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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 September 30, 2011
 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
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 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 INFORMATIONItem 1Items 2 through 5Item 6. ExhibitsSIGNATURESEX-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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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
 September 30,2011
    
    
    December 31,(Unaudited)
    
    
    2010ASSETSCash and short-term investments
    
    $
    2,320,176
    
    
    $
    4,580,923Net overriding royalty interests in producing oil and gas properties (net of
accumulated amortization of $10,064,649 and $10,004,009 at September 30, 2011
and December 31, 2010, respectively)
    
    
    910,567
    
    
    
    971,207TOTAL ASSETS
    
    $
    3,230,743
    
    
    $
    5,552,130LIABILITIES AND TRUST CORPUSDistribution payable to Unit holders
    
    $
    2,320,176
    
    
    $
    4,580,923Commitments and contingencies
    
    
    
    
    
    
    Trust corpus  46,608,796 Units of beneficial interest authorized and
outstanding
    
    
    910,567
    
    
    
    971,207TOTAL LIABILITIES AND TRUST CORPUS
    
    $
    3,230,743
    
    
    $
    5,552,130
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME

(UNAUDITED)
 THREE
    
    
    THREEMONTHS
    
    
    MONTHSENDED
    
    
    ENDEDSeptember 30, 2011
    
    
    September 30, 2010Royalty income
    
    $
    14,879,902
    
    
    $
    16,016,241Interest income
    
    
    157
    
    
    
    42014,880,059
    
    
    
    16,016,661General and administrative
expenditures
    
    
    (150,178
    )
    
    
    (124,056
    )Distributable income
    
    $
    14,729,881
    
    
    $
    15,892,605Distributable income per Unit
(46,608,796 Units)
    
    $
    .32
    
    
    $
    .34
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME

(UNAUDITED)
 NINE
    
    
    NINEMONTHS
    
    
    MONTHSENDED
    
    
    ENDEDSeptember 30, 2011
    
    
    September 30, 2010Royalty income
    
    $
    50,076,877
    
    
    $
    50,969,184Interest income
    
    
    521
    
    
    
    80850,077,398
    
    
    
    50,969,992General and administrative
expenditures
    
    
    (992,629
    )
    
    
    (987,391
    )Distributable income
    
    $
    49,084,769
    
    
    $
    49,982,601Distributable income per Unit
(46,608,796 Units)
    
    $
    1.05
    
    
    $
    1.07
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS

(UNAUDITED)
 NINE
    
    
    NINEMONTHS
    
    
    MONTHSENDED
    
    
    ENDEDSeptember 30, 2011
    
    
    September 30, 2010Trust corpus, beginning of
period
    
    $
    971,207
    
    
    $
    1,079,986Amortization of net overriding
royalty interests
    
    
    (60,640
    )
    
    
    (84,532
    )Distributable income
    
    
    49,084,769
    
    
    
    49,982,601Distributions declared
    
    
    (49,084,769
    )
    
    
    (49,982,601
    )Total Trust Corpus, end of
period
    
    $
    910,567
    
    
    $
    995,454Distributions per Unit
    
    $
    1.05
    
    
    $
    1.07
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PERMIAN BASIN ROYALTY TRUST
 NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
 1.
    
    BASIS OF ACCOUNTINGThe 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.In February 1997, BROG sold its interest in the Texas Royalty properties to Riverhill
Energy.The Trustee was 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 was further 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.
  Use of Estimates
  2.
    
    FEDERAL INCOME TAXESFor 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 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.
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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 customer in street name, collectively referred to herein as middlemen).
Therefore, the Trustee considers the Trust to be a non-mortgage widely held fixed investment
trust (WHFIT) for U.S. federal income tax purposes. U.S. Trust, Bank of America Private
Wealth Management, EIN: 56-0906609, 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 CONSIDERATIONSAll revenues from the Trust are from sources within Texas, which has no individual income tax.
However, Texas imposes a franchise 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 franchise 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 that do not receive more than 10% of their income from operating an
active trade or business generally are exempt from the Texas franchise tax as passive
entities. The Trust should be exempt from Texas franchise tax as a passive entity. Since the
Trust should be exempt from Texas franchise tax at the Trust level as a passive entity, each
Unit holder that is considered a taxable entity under the Texas franchise tax will generally be
required to include its portion of Trust revenues in its own Texas franchise tax computation.
This revenue is sourced to Texas under provisions of the Texas Administrative Code sourcing such
income according to the principal place of business of the Trust, which is Texas.Unit holders should consult their tax advisors regarding state tax requirements, if any,
applicable to such Unit holders ownership of Trust units.4.
    
    SUBSEQUENT EVENTSSubsequent to September 30, 2011, the Trust declared a distribution on October 21, 2011 of
$.104152 per unit payable on November 15, 2011, to Unit holders of record on October 31,
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2011. $474,480 of proceeds from the Waddell Ranch properties was withheld by ConocoPhillips
(and therefore not included in the distribution) relating to a claimed overpayment for prior
periods. See Note 5 for additional detail.
 5.
    
    CONTINGENCIESContingencies related to the Underlying Properties that are unfavorably resolved would generally
be reflected by the Trust as reductions to future royalty income payments to the Trust with
corresponding reductions to cash distributions to Unit holders.On May 2, 2011, ConocoPhillips, as the parent company of BROG, the operator of the Waddell Ranch
properties, notified the Trustee that as a result of inaccuracies in ConocoPhillips accounting
and record keeping relating to the Trusts interest in proceeds from the gas plant production
since January 2007, ConocoPhillips overpaid the Trust approximately $5.9 million.
ConocoPhillips informed the Trustee on September 20, 2011 that
it was withholding $4,068,067 (all of the Waddell Ranch portion of the September, 2011 proceeds, which would be reflective of
July, 2011 production, of approximately 29,796 bbls of oil and
180,425 mcf of gas) in order to
recoup this claim. This affected the Trusts distribution declared September 20, 2011 and paid
October 17, 2011. ConocoPhillips also withheld $474,480 from the proceeds for October, 2011, which ConocoPhillips has informed the Trustee completes the
recoupment. Additionally, ConocoPhillips informed the Trustee that beginning with the June 2011
distribution, proceeds to the Trust relating to the gas plant production have been adjusted to
reflect ConocoPhillips calculation of the corrected interest.The Trustee is continuing to evaluate the claim.
 *  *  *  *  *
 
 Item 2. Trustees Discussion and Analysis
 Forward Looking Information
  11




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Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010
     Third Quarter2011
    
    
    2010Production:Oil sales (Bbls)
    
    
    125,747
    
    
    
    168,282Gas sales (Mcf)
    
    
    413,816
    
    
    
    763,886Product Sales From Which The Royalties Were Carved:Oil:Total oil sales (Bbls)
    
    
    191,190
    
    
    
    256,478Average per day (Bbls)
    
    
    2,078
    
    
    
    2,788Average price per Bbl
    
    $
    94.11
    
    
    $
    69.56Gas:Total gas sales (Mcf)
    
    
    742,437
    
    
    
    1,318,837Average per day (Mcf)
    
    
    8,070
    
    
    
    14,335Average price per Mcf
    
    $
    8.52
    
    
    $
    6.45
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Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
  13




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Nine Months Ended2011
    
    
    2010Royalties:Oil sales (Bbls)
    
    
    432,352
    
    
    
    506,837Gas sales (Mcf)
    
    
    1,708,150
    
    
    
    2,292,284Properties From Which The Royalties Were Carved:Oil:Total oil sales (Bbls)
    
    
    692,907
    
    
    
    776,746Average per day (Bbls)
    
    
    2,538
    
    
    
    2,845Average price per Bbl
    
    $
    89.88
    
    
    $
    72.91Gas:Total gas sales (Mcf)
    
    
    3,212,146
    
    
    
    3,958,768Average per day (Mcf)
    
    
    11,766
    
    
    
    14,501Average price per Mcf
    
    $
    7.59
    
    
    $
    6.95
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Calculation of Royalty Income
  Three Months Ended September 30,2011
    
    
    2010Waddell
    
    
    Texas
    
    
    Waddell
    
    
    TexasRanch
    
    
    Royalty
    
    
    Ranch
    
    
    RoyaltyProperties
    
    
    Properties
    
    
    Properties
    
    
    PropertiesGross proceeds of sales from the
Underlying PropertiesOil proceeds
    
    $
    10,837,042
    
    
    $
    7,156,526
    
    
    $
    12,343,193
    
    
    $
    5,496,900Gas proceeds
    
    
    5,037,905
    
    
    
    1,289,581
    
    
    
    7,333,630
    
    
    
    1,168,823Total
    
    
    15,874,947
    
    
    
    8,446,107
    
    
    
    19,676,823
    
    
    
    6,665,723Less:Severance tax:Oil
    
    
    445,640
    
    
    
    273,326
    
    
    
    491,195
    
    
    
    177,759Gas
    
    
    263,532
    
    
    
    62,282
    
    
    
    363,863
    
    
    
    68,120Lease operating expenses and
property tax:Oil and gas
    
    
    3,163,355
    
    
    
    420,000
    
    
    
    4,776,138
    
    
    
    360,000Other
    
    
    39,848
    
    
    
    
    
    
    
    
    
    
    
    Capital expenditures
    
    
    1,864,001
    
    
    
    
    
    
    
    366,441
    
    
    
    Total
    
    
    5,776,376
    
    
    
    755,608
    
    
    
    5,997,637
    
    
    
    605,879Net profits
    
    
    10,098,571
    
    
    
    7,690,499
    
    
    
    13,679,186
    
    
    
    6,059,844Net overriding royalty interests
    
    
    75
    %
    
    
    95
    %
    
    
    75
    %
    
    
    95
    %Royalty income
    
    
    7,573,928
    
    
    
    7,305,974
    
    
    
    10,259,389
    
    
    
    5,756,852
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Critical Accounting Policies and Estimates
  Basis of Accounting
  
    
    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).
  Revenue Recognition
  Reserve Disclosure
  16




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Contingencies
    Use of Estimates
  
 Item 3. Qualitative and Quantitative Disclosures About Market Risk
  17




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Item 4. Controls and Procedures
  18




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PART II  OTHER INFORMATION
 
 Item 1.
  
 Items 2 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
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& 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.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
November 9, 2011 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 November 9, 2011 and submitted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
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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   21




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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 November 9, 2011 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 November 9, 2011 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. 23