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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the Quarterly Period ended June 30, 2009
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission file number 1-8033
 PERMIAN BASIN ROYALTY TRUST
 (Exact Name of Registrant as Specified in the Permian Basin Royalty Trust Indenture)
 Texas
(State or Other Jurisdiction of 
Incorporation or Organization)
    
    75-6280532
(I.R.S. Employer Identification No.)
 
 
 þ o
 o o
  Large accelerated filer
þ
    
    Accelerated filer
o
    
    Non-accelerated filer o(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ




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TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. Trustees Discussion and AnalysisItem 3. Qualitative and Quantitative Disclosures About Market RiskItem 4. Controls and ProceduresPART II  OTHER INFORMATIONItems 1 through 5.Item 6. ExhibitsSIGNATURESINDEX TO EXHIBITSEX-31.1EX-32.1    Table of Contents  PERMIAN BASIN ROYALTY TRUST
 
 PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
       
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##### Table of Contents



PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
 June 30,
    
    
    December 31,2009
    
    
    2008(Unaudited)ASSETSCash and short-term investments
    
    $
    2,192,146
    
    
    $
    5,147,216Net overriding royalty interests in
producing oil and gas properties (net of
accumulated amortization of $9,844,825
and $9,804,423 at June 30, 2009 and
December 31, 2008, respectively)
    
    $
    1,130,391
    
    
    $
    1,170,793TOTAL ASSETS
    
    $
    3,322,537
    
    
    $
    6,318,009LIABILITIES AND TRUST CORPUSDistribution payable to Unit holders
    
    $
    2,192,146
    
    
    $
    5,147,216Commitments and contingenciesTrust corpus - 46,608,796 Units of
beneficial interest authorized and
outstanding
    
    
    1,130,391
    
    
    
    1,170,793TOTAL LIABILITIES
AND TRUST CORPUS
    
    $
    3,322,537
    
    
    $
    6,318,009
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)
 THREE
    
    
    THREEMONTHS
    
    
    MONTHSENDED
    
    
    ENDEDJune 30, 2009
    
    
    June 30, 2008Royalty income
    
    $
    6,725,240
    
    
    $
    27,260,526Interest income
    
    
    447
    
    
    
    21,5206,725,687
    
    
    
    27,282,046General and administrative
expenditures
    
    
    (487,556
    )
    
    
    (359,490
    )Distributable income
    
    $
    6,238,131
    
    
    $
    26,922,556Distributable income per Unit (46,608,796 Units)
    
    $
    .13
    
    
    $
    .58
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)
 SIX
    
    
    SIXMONTHS
    
    
    MONTHSENDED
    
    
    ENDEDJune 30, 2009
    
    
    June 30, 2008Royalty income
    
    $
    14,438,626
    
    
    $
    53,684,924Interest income
    
    
    2,682
    
    
    
    55,21414,441,308
    
    
    
    53,740,138General and administrative
expenditures
    
    
    (929,972
    )
    
    
    (714,246
    )Distributable income
    
    $
    13,511,336
    
    
    $
    53,025,892Distributable income per Unit
(46,608,796 Units)
    
    $
    .29
    
    
    $
    1.14
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)
 SIX
    
    
    SIXMONTHS
    
    
    MONTHSENDED
    
    
    ENDEDJune 30, 2009
    
    
    June 30, 2008Trust
corpus, beginning of period
    
    $
    1,170,793
    
    
    $
    1,293,935Amortization of net overriding
royalty interests
    
    
    (40,402
    )
    
    
    (65,592
    )Distributable income
    
    
    13,511,336
    
    
    
    53,025,892Distributions declared
    
    
    (13,511,336
    )
    
    
    (53,025,892
    )Total trust corpus, end of
period
    
    $
    1,130,391
    
    
    $
    1,228,343Distributions per Unit
    
    $
    .29
    
    
    $
    1.14
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PERMIAN BASIN ROYALTY TRUST
 NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
 1.
    
    BASIS OF ACCOUNTING
 The Permian Basin Royalty Trust (Trust) was established as of November 1, 1980. The net
overriding royalties conveyed to the Trust include: (1) a 75% net overriding royalty carved out
of Southland Royalty Companys fee mineral interests in the Waddell Ranch in Crane County, Texas
(the Waddell Ranch properties); and (2) a 95% net overriding royalty carved out of Southland
Royalty Companys major producing royalty interests in Texas (the Texas Royalty properties).
The net overriding royalty for the Texas Royalty properties is subject to the provisions of the
lease agreements under which such royalties were created. The financial statements of the Trust
are prepared on the following basis:
 
    
    Royalty income recorded for a month is the amount computed and paid to Bank of America,
N.A. (Trustee) as Trustee for the Trust by the interest owners: Burlington Resources Oil
& Gas Company LP (BROG), a subsidiary of ConocoPhillips for the Waddell Ranch properties
and Riverhill Energy Corporation (Riverhill Energy), formerly a wholly owned subsidiary
of Riverhill Capital Corporation (Riverhill Capital) and formerly an affiliate of Coastal
Management Corporation (CMC), for the Texas Royalty properties. Schlumberger Technology
Corporation (STC) currently conducts all field, technical and accounting operations on
behalf of BROG with regard to the Waddell Ranch properties. Riverhill Energy currently
conducts the accounting operations for the Texas Royalty properties. Royalty income
consists of the amounts received by the owners of the interest burdened by the net
overriding royalty interests (Royalties) from the sale of production less accrued
production costs, development and drilling costs, applicable taxes, operating charges, and
other costs and deductions multiplied by 75% in the case of the Waddell Ranch properties
and 95% in the case of the Texas Royalty properties.As was previously reported, in February 1997, BROG sold its interest in the Texas Royalty
properties to Riverhill Energy.The Trustee has been advised that in the first quarter of 1998, STC acquired all of the
shares of stock of Riverhill Capital. Prior to such acquisition by STC, CMC and Riverhill
Energy were wholly owned subsidiaries of Riverhill Capital. The Trustee has further been
advised that in connection with STCs acquisition of Riverhill Capital, the shareholders of
Riverhill Capital acquired ownership of all of the shares of stock of Riverhill Energy.
Thus, the ownership in the Texas Royalty properties referenced above remained in Riverhill
Energy, the stock ownership of which was acquired by the former shareholders of Riverhill
Capital.In 2007 the Bank of America private wealth management group officially became known as U.S.
Trust, Bank of America Private Wealth Management. The legal entity that serves as Trustee
of the Trust did not change, and references in this Form 10-Q to U.S.
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Trust, Bank of America
Private Wealth Management shall describe the legal entity Bank of America, N.A.
 
    
    Trust expenses recorded are based on liabilities paid and cash reserves established out
of cash received or borrowed funds for liabilities and contingencies.
    
    Distributions to Unit holders are recorded when declared by the Trustee.
    
    Royalty income is computed separately for each of the conveyances under which the
Royalties were conveyed to the Trust. If monthly costs exceed revenues for any conveyance
(excess costs), such excess costs cannot reduce royalty income from other conveyances,
but is carried forward with accrued interest to be recovered from future net proceeds of
that conveyance.
 The financial statements of the Trust differ from financial statements prepared in
accordance with accounting principles generally accepted in the United States of America
(GAAP) because revenues are not accrued in the month of production and certain cash
reserves may be established for contingencies which would not be accrued in financial
statements prepared in accordance with GAAP. Amortization of the Royalties calculated on a
unit-of-production basis is charged directly to trust corpus. This comprehensive basis of
accounting other than GAAP corresponds to the accounting permitted for royalty trusts by the
U.S. Securities and Exchange Commission as specified by Staff Accounting Bulletin Topic
12:E, Financial Statements of Royalty Trusts.
 New Accounting Pronouncements
 Fair Value Measurements
 Business Combinations
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##### Table of Contents



Noncontrolling Interests in Consolidated Financial
Statements  an amendment of Accounting Research Bulletin No. 51
 Disclosures about Derivative Instruments and
Hedging Activities, an amendment of FASB Statement No. 133
 Recognition and Presentation of
Other-Than-Temporary Impairments
 Interim Disclosures about Fair Value of Financial
Instruments Disclosures about Fair Value of Financial
Instruments
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Subsequent Events
 Accounting for Transfers of Financial Assets
 Amendments to FASB Interpretation No. 46(R)
 The FASB Accounting Standards Codification and the
Hierarchy of Generally Accepted Accounting Principlesa replacement of FASB Statement No. 162
 Pending Securities and Exchange Commission Rule
 Modernization of Oil and Gas Reporting
 2.
    
    FEDERAL INCOME TAXES
 For Federal income tax purposes, the Trust constitutes a fixed investment trust which is taxed
as a grantor trust. A grantor trust is not subject to tax at the trust level. The Unit holders
are considered to own the Trusts income and principal as though no trust were in existence.
The income of the Trust is deemed to have been received or accrued by each Unit holder at the
time such income is received or accrued by the Trust and not when distributed by the Trust.
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The Royalties constitute economic interests in oil and gas properties for Federal income tax
purposes. Unit holders must report their share of the revenues from the Royalties as ordinary
income from oil and gas royalties and are entitled to claim depletion with respect to such
income.
 The Trust has on file technical advice memoranda confirming the tax treatment described above.
 The classification of the Trusts income for purposes of the passive loss rules may be important
to a Unit holder. Royalty income generally is treated as portfolio income and does not offset
passive losses.
 Some Trust Units are held by middlemen, as such term is broadly defined in U.S. Treasury
Regulations (and includes custodians, nominees, certain joint owners, and brokers holding an
interest for a custodian in street name, collectively referred to herein as middlemen).
Therefore, the Trustee considers the Trust to be a widely held fixed investment trust (WHFIT)
for U.S. federal income tax purposes. U.S. Trust, Bank of America Private Wealth Management,
901 Main Street, 17th Floor, Dallas, Texas 75202, telephone number (214) 209-2400, is the
representative of the Trust that will provide tax information in accordance with applicable U.S.
Treasury Regulations governing the information reporting requirements of the Trust as a WHFIT.
Tax information is also posted by the Trustee at www.pbt-permianbasintrust.com.
Notwithstanding the foregoing, the middlemen holding Trust Units on behalf of Unit holders, and
not the Trustee of the Trust, are solely responsible for complying with the information
reporting requirements under the U.S. Treasury Regulations with respect to such Trust Units,
including the issuance of IRS Forms 1099 and certain written tax statements. Unit holders whose
Trust Units are held by middlemen should consult with such middlemen regarding the information
that will be reported to them by the middlemen with respect to the Trust Units.
 Unit holders should consult their tax advisors regarding Trust tax compliance matters.
 3.
    
    STATE TAX CONSIDERATIONS
 All revenues from the Trust are from sources within Texas, which has no individual income tax.
However, Texas imposes a margin tax on generally all entity types providing limited liability
protection at a rate of 1% on gross revenues less certain deductions, as specifically set forth
in the Texas margin tax statute. Entities subject to tax generally include trusts unless
otherwise exempt. Trusts that receive at least 90% of their Federal gross income from
designated passive sources, including royalties from mineral properties and other non-operated
mineral interest income, and do not receive more than 10% of their income from operating an
active trade or business, generally are exempt from the Texas margin tax as passive entities.
The Trust should be exempt from Texas margin tax as a passive entity. Since the Trust should
be exempt from Texas margin tax at the Trust level as a passive entity, each Unit holder that is
considered a taxable entity under the Texas margin tax will generally be required to include its
portion of Trust revenues in its own Texas margin tax computation. This revenue is sourced to
Texas under provisions of the Texas Administrative Code that provide such income is sourced
according to the principal place of business of the Trust, which is Texas.
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Each Unit holder is urged to consult his own tax advisor regarding the requirements for filing
state tax returns.
 4.
    
    SUBSEQUENT EVENTS
 Subsequent to June 30, 2009, the Trust declared a distribution of .074511 per unit on July 21,
2009 payable on August 14, 2009, to Unit holders of record on
July 31, 2009. Subsequent events have been evaluated through
August 10, 2009, the date
of issuance of these
condensed financial statements.
 
 Item 2.
    
    Trustees Discussion and Analysis
 Forward Looking Information
  Three Months Ended June 30, 2009 Compared to Three Months Ended June 30, 2008
    13




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Second Quarter2009
    
    2008Royalties:Oil sales (Bbls)
    
    
    127,053
    
    
    
    194,164Gas sales (Mcf)
    
    
    480,941
    
    
    
    945,837Product Sales From Which
The Royalties Were Carved:Oil:Total oil sales (Bbls)
    
    
    262,962
    
    
    
    272,317Average per day (Bbls)
    
    
    2,955
    
    
    
    3,026Average price per Bbl
    
    $
    39.47
    
    
    $
    97.94Gas:Total gas sales (Mcf)
    
    
    1,320,596
    
    
    
    1,464,597Average per day (Mcf)
    
    
    14,838
    
    
    
    16,273Average price per Mcf
    
    $
    3.90
    
    
    $
    10.17
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Six Months Ended June 30, 2009 Compared to Six Months Ended June 30, 2008
    15




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Six Months Ended2009
    
    2008Royalties:Oil sales (Bbls)
    
    
    252,355
    
    
    
    399,045Gas sales (Mcf)
    
    
    991,023
    
    
    
    1,965,643Properties From Which The Royalties Were Carved:Oil:Total oil sales (Bbls)
    
    
    546,714
    
    
    
    557,907Average per day (Bbls)
    
    
    3,021
    
    
    
    3,065Average price per Bbl
    
    $
    40.31
    
    
    $
    92.75Gas:Total gas sales (Mcf)
    
    
    2,826,763
    
    
    
    3,013,388Average per day (Mcf)
    
    
    15,617
    
    
    
    16,557Average price per Mcf
    
    $
    4.42
    
    
    $
    9.82
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Calculation of Royalty Income
  Three Months Ended June 30,2009
    
    
    2008Waddell
    
    
    Texas
    
    
    Waddell
    
    
    TexasRanch
    
    
    Royalty
    
    
    Ranch
    
    
    RoyaltyProperties
    
    
    Properties
    
    
    Properties
    
    
    PropertiesGross proceeds of sales from the
Underlying PropertiesOil proceeds
    
    $
    7,214,806
    
    
    $
    3,164,894
    
    
    $
    18,469,698
    
    
    $
    8,200,052Gas proceeds
    
    
    4,347,466
    
    
    
    803,528
    
    
    
    13,142,139
    
    
    
    1,752,905Total
    
    
    11,562,272
    
    
    
    3,968,422
    
    
    
    31,611,837
    
    
    
    9,952,957Less:Severance tax:Oil
    
    
    273,978
    
    
    
    119,771
    
    
    
    787,842
    
    
    
    315,386Gas
    
    
    216,299
    
    
    
    49,470
    
    
    
    765,357
    
    
    
    118,635Lease operating expenses and
property tax:Oil and gas
    
    
    4,520,015
    
    
    
    360,000
    
    
    
    3,891,813
    
    
    
    330,000Other
    
    
    37,775
    
    
    
    
    
    
    
    70,016
    
    
    
    Capital expenditures
    
    
    1,903,516
    
    
    
    
    
    
    
    1,388,760
    
    
    
    Total
    
    
    6,951,583
    
    
    
    529,240
    
    
    
    6,903,788
    
    
    
    764,021Net profits
    
    
    4,610,689
    
    
    
    3,439,182
    
    
    
    24,708,049
    
    
    
    9,188,936Net overriding royalty interests
    
    
    75
    %
    
    
    95
    %
    
    
    75
    %
    
    
    95
    %Royalty income
    
    
    3,458,017
    
    
    
    3,267,223
    
    
    
    18,531,037
    
    
    
    8,729,489
 Critical Accounting Policies and Estimates
  Basis of Accounting
  17




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
    
    Royalty income and interest income are recorded in the period in which amounts are
received by the Trust rather than in the period of production and accrual, respectively.
    
    General and administrative expenses recorded are based on liabilities paid and cash
reserves established out of cash received.
    
    Amortization of the royalty interests is calculated on a unit-of-production basis and
charged directly to trust corpus when revenues are received.
    
    Distributions to Unit holders are recorded when declared by the Trustee (see Note 1 to
the Financial Statements).
  New Accounting Pronouncements
 Fair Value Measurements
 Business Combinations
 18




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Noncontrolling Interests in Consolidated Financial
Statements  an amendment of Accounting Research Bulletin No. 51
 Disclosures about Derivative Instruments and Hedging
Activities, an amendment of FASB Statement No. 133
 Recognition and Presentation of
Other-Than-Temporary Impairments
 Interim Disclosures about Fair Value of Financial
Instruments Disclosures about Fair Value of Financial
Instruments
 19




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Subsequent Events
 Accounting for Transfers of Financial Assets
 Amendments to FASB Interpretation No. 46(R)
 The FASB Accounting Standards Codification and the
Hierarchy of Generally Accepted Accounting Principlesa replacement of FASB Statement No. 162
 Revenue Recognition
 st
 Reserve Disclosure
   20




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Contingencies
  Use of Estimates
  Pending Securities and Exchange Commission Rule
 Modernization of Oil and Gas Reporting
 
 Item 3.
    
    Qualitative and Quantitative Disclosures About Market Risk
  
 Item 4.
    
    Controls and Procedures
  21




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PART II  OTHER INFORMATION
 
 Items 1 through 5.
  
 Item 6.
    
    Exhibits
 4.1
    
    Permian Basin Royalty Trust Indenture dated November 3, 1980,
between Southland Royalty Company (now Burlington Resources Oil & Gas Company
LP) 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.4.2
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust)
from Southland Royalty Company (now Burlington Resources Oil & Gas Company LP)
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.4.3
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust
  Waddell Ranch) from Southland Royalty Company (now Burlington Resources Oil &
Gas Company LP) 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.10.1
    
    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.10.2
    
    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
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and Exchange
Commission filed on December 19, 2005, is incorporated herein by reference.10.3
    
    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.10.4
    
    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.31.1
    
    Certification by Ron E. Hooper, Senior Vice President and Trust
Administrator of Bank of America, Trustee of Permian Basin Royalty Trust, dated
August 10, 2009 and submitted pursuant to Rule 13a-14(a)/15d-14(a) and
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
    
    Certificate by Bank of America, Trustee of Permian Basin
Royalty Trust, dated August 10, 2009 and submitted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
 24




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SIGNATURES
  BANK
OF AMERICA, N.A.,
TRUSTEE FOR THE
PERMIAN BASIN ROYALTY TRUSTBy:
    /s/ Ron E. HooperRon E. HooperSenior Vice President
Trust Administrator   25




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INDEX TO EXHIBITS
 ExhibitNumber
    
    Exhibit4.1
    
    
    Permian Basin Royalty Trust Indenture dated November 3,
1980, between Southland Royalty Company (now Burlington
Resources Oil & Gas Company LP) 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.*4.2
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty
Trust) from Southland Royalty Company (now Burlington
Resources Oil & Gas Company LP) 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.*4.3
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty
Trust  Waddell Ranch) from Southland Royalty Company (now
Burlington Resources Oil & Gas Company LP) 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.*10.1
    
    
    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.*10.2
    
    
    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.*10.3
    
    
    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.*
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ExhibitNumber
    
    Exhibit10.4
    
    
    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.*31.1
    
    
    Certification by Ron E. Hooper, Senior Vice President and
Trust Administrator of Bank of America, Trustee of Permian
Basin Royalty Trust, dated August 10, 2009 and submitted
pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.32.1
    
    
    Certificate by Bank of America, Trustee of Permian Basin
Royalty Trust, dated August 10, 2009 and submitted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(18 U.S.C. Section 1350).
 
 *
    
    A copy of this Exhibit is available to any Unit holder, at the actual cost of
reproduction, upon written request to the Trustee, U.S. Trust, Bank of America
Private Wealth Management, 901 Main Street, Dallas, Texas 75202. 27