o

Non-accelerated
    filer o

Smaller reporting
    company þ(Do not check if a smaller reporting company)   Rule 12b-2 o þ
  The Wall Street Journal
    Documents
    Incorporated by Reference:  None




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EXPLANATORY
    NOTE
  Form 10-K Rules 13a-14(a) 13a-14(b) Form 10-K,
 1




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##### 



Item 8.
    Financial
    Statements and Supplementary Data  LL&E
    ROYALTY TRUST
 STATEMENTS
    OF CASH EARNINGS AND DISTRIBUTIONS
    Years Ended December 31, 2007, 2006 and 2005  2007


2006


2005Royalty revenues

$
1,965,473


$
3,068,638


$
7,354,827Trust administrative expenses


(1,331,095
)


(974,412
)


(768,315
)Cash earnings

$
634,378


$
2,094,226


$
6,586,512Changes in undistributed cash


516,103



(263,146
)


(583,567
)Cash distributions

$
1,150,481


$
1,831,080


$
6,002,945Cash distributions per unit

$
0.0606


$
0.0964


$
0.3161Units outstanding


18,991,304



18,991,304



18,991,304   STATEMENTS
    OF ASSETS, LIABILITIES AND TRUST CORPUS



December 31,
    2007 and 2006  2007


2006ASSETSCash

$
331,983


$
848,086Net overriding royalty interests in productive oil and gas
    properties and 3% royalty interests in fee lands


76,282,000



76,282,000Less accumulated amortization


(74,576,900
)


(74,513,900
)Total assets

$
2,037,083


$
2,616,186LIABILITIES AND TRUST CORPUSTrust corpus (18,991,304 Units of Beneficial Interest
    authorized, issued and outstanding)

$
2,037,083


$
2,616,186Contingencies (note 9)Total liabilities and Trust corpus

$
2,037,083


$
2,616,186  STATEMENTS
    OF CHANGES IN TRUST CORPUS



Years
    Ended December 31, 2007, 2006 and 2005  2007


2006


2005Trust corpus, beginning of period

$
2,616,186


$
2,393,340


$
1,827,273Cash earnings


634,378



2,094,226



6,586,512Cash distributions


(1,150,481
)


(1,831,080
)


(6,002,945
)Amortization of royalty interests


(63,000
)


(40,300
)


(17,500
)Trust corpus, end of period

$
2,037,083


$
2,616,186


$
2,393,340    2




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##### 



LL&E
    ROYALTY TRUST



NOTES TO
    FINANCIAL STATEMENTS



December 31,
    2007, 2006 and 2005  (1)
    Formation
    of the Trust        Trust
    Termination
         3




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##### 



LL&E
    ROYALTY TRUST
  NOTES TO
    FINANCIAL STATEMENTS  (Continued)
    Recent
    Developments
      South
    Pass 89
    Offshore
    Properties:
  East
    Cameron 336
   4




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##### 



LL&E
    ROYALTY TRUST
  NOTES TO
    FINANCIAL STATEMENTS  (Continued)
  East
    Cameron 195
    South
    Marsh Island 76
    Eugene
    Island 261
    Vermillion
    331
    Jay
    Field
     5




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##### 



LL&E
    ROYALTY TRUST
  NOTES TO
    FINANCIAL STATEMENTS  (Continued)
      Other
         6




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##### 



LL&E
    ROYALTY TRUST
  NOTES TO
    FINANCIAL STATEMENTS  (Continued)
  (2)
    Going
    Concern      (3)
    Net
    Overriding Royalty Interests and Fee Lands Royalties  Property-by-Property
     7




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##### 



LL&E
    ROYALTY TRUST
  NOTES TO
    FINANCIAL STATEMENTS  (Continued)
  (4)
    Basis of
    Presentation  Significant
    Accounting Policies
                  (5)
    Federal
    Income Tax Matters     8




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##### 



LL&E
    ROYALTY TRUST
  NOTES TO
    FINANCIAL STATEMENTS  (Continued)
      (6)
    Impairment      (7)
    Dismantlement
    Costs  Form 10-K
   9




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##### 



LL&E
    ROYALTY TRUST
  NOTES TO
    FINANCIAL STATEMENTS  (Continued)
      (8)
    Contingencies      (9)
    Supplemental
    Reserve Information (Unaudited)     10




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##### 



LL&E
    ROYALTY TRUST
  NOTES TO
    FINANCIAL STATEMENTS  (Continued)
  Present
    Value of Estimated Future Net Revenues from Proved
    Reserves
  September 30,2007


2006


2005(In thousands)The Trusts proportionate share of future gross proceeds

$
42,836


$
116,277


$
225,089Less the Trusts proportionate share of  Future
    operating costs


(1,691
)


(3,844
)


(3,859
)Future capital costs


(5,385
)


(10,103
)


(10,638
)Excess production costs


(10,637
)


(3,155
)


(2,155
)Future royalty income


25,123



99,175



208,437Discount at 10% per annum


(7,181
)


(49,207
)


(94,069
)Standardized measure of future royalty income from proved oil
    and gas reserves

$
17,942


$
49,968


$
114,368   Changes
    in Imputed Proved Reserves and Present Value of Estimated Future
    Net Revenues
  Present ValueImputed


of Future NetProved Reserves


RevenuesLiquids


Gas


(Thousands(Mbbl)


(MMcf)


of dollars)Estimated at September 30, 2004


4,283



5,335


$
95,362Production


(56
)


(602
)

$
(7,355
)Revisions of estimates(1)


(1,249
)


1,530



16,825Extensions, discoveries and other additions










Accretion of discount


na



na



9,536Estimated at September 30, 2005


2,978



6,263


$
114,368Production


(35
)


(37
)

$
(3,069
)Revisions of estimates(1)


(1,389
)


(4,316
)


(72,768
)Extensions, discoveries and other additions










Accretion of discount


na



na



11,437Estimated at September 30, 2006


1,554



1,910


$
49,968Production


(23
)


(3
)

$
(1,965
)Revisions of estimates(1)


(1,237
)


(1,588
)


(35,058
)Extensions, discoveries and other additions










Accretion of discount


na



na



4,997Estimated at September 30, 2007


294



319


$
17,942       (1)
    
    Revisions of estimates are due to the interaction of a number of
    factors, including: (i) changes in prices being received;
    (ii) changes in estimates of operating, capital and
    dismantlement costs; (iii) changes in the timing and
    amounts of estimated future production; and (iv) changes in
    the estimated remaining imputed proved reserves. The Trust noted
    that for the year ended September 30, 2007, base prices
    were $79.73 per barrel for oil, $6.66 per 11




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##### 



LL&E
    ROYALTY TRUST
  NOTES TO
    FINANCIAL STATEMENTS  (Continued)
  MMBtu for gas, and $69.81 per barrel for natural gas liquids.
    For the year ended September 30, 2006, base prices were
    $62.92 per barrel for oil, $3.66 per MMBtu for gas, and $42.26
    per barrel for natural gas liquids.  Selected
    Quarterly Financial Data (Unaudited)
  Summarized Quarterly ResultsThree Months EndedMarch 31


June 30


September 30


December 312007:Royalty revenues

$
673,875


$
295,085


$
163,563


$
832,950Cash distributions

$
515,732


$



$



$
634,749Cash distribution unit

$
0.0272


$
0.0000


$
0.0000


$
0.03342006:Royalty revenues

$
432,197


$
297,042


$
689,169


$
1,650,230Cash distributions

$



$



$
383,018


$
1,448,062Cash distribution unit

$
0.0000


$
0.0000


$
0.0202


$
0.0762  12




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##### 



Report of
    Independent Registered Public Accounting Firm  Bank of New
    York, Trustee
             /s/ KPMG, LLP
  Houston,
    Texas
  13




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##### 



SIGNATURE
     (Registrant)
  By:
    THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., Trustee   By:
    /s/  MIKE ULRICH   Vice President
  Note:
    Because the registrant is a trust without officers or employees,
    only the signature of an officer of the Trustee is available and
    has been provided. 14