<PAGE>

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                             ----------------------

                                    FORM 10-K

                             ----------------------

(Mark One)
      [X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
            EXCHANGE ACT OF 1934 (FEE REQUIRED)
            FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004

                                       OR

      [ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
            EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

                      Commission File Number: 333-91014-01

                          TREASURE ISLAND ROYALTY TRUST
             (Exact name of registrant as specified in its charter)

             TEXAS                                               02-6148888
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

      WACHOVIA BANK, NATIONAL ASSOCIATION                          77057
AS TRUSTEE OF THE TREASURE ISLAND ROYALTY TRUST                  (Zip Code)
         CORPORATE TRUST DEPARTMENT
       5847 SAN FELIPE, SUITE 1050
              HOUSTON, TEXAS
(Address of principal executive office)

                                 (713) 278-4320
              (Registrant's telephone number, including area code)

        SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: None

        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 [ ]

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 the 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 Exchange Act Rule 12b-2). Yes [ ] No [X]

The aggregate market value of the trust units held by non-affiliates of the
registrant was approximately $14,665,551 as of June 30, 2004.

As of March 30, 2005, there were 42,574,298 trust units outstanding.

Documents Incorporated by Reference: None.

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                     Page
                                                                                                     ----
<S>                                                                                                  <C>
                                             PART I

Item 1.  Business................................................................................     1
            Creation and Purpose of the Trust....................................................     1
            Treasure Island......................................................................     1
            Current Activities...................................................................     1
            Overriding Royalty Interests.........................................................     2
            Distributions........................................................................     2
            Disposition of Overriding Royalty Interests..........................................     3
            Duration of the Trust................................................................     3
            The Trustee..........................................................................     4

Item 2.  Properties..............................................................................     4

Item 3.  Legal Proceedings.......................................................................     5

Item 4.  Submission of Matters to a Vote of Unitholders..........................................     5

                                             PART II

Item 5.  Market for the Registrant's Units and Related Unitholder Matters........................     5

Item 6.  Selected Financial Data.................................................................     6

Item 7.  Trustee's Discussion and Analysis of Financial Condition and Results of Operations......     6
            Overview.............................................................................     6
            Liquidity and Capital Resources......................................................     6
            Results of Operations................................................................     7
            Other Factors Affecting the Trust and its Unitholders................................     7

Item 7A. Quantitative and Qualitative Disclosures about Market Risk..............................     8

Item 8.  Financial Statements and Supplementary Data.............................................     9

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure....    15

Item 9A. Controls and Procedures.................................................................    15

                                            PART III

Item 10. Directors and Executive Officers of the Registrant......................................    15

Item 11. Executive Compensation..................................................................    15

Item 12. Unit Ownership of Certain Beneficial Owners and Management..............................    15

Item 13. Certain Relationships and Related Transactions..........................................    15

Item 14. Principal Accountant Fees and Services..................................................    16

Item 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K.........................    16
</TABLE>

<PAGE>

                                     PART I

ITEM 1. BUSINESS

      Treasure Island Royalty Trust was established in connection with Newfield
Exploration Company's November 2002 acquisition of EEX Corporation to provide
the shareholders of EEX with the option to receive an interest in an exploration
concept being pursued by EEX prior to the acquisition. The concept, referred to
as "Treasure Island," targets "ultra deep" prospects in the shallow waters of
the Gulf of Mexico. The trust owns, or has the right to receive, overriding
royalty interests to be paid from Newfield's (or its transferees') interest in
any future production that may be achieved from horizons below specified depths
in the Treasure Island area.

      Treasure Island remains an exploration concept and there are no proved
reserves or production currently associated with the royalty interests. The
first well to test the Treasure Island concept, "Blackbeard West," was spud in
early February 2005. The well is expected to take up to 12 months to drill.

CREATION AND PURPOSE OF THE TRUST

      The trust was created under the laws of the State of Texas pursuant to a
trust agreement entered into in June 2002 between Newfield, as grantor, and
several employees of Newfield, as trustees. The beneficial interest in the trust
is divided into 42,574,298 trust units, each of which represents an equal
undivided portion of the trust. At the time of Newfield's acquisition of EEX,
Newfield and Wachovia Bank, National Association, as successor trustee, entered
into an amended and restated trust agreement with respect to the trust and the
trust issued all 42,574,298 trust units to Newfield. Newfield subsequently
transferred all of the trust units to the holders of EEX stock who elected to
receive trust units as a portion of their consideration in the acquisition.

      The sole purpose of the trust is to hold non-expense bearing overriding
royalty interests in any future production from a specified area. The royalty
interests are passive in nature. The trustee of the trust and the trust's
unitholders have no control over, or responsibility for any costs related to,
drilling, development or operations. Neither Newfield nor any other operator of
Treasure Island properties has any contractual commitment to the trust to
conduct drilling on the properties or to maintain its ownership interest in any
of the properties.

TREASURE ISLAND

      "Treasure Island" refers to a concept developed to explore for oil and gas
in "ultra deep" horizons below a salt weld typically found at 18,000, but
sometimes as deep as 22,200, feet true vertical depth in the federal Outer
Continental Shelf of the Gulf of Mexico. The Treasure Island area covers
horizons below specified depths in 116 lease blocks located offshore Louisiana
in the South Timbalier, Ship Shoal, South Marsh Island and Eugene Island areas.
The specified depth or depths for each of the blocks vary and were agreed upon
by EEX and Newfield prior to Newfield's acquisition of EEX. The depths do not
correspond exactly to the location of the base of the salt weld in all cases.

      Treasure Island exploratory wells require significant lead time to plan
and drill and are very expensive and technically challenging because of the
depth of the targeted horizons and expected harsh conditions such as high
temperature and pressure. Dry hole costs are expected to range from $50 - $100
million per well. Because of these risks and high drilling costs, Newfield does
not currently anticipate drilling any Treasure Island wells without one or more
partners to carry all or a substantial portion of the drilling costs.

CURRENT ACTIVITIES

      The first well to test the Treasure Island concept, "Blackbeard West," was
spud in early February 2005. The well is being drilled pursuant to agreements
Newfield entered into with Exxon Mobil Corporation, BP Exploration and
Production Inc. and Petrobras America Inc. in May 2004. The well, which has a
proposed depth of 32,000 feet and is expected to take up to twelve months to
drill, is operated by ExxonMobil. The well is subject to a 1.25% overriding
royalty interest held by the trust.

<PAGE>

      Newfield is discussing potential transactions with respect to several
other prospects with a number of third parties. However, Newfield may be unable
to timely reach agreement with any of these parties.

OVERRIDING ROYALTY INTERESTS

      The overriding royalty interests entitle the trust to a percentage of all
of the oil and gas produced from covered leases at specified production depths
without reduction for drilling, development and operating costs. The proceeds
received by the trust for its portion of any produced oil and gas will be net of
transportation and marketing costs and production and similar taxes. Each
overriding royalty interest will be paid out of Newfield's (or its transferees')
interest in the applicable lease.

      In general, a lease block is subject to an overriding royalty interest if
it is located within the Treasure Island area and Newfield owns a working
interest in the lease at any time on or after November 26, 2003 and prior to
November 26, 2007 (this period is referred to as the "grant period"). The
Treasure Island area covers horizons below specified depths in 116 lease blocks
located offshore Louisiana in the South Timbalier, Ship Shoal, South Marsh
Island and Eugene Island areas. The lease blocks included in the Treasure Island
area and the specified depth or depths for each of the blocks, which vary and
range from about 18,000 to more than 22,000 feet, were agreed upon by EEX and
Newfield prior to Newfield's acquisition of EEX.

      With respect to a particular lease block located within the Treasure
Island area, the trust will receive 1.25% of all oil and gas production from
below the specified depth or depths for the lease if:

      -     Newfield owns a working interest in the lease block at any time
            during the grant period of at least 25%; and

      -     at the time of its acquisition, Newfield's interest in the lease
            block includes a net revenue interest in the production equal to no
            less than its working interest percentage multiplied by 80%.

      If Newfield's highest working interest during the grant period is less
than 25%, the percentage of production the trust will receive is equal to 1.25%
multiplied by the result of Newfield's highest working interest percentage
during the grant period divided by 25%. If Newfield's net revenue interest is
less than 80% but more than 70% of its working interest percentage at the time
of acquisition of the interests, the trust's overriding royalty interest is
reduced as described under "Item 2. Properties" below. If Newfield's net revenue
interest is 70% or less of its working interest percentage at the time of
acquisition of the interests, the trust is not entitled to an overriding royalty
interest in production from the lease.

      The trust currently holds an interest in 26 lease blocks within the
Treasure Island area. The initial terms of 14 of these leases are scheduled to
expire on April 30, 2005. Of the remaining twelve leases, six are scheduled to
expire in 2006 and six are scheduled to expire in 2007. An overriding royalty
interest with respect to a particular lease block will terminate if the lease
expires. However, Newfield anticipates that seven of the leases scheduled to
expire in April 2005 and two of the leases scheduled to expire in 2006 will be
protected by completed or planned activities under existing or proposed
regulations of the Minerals Management Service. The trust is currently entitled
to receive 1.25% of all Treasure Island production from 25 of the leases and
approximately 1.22% from the remaining lease (which lease is scheduled to expire
in 2006 but is associated with the Blackbeard West prospect).

DISTRIBUTIONS

      No distributions will be made until the trust receives revenue from the
royalty interests. Each quarter thereafter, the trustee will determine the
amount of cash available for distribution to the trust's unitholders. In
general, available cash equals the cash received by the trust from the royalty
interests and other sources during the quarter over the expenses and other
obligations (including debt) of the trust paid during the quarter and any cash
used during the quarter to establish or increase a reserve for liabilities
payable or potentially payable in the future. However, the cash received by the
trust during the quarter attributable to the royalty interests will not be
reduced by more than 8% for administrative expenses and the repayment of
Newfield loans to pay administrative expenses. Trust unitholders of record as of
the close of business on the last business day of each calendar quarter will
receive a

                                       2

<PAGE>

pro rata distribution of the cash available for distribution for that quarter no
later than ten business days after the end of the quarter.

      If a liability is contingent or uncertain in amount or not yet currently
due and payable, the trustee may create a cash reserve to pay for the liability.
If the trustee determines that cash on hand and cash to be received is
insufficient to cover any extraordinary expenses or liabilities of the trust,
the trustee may borrow funds required to pay those expenses or liabilities. The
trustee may borrow the funds from any person, including Newfield or itself. The
trustee may also encumber the assets of the trust to secure payment of the
indebtedness. If the trustee borrows funds to cover extraordinary expenses or
liabilities, the trust unitholders will not receive distributions until the
borrowed funds are repaid. The trust agreement provides for special borrowing
and repayment procedures with respect to Newfield's funding of ordinary
administrative expenses, which are described below under "Item 7. Trustee's
Discussion and Analysis of Financial Condition and Results of Operations --
Liquidity and Capital Resources."

DISPOSITION OF OVERRIDING ROYALTY INTERESTS

      At the request of Newfield (or its transferee(s)), the trustee must sell
royalty interests that burden interests then in commercial production if
Newfield (or its transferee(s)) proposes to sell the burdened interests to an
unaffiliated third party. The net proceeds from the sale would be allocated to
Newfield (or its transferee(s)) and the trust based upon the relative ownership
percentage of each in the aggregate net revenue interest of Newfield (or its
transferee(s)) and the trust included in the sale. However, the trustee will not
be required to sell any royalty interests if:

      -     the value of the interests to be sold during any calendar year
            exceeds 10% of the value of all royalty interests attributed with
            proved reserves; or

      -     the cumulative value of all royalty interests sold pursuant to such
            requests exceeds 25% of the value of all royalty interests
            attributed with proved reserves.

In each case, the value of royalty interests will be equal to the discounted
present value of the future net revenues attributable to the proved reserves
attributable to the royalty interests in accordance with the criteria
established by the SEC, as set forth in the most recent reserve report of the
trust.

      The trustee also may sell any of the royalty interests if it determines
that the sale is in the best interests of the trust's unitholders and holders of
at least 60% of all trust units outstanding approve the sale. However, any sale
of all or substantially all of the royalty interests, whether in a single
transaction or series of transactions, requires the approval of holders of at
least 80% of all outstanding trust units.

      After satisfying the liabilities and obligations of the trust, the trustee
will distribute to the trust's unitholders the net proceeds from any sale of
royalty interests.

DURATION OF THE TRUST

      The trust will terminate if:

      -     all of the royalty interests are sold;

      -     cash proceeds received by the trust with respect to the royalty
            interests are less than $1,000,000 per year for each of two
            successive years after the first full year during which any of the
            covered leases produce oil and gas in commercial quantities;

      -     the trust does not receive any cash proceeds attributable to the
            royalty interests at any time prior to the third anniversary of the
            date that all covered leases have expired;

      -     the holders of 80% or more of the outstanding trust units vote in
            favor of termination; or

      -     the trust violates the "rule against perpetuities."

                                       3

<PAGE>

Upon termination of the trust, the trustee will sell all of the trust's assets,
either by private sale or public auction, and then distribute the net proceeds
of the sale to the trust's unitholders.

THE TRUSTEE

      The duties of the trustee are specified in the trust agreement and by the
laws of Texas. The trustee's principal duties consist of:

      -     collecting revenue attributable to the royalty interests;

      -     paying expenses, charges and obligations of the trust from the
            trust's revenue and assets;

      -     distributing available cash to the trust's unitholders;

      -     investing cash on hand;

      -     establishing cash reserves;

      -     borrowing funds under specified circumstances;

      -     prosecuting, defending or settling any claim of or against the
            trustee, the trust or the royalty interests; and

      -     taking any other action not otherwise prohibited that it deems
            necessary or advisable to best achieve the purposes of the trust.

      The trustee has no authority to incur any contractual liabilities on
behalf of the trust that are not limited solely to claims against the assets of
the trust. The only assets the trust may acquire are the overriding royalty
interests and the only investment activity the trustee may engage in is the
investment of cash on hand.

      The trustee has the right to require any trust unitholder to dispose of
his trust units if an administrative or judicial proceeding seeks to cancel or
forfeit any of the property in which the trust holds an interest because of the
nationality or any other status of a trust unitholder. If a trust unitholder
fails to dispose of his trust units, the trust will be obligated to purchase
them at a price determined in accordance with a formula set forth in the trust
agreement.

      The trustee is authorized to agree to modifications of the terms of the
conveyances of the royalty interests to the trust or to settle disputes
involving such conveyances, so long as any modifications or settlements do not
alter the nature of the royalty interests as rights to receive a share of the
oil and gas, or proceeds thereof, from the underlying properties free of any
obligation for drilling, development or operating expenses.

      The trustee is entitled to annual compensation of $15,000, plus
reimbursement of its reasonable out-of-pocket expenses incurred in connection
with the administration of the trust. The trustee also is entitled to a fee of
$5,000 upon the termination of the trust. The trustee's compensation is paid out
of the trust's assets.

ITEM 2. PROPERTIES

      The trust's properties will consist solely of the overriding royalty
interests described under "Item 1. Business" above. The trust currently holds an
interest in 26 Treasure Island lease blocks. The initial terms of 14 of these
leases are scheduled to expire on April 30, 2005. Of the remaining twelve
leases, six are scheduled to expire in 2006 and six are scheduled to expire in
2007. However, Newfield anticipates that seven of the leases scheduled to expire
in April 2005 and two of the leases scheduled to expire in 2006 will be
protected by completed or planned activities under existing or proposed
regulations of the Minerals Management Service. The trust is currently entitled
to receive 1.25% of all Treasure Island production from 25 of the leases and
approximately 1.22% from the remaining lease (which lease is scheduled to expire
in 2006 but is associated with the Blackbeard West prospect).

      With respect to a particular lease block located within the Treasure
Island area, the trust will receive 1.25% of all oil and gas production from
below the specified depth or depths for the lease if:

                                       4

<PAGE>

      -     Newfield owns a working interest in the lease block at any time
            during the grant period of at least 25%; and

      -     at the time of its acquisition, Newfield's interest in the lease
            block includes a net revenue interest equal to no less than its
            working interest percentage multiplied by 80%.

      If Newfield's highest working interest during the grant period is less
than 25%, the percentage of production the trust is entitled to receive is equal
to 1.25% multiplied by the result of Newfield's highest working interest
percentage during the grant period divided by 25%. If Newfield's net revenue
interest is less than 80% but more than 70% of its working interest percentage
at the time of acquisition of the interests, the trust's overriding royalty
interest is reduced as described below. If Newfield's net revenue interest is
70% or less of its working interest percentage at the time of acquisition of the
interests, the trust is not entitled to an overriding royalty interest in
production from the lease.

      If Newfield's net revenue interest is at least 74.667% but less than 80%
of its working interest percentage at the time of acquisition of the interests,
the trust's overriding royalty interest is equal to its overriding royalty
interest prior to any reduction associated with Newfield's net revenue interest
multiplied by the result of Newfield's net revenue interest percentage (as a
percentage of its working interest percentage at the time of the acquisition of
the interests) divided by 80%. For example, if Newfield acquired a 20% working
interest and a net revenue interest equal to 75% of its working interest
percentage (a 15% net revenue interest), the trust's overriding royalty interest
would be 0.9375%. The royalty interest is determined by first multiplying 1.25%
by the result of 20% (Newfield's working interest percentage) divided by 25%,
which results in an overriding royalty interest of 1%. The royalty interest is
then further reduced by multiplying 1% by the result of 75% (Newfield's net
revenue interest as a percentage of its working interest percentage) divided by
80%.

      If Newfield's net revenue interest is less than 74.667% but greater than
70% of its working interest percentage at the time of acquisition of the
interests, the trust's overriding royalty interest is equal to the lesser of 25%
and such working interest percentage multiplied by the difference between
Newfield's net revenue interest percentage at the time of the acquisition of the
interests and 70%. For example if Newfield acquired a 20% working interest and a
net revenue interest of 72% of its working interest percentage (a 14.4% net
revenue interest), the trust's overriding royalty interest would be 0.4%. The
royalty interest is determined by multiplying 20% (Newfield's working interest
percentage) by 2% (the difference between Newfield's net revenue interest
percentage of 72% (as a percentage of its working interest percentage) and 70%).
However, if Newfield acquired a 50% working interest and a net revenue interest
of 72% of its working interest percentage (a 36% net revenue interest), the
trust's overriding royalty interest would be 0.5% (25% (because Newfield's
working interest percentage is greater than 25%) multiplied by 2% (72% minus
70%)).

ITEM 3. LEGAL PROCEEDINGS

      None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF UNITHOLDERS

      None.

                                     PART II

ITEM 5. MARKET FOR THE REGISTRANT'S UNITS AND RELATED UNITHOLDER MATTERS

      Currently, there is no established public trading market for the trust
units. Trust units have been traded on a limited basis from time to time
over-the-counter on the National Quotation Bureau, commonly referred to as the
"Pink Sheets," under the symbol "TISDZ.PK" This limited trading activity may not
represent a reliable indicator of the market value of the trust units.

      As of March 18, 2005, there were 180 unitholders of record.

                                       5

<PAGE>

      No cash distributions have been paid to the trust's unitholders. The
trust's only sources of income are revenue, if any, attributable to the
overriding royalty interests, income from the investment of cash on hand and net
proceeds from the disposition of royalty interests. To date, the trust has
received no revenue and there are no proved reserves or production associated
with the royalty interests. The timing, duration and amount of any future cash
distributions will be dependent on the many and varied factors discussed
throughout Part I of this report.

      The trust has no directors, officers or employees and no equity
compensation plans.

ITEM 6. SELECTED FINANCIAL DATA

      The following table presents in summary form selected financial
information regarding the trust at December 31, 2004, 2003 and 2002 and for each
of the years in the two-year period ended December 31, 2004 and for the period
from the inception of the trust through December 31, 2002.

<TABLE>
<CAPTION>
                                               AT OR FOR THE YEAR OR PERIOD ENDED DECEMBER 31,
                                               -----------------------------------------------
                                                 2004               2003               2002
                                               --------          ---------           ---------
<S>                                            <C>               <C>                 <C>
Revenues....................................   $      -          $       -           $       -
Net loss....................................     91,774             94,819              44,438
Cash distributions to unitholders...........          -                  -                   -
Cash distributions per unit.................          -                  -                   -
Trust corpus................................    835,745            835,745             835,745
Trust assets................................    835,745            835,745             835,745
Trust liabilities...........................    231,031            139,257              44,438
Trust accumulated deficit...................    231,031            139,257              44,438
</TABLE>

ITEM 7. TRUSTEE'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

OVERVIEW

      The sole purpose of the trust is to hold non-expense bearing overriding
royalty interests to be paid from Newfield's interest in any future production
that may be achieved from horizons below specified depths in the Treasure Island
area. The royalty interests are passive in nature. The trustee of the trust and
the trust's unitholders have no control over, or responsibility for any costs
related to, drilling, development or operations. Treasure Island is an
exploration concept and there are no proved reserves or production currently
associated with the royalty interests. The beneficial interest in the trust is
divided into 42,574,298 trust units, each of which represents an equal undivided
portion of the trust.

LIQUIDITY AND CAPITAL RESOURCES

      The trust's only sources of income are revenue, if any, attributable to
the overriding royalty interests, income from the investment of cash on hand and
net proceeds from the disposition of royalty interests. Because none of the
properties underlying the royalty interests are at present producing any oil or
gas and the trust has only a very small amount of cash on hand, the trust has no
source of revenue. Therefore, it must rely on Newfield for the funding of its
administrative expenses. Any material adverse change in Newfield's financial
condition or results of operations could materially and adversely affect the
trust and the trust unitholders.

      Newfield has agreed to make loans as may be requested by the trustee in
amounts expected to be incurred over the next 90 days. In addition, if after
such time as the royalty interests commence generating cash proceeds, 8% of the
cash held by the trust at the end of a calendar quarter is insufficient to cover
the administrative expenses of the trust, Newfield will lend the difference to
the trust. Loans from Newfield will bear interest at an annual rate of 8% and
will be senior unsecured obligations of the trust. The loans will be repaid in
quarterly installments only from the excess, if any, of an amount equal to 8% of
the cash received by the trust in a given quarter over the administrative
expenses of the trust for that quarter.

                                       6

<PAGE>

RESULTS OF OPERATIONS

      The trust has had no revenue. The trust accrued $91,774; $94,819 and
$44,438 of administrative and interest expenses in 2004, 2003 and 2002,
respectively. Administrative expense consists primarily of legal, accounting and
trustee fees and printing and mailing costs.

OTHER FACTORS AFFECTING THE TRUST AND ITS UNITHOLDERS

      THERE IS NO ESTABLISHED PUBLIC MARKET FOR THE TRUST UNITS, WHICH LIMITS
THEIR MARKET PRICE AND UNITHOLDERS' ABILITY TO SELL THEM FOR THEIR INHERENT
VALUE. Trust units have traded on a limited basis from time to time
over-the-counter under the symbol "TISDZ.PK" on the National Quotation Bureau,
commonly referred to as the "Pink Sheets." This limited trading activity may not
represent a reliable indicator of the market value of the trust units.

      THE TRUST MAY NOT RECEIVE ANY ROYALTIES. The only assets of, and sources
of income to, the trust are the royalty interests, which generally entitle the
trust to receive a share of the oil and gas production from the underlying
properties if production is achieved. Treasure Island remains an untested
exploration concept. There is no production and there are no proved reserves
currently associated with the royalty interests. As a result, ultimate
commercialization of any one or more of the currently identified prospects may
never be realized because the prospects are never tested, because oil or gas is
not discovered or, if discovered, because the costs of development make
commercialization uneconomic.

      Treasure Island exploratory wells require significant lead time to plan
and drill and are very expensive (dry hole costs are expected to range from $50
- $100 million per well) and technically challenging because of the depth of the
targeted horizons and expected harsh conditions such as high temperature and
pressure. The "Blackbeard West" prospect, which was spud in early February 2005,
is expected to take up to 12 months to drill and has a proposed depth of 32,000
feet--making it the deepest well ever drilled in the shallow waters of the Gulf
of Mexico by more than a mile. Because of these risks and high drilling costs,
Newfield does not currently anticipate drilling any Treasure Island wells
without one or more partners to carry all or a substantial portion of the
drilling costs.

      The royalty interest with respect to a particular lease block will
terminate if the lease expires. The initial terms of 14 of the 26 currently
covered Treasure Island lease blocks are scheduled to expire on April 30, 2005.
Of the remaining twelve leases, six are scheduled to expire in 2006 and six are
scheduled to expire in 2007. However, Newfield anticipates that seven of the
leases scheduled to expire in April 2005 and two of the leases scheduled to
expire in 2006 will be protected by completed or planned activities under
existing or proposed regulations of the Minerals Management Service. Newfield is
discussing potential transactions with respect to several other prospects with a
number of third parties. However, Newfield may be unable to timely reach
agreement with any of these parties.

      ANY FUTURE DISTRIBUTIONS FROM THE TRUST WILL BE SUBJECT TO FLUCTUATING
PRICES FOR OIL AND GAS. Oil and gas prices fluctuate widely in response to
changes in supply, weather conditions, economic conditions, the price and
availability of alternative fuels and a variety of additional factors. To the
extent there is production of oil and gas associated with the royalty interests,
the royalties that the trust receives from its share of production will be
affected by changes in the prices of oil and gas. As a result, future
distributions from the trust to the holders of the trust units may vary
significantly from quarter to quarter and could be reduced or discontinued. In
addition, lower oil and gas prices may reduce the likelihood that the underlying
properties will be developed or that any oil and gas discovered will be economic
to produce. The volatility of energy prices will make it difficult to estimate
future cash distributions to trust unitholders and the value of the trust units.
These difficulties may have an adverse effect on the value of the trust units.

      THE OCCURRENCE OF DRILLING, PRODUCTION OR TRANSPORTATION ACCIDENTS OR
OTHER PROBLEMS AT ANY OF THE UNDERLYING PROPERTIES COULD REDUCE TRUST
DISTRIBUTIONS. Drilling is a high risk activity and the development and
operation of oil and gas properties involves numerous risks. While the trust, as
the owner of overriding royalty interests, should not be responsible for the
costs associated with any accidents or other problems, an accident or other
problem could result in the loss of the trust's portion of oil or gas in
transit, the loss of a productive well and associated reserves or the
interruption of production. Generally, the operator is obligated to undertake
remedial

                                       7

<PAGE>

operations only to the extent that such actions would be undertaken by a prudent
operator under similar circumstances in accordance with good oilfield practices.

      THE TRUST WILL BE DEPENDENT ON NEWFIELD FOR FUNDING UNTIL IT HAS REVENUE.
Because none of the underlying properties are at present producing any oil or
gas, the trust has no source of income. Therefore, it must rely on Newfield for
funding to pay its administrative expenses. Any material adverse change in
Newfield's financial condition or results of operations could materially and
adversely affect the trust and the trust unitholders. Newfield has agreed to
make loans to the trust as described above under " -- Liquidity and Capital
Resources."

      TRUST UNITHOLDERS HAVE LIMITED VOTING RIGHTS AND THE TRUST HAS NO
INFLUENCE OVER THE OPERATION OR FUTURE DEVELOPMENT OF THE UNDERLYING PROPERTIES.
The voting rights of trust unitholders are more limited than those of
stockholders of most public companies. For example, there is no requirement for
annual meetings of trust unitholders or for an annual or other periodic
re-election of the trustee. The royalty interests are passive in nature. The
trustee of the trust and the trust's unitholders have no control over, or
responsibility for any costs related to, drilling, development or operations.
Neither Newfield nor any other operator of Treasure Island properties has any
contractual commitment to the trust to conduct drilling on the properties.

      NEWFIELD'S INTERESTS AND THE INTERESTS OF THE TRUST UNITHOLDERS MAY NOT
ALWAYS BE ALIGNED. Because Newfield has interests in oil and gas properties not
included in the trust, Newfield's interests and the interests of the trust
unitholders may not always be aligned. For example, in setting budgets for
development and production expenditures for Newfield's properties, including the
underlying properties, Newfield may make decisions that could adversely affect
future production from the underlying properties. Moreover, Newfield could
decide to sell or abandon some or all of the underlying properties, and that
decision may not be in the best interests of the trust unitholders.

      NEWFIELD MAY TRANSFER OR ABANDON UNDERLYING PROPERTIES. Newfield may at
any time transfer all or part of the underlying properties. Trust unitholders
will not be entitled to vote on any transfer, and the trust will not receive any
proceeds of the transfer. Following any such transfer, the underlying properties
will continue to be subject to the overriding royalty interests of the trust,
but the net proceeds from the transferred property will be calculated separately
and paid by the transferee. The transferee is responsible for all of Newfield's
obligations relating to the overriding royalty interests on the portion of the
underlying properties transferred, and Newfield would have no continuing
obligation to the trust for those properties. In addition, subject to the
limitations described above under "Item 1. Business -- Disposition of Overriding
Royalty Interests," at the request of Newfield, the trustee must sell royalty
interests that burden interests then in commercial production if Newfield
proposes to sell the burdened interests to an unaffiliated third party.

      TRUST UNITHOLDERS HAVE LIMITED ABILITY TO ENFORCE THEIR RIGHTS. The trust
agreement and Texas trust law permit the trustee and the trust to sue Newfield
or any other owner of the underlying properties to honor the royalty interests.
If the trustee does not take appropriate action to enforce the royalty
interests, the unitholders' recourse would likely be limited to bringing a
lawsuit against the trustee to compel the trustee to take specified actions.
Unitholders probably would not be able to sue Newfield or any other owner of the
underlying properties directly to enforce the trust's rights.

      LIMITED LIABILITY OF TRUST UNITHOLDERS IS UNCERTAIN. It is unclear under
Texas law whether a trust unitholder could be held personally liable for the
trust's liabilities if those liabilities exceeded the value of the trust's
assets. While the trustee believes it is highly unlikely that the trust could
incur such excess liabilities, the trust unitholders could be held liable for
their respective pro rata portions of any of such excess liabilities. The
trust's royalty interests are generally not subject to operational and
environmental liabilities and obligations. The trust conducts no active business
that would give rise to other business liabilities. The trustee has limited
ability to incur obligations on behalf of the trust. The trustee has no
authority to incur any contractual liabilities on behalf of the trust that are
not limited solely to claims against the assets of the trust.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

      None.

                                       8

<PAGE>

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustee of Treasure Island Royalty Trust:

      In our opinion, the accompanying balance sheet and the related statement
of loss present fairly, in all material respects, the financial position of
Treasure Island Royalty Trust (the "Trust") at December 31, 2004 and 2003 and
the results of its operations for the years ended December 31, 2004 and 2003 and
for the period from inception through December 31, 2002, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements are the responsibility of the Trustee. Our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform our audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by the Trustee, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

      As discussed in Notes 3 and 4 to the financial statements, the Trust has a
contractual relationship with, and is dependent for funding on, Newfield
Exploration Company.

/s/ PricewaterhouseCoopers LLP

Houston, Texas
March 31, 2005

                                       9

<PAGE>

                          TREASURE ISLAND ROYALTY TRUST

                                  BALANCE SHEET

<TABLE>
<CAPTION>
                                                                          AT DECEMBER 31,
                                                              --------------------------------------
                                                                  2004                      2003
                                                              ------------             -------------
<S>                                                           <C>                      <C>
Assets
    Cash...............................................       $        100             $         100
    Overriding royalty interests in gas properties.....            835,645                   835,645
                                                              ------------             -------------
Total assets...........................................       $    835,745             $     835,745
                                                              ============             =============

Liabilities and trust corpus
    Current trust expenses payable.....................       $     39,300             $      18,494
    Loan payable to Newfield...........................            176,545                   116,853
    Interest payable...................................             15,186                     3,910
    Commitments and contingencies......................                  -                         -
    Trust corpus (42,574,298 units of beneficial
      interest authorized and outstanding).............            835,745                   835,745
    Accumulated deficit................................           (231,031)                 (139,257)
                                                              ------------             -------------
Total liabilities and trust corpus.....................       $    835,745             $     835,745
                                                              ============             =============
</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                       10

<PAGE>

                          TREASURE ISLAND ROYALTY TRUST

                                STATEMENT OF LOSS

<TABLE>
<CAPTION>
                                                    YEAR ENDED             YEAR ENDED       FROM INCEPTION THROUGH
                                                 DECEMBER 31, 2004     DECEMBER 31, 2003       DECEMBER 31, 2002
                                                 -----------------     -----------------    ----------------------
<S>                                              <C>                   <C>                  <C>
Royalty income................................      $         -           $          -           $         -
General and administrative expense (Note 3)...           80,498                 90,909                44,438
Interest expense..............................           11,276                  3,910                     -
                                                    -----------           ------------           -----------
Net loss......................................      $    91,774           $     94,819           $    44,438
                                                    ===========           ============           ===========

Distributable income..........................                -                      -                     -
Distributable income per trust unit...........                -                      -                     -

Outstanding trust units.......................       42,574,298             42,574,298            42,574,298
</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                       11

<PAGE>

                          TREASURE ISLAND ROYALTY TRUST

                          NOTES TO FINANCIAL STATEMENTS

1.    FORMATION AND DURATION OF THE TRUST

      Treasure Island Royalty Trust was established in connection with Newfield
Exploration Company's November 2002 acquisition of EEX Corporation to provide
the shareholders of EEX with the option to receive an interest in an exploration
concept being pursued by EEX prior to the acquisition. The concept, referred to
as "Treasure Island," targets "ultra deep" prospects in the shallow waters of
the Gulf of Mexico. The trust owns, or has the right to receive, overriding
royalty interests to be paid from Newfield's interest in any future production
that may be achieved from horizons below specified depths in the Treasure Island
area. Treasure Island remains an untested exploration concept. There is no
production and there are no proved reserves currently associated with the
royalty interests.

      The trust was created under the laws of the State of Texas pursuant to a
trust agreement entered into in June 2002 between Newfield, as grantor, and
several employees of Newfield, as trustees. The beneficial interest in the trust
is divided into 42,574,298 trust units, each of which represents an equal
undivided portion of the trust. At the time of Newfield's acquisition of EEX,
Newfield and Wachovia Bank, National Association, as successor trustee, entered
into an amended and restated trust agreement with respect to the trust and the
trust issued all 42,574,298 trust units to Newfield. Newfield subsequently
transferred all of the trust units to the holders of EEX stock who elected to
receive trust units as a portion of their consideration in the acquisition.

      The sole purpose of the trust is to hold non-expense bearing overriding
royalty interests in any future production from a specified area. The royalty
interests are passive in nature. The trustee of the trust and the trust's
unitholders have no control over, or responsibility for any costs related to,
drilling, development or operations. Neither Newfield nor any other operator of
Treasure Island properties has any contractual commitment to the trust to
conduct drilling on the properties or to maintain its ownership interest in any
of the properties.

      The trust will terminate if:

      -     all of the royalty interests are sold;

      -     cash proceeds received by the trust with respect to the royalty
            interests are less than $1,000,000 per year for each of two
            successive years after the first full year during which any of the
            covered leases produce oil and gas in commercial quantities;

      -     the trust does not receive any cash proceeds attributable to the
            royalty interests at any time prior to the third anniversary of the
            date that all covered leases have expired;

      -     the holders of 80% or more of the outstanding trust units vote in
            favor of termination; or

      -     the trust violates the "rule against perpetuities."

Upon termination of the trust, the trustee will sell all of the trust's assets,
either by private sale or public auction, and then distribute the net proceeds
of the sale to the trust's unitholders.

2.    BASIS OF PRESENTATION

      The financial statements of the trust are prepared in conformity with
accounting principles generally accepted in the United States of America.

3.    FUNDING OF THE TRUST AND DISTRIBUTIONS

      The trust's only sources of income are revenue, if any, attributable to
the overriding royalty interests, income from the investment of cash on hand and
net proceeds from the disposition of royalty interests. Because

                                       12

<PAGE>

none of the underlying properties are at present producing any oil or gas, the
trust has no source of revenue. Therefore, it must rely on Newfield for the
funding of its administrative expenses. Any material adverse change in
Newfield's financial condition or results of operations could materially and
adversely affect the trust and the trust unitholders. Newfield has agreed to
make loans as may be requested by the trustee in amounts expected to be incurred
over the next 90 days. In addition, if after such time as the royalty interests
commence generating cash proceeds, 8% of the cash held by the trust at the end
of a calendar quarter is insufficient to cover the administrative expenses of
the trust, Newfield will lend the difference to the trust. Loans from Newfield
will bear interest at an annual rate of 8% and will be senior unsecured
obligations of the trust. The loans will be repaid in quarterly installments
only from the excess, if any, of an amount equal to 8% of the cash received by
the trust in a given quarter over the administrative expenses of the trust for
that quarter.

      No distributions will be made until the trust receives revenue from the
royalty interests. Each quarter thereafter, the trustee will determine the
amount of cash available for distribution to the trust's unitholders. In
general, available cash equals the cash received by the trust from the royalty
interests and other sources during the quarter over the expenses and other
obligations (including debt) of the trust paid during the quarter and any cash
used during the quarter to establish or increase a reserve for liabilities
payable or potentially payable in the future. However, the cash received by the
trust during the quarter attributable to the royalty interests will not be
reduced by more than 8% for administrative expenses and the repayment of
Newfield loans to pay administrative expenses. Trust unitholders of record as of
the close of business on the last business day of each calendar quarter will
receive a pro rata distribution of the cash available for distribution for that
quarter no later than ten business days after the end of the quarter.

      If a liability is contingent or uncertain in amount or not yet currently
due and payable, the trustee may create a cash reserve to pay for the liability.
If the trustee determines that the cash on hand and the cash to be received is
insufficient to cover any extraordinary expenses or liabilities of the trust,
the trustee may borrow funds required to pay those expenses or liabilities. The
trustee may borrow the funds from any person, including Newfield or itself. The
trustee may also encumber the assets of the trust to secure payment of the
indebtedness. If the trustee borrows funds to cover extraordinary expenses or
liabilities, the trust unitholders will not receive distributions until the
borrowed funds are repaid.

4.    DISPOSITION OF OVERRIDING ROYALTY INTERESTS

      At the request of Newfield (or its transferee(s)), the trustee must sell
royalty interests that burden interests then in commercial production if
Newfield (or its transferee(s)) proposes to sell the burdened interests to an
unaffiliated third party. The net proceeds from the sale would be allocated to
Newfield (or its transferee(s)) and the trust based upon the relative ownership
percentage of each in the aggregate net revenue interest of Newfield (or its
transferee(s)) and the trust included in the sale. However, the trustee will not
be required to sell any royalty interests if:

      -     the value of the interests to be sold during any calendar year
            exceeds 10% of the value of all royalty interests attributed with
            proved reserves; or

      -     the cumulative value of all royalty interests sold pursuant to such
            requests exceeds 25% of the value of all royalty interests
            attributed with proved reserves.

In each case, the value of royalty interests will be equal to the discounted
present value of the future net revenues attributable to the proved reserves
attributable to the royalty interests in accordance with the criteria
established by the SEC, as set forth in the most recent reserve report of the
trust.

      The trustee also may sell any of the royalty interests if it determines
that the sale is in the best interests of the trust's unitholders and holders of
at least 60% of all trust units outstanding approve the sale. However, any sale
of all or substantially all of the royalty interests, whether in a single
transaction or series of transactions, requires the approval of holders of at
least 80% of all outstanding trust units.

      After satisfying the liabilities and obligations of the trust, the trustee
will distribute to the trust's unitholders the net proceeds from any sale of
royalty interests.

                                       13

<PAGE>

5.    FEDERAL INCOME TAX

      Under current law, the trust is taxable as a grantor trust and not as a
business entity, although there is a remote possibility that the Internal
Revenue Service would attempt to treat the trust as a business entity. A grantor
trust is not subject to tax at the trust level. For tax purposes, trust
unitholders are considered to own the trust's income and principal as though no
trust were in existence.

6.    TRUST UNITHOLDER VOTING RIGHTS

      The voting rights of trust unitholders are more limited than those of
stockholders of most public companies. For example, there is no requirement for
annual meetings of trust unitholders or for an annual or other periodic
re-election of the trustee.

7.    TRUSTEE COMPENSATION

      The trustee is entitled to annual compensation of $15,000, plus
reimbursement of its reasonable out-of-pocket expenses incurred in connection
with the administration of the trust. The trustee also is entitled to a fee of
$5,000 upon the termination of the trust. The trustee's compensation is paid out
of the trust's assets. The trust paid the trustee an aggregate of $16,350 and
$12,272 in 2004 and 2003, respectively, for trustee fees and to reimburse the
trustee for reimbursable expenses. The trust made no payments to the trustee in
2002.

                                       14

<PAGE>

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

      None.

ITEM 9A. CONTROLS AND PROCEDURES

      As of the end of the period covered by this report, the trustee carried
out an evaluation of the effectiveness of the design and operation of the
trust's disclosure controls and procedures pursuant to Exchange Act Rules 13a-15
and 15d-15. Based upon that evaluation, the trustee concluded that the trust's
disclosure controls and procedures are effective in timely alerting the trustee
to material information relating to the trust required to be included in the
trust's periodic filings with the SEC. In its evaluation of disclosure controls
and procedures, the trustee has relied, to the extent considered reasonable, on
information provided by Newfield. There has not been any change in the trust's
internal controls over financial reporting during the period covered by this
report that has materially affected, or is reasonably likely to materially
affect, the trust's internal controls over financial reporting.

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

      The trust has no directors, executive officers or audit committee. The
trustee is a corporate trustee that may be removed, with or without cause, by
the affirmative vote of the holders of a majority of all the units then
outstanding.

      Because the trust has no employees, it does not have a code of ethics.
Officers, directors and employees of the trustee, Wachovia Bank, National
Association, must comply with the bank's Code of Conduct & Ethics. The code is
available on Wachovia's website at www.wachovia.com under the tab "Inside
Wachovia -- Investor Relations" and then under the heading "Corporate Governance
-- Code of Conduct & Ethics."

ITEM 11. EXECUTIVE COMPENSATION

      The trust has no employees. The trustee is entitled to annual compensation
of $15,000, plus reimbursement of its reasonable out-of-pocket expenses incurred
in connection with the administration of the trust. The trustee also is entitled
to a fee of $5,000 upon the termination of the trust. The trustee's compensation
is paid out of the trust's assets.

ITEM 12. UNIT OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

      The following table sets forth beneficial ownership information, as of
March 24, 2005, with respect to each person known by the trustee to own
beneficially 5% or more of the outstanding trust units. The trust has no
directors, officers or employees and no equity compensation plans. Wachovia
Bank, National Association, the trustee of the trust, owns no units.

<TABLE>
<CAPTION>
                                                BENEFICIAL OWNERSHIP
                                            --------------------------
NAME OF BENEFICIAL OWNER                      UNITS            PERCENT
------------------------                    ----------         -------
<S>                                         <C>                <C>
Richard C. McKenzie, Jr. (1)..........      16,372,148            38.5%
</TABLE>

----------
(1)   All information in the table above and in this note with respect to
      Richard C. McKenzie, Jr. is based solely on the Schedule 13D/A (Amendment
      No. 3) he filed with the SEC on February 28, 2005 and the Form 4 he filed
      with the SEC on March 9, 2005. Mr. McKenzie's address is 118 John St.,
      Greenwich, CT 06831.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

      None.

                                       15

<PAGE>

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

      Fees for services performed by PricewaterhouseCoopers LLP for the trust
for each of the years in the two-year period ended December 31, 2004 are:

<TABLE>
<CAPTION>
                                                                FOR THE YEAR
                                                             ENDED DECEMBER 31,
                                                           ---------------------
                                                             2004          2003
                                                           -------       -------
<S>                                                        <C>           <C>
Audit fees........................................         $22,000       $21,500
Audit-related fees................................               -             -
Tax fees..........................................               -             -
All other fees....................................               -             -
                                                           -------       -------
                                                           $22,000       $21,500
</TABLE>

      As referenced in Item 10, above, the trust has no audit committee, and as
a result, has no audit committee pre-approval policy with respect to fees paid
to PricewaterhouseCoopers LLP.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

      (a)   Financial Statements, Financial Statement Schedules and Exhibits

            (1)   Financial Statements (included in Item 8 of this report):

                  Report of Independent Registered Public Accounting Firm
                  Balance Sheet
                  Statement of Loss
                  Notes to Financial Statements

            (2)   Financial Statement Schedules: Financial statement schedules
                  listed under SEC rules but not included in this report are
                  omitted because they are not applicable or the required
                  information is provided in the notes to the financial
                  statements.

            (3)   Index of Exhibits: See "Index of Exhibits" below for a list of
                  those exhibits filed herewith or incorporated herein by
                  reference.

      (b)   Reports on Form 8-K

      No current reports on Form 8-K were filed during the three-month period
ended December 31, 2004.

      (c)   Index of Exhibits

<TABLE>
<CAPTION>
EXHIBIT
NUMBER                                         TITLE
-------                                        -----
<S>             <C>
4.1             Form of Amended and Restated Trust Agreement of the Treasure Island
                Royalty Trust by and between Newfield and Wachovia Bank, National
                Association, as successor trustee (incorporated by reference to Exhibit
                4.7 to the Registration Statement on Form S-4 filed by Newfield and the
                trust with the SEC on June 24, 2002 (File No. 333-91014))

10.1            Form of Master Conveyance of Overriding Royalty Interest between EEX and
                Treasure Island Royalty Trust (incorporated by reference to Exhibit 10.1
                to the Registration Statement on Form S-4 filed by Newfield and the trust
                with the SEC on September 27, 2002 (File No. 333-91014))

*31.1           Certification of Vice President of Trustee of Treasure Island Royalty
                Trust pursuant to 15 U.S.C. Section 7241, as adopted pursuant to Section
                302 of the Sarbanes-Oxley Act of 2002
</TABLE>

                                       16

<PAGE>

<TABLE>
<S>             <C>
*32.1           Certification of Trustee of Treasure Island Royalty Trust pursuant to 18
                U.S.C. Section 1350, as adopted pursuant to Section 906 of the
                Sarbanes-Oxley Act of 2002
</TABLE>

--------------
* Filed herewith.

SUPPLEMENTAL INFORMATION TO BE FURNISHED

      This report will be provided to unitholders. No other annual report or
proxy material will be provided to unitholders.

                                    SIGNATURE

      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.

                                                 TREASURE ISLAND ROYALTY TRUST

Date: March 31, 2005                         By: Wachovia Bank, National
                                                 Association, as trustee

                                             By: /s/ Kevin M. Dobrava
                                                 ------------------------
                                                 Kevin M. Dobrava
                                                 Vice President

Note: Because the registrant is a trust without officers or employees, only the
      signature of an officer of the trustee of the registrant is available and
      has been provided.

                                       17

<PAGE>

                               INDEX TO EXHIBITS

<TABLE>
<CAPTION>
EXHIBIT
NUMBER                                         TITLE
-------                                        -----
<S>             <C>
4.1             Form of Amended and Restated Trust Agreement of the Treasure Island
                Royalty Trust by and between Newfield and Wachovia Bank, National
                Association, as successor trustee (incorporated by reference to Exhibit
                4.7 to the Registration Statement on Form S-4 filed by Newfield and the
                trust with the SEC on June 24, 2002 (File No. 333-91014))

10.1            Form of Master Conveyance of Overriding Royalty Interest between EEX and
                Treasure Island Royalty Trust (incorporated by reference to Exhibit 10.1
                to the Registration Statement on Form S-4 filed by Newfield and the trust
                with the SEC on September 27, 2002 (File No. 333-91014))

*31.1           Certification of Vice President of Trustee of Treasure Island Royalty
                Trust pursuant to 15 U.S.C. Section 7241, as adopted pursuant to Section
                302 of the Sarbanes-Oxley Act of 2002

*32.1           Certification of Trustee of Treasure Island Royalty Trust pursuant to 18
                U.S.C. Section 1350, as adopted pursuant to Section 906 of the
                Sarbanes-Oxley Act of 2002
</TABLE>

------------
* Filed herewith.