##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 (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 1-8033
 PERMIAN BASIN ROYALTY TRUST
 (Exact Name of Registrant as Specified in the Permian Basin Royalty Trust Indenture)
 Texas
    
    75-6280532(State or Other Jurisdiction of
    
    (I.R.S. Employer Identification No.)Incorporation or Organization)
 
 
 SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
 Name of Each Exchange onTitle of Each Class
    
    Which RegisteredUnits of Beneficial Interest
    
    New York Stock Exchange
 SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
 þ o
 o þ
 þ o
 þ
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE




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FORWARD LOOKING INFORMATION




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##### 



PART IItem 1. Business
    
    
    3Item 1A. Risk Factors
    
    
    4Item 1B. Unresolved Staff Comments
    
    
    9Item 2. Properties
    
    
    9Item 3. Legal Proceedings
    
    
    16Item 4. Submission of Matters to a Vote of Security Holders
    
    
    16PART IIItem 5. Market for Units of the Trust, Related Security Holder Matters and Trust Purchases of Units
    
    
    16Item 6. Selected Financial Data
    
    
    17Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operation
    
    
    17Item 7A. Quantitative and Qualitative Disclosures about Market Risk
    
    
    17Item 8. Financial Statements and Supplementary Data
    
    
    17Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    17Item 9A. Controls and Procedures
    
    
    17Item 9B. Other Information
    
    
    20PART IIIItem 10. Directors and Executive Officers of the Registrant
    
    
    20Item 11. Executive Compensation
    
    
    20Item 12. Security Ownership of Certain Beneficial Owners and Management
    
    
    21Item 13. Certain Relationships and Related Transactions
    
    
    21Item 14. Principal Accounting Fees and Services
    
    
    21PART IVItem 15. Exhibits, Financial Statement Schedules
    
    
    22SIGNATURE
    
    
    24INDEX TO EXHIBITS
    
    
    25Annual Report to Security HoldersConsent of Cawley, Gillespie & Associates, Inc.Certification Required by Rule 13a-14(a)/15d-14(a)Certification Required by Rule 13a-14(b)/15d-14(b) and Section 906Registrant's Annual Report to Security HoldersConsent of Cawley, Gillespie & Associates, Inc. Reservoir EngineerCertification Required by Rule 13a-14(a)/15d-14(a)Certification Required by Rule 13a-14(b)/15d-14(b)




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PART I
 
 Item 1. Business
       3




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Website/SEC Filings
 http://www.pbt-permianbasintrust.com
 
 Item 1A. Risk Factors
 Crude oil and natural gas prices are volatile and fluctuate in response to a number of factors;
Lower prices could reduce the net proceeds payable to the Trust and Trust distributions.
  4




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
    
    political conditions in major oil producing regions, especially in the Middle East;
    
    worldwide economic conditions;
    
    weather conditions;
    
    the supply and price of domestic and foreign crude oil or natural gas;
    
    the level of consumer demand;
    
    the price and availability of alternative fuels;
    
    the proximity to, and capacity of, transportation facilities;
    
    the effect of worldwide energy conservation measures; and
    
    the nature and extent of governmental regulation and taxation.
  Increased production and development costs attributable to the Royalties will result in decreased
Trust distributions unless revenues also increase.
  Trust reserve estimates depend on many assumptions that may prove to be inaccurate, which could
cause both estimated reserves and estimated future net revenues to be too high, leading to
write-downs of estimated reserves.
   5




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
    
    historical production from the area compared with production rates from similar
producing areas;
    
    the effects of governmental regulation;
    
    assumptions about future commodity prices, production and development costs, taxes, and
capital expenditures;
    
    the availability of enhanced recovery techniques; and
    
    relationships with landowners, working interest partners, pipeline companies and
others.
  The assets of the Trust are depleting assets and, if BROG and the other operators developing the
Underlying Properties do not perform additional development projects, the assets may deplete
faster than expected. Eventually, the assets of the Trust will cease to produce in commercial
quantities and the Trust will cease to receive proceeds from such assets. In addition, a reduction
in depletion tax benefits may reduce the market value of the Units.
   The market price for the Units may not reflect the value of the royalty interests held by the
Trust.
  6




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Operational risks and hazards associated with the development of the Underlying Properties may
decrease Trust distributions.
   Terrorism and continued hostilities in the Middle East could decrease Trust distributions or the
market price of the Units.
  Unit holders and the Trustee have no influence over the operations on, or future development of,
the Underlying Properties.
  The operators developing the Texas Royalty properties have no duty to protect the interests of the
Unit holders, and do not have sole discretion regarding development activities on the Underlying
Properties.
  7




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The operator developing any Underlying Property may transfer its interest in the property without
the consent of the Trust or the Unit holders.
  The operator developing any Underlying Property may abandon the property, thereby terminating the
Royalties payable to the Trust.
  The Royalties can be sold and the Trust would be terminated.
  Unit holders have limited voting rights and have limited ability to enforce the Trusts rights
against the current or future operators developing the Underlying Properties.
   8




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##### Table of Contents



Financial information of the Trust is not prepared in accordance with GAAP.
  The limited liability of the Unit holders is uncertain.
  Widely Held Fixed Investment Trust Reporting Information
  
 Item 1B. Unresolved Staff Comments
  
 Item 2. Properties
  9




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PRODUCING ACREAGE, WELLS AND DRILLING
 Waddell Ranch Properties
    Texas Royalty Properties
  10




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Well Count and Acreage Summary
 NUMBER OF WELLS
    
    ACRESGross
    
    Net
    
    Gross
    
    NetBROG and Riverhill Energy Interests
    
    
    1,322
    
    
    
    592
    
    
    
    76,922
    
    
    
    33,246
 OIL AND GAS PRODUCTION
  Waddell Ranch
    
    Texas RoyaltyProperties
    
    Properties
    
    Total2007
    
    2006
    
    2005
    
    2007
    
    2006
    
    2005
    
    2007
    
    2006
    
    2005Royalties:ProductionOil (barrels)
    
    
    437,420
    
    
    
    429,052
    
    
    
    501,499
    
    
    
    303,458
    
    
    
    320,897
    
    
    
    325,776
    
    
    
    740,878
    
    
    
    749,949
    
    
    
    827,275Gas (Mcf)
    
    
    2,996,313
    
    
    
    2,640,873
    
    
    
    3,052,103
    
    
    
    481,585
    
    
    
    513,918
    
    
    
    556,675
    
    
    
    3,477,898
    
    
    
    3,154,791
    
    
    
    3,608,778Underlying Properties:ProductionOil (barrels)
    
    
    846,104
    
    
    
    863,198
    
    
    
    899,197
    
    
    
    344,166
    
    
    
    357,967
    
    
    
    359,387
    
    
    
    1,190,270
    
    
    
    1,221,165
    
    
    
    1,258,584Gas (Mcf)
    
    
    5,859,974
    
    
    
    5,396,777
    
    
    
    5,517,845
    
    
    
    547,871
    
    
    
    576,411
    
    
    
    614,871
    
    
    
    6,407,845
    
    
    
    5,973,188
    
    
    
    6,132,716Average PriceOil/barrel
    
    
    62.51
    
    
    
    59.15
    
    
    $
    49.35
    
    
    
    60.14
    
    
    
    59.50
    
    
    $
    48.97
    
    
    
    61.54
    
    
    
    59.30
    
    
    $
    49.20Gas/Mcf
    
    
    7.21
    
    
    
    7.63
    
    
    $
    6.90
    
    
    
    9.64
    
    
    
    10.02
    
    
    $
    8.22
    
    
    
    7.54
    
    
    
    8.02
    
    
    $
    7.11
 11




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PRICING INFORMATION
  Oil
 Gas
 OIL AND GAS RESERVES
        12




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Waddell Ranch
    
    Texas RoyaltyProperties
    
    Properties
    
    TotalOil
    
    Gas
    
    Oil
    
    Gas
    
    Oil
    
    Gas(Bbls)
    
    (Mcf)
    
    (Bbls)
    
    (Mcf)
    
    (Bbls)
    
    (Mcf)January 1, 2005
    
    
    3,606
    
    
    
    21,871
    
    
    
    3,502
    
    
    
    5,914
    
    
    
    7,108
    
    
    
    27,785Extensions, discoveries, and
other additions
    
    
    84
    
    
    
    415
    
    
    
    0
    
    
    
    0
    
    
    
    84
    
    
    
    415Revisions of previous estimates
    
    
    126
    
    
    
    1,695
    
    
    
    359
    
    
    
    246
    
    
    
    485
    
    
    
    1,941Production
    
    
    (501
    )
    
    
    (3,052
    )
    
    
    (326
    )
    
    
    (557
    )
    
    
    (827
    )
    
    
    (3,609
    )December 31, 2005
    
    
    3,315
    
    
    
    20,929
    
    
    
    3,535
    
    
    
    5,603
    
    
    
    6,850
    
    
    
    26,532Extensions, discoveries, and
other additions
    
    
    33
    
    
    
    490
    
    
    
    0
    
    
    
    2
    
    
    
    33
    
    
    
    492Revisions of previous estimates
    
    
    233
    
    
    
    208
    
    
    
    212
    
    
    
    53
    
    
    
    445
    
    
    
    261Production
    
    
    (429
    )
    
    
    (2,641
    )
    
    
    (321
    )
    
    
    (514
    )
    
    
    (750
    )
    
    
    (3,155
    )December 31, 2006
    
    
    3,152
    
    
    
    18,986
    
    
    
    3,426
    
    
    
    5,144
    
    
    
    6,578
    
    
    
    24,130Extensions, discoveries, and
other additions
    
    
    50
    
    
    
    133
    
    
    
    
    
    
    
    63
    
    
    
    50
    
    
    
    196Revisions of previous estimates
    
    
    1,072
    
    
    
    4,987
    
    
    
    296
    
    
    
    467
    
    
    
    1,368
    
    
    
    5,454Production
    
    
    (437
    )
    
    
    (2,996
    )
    
    
    (303
    )
    
    
    (482
    )
    
    
    (740
    )
    
    
    (3,478
    )December 31, 2007
    
    
    3,837
    
    
    
    21,110
    
    
    
    3,419
    
    
    
    5,192
    
    
    
    7,256
    
    
    
    26,302
  Crude Oil
    
    Natural Gas(Bbls)
    
    (Mcf)December 31, 2007
    
    
    7,199
    
    
    
    26,140December 31, 2006
    
    
    6,443
    
    
    
    23,233December 31, 2005
    
    
    6,764
    
    
    
    25,877
   13




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Waddell Ranch
    
    
    Texas RoyaltyProperties
    
    
    Properties
    
    
    Total2007
    
    
    2006
    
    
    2005
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2007
    
    
    2006
    
    
    2005January 1
    
    $
    163,308
    
    
    $
    188,697
    
    
    $
    156,014
    
    
    $
    102,663
    
    
    $
    104,654
    
    
    $
    81,179
    
    
    $
    265,971
    
    
    $
    293,351
    
    
    $
    237,193Extensions,
discoveries, and
other additions
    
    
    2,898
    
    
    
    2,108
    
    
    
    3,743
    
    
    
    399
    
    
    
    15
    
    
    
    0
    
    
    
    3,297
    
    
    
    2,123
    
    
    
    3,743Accretion of discount
    
    
    16,331
    
    
    
    18,870
    
    
    
    15,601
    
    
    
    10,266
    
    
    
    10,465
    
    
    
    8,118
    
    
    
    26,597
    
    
    
    29,335
    
    
    
    23,719Revisions of
previous estimates
and other
    
    
    180,065
    
    
    
    (3,224
    )
    
    
    56,830
    
    
    
    76,825
    
    
    
    10,793
    
    
    
    34,833
    
    
    
    256,890
    
    
    
    7,569
    
    
    
    91,663Royalty income
    
    
    (46,467
    )
    
    
    (43,143
    )
    
    
    (43,491
    )
    
    
    (21,916
    )
    
    
    (23,264
    )
    
    
    (19,476
    )
    
    
    (68,383
    )
    
    
    (66,407
    )
    
    
    (62,967
    )December 31
    
    $
    316,135
    
    
    $
    163,308
    
    
    $
    188,697
    
    
    $
    168,237
    
    
    $
    102,663
    
    
    $
    104,654
    
    
    $
    484,372
    
    
    $
    265,971
    
    
    $
    293,351
     2007
    
    
    2006
    
    
    2005Estimated
    
    
    Present
    
    
    Estimated
    
    
    Present
    
    
    Estimated
    
    
    PresentFuture Net
    
    
    Value at
    
    
    Future Net
    
    
    Value at
    
    
    Future Net
    
    
    Value atRevenue
    
    
    10%
    
    
    Revenue
    
    
    10%
    
    
    Revenue
    
    
    10%Total ProvedWaddell Ranch properties
    
    $
    518,547
    
    
    $
    316,135
    
    
    $
    255,703
    
    
    $
    163,308
    
    
    $
    298,417
    
    
    $
    188,697Texas Royalty properties
    
    $
    357,507
    
    
    $
    168,237
    
    
    $
    212,486
    
    
    $
    102,663
    
    
    $
    219,657
    
    
    $
    104,654Total
    
    $
    876,054
    
    
    $
    484,372
    
    
    $
    468,189
    
    
    $
    265,971
    
    
    $
    518,074
    
    
    $
    293,351
  14




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REGULATION
   Federal Natural Gas Regulation
   15




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State Regulation
  Other Regulation
  
 Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 PART II
 
 Item 5. Market for Units of the Trust, Related Security Holder Matters and Trust Purchases of
Units
   16




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Item 6. Selected Financial Data
 For the Year Ended December 31,2007
    
    2006
    
    2005
    
    2004
    
    2003Royalty income
    
    $
    68,382,820
    
    
    $
    66,407,199
    
    
    $
    62,967,150
    
    
    $
    45,016,670
    
    
    $
    32,596,078Distributable income
    
    $
    67,619,230
    
    
    $
    65,715,369
    
    
    $
    62,267,669
    
    
    
    44,546,743
    
    
    
    32,113,125Distributable income per Unit
    
    $
    1.450777
    
    
    $
    1.410082
    
    
    
    1.335964
    
    
    
    .955758
    
    
    
    0.688993Distributions per Unit
    
    $
    1.450777
    
    
    $
    1.410082
    
    
    
    1.335964
    
    
    
    .955758
    
    
    
    0.688993Total assets, December 31
    
    $
    9,467,142
    
    
    $
    6,574,350
    
    
    $
    8,874,678
    
    
    $
    7,224,412
    
    
    $
    4,865,569
 
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operation
 th
 
 Item 7A. Quantitative and Qualitative Disclosures about Market Risk
  
 Item 8. Financial Statements and Supplementary Data
  
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures.
 Disclosure Controls and Procedures
  17




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Changes in Internal Control over Financial Reporting
  Trustees Report on Internal Control Over Financial Reporting
 Internal Control-Integrated Framework Internal Control-Integrated Framework
 18




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Internal Control  Integrated
Framework
    Internal Control
 Integrated Framework
  DELOITTE & TOUCHE LLP
 Dallas, TX
March 11, 2008
 19




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Item 9B. Other Information.
  
 PART III
 
 Item 10. Directors and Executive Officers of the Registrant
 DIRECTORS AND OFFICERS
  AUDIT COMMITTEE AND NOMINATING COMMITTEE
  SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
   CODE OF ETHICS
  
 Item 11. Executive Compensation
  20




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Name of Individual or Number
    
    Cashof Persons in Group
    
    Compensation
    
    YearBank of America, N.A
    
    $
    73,379
    (1)
    
    
    2007$
    67,395
    (1)
    
    
    2006$
    78,294
    (1)
    
    
    2005
 
 (1)
    
    Under the Trust Indenture, the Trustee is entitled to an administrative fee for its
administrative services, preparation of quarterly and annual statements with attention to
tax and legal matters of: (i) 1/20 of 1% of the first $100 million and (ii) Trustees
standard hourly rate in excess of 300 hours annually. The administrative fee is subject
to reduction by a credit for funds provision. COMPENSATION COMMITTEE
 Because the Trust has no directors, it does not have a compensation committee. 
 Item 12. Security Ownership of Certain Beneficial Owners and Management
 Security Ownership of Certain Beneficial Owners
 Security Ownership of Management
 Change In Control
 Securities Authorized for Issuance under Equity Compensation Plans.
 
 Item 13. Certain Relationships and Related Transactions
  
 Item 14. Principal Accounting Fees and Services.
 2007
    
    2006Audit Fees
    
    $
    48,000
    
    
    $
    132,100Audit-related fees
    
    $
    8,514
    
    
    $
    19,250Tax fees
    
    
    
    
    
    
    All other fees
    
    
    
    
    
    
    Total
    
    $
    56,514
    
    
    $
    151,350
 21




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##### Table of Contents



PART IV
 
 Item 15. Exhibits, Financial Statement Schedules
  Financial Statements
  Report of Independent Registered Public Accounting FirmStatements of Assets, Liabilities and Trust Corpus at December 31, 2007 and 2006Statements of Distributable Income for Each of the Three Years in the Period Ended
December 31, 2007Statements of Changes in Trust Corpus for Each of the Three Years in the Period
Ended December 31, 2007Notes to Financial Statements
 Financial Statement Schedules
  Exhibits
 ExhibitNumber
    
    
    
    
    
    Exhibit(4)(a)
    
    
    
    
    
    Permian Basin Royalty Trust Indenture dated November 3, 1980,
between Southland Royalty Company and The First National Bank of Fort
Worth (now Bank of America, N.A.), as Trustee, heretofore filed as
Exhibit (4)(a) to the Trusts Annual Report on Form 10-K to the
Securities and Exchange Commission for the fiscal year ended December
31, 1980, is incorporated herein by reference.*(b)
    
    
    
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust) from
Southland Royalty Company to The First National Bank of Fort Worth
(now Bank of America, N.A.), as Trustee, dated November 3, 1980
(without Schedules), heretofore filed as Exhibit (4)(b) to the Trusts
Annual Report on Form 10-K to the Securities and Exchange Commission
for the fiscal year ended December 31, 1980, is incorporated herein by
reference.*(c)
    
    
    
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust 
Waddell Ranch) from Southland Royalty Company to The First National
Bank of Fort Worth (now Bank of America, N.A.), as Trustee, dated
November 3, 1980 (without Schedules), heretofore filed as Exhibit
(4)(c) to the Trusts Annual Report on Form 10-K to the Securities and
Exchange Commission for the fiscal year ended December 31, 1980, is
incorporated herein by reference.*
 22




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##### Table of Contents



ExhibitNumber
    
    
    
    
    
    Exhibit(10)(a)
    
    
    
    
    
    Underwriting Agreement dated December 15, 2005 among the Permian
Basin Royalty Trust, Burlington Resources, Inc., Burlington Resources
Oil & Gas L.P. and Lehman Brothers Inc. and Wachovia Capital Markets,
LLC as representatives of the several underwriters, heretofore filed
as Exhibit 10.1 to the Trusts current report on Form 8-K to the
Securities and Exchange Commission filed on December 19, 2005, is
incorporated herein by reference.*(b)
    
    
    
    
    
    Underwriting Agreement dated August 2, 2005 among the Permian Basin
Royalty Trust, Burlington Resources, Inc., Burlington Resources Oil &
Gas L.P. and Goldman Sachs & Co. and Lehman Brothers Inc. as
representatives of the several underwriters, heretofore filed as
Exhibit 10.1 to the Trusts current report on Form 8-K to the
Securities and Exchange Commission filed on August 8, 2005, is
incorporated herein by reference.*(c)
    
    
    
    
    
    Underwriting Agreement dated August 17, 2006, among Permian Basin
Royalty Trust, ConocoPhillips, Burlington Resources Oil & Gas Company
LP and Lehman Brothers Inc. and Wachovia Capital Markets, LLC as
representatives of the several underwriters heretofore filed as
Exhibit 10.1 to the Trusts current report on Form 8-K to the
Securities and Exchange Commission filed on August 22, 2006, is
incorporated herein by reference.*(d)
    
    
    
    
    
    Registration Rights Agreement dated as of July 21, 2004 by and
between Burlington Resources, Inc. and Bank of America, N.A., as
trustee of Permian Basin Royalty Trust, heretofore filed as
Exhibit 10.1 to the Trusts Quarterly Report on Form 10-Q to the
Securities and Exchange Commission for the quarterly period ended
June 30, 2004 is incorporated herein by reference.*(13)
    
    
    
    
    
    Registrants Annual Report to security holders for fiscal year ended
December 31, 2007.**(23.1)
    
    
    
    
    
    Consent of Cawley, Gillespie & Associates, Inc., reservoir
engineer.**(31.1)
    
    
    
    
    
    Certification required by Rule 13a-14(a)/15d-14(a).**(32.1)
    
    
    
    
    
    Certification required by Rule 13a-14(b)/15d-14(b) and Section 906
of the Sarbanes-Oxley Act of 2002.**
 
 *
    
    A copy of this Exhibit is available to any Unit holder, at the actual cost of reproduction,
upon written request to the Trustee, Bank of America, N.A., P.O. Box 830650, Dallas, Texas
75202.**
    
    Filed herewith. 23




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SIGNATURE
  PERMIAN BASIN ROYALTY TRUSTBy: BANK OF AMERICA, N.A., TrusteeBy:
    
    /s/Ron E. HooperRon E. HooperSenior Vice President
   24




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##### Table of Contents



INDEX TO EXHIBITS
 EXHIBITNUMBER
    
    
    
    
    
    EXHIBIT(4)(a)
    
    
    
    
    
    Permian Basin Royalty Trust Indenture dated November 3, 1980,
between Southland Royalty Company and The First National Bank of
Fort Worth (now Bank of America, N.A.), as Trustee, heretofore
filed as Exhibit (4)(a) to the Trusts Annual Report on Form 10-K
to the Securities and Exchange Commission for the fiscal year
ended December 31, 1980, is incorporated herein by reference.*(b)
    
    
    
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust)
from Southland Royalty Company to The First National Bank of Fort
Worth (now Bank of America, N.A.), as Trustee, dated November 3,
1980 (without Schedules), heretofore filed as Exhibit (4)(b) to
the Trusts Annual Report on Form 10-K to the Securities and
Exchange Commission for the fiscal year ended December 31, 1980,
is incorporated herein by reference.*(c)
    
    
    
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust 
Waddell Ranch) from Southland Royalty Company to The First
National Bank of Fort Worth (now Bank of America, N.A.), as
Trustee, dated November 3, 1980 (without Schedules), heretofore
filed as Exhibit (4)(c) to the Trusts Annual Report on Form 10-K
to the Securities and Exchange Commission for the fiscal year
ended December 31, 1980, is incorporated herein by reference.*(10)(a)
    
    
    
    
    
    Underwriting Agreement dated December 15, 2005 among the
Permian Basin Royalty Trust, Burlington Resources, Inc.,
Burlington Resources Oil & Gas L.P. and Lehman Brothers Inc. and
Wachovia Capital Markets, LLC as representatives of the several
underwriters, heretofore filed as Exhibit 10.1 to the Trusts
current report on Form 8-K to the Securities and Exchange
Commission filed on December 19, 2005, is incorporated herein by
reference.*(b)
    
    
    
    
    
    Underwriting Agreement dated August 2, 2005 among the Permian
Basin Royalty Trust, Burlington Resources, Inc., Burlington
Resources Oil & Gas L.P. and Goldman Sachs & Co. and Lehman
Brothers Inc. as representatives of the several underwriters,
heretofore filed as Exhibit 10.1 to the Trusts current report on
Form 8-K to the Securities and Exchange Commission filed on August
8, 2005, is incorporated herein by reference.*
 25




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##### Table of Contents



EXHIBITNUMBER
    
    
    
    
    
    EXHIBIT(c)
    
    
    
    
    
    Underwriting Agreement dated August 17, 2006, among Permian
Basin Royalty Trust, ConocoPhillips, Burlington Resources Oil &
Gas Company LP and Lehman Brothers Inc. and Wachovia Capital
Markets, LLC as representatives of the several underwriters
heretofore filed as Exhibit 10.1 to the Trusts current report on
Form 8-K to the Securities and Exchange Commission filed on August
22, 2006, is incorporated herein by reference.*(d)
    
    
    
    
    
    Registration Rights Agreement dated as of July 21, 2004 by and
between Burlington Resources, Inc. and Bank of America, N.A., as
trustee of Permian Basin Royalty Trust, heretofore filed as
Exhibit 10.1 to the Trusts Quarterly Report on Form 10-Q to the
Securities and Exchange Commission for the quarterly period ended
June 30, 2004 is incorporated herein by reference.*(13)
    
    
    
    
    
    Registrants Annual Report to security holders for fiscal year
ended December 31, 2007.**(23.1)
    
    
    
    
    
    Consent of Cawley, Gillespie & Associates, Inc., reservoir
engineer.**(31.1)
    
    
    
    
    
    Certification required by Rule 13a-14(a)/15d-14(a).**(32.1)
    
    
    
    
    
    Certification required by Rule 13a-14(b)/15d-14(b) and Section
906 of the Sarbanes-Oxley Act of 2002.**
 
 *
    
    A copy of this Exhibit is available to any Unit holder, at the actual cost of reproduction, upon
written request to the Trustee, Bank of America, N.A., P.O. Box 830650, Dallas, Texas 75202.**
    
    Filed herewith. 26