##### Table of Contents



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 March 31, 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
    
    75-6280532(State or Other Jurisdiction of
    
    (I.R.S. Employer Identification No.)Incorporation or Organization)
 
 
 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 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
 March 31,2009
    
    
    December 31,(Unaudited)
    
    
    2008ASSETSCash and short-term investments
    
    $
    1,380,578
    
    
    $
    5,147,216Net overriding royalty interests in
producing oil and gas properties (net of
accumulated amortization of $9,823,378 and
$9,804,423 at March 31, 2009 and December
31, 2008, respectively)
    
    
    1,151,914
    
    
    
    1,170,793TOTAL ASSETS
    
    $
    2,532,492
    
    
    $
    6,318,009LIABILITIES AND TRUST CORPUSDistribution payable to Unit holders
    
    $
    1,380,578
    
    
    $
    5,147,216Commitments and contingencies
    
    
    
    
    
    
    Trust corpus  46,608,796 Units of
beneficial interest authorized and
outstanding
    
    
    1,151,914
    
    
    
    1,170,793TOTAL LIABILITIES
AND TRUST CORPUS
    
    $
    2,532,492
    
    
    $
    6,318,009
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)
 THREE MONTHS ENDED
    
    THREE MONTHS ENDEDNote
    
    March 31, 2009
    
    March 31, 2008Royalty income
    
    
    
    
    
    $
    7,713,387
    
    
    
    26,424,398Interest income
    
    
    
    
    
    $
    2,235
    
    
    
    33,694$
    7,715,206
    
    
    $
    26,458,092General and
administrative
expenditures
    
    
    
    
    
    
    (442,416
    )
    
    
    (354,756
    )Distributable income
    
    
    
    
    
    $
    7,273,206
    
    
    $
    26,103,336Distributable
income per Unit
(46,608,796 Units)
    
    
    
    
    
    $
    .16
    
    
    $
    .56
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)
 THREE MONTHS ENDED
    
    
    THREE MONTHS ENDEDMarch 31, 2009
    
    
    March 31, 2008Trust corpus, beginning of period
    
    $
    1,170,793
    
    
    $
    1,293,935Amortization of net overriding
royalty interests
    
    
    18,881
    
    
    
    (34,657
    )Distributable income
    
    
    7,273,206
    
    
    
    26,103,336Distributions declared
    
    
    (7,273,206
    )
    
    
    (26,103,336
    )Total Trust Corpus, end of period
    
    $
    1,151,914
    
    
    $
    1,259,278Distributions per Unit
    
    $
    .16
    
    
    $
    .56
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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.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
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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. 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 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 PronouncementsIn July 2006, the FASB issued FASB Interpretation No. 48 (FIN 48), Accounting for
Uncertainty in Income Taxes, which clarifies the accounting for uncertainty in income taxes
recognized in the financial statements in accordance with SFAS No. 109, Accounting for
Income Taxes. FIN 48 is effective for fiscal years beginning after December 15, 2006. The
adoption of this statement did not have an effect on the Trusts financial statements.
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In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. This statement
defines fair value, establishes a framework for measuring fair value in generally accepted
accounting principles (GAAP), and expands disclosures about fair value measurements. This
statement is effective for financial statements issued for fiscal years beginning after
November 15, 2007. The adoption of this statement did not have an effect on the Trusts
financial statements.In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets
and Financial Liabilities-Including an amendment of FASB Statement No. 115. This statement
permits entities to choose to measure many financial instruments and certain other items at
fair value. This statement is effective as of the beginning of an entitys first fiscal
year that begins after November 15, 2007. The adoption of this statement did not have an
effect on the Trusts financial statements.In December 2007 the FASB issued SFAS No. 141(R), Business Combinations. This statement
requires the acquiring entity in a business combination to recognize the full fair value of
assets acquired and liabilities assumed in the transaction (whether a full or partial
acquisition); establishes the acquisition-date fair value as the measurement objective for
all assets acquired and liabilities assumed; requires expensing of most transaction and
restructuring costs; and requires the acquirer to disclose to investors and other users all
of the information needed to evaluate and understand the nature and financial effect of the
business combination. This statement applies prospectively to business combinations for
which the acquisition date is on or after January 1, 2009. The adoption of this statement did not have an
effect on the Trusts financial statements.In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated
Financial Statements  an amendment of Accounting Research Bulletin No. 51. This statement
requires reporting entities to present noncontrolling (minority) interests as equity (as
opposed to as a liability or mezzanine equity) and provides guidance on the accounting for
transactions between an entity and noncontrolling interests. This statement applies
prospectively as of January 1, 2009, except for the presentation and disclosure requirements
which will be applied retrospectively for all periods presented. The adoption of this statement did not have an
effect on the Trusts financial statements.In March 2008, the FASB issued FASB Statement No. 161, Disclosures about Derivative
Instruments and Hedging Activities, an amendment of FASB Statement No. 133 (SFAS No. 161),
effective for fiscal years and interim periods beginning after November 15, 2008, with
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early
adoption allowed. SFAS No. 161 amends and expands the disclosure requirements of SFAS No.
133 with the intent to provide users of financial statements with an enhanced understanding
of an entitys use of derivative instruments and the effect of those derivative instruments
on an entitys financial statements. The adoption of this
statement did not have an effect on the Trusts financial statements.In May 2008, the FASB issued Statement No. 162, The Hierarchy of Generally Accepted
Accounting Principles.This statement identifies the sources of accounting principles and
the framework for selecting the principles used in the preparation of financial statements
in conformity with GAAP, and is effective 60 days following the SECs approval of the Public
Company Accounting Oversight Board Auditing amendments to AU Section 411, The Meaning of
Present Fairly in Conformity with Generally Accepted Accounting
Principles.  The Trustee does not believe that the adoption of
this statement will have a material effect on the
Trusts financial statements.In April 2009, the FASB issued FSP FAS115-2 and FAS 124-2, Recognition and Presentation of
Other-Than-Temporary Impairments. This FASB Staff Position (FSP) amends the other-than-temporary
impairment guidance in GAAP for debt securities to make the guidance more operational and to
improve the presentation and disclosure of other-than-temporary impairments on debt and equity
securities in the financial statements. This FSP does not amend existing recognition and
measurement guidance related to other-than-temporary impairments of equity securities. This
statement is effective for interim and annual reporting periods ending after June 15, 2009, with
early adoption permitted for periods ending after March 15,
2009. The adoption of these statements did not have a material effect on the Trusts financial statements.Pending Securities and Exchange Commission RuleIn December 2008, the Securities and Exchange Commission (the SEC) released Final Rule,
Modernization of Oil and Gas Reporting. The new disclosure requirements include provisions
that permit the use of new technologies to determine proved reserves if those technologies
have been demonstrated empirically to lead to reliable conclusions about reserves volumes.
The new requirements also will allow companies to disclose their probable and possible
reserves to investors. In addition, the new disclosure requirements require companies to:
(a) report the independence and qualifications of its reserves preparer or auditor; (b) file
reports when a third party is relied upon to prepare reserves estimates or conducts a
reserves audit; and (c) report oil and gas reserves using an average price based upon the
prior 12-month period rather than year-end prices. The new disclosure requirements are
effective for financial statements for fiscal years ending on or after December 31, 2009.
The effect of adopting the SEC rules has not been determined, but it is not expected to have
a significant effect on our reported financial position or distributable income.
 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
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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.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 CONSIDERATIONSAll revenues from the Trust are from sources within Texas, which has no individual income
tax. However, effective January 1, 2008, Texas imposes a margin tax at a rate of 1% on
gross revenues less certain deductions, as specifically set forth in the Texas margin tax
statute. The Texas margin tax is a significant change in Texas tax law. The tax generally
will be imposed on gross revenues generated in 2007 and thereafter. Entities subject to tax
generally include trusts
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unless otherwise exempt and most other types of entities that provide limited liability
protection. 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.Each Unit holder is urged to consult his own tax advisor regarding the requirements for
filing state tax returns.4.
    
    SUBSEQUENT EVENTSSubsequent to March 31, 2009, the Trust declared a distribution on April 20, 2009 of
$.036633 per unit payable on May 14, 2009, to Unit holders of record on April 30, 2009.
 
 Item 2. Trustees Discussion and Analysis
 Forward Looking Information
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Three Months Ended March 31, 2009 Compared to Three Months Ended March 31, 2008
    13




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First Quarter2009
    
    2008Production:Oil sales (Bbls)
    
    
    125,302
    
    
    
    204,881Gas sales (Mcf)
    
    
    510,082
    
    
    
    1,019,806Product Sales From Which The Royalties Were
Carved:Oil:Total oil sales (Bbls)
    
    
    283,752
    
    
    
    285,590Average per day (Bbls)
    
    
    3,084
    
    
    
    3,104Average price per Bbl
    
    $
    41.10
    
    
    $
    87.80Gas:Total gas sales (Mcf)
    
    
    1,506,867
    
    
    
    1,548,791Average per day (Mcf)
    
    
    16,371
    
    
    
    16,835Average price per Mcf
    
    $
    4.87
    
    
    $
    9.49
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Calculation of Royalty Income
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THREE MONTHS ENDED MARCH 31,2009
    
    
    2008WADDELL
    
    
    TEXAS
    
    
    WADDELL
    
    
    TEXASRANCH
    
    
    ROYALTY
    
    
    RANCH
    
    
    ROYALTYPROPERTIES
    
    
    PROPERTIES
    
    
    PROPERTIES
    
    
    PROPERTIESGross proceeds of sales from the
Underlying PropertiesOil proceeds
    
    $
    8,114,430
    
    
    $
    3,546,405
    
    
    $
    17,663,910
    
    
    $
    7,411,431Gas proceeds
    
    
    6,427,612
    
    
    
    914,249
    
    
    
    13,133,560
    
    
    
    1,566,183Total
    
    
    14,542,043
    
    
    
    4,460,655
    
    
    
    30,797,470
    
    
    
    8,977,614Less:Severance tax:Oil
    
    
    260,849
    
    
    
    132,622
    
    
    
    757,077
    
    
    
    285,886Gas
    
    
    360,044
    
    
    
    49,425
    
    
    
    743,430
    
    
    
    100,353Other
    
    
    49,063
    
    
    
    0
    
    
    
    67,321Lease operating expense and
property tax:Oil and gas
    
    
    4,514,171
    
    
    
    737,998
    
    
    
    4,145,222
    
    
    
    362,645Capital expenditures
    
    
    3,558,173
    
    
    
    
    
    
    
    274,948
    
    
    
    Total
    
    
    8,742,300
    
    
    
    920,045
    
    
    
    5,987,998
    
    
    
    748,884Net profits
    
    
    5,799,743
    
    
    
    3,540,610
    
    
    
    24,809,472
    
    
    
    8,228,731Net overriding royalty interests
    
    
    75
    %
    
    
    95
    %
    
    
    75
    %
    
    
    95
    %Royalty income
    
    $
    4,349,807
    
    
    $
    3,363,580
    
    
    $
    18,607,104
    
    
    $
    7,817,294
 Critical Accounting Policies and Estimates
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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).
  New Accounting Pronouncements
 Accounting for Uncertainty in
Income Taxes Accounting for Income Taxes
 Fair Value Measurements
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The Fair Value Option for Financial Assets and
Financial Liabilities-Including an amendment of FASB Statement No. 115
 Business Co binations
 Noncontrolling Interests in Consolidated Financial
Statements  an amendment of Accounting Research Bulletin No. 51
  18




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The Hierarchy of Generally Accepted Accounting
Principles. The Meaning of Present Fairly in Conformity with
Generally Accepted Accounting Principles
 Recognition and Presentation of
Other-Than-Temporary Impairments
 Revenue Recognition
  Reserve Disclosure
  Contingencies
  Use of Estimates
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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
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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.
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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.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
May 1, 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 May 1, 2009 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. Hooper,Senior Vice President and Trust Administrator
Bank of America, N.A.   23




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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.*
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##### Table of Contents



ExhibitNumber
    
    Exhibit10.3
    
    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 May 1, 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 May 1, 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. 25