SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549

                               Form 10-Q

             Quarterly Report Pursuant To Section 13 or 15(d)
                 of the Securities Exchange Act of 1934


              For the Quarterly Period Ended September 30, 1999

                     Commission File No. 1-8033

                     PERMIAN BASIN ROYALTY TRUST

    Texas                                     I.R.S. No. 75-6280532


               Bank of America, N.A., Trust Department
                             P. O. Box 1317
                        Fort Worth, Texas 76101

                    Telephone Number 817/390-6905


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 and (2) has been
subject to such filing requirements for the past 90 days.  Yes X
No___

Number of Units of beneficial interest outstanding at November 12,
1999:  46,608,796

                          Page 1 of 17

<PAGE>
                    PERMIAN BASIN ROYALTY TRUST

                   PART I - FINANCIAL STATEMENTS


ITEM 1.  FINANCIAL STATEMENTS

The condensed financial statements included herein have been prepared
by Bank of America, N.A. as Trustee for the Permian Basin Royalty
Trust, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission.  Certain information and footnote
disclosures normally included in annual financial statements have been
condensed or omitted pursuant to such rules and regulations, although
the Trustee believes that the disclosures are adequate to make the
information presented not misleading.  It is suggested that these
condensed financial statements be read in conjunction with the
financial statements and the notes thereto included in the Trust's
latest annual report on Form 10-K.  In the opinion of the Trustee, all
adjustments, consisting only of normal recurring adjustments,
necessary to present fairly the assets, liabilities and trust corpus
of the Permian Basin Royalty Trust at September 30, 1999, and the
distributable income and changes in trust corpus for the three-month
and nine-month periods ended September 30, 1999 and 1998 have been
included.  The distributable income for such interim periods is not
necessarily indicative of the distributable income for the full year.

Deloitte & Touche LLP, independent certified public accountants, has made
a limited review of the condensed financial statements as of
September 30, 1999 and for the three-month and nine-month periods ended
September 30, 1999 and 1998 included herein.


                                 -2-
<PAGE>

INDEPENDENT ACCOUNTANTS' REPORT

Bank of America, N.A. as Trustee
  for the Permian Basin Royalty Trust:

We have reviewed the accompanying condensed statement of assets,
liabilities and trust corpus of the Permian Basin Royalty Trust as of
September 30, 1999 and the related condensed statements of
distributable income and changes in trust corpus for the three-month
and nine-month periods ended September  30, 1999 and 1998.  These
financial statements are the responsibility of the Trustee.

We conducted our reviews in accordance with standards established by
the American Institute of Certified Public Accountants.  A review of
interim financial information consists principally of applying
analytical procedures to financial data and making inquiries of
persons responsible for financial and accounting matters.  It is
substantially less in scope than an audit conducted in accordance with
generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a
whole.  Accordingly, we do not express such an opinion.

The accompanying condensed financial statements are prepared on a
modified cash basis as described in Note 1, which is a comprehensive
basis of accounting other than generally accepted accounting
principles.

Based on our reviews, we are not aware of any material modifications
that should be made to such condensed financial statements for them to
be in conformity with the basis of accounting described in Note 1.

We have previously audited, in accordance with generally accepted
auditing standards, the statement of assets, liabilities and trust
corpus of the Permian Basin Royalty Trust as of December 31, 1998, and
the related statements of distributable income and changes in trust
corpus for the year then ended (not presented herein); and in our
report dated March 8, 1999, we expressed an unqualified opinion on
those financial statements.  In our opinion, the information set forth
in the accompanying condensed statement of assets, liabilities and
trust corpus as of December 31, 1998 is fairly stated, in all material
respects, in relation to the statement of assets, liabilities and
trust corpus from which it has been derived.

DELOITTE & TOUCHE LLP

October 29, 1999
                                 -3-
<PAGE>
<TABLE>
<CAPTION>

PERMIAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
------------------------------------------------------------------------------------
                                                   September 30,   December 31,
ASSETS                                                 1999            1998
                                                    (Unaudited)

<S>                                               <C>             <C>
Cash and short-term investments                    $ 2,227,400     $   525,193
Net overriding royalty interests in producing
  oil and gas properties (net of accumulated
  amortization of $7,964,508 and $7,638,633 at
  September 30, 1999 and December 31, 1998,
  respectively)                                      3,010,708       3,336,583
                                                     ---------       ---------
                                                   $ 5,238,108     $ 3,861,776
                                                     =========       =========
LIABILITIES AND TRUST CORPUS

Distribution payable to Unit holders               $ 2,227,400     $   525,193
Commitments and contingencies
Trust corpus - 46,608,796 Units of beneficial
  interest authorized and outstanding                3,010,708       3,336,583
                                                     ---------       ---------
                                                   $ 5,238,108     $ 3,861,776
                                                     =========       =========

<CAPTION>

CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)
---------------------------------------------------------------------------------------

                               Three Months Ended             Nine Months Ended
                                   September 30,                 September 30,
                              ----------------------      ---------------------------
                                 1999         1998             1999          1998

<S>                           <C>          <C>            <C>            <C>
Royalty income                 $5,965,535   $2,406,272     $11,698,796    $9,258,812
Interest income                     7,821        1,997          14,822        19,910
                                ---------    ---------       ---------     ---------
                                5,973,356    2,408,269      11,713,618     9,278,722

General and administrative
  expenditures                     48,635       50,890         308,975       323,892
                                ---------    ---------       ---------     ---------
Distributable income           $5,924,721   $2,357,379     $11,404,643    $8,954,830
                                =========    =========      ==========     =========
Distributable income per Unit
  (46,608,796 Units)           $  .127115    $ .050578      $  .244688    $  .192128
                               ==========    =========      ==========    ==========

<FN>
The accompanying notes to condensed financial statements are an integral part of these statements.
</FN>
</TABLE>

                                   -4-
<PAGE>
<TABLE>
<CAPTION>

PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)
----------------------------------------------------------------------------------------------------

                                         Three Months Ended                Nine Months Ended
                                            September 30,                    September 30,
                                    ----------------------------     -----------------------------
                                       1999            1998               1999            1998

<S>                                <C>             <C>                 <C>            <C>
Trust corpus, beginning of period  $ 3,137,915     $ 3,411,371         $ 3,336,583    $ 3,496,594
Amortization of net overriding
  royalty interests                   (127,207)        (36,044)           (325,875)      (121,267)
Distributable income                 5,924,721       2,357,379          11,404,643      8,945,830
Distributions declared              (5,924,721)     (2,357,379)        (11,404,643)    (8,954,830)
                                    ----------      ----------         -----------     ----------

Trust corpus, end of period        $ 3,010,708     $ 3,375,327         $ 3,010,708    $ 3,375,327
                                    ==========      ==========          ==========     ==========

<FN>
The accompanying notes to condensed financial statements are an integral part of this statement.
</FN>
</TABLE>

                                   -5-
<PAGE>

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 ("BROG") 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.  CMC currently
     conducts all field, technical and accounting operations on behalf
     of BROG with regard to the Waddell Ranch properties.  CMC also
     conducts the accounting operations for the Texas Royalty
     properties on behalf of Riverhill Energy.  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,
     Schlumberger Technology Corporation ("Schlumberger") acquired all
     of the shares of stock of Riverhill Capital.  Prior to such
     acquisition by Schlumberger, CMC and Riverhill Energy were wholly
     owned subsidiaries of Riverhill Capital.  The Trustee has further
     been advised that in connection with Schlumberger'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.

   -  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 cannot reduce royalty income from other conveyances, but
     is carried forward with accrued interest to be recovered from
     future net proceeds of that conveyance (see Note 3).

   The financial statements of the Trust differ from financial
   statements prepared in accordance with generally accepted
   accounting principles ("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

                                     -6-

   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.

   On July 5, 1999, NationsBank, N.A., Trustee of the Permian Basin
   Royalty Trust, legally changed its name to Bank of America, N.A.
   On July 23, 1999, Bank of America, N.A. (formerly known as
   NationsBank, N.A.) was merged with and into Bank of America NT&SA,
   with the resulting entity being called Bank of America, N.A.  As a
   result, immediately following the close of business on July 23,
   1999, the remaining legal entity was Bank of America, N.A.  As a
   result of such merger, the Trustee of the Trust is Bank of America,
   N.A., successor by merger to NationsBank, N.A.

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.

   The Royalties constitute "economic interests" in oil and gas
   properties for Federal income tax purposes.  Unit holders must
   report their share of the revenues of the Trust 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. As a result
   of the Tax Reform Act of 1986, royalty income will generally be
   treated as portfolio income and will not offset passive losses.

3. EXCESS COSTS

   In the calculation of royalty income for the months of June through
   December 1998, costs exceeded revenues for the Waddell Ranch
   properties underlying the Waddell Ranch Net Overriding Royalty
   Conveyance by $1,218,732.  Such excess costs were recovered from
   net proceeds of the underlying Waddell Ranch properties during the
   first quarter of 1999 and these properties are again contributing
   Trust royalty income.

4. SUSPENSE PAYMENTS

   During the month of September 1998, the Trust received and recorded
   as royalty income $1,041,340 representing amounts that the Trust
   had been advised had been previously held in suspense by BROG
   relating to the Texas Royalty properties.  The Trustee had been
   advised that these amounts related to revenues received by BROG
   prior to conveyance of its interest in the Texas Royalty properties
   to Riverhill Energy in February 1998.  This amount was included in
   the October 15, 1998 distribution to Unit holders of record on
   September 30, 1998.  Subsequently, Riverhill Energy advised the
   Trustee that an overpayment to the Trust was made in September 1998
   with regard to such suspended funds in the amount of $521,183.
   Pursuant to the provisions of the Texas Royalty Net Overriding
   Conveyance dated effective November 1, 1980, Riverhill Energy had
   offset the overpayment against royalty income attributable to the
   Texas Royalty properties for the month of October 1998 leaving a
   net amount due as a result of such overpayment of $172,648.  Such
   amount was recovered from future net proceeds attributable to the
   underlying Texas Royalty properties before these properties could
   again contribute to the Trust royalty income.

                              ******

                               -7-

ITEM 2.  TRUSTEE'S DISCUSSION AND ANALYSIS

FORWARD LOOKING INFORMATION

Certain information included in this report contains, and other
materials filed or to be filed by the Trust with the Securities and
Exchange Commission (as well as information included in oral
statements or other written statements made or to be made by the
Trust) may contain or include, forward looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended.
Such forward looking statements may be or may concern, among other
things, capital expenditures, drilling activity, development
activities, production efforts and volumes, hydrocarbon prices and the
results thereof, and regulatory matters.  Although the Trustee
believes that the expectations reflected in such forward-looking
statements are reasonable, such expectations are subject to numerous
risks and uncertainties and the Trustee can give no assurance that
they will prove correct.  There are many factors, none of which is
within the Trustee's control, that may cause such expectations not to
be realized, including, among other things, factors such as actual oil
and gas prices and the recoverability of reserves, capital
expenditures, general economic conditions, actions and policies of
petroleum-producing nations and other changes in the domestic and
international energy markets.  Such forward looking statements
generally are accompanied by words such as "estimate," "expect,"
"predict," "anticipate," "goal," "should," "assume," "believe," or
other words that convey the uncertainty of future events or outcomes.

YEAR 2000 ISSUE

Many existing computer programs use only two digits to identify a year
in the date field.  These programs were designed and developed without
considering the impact of the upcoming change in the century.  If not
corrected, many computer applications could fail or create erroneous
results by the Year 2000.  The Year 2000 issue affects virtually all
companies and organizations.  If a company or organization does not
successfully address its Year 2000 issues, it may face material
adverse consequences.

As the Trust does not directly maintain any systems, the Trust will
not incur any direct costs related to the Year 2000 issue.

The Trustee has identified those vendors it believes could have an
impact on its day-to-day operations if their operations were
interrupted as a result of Year 2000 problems.  The Trustee has made
formal inquiries to these vendors requesting information on their
state of readiness for the Year 2000.  Through responses received and
other literature reviewed by the Trustee with respect to its vendors,
the Trustee believes that all significant vendors are currently
addressing the Year 2000 issue and plan to be compliant prior to the
Year 2000.

The Trustee has no reason to believe that its vendors will not be Year
2000 compliant prior to Year 2000.  In the event the Trustee learns
that a vendor's system will not be Year 2000 compliant, the Trustee
will assess the potential risk and develop contingency plans at that
time.

The Trust is a passive entity with no business operations and the
information technology systems ("IT") employed by the Trustee in
connection with its duties on behalf of the Trust are less extensive
than the systems employed by many business entities.  The Trust has no
formal IT budget and the Trust has not incurred any expenditures
relating to the Trustee's IT systems used in connection with the Trust
during 1999.

                                 -8-

Because the royalty interests held by the Trust are fixed, the Trust
is dependent upon the third parties that hold operating interests with
respect thereto for the receipt of royalty income.  Thus, if any such
third party failed to deliver royalty income, the Trust would have no
alternative source for such income.  The Trustee believes that the
worst case scenario would be the failure by one or more of the third
parties who pay royalties to the Trust or who make distributions to
Unit holders for the Trust to identify  and remediate Year 2000
problems on a timely basis, which could cause the Trustee to be unable
to make required distributions to Unit holders.  With respect to a
failure by a third party to deliver royalty income or make
distributions to Unit holders on a timely basis, the Trustee believes
that it would have no control over the efforts of such third party to
correct the problems, and significant delays in the receipt of royalty
income and distributions to Unit holders could result.

There can be no guarantee that the Trustee will be able to identify
all potential Year 2000 problems or fully remediate all Year 2000
problems identified on a timely basis.  There can be no assurance that
the systems of the Trustee or third party vendors on which the Trust
relies will be timely remediated.  The failure by the Trustee or any
such third party to fully remediate its Year 2000 problems on a timely
basis could have a material adverse affect on the Trustee's ability to
receive revenue, account for and make timely distribution of the
Trust's distributable income.

Certain of the statements made above regarding the Trustee's Year 2000
program are forward looking statements, and there can be no assurance
that the Trustee will be able to achieve Year 2000 compliance in the
manner and by the dates indicated above.

THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998

For the quarter ended September 30, 1999, royalty income received by
the Trust amounted to $5,965,535 compared to royalty income of
$2,406,272 during the third quarter of 1998.  The increase in royalty
income is primarily attributable to an increase in average oil and gas
prices as well as a decrease in allocated capital expenditures
compared to the third quarter of 1998.  In the calculation of royalty
income for the months of July through September 1998, costs exceeded
revenues for the Waddell Ranch properties underlying the Waddell Ranch
Net Overriding Royalty Conveyance by $512,498.  Such excess costs were
recovered from net proceeds of the underlying Waddell Ranch properties
during the first quarter of 1999 and these properties are again
contributing trust royalty income.

During the month of September 1998, the Trust received and recorded as
royalty income $1,041,340 representing amounts that the Trustee had
been advised had been previously held in suspense by BROG relating to
the Texas Royalty properties.  The Trustee had been advised that these
amounts related to revenues received by BROG prior to the conveyance
of its interest in the Texas Royalty properties to Riverhill Energy in
February 1997.  This amount was included in the October 15, 1998
distribution to Unit holders of record on September 30, 1998.
Subsequently, Riverhill Energy advised the Trustee that an overpayment
to the Trust was made in September 1998 with regard to such suspended
funds in the amount of $521,183.  Pursuant to the provisions of the
Texas Royalty Net Overriding Conveyance dated effective November 1,
1980, Riverhill Energy had offset such overpayment against royalty
income attributable to the Texas Royalty properties for the month of
October 1998 leaving a net amount due as a result of such overpayment
of $172,648.  Such amount was recovered from future net proceeds
attributable to the underlying Texas Royalty properties before such
properties could again contribute to the Trust royalty income.

Interest income for the quarter ended September 30, 1999, was $7,821,
compared to $1,997 during the third quarter of 1998.  The increase in
interest income is primarily attributable to an increase in funds
available for investment.  General and administrative expenses during
the third quarter of 1999 amounted to $48,635, compared to $50,890
during the third quarter of 1998.  The decrease in general and
administrative expenses can be primarily attributed to timing
differences in the receipt and payment of these expenses.

                              -9-


These transactions resulted in distributable income for the quarter
ended September 30, 1999, of $5,924,721 or $.127115 per Unit of
beneficial interest.  Distributions of $.041629, $.037697 and $.047789
per Unit were made to Unit holders of record as of July 30, August 31
and September 30, 1999, respectively.  For the third quarter of 1998,
distributable income was $2,357,379 or $.050578 per Unit of beneficial
interest.

Royalty income for the Trust for the third quarter of the calendar
year is associated with actual oil and gas production for the period
May through July 1999 from the properties from which the Trust's net
overriding royalty interests ("Royalties") were carved.  Oil and gas
sales attributable to the Royalties and the properties from which the
Royalties were carved are as follows:

<TABLE>
<CAPTION>
                                                           Third Quarter
                                                     -------------------------
                                                        1999            1998
<S>                                                 <C>             <C>
ROYALTIES:
Oil sales (Bbls)                                       247,834          97,557
Gas sales (Mcf)                                      1,007,978         198,019

PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
  Total oil sales (Bbls)                               410,051         501,903
  Average per day (Bbls)                                 4,457           5,455
  Average price per Bbl                                 $16.14          $11.26
Gas:
  Total gas sales (Mcf)                              1,749,773       1,886,462
  Average per day (Mcf)                                 19,019          20,505
  Average price per Mcf                                 $ 2.18          $ 2.03

</TABLE>

The posted price of oil increased to an average price per barrel of
$16.14 in the third quarter of 1999, compared to $11.26 in the third
quarter of 1998.  The Trustee has been advised by BROG that for the
period August 1, 1993, through September 30, 1999, the oil from the
Waddell Ranch properties was being sold under a competitive bid to a
third party.  The increase in the average price of gas from $2.03 in
the third quarter of 1998 to $2.18 in the third quarter of 1999 is
primarily attributable to an increase in the spot prices of natural
gas.

Since the oil and gas sales attributable to the Royalties are based on
an allocation formula that is dependent on such factors as price and
cost (including capital expenditures), the production amounts in the
Royalties section of the above table do not provide a meaningful
comparison.  The oil and gas sales from the properties from which the
Royalties are carved decreased slightly for the applicable period in
1999 compared to 1998.

Capital expenditures for drilling, remedial and maintenance activities
on the Waddell Ranch properties during the third quarter of 1999
totaled $60,000 as compared to $4.5 million for the third quarter of
1998.  BROG has informed the Trustee that the 1999 capital
expenditures budget has been revised to $1.318 million for the Waddell
Ranch.  The total amount of capital expenditures for 1998 was $15.9
million.  Through the third quarter of 1999, capital expenditures of
$577,000 have been expended.

The Trustee has been advised that there were no wells completed or in
progress during the three months ended September 30, 1999 on the
Waddell Ranch properties.  For the three months ended September 30,
1998, there were 9 gross (3.875 net) wells completed and there were 11
gross (5.125 net) wells in progress.

Lease operating expense and property taxes totaled $2.3 million for
the third quarter of 1999, compared to $3.9 million in the third
quarter of 1998 on the Waddell Ranch properties.  This decrease is
primarily attributable to more efficient field operations on the
Waddell Ranch properties.

                                -10-


NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998

For the nine months ended September 30, 1999, royalty income received
by the Trust amounted to $11,698,796 compared to royalty income of
$9,258,812 for the nine months ended September 30, 1998.  The increase
in royalty income is primarily attributable to an increase in oil and
gas prices during the months of April through October 1999, as well as
a decrease in allocated capital expenditures in the first nine months
of 1999.  In the calculation of royalty income for the months of June
through September 1998, costs exceeded revenues for the Waddell Ranch
properties underlying the Waddell Ranch Net Overriding Royalty
Conveyance by $908,510.  Such excess costs were recovered from net
proceeds of the underlying Waddell Ranch properties during the first
quarter of 1999 and these properties are again contributing Trust
royalty income.  Included in the distributable income for March 1998
was approximately $1.1 million which represented the Trust's portion
of an approximate $1.5 million severance tax refund received from the
State of Texas by BROG, operator of record of the Waddell Ranch
properties in Crane County, Texas.

During the month of September 1998, the Trust received and recorded as
royalty income $1,041,340 representing amounts that the Trustee had
been advised had been previously held in suspense by BROG relating to
the Texas Royalty properties.  The Trustee had been advised that these
amounts related to revenues received by BROG prior to conveyance of
its interest in the Texas Royalty properties to Riverhill Energy in
February 1997.  This amount was included in the October 15, 1998
distribution to Unit holders of record on September 30, 1998.
Subsequently, Riverhill Energy advised the Trustee that an overpayment
to the Trust was made in September 1998 with regard to such suspended
funds in the amount of $521,183.  Pursuant to the provisions of the
Texas Royalty Net Overriding Conveyance dated effective November 1,
1980, Riverhill Energy had offset the overpayment against royalty
income attributable to the Texas Royalty properties for the month of
October 1998 leaving a net amount due as a result of such overpayment
of $172,648.  Such amount was recovered from future net proceeds
attributable to the underlying Texas Royalty properties before these
properties could again contribute to the Trust royalty income.

Interest income for the nine months ended September 30, 1999 was
$14,822 compared to $19,910 during the nine months ended September 30,
1998.  The decrease in interest income is attributable primarily to a
decrease in funds available for investment.  General and
administrative expenses for the nine months ended September 30, 1999
were $308,975.  During the nine months ended September 30, 1998,
general and administrative expenses were $323,892.  The decrease in
general and administrative expenses is primarily attributable to
timing differences in the receipt and payment of these expenses.

These transactions resulted in distributable income for the nine
months ended September 30, 1999 of $11,404,643 or $.244688 per Unit.
For the nine months ended September 30, 1998, distributable income was
$8,954,830 or $.192128 per Unit.


                                -11-


Royalty income for the Trust for the period ended September 30, 1999
is associated with actual oil and gas production for the period
November 1998 through July 1999 from the properties from which the
Royalties were carved.  Oil and gas production attributable to the
Royalties and the properties from which the Royalties were carved are
as follows:

<TABLE>
<CAPTION>

                                                         First Nine Months
                                                     -------------------------
                                                        1999          1998
<S>                                                 <C>            <C>
ROYALTIES:
Oil sales (Bbls)                                        601,755       352,147
Gas sales (Mcf)                                       2,263,601     1,213,613

PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
   Total oil sales (Bbls)                             1,295,313     1,405,613
   Average per day (Bbls)                                 4,745         5,149
   Average price per Bbl                                 $12.48        $13.23
Gas:
   Total gas sales (Mcf)                              5,283,780     5,425,012
   Average per day (Mcf)                                 19,355        19,872
   Average price per Mcf                                 $ 1.90        $ 2.22

</TABLE>

The average price of oil decreased during the nine months ended
September 30, 1999, compared to the same period in 1998, $12.48 per
barrel as compared to $13.23 per barrel.  The decrease in the average
price of oil is primarily attributable to decreases in the posted
price for oil during the first quarter of 1999.  The decrease in the
average price of gas from $2.22 per Mcf for the nine months ended
September 30, 1998 to $1.90 per Mcf for the nine months ended
September 30, 1999 is primarily attributable to a decrease in the spot
prices of natural gas.

Since the oil and gas sales attributable to the Royalties are based on
an allocation formula that is dependent on such factors as price and
cost (including capital expenditures), the production amounts in the
Royalties section of the above table do not provide a meaningful
comparison. The oil and gas sales from the properties from which the
Royalties are carved decreased slightly for the applicable period of
1999 compared to 1998.

The Trustee has been advised that 15 gross (6.51 net) productive oil
wells on the Waddell Ranch properties were drilled and completed
during the nine months ended September 30, 1999, and that 45 gross
(17.495 net) productive oil wells on the Waddell Ranch properties were
drilled and completed during the nine months ended September 30, 1998.
Capital expenditures for the Waddell Ranch properties for the nine
months ended September 30, 1999 totaled $577,000 compared to $12
million for the same period in 1998.  BROG has previously advised the
Trustee that the 1999 capital expenditures budget for the Waddell
Ranch properties has been revised to $1.318 million.  The total amount
of capital expenditures for 1998 was $15.9 million.

Lease operating expense and property taxes totaled $7.7 million in
1999 compared to $10.5 million in 1998.  The decrease in lease
operating expense is primarily attributable to more efficient field
operations on the Waddell Ranch properties.

                                 -12-

CALCULATION OF ROYALTY INCOME

The Trust's royalty income is computed as a percentage of the net
profit from the operation of the properties in which the Trust owns
net overriding royalty interests.  These percentages of net profits
are 75% and 95% in the case of the Waddell Ranch properties and the
Texas Royalty properties, respectively.  Royalty income received by
the Trust for the three months ended September 30, 1999 and 1998
respectively, were computed as shown in the table below:


<TABLE>
<CAPTION>
                                                 Three Months Ended September 30,
                                   -----------------------------------------------------------
                                             1999                          1998
                                   --------------------------   ------------------------------
                                     Waddell       Texas           Waddell        Texas
                                      Ranch       Royalty           Ranch        Royalty
                                    Properties   Properties       Properties    Properties

<S>                                 <C>          <C>             <C>            <C>

Gross proceeds of sales from
  properties from which the net
  overriding royalties were carved:
  Oil proceeds                      $5,154,870    $1,463,948      $4,404,427    $1,248,627
  Gas proceeds                       3,320,747       497,155       3,383,255       455,023
  Other revenues (a)                                                             1,096,157
                                    ----------     ---------       ---------     ---------
       Total                         8,475,617     1,961,103       7,787,682     2,799,807
                                    ----------     ---------       ---------     ---------
Less:
  Severance tax:
    Oil                                175,363        49,343         133,024        45,800
    Gas                                124,283        25,620         139,310        25,965
  Lease operating expense and
    property tax:
    Oil and gas                      2,299,375       180,270       3,679,622       195,124
  Capital expenditures                  59,892                     4,519,057
 Other expense                          23,427
                                     ---------     ---------       ---------       -------
       Total                         2,682,340       255,233       8,471,013       266,889
                                     ---------     ---------       ---------       -------

Net profits                          5,793,277     1,705,870        (683,331)    2,532,918

Net overriding royalty interests           75%            95%             75%           95%
                                     ---------     ---------        --------     ---------
                                     4,344,958     1,620,577        (512,498)    2,406,272

Less: excess cost over revenues (b)                                  512,498
                                     ---------     ---------       ---------    ----------

Royalty income                      $4,344,958    $1,620,577      $             $2,406,272
                                    ==========    ==========      ==========    ==========

<FN>
                                   -13-

(a) The Trustee has been advised that in September 1998, Riverhill
    Energy received $1,096,157 representing amounts that had been
    previously held in suspense by BROG relating to the Texas Royalty
    properties.  The Trustee has been further advised that these
    amounts relate to revenues received by BROG prior to conveyance of
    its interest in the Texas Royalty properties to Riverhill Energy
    in February 1998.

(b) In calculating Trust royalty income for the months of July through
    September 1998, costs exceeded revenues by $512,498 for the
    Waddell Ranch properties underlying the Waddell Ranch Net
    Overriding Royalty Conveyance, dated November 1, 1980.  Excess
    costs from one conveyance cannot reduce royalty income computed
    under another conveyance.  Such excess costs were recovered from
    net proceeds of the underlying Waddell Ranch properties during the
    first quarter of 1999 and these properties are again contributing
    trust royalty income.
</FN>
</TABLE>

ITEM 3.  QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

                                  -14-


                     PART II - OTHER INFORMATION

Items 1 through 4.

Not applicable

Item 5 Other Information

       The Trustee has received a copy of a Schedule 13D filed
       August 6, 1999 with the Securities and Exchange Commission and
       Amendment 1 to Schedule 13D filed October 5, 1999 with the
       Securities and Exchange Commission, on behalf of Alpine
       Capital L.P., a Texas limited partnership, Robert W. Bruce
       III, Algenpar, Inc., a Texas corporation, and J. Taylor
       Crandall.

       As previously reported, the above-referenced Schedule 13D
       reported Alpine Capital, L.P.'s ownership of 2,409,000 Units
       of Beneficial Interest of the Trust ("Units"), which
       constituted approximately 5.2% of the outstanding Units.  The
       source of funds for such acquisition, $11,729,410.84, was
       reported to be working capital of Alpine Capital, L.P.  It was
       further reported that Alpine Capital, L.P. acquired 347,200 of
       such Units between June 8, 1999 and August 6, 1999, in open
       market transactions on the New York Stock Exchange.

       Amendment 1 to Schedule 13D ("Amendment") referenced above
       amends such Schedule 13D to report the acquisition by Alpine
       Capital L.P. of an additional 509,700 Units between August 9,
       1999 and October 1, 1999, in open market transactions on the
       New York Stock Exchange.  The Amendment reported Alpine
       Capital, L.P.'s ownership of a total of 2,918,700 Units
       (2,409,000 Units which had been previously reported plus the
       509,700 Units that had been acquired since the original filing
       of such Schedule 13D), which constitutes approximately 6.3% of
       the outstanding Units.  The source of funds for such
       acquisition of the 2,918,700 Units, $14,536,788.27, was
       reported to be working capital of Alpine Capital, L.P.

       It was also reported that Alpine Capital, L.P., acting through
       its two general partners identified below, has the sole power
       to vote or to direct the vote and to dispose or to direct the
       disposition of such Units.  It is reported that such Units
       were acquired and continue to be held for investment purposes.

       It is additionally reported in such Schedule 13D that Robert
       W. Bruce, III and Algenpar, Inc. are the two general partners
       of Alpine Capital, L.P. and that J. Taylor Crandall is the
       President and sole stockholder of Algenpar, Inc. and because
       of such relationships may be deemed to be beneficial owners of
       the Units acquired by Alpine Capital, L.P.  As the general
       partners of Alpine Capital, L.P., it is reported that Robert
       W. Bruce, III and Algenpar, Inc. have shared power to vote or
       to direct the vote and to dispose or to direct the disposition
       of such Units.  As the President and sole stockholder of
       Algenpar Inc., it is reported that J. Taylor Crandall has
       shared power to vote or to direct the vote and to dispose or
       to direct the disposition of such Units.

       The Trustee has also received a copy of a Schedule 13G filed
       July 12, 1999 with the Securities and Exchange Commission, on
       behalf of McMorgan & Company, an investment adviser registered
       under the Investment Advisers Act of 1940, Thomas Allan
       Morton, and Terry Allen O'Toole.

       Such Schedule 13G reports that McMorgan & Company, Thomas
       Allan Morton, and Terry Allen O'Toole have beneficial
       ownership of 5,000,000 Units or approximately 10.73% of the
       outstanding Units.  It is reported that McMorgan & Company,
       Thomas Allan Morton, and Terry Allen O'Toole have sole voting
       and sole dispositive power with regard to such 5,000,000
       Units.  Messrs. Morton and O'Toole are filing in their
       capacities as control persons of McMorgan & Company and
       disclaim beneficial ownership to the Units involved in such
       Schedule 13G.

                                  -15-

Item 6. Exhibits and Reports on Form 8-K

       (a) Exhibits

          (4)(a)    Permian Basin Royalty Trust Indenture dated November
                    3, 1980, between Southland Royalty Company (now
                    Burlington Resources Oil & Gas 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.

          (4)(b)    Net Overriding Royalty Conveyance (Permian Basin
                    Royalty Trust) from Southland Royalty Company (now
                    Burlington Resources Oil & Gas 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.

          (4)(c)    Net Overriding Royalty Conveyance (Permian Basin
                    Royalty Trust - Waddell Ranch) from Southland
                    Royalty Company (now Burlington Resources Oil & Gas
                    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.

          (27)  Financial Data Schedule

       (b) Reports on Form 8-K

            During the quarter ended September 30, 1999, there was one
            report on Form 8-K filed by the Trust.  In such Form 8-K,
            the Trustee reported that the Trustee legally changed its
            name from NationsBank, N.A. to Bank of America, N.A.  On
            July 23, 1999, Bank of America, N.A. (formerly known as
            NationsBank, N.A.) merged with and into Bank of America
            NT&SA, with the resulting entity being called Bank of
            America, N.A.  As a result, immediately following the close
            of business on July 23, 1999, the remaining legal entity is
            Bank of America, N.A.  As a result of such merger, the
            Trustee of the Trust is Bank of America, N.A., successor by
            merger to NationsBank, N.A.


                                    -16-

                                 SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf
by the undersigned thereunto duly authorized.

                                   BANK OF AMERICA, N.A.
                                      TRUSTEE FOR THE
                                      PERMIAN BASIN ROYALTY TRUST



                                    By /s/ Eric F. Hyden
                                       -----------------------------
                                            Eric F. Hyden
                                            Vice President


Date:  November 12, 1999


             (The Trust has no directors or executive officers.)

                                   -17-

                            INDEX TO EXHIBITS

                                                        Sequentially
Exhibit                                                    Numbered
Number                       Exhibit                         Page

(4)(a)      Permian Basin Royalty Trust Indenture dated
            November 3, 1980, between Southland Royalty
            Company (now Burlington Resources Oil & Gas
            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 (now Burlington Resources Oil & Gas
            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 (now Burlington
            Resources Oil & Gas 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. *

(27)        Financial Data Schedule **


*    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 1317, Fort Worth, Texas 76101.
**   Filed herewith.