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 March 31, 1999


                  Commission File No. 1-8033


                  PERMIAN BASIN ROYALTY TRUST


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


          NationsBank, N.A., d/b/a 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 May 13, 1999:
46,608,796

                            Page 1 of 14
<PAGE>

                   PERMIAN BASIN ROYALTY TRUST

                  PART I - FINANCIAL STATEMENTS

Item 1.   Financial Statements.

The condensed financial statements included herein have been prepared
by NationsBank, N.A. d/b/a 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
March 31, 1999, and the distributable income and changes in trust
corpus for the three-month periods ended March 31, 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 review of the condensed financial statements as of March 31,
1999, and for the three-month periods ended March 31, 1999 and 1998
included herein.


                                   -2-


INDEPENDENT ACCOUNTANTS' REPORT

NationsBank, N.A. d/b/a 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
March 31, 1999, and the related condensed statements of distributable
income and changes in trust corpus for the three-month periods ended
March 31, 1999 and 1998.  These financial statements are the
responsibility of the Trustee.

We conducted our review 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 review, 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.


/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

April 26, 1999

                                   -3-

<TABLE>
<CAPTION>

PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
------------------------------------------------------------------------------
                                                    March 31,     December 31,
ASSETS                                                1999           1998
                                                   (Unaudited)

<S>                                               <C>             <C>         
Cash and short-term investments                   $  1,048,564    $  525,193
Net overriding royalty interests in producing
  oil and gas properties (net of accumulated
  amortization of $7,693,615 and $7,638,633
  at March 31, 1999 and December 31, 1998,
  respectively)                                      3,281,601      3,336,583
                                                     ---------      ---------
                                                   $ 4,330,165    $ 3,861,776
                                                     =========      =========
LIABILITIES AND TRUST CORPUS

Distribution payable to Unit holders               $ 1,048,564    $   525,193
Trust corpus - 46,608,796 Units of beneficial
  interest authorized and outstanding                3,281,601      3,336,583
                                                     ---------      ---------
                                                   $ 4,330,165    $ 3,861,776
                                                     =========      =========

<CAPTION>

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

                                                      Three Months Ended
                                                           March 31,
                                                 -----------------------------
                                                       1999           1998

<S>                                              <C>               <C>        
Royalty income                                    $ 1,775,960      $ 5,252,967
Interest income                                         2,013           10,868
                                                    ---------        ---------
                                                    1,777,973        5,263,835
                                                                                         
General and administrative expenditures               143,663          124,429
                                                    ---------        ---------
Distributable income                              $ 1,634,310      $ 5,139,406
                                                   ==========       ==========
Distributable income per Unit (46,608,796 Units)  $   .035064      $   .110267
                                                    =========        =========

<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
                                                          March 31, 
                                                 ------------------------------
                                                       1999             1998

<S>                                                <C>              <C>         
Trust corpus, beginning of period                  $ 3,336,583      $ 3,496,594 
Amortization of net overriding royalty interests       (54,982)         (52,364)
Distributable income                                 1,634,310        5,139,406 
Distributions declared                              (1,634,310)      (5,139,406)
                                                    ----------       ---------- 
                                                                                                   
Trust corpus, end of period                        $ 3,281,601      $ 3,444,230 
                                                    ==========       ========== 

<FN>
The accompanying notes to condensed financial statements are an integral part of this statement.
</FN>
</TABLE>
                                 -5-


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 NationsBank, N.A. d/b/a 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).

                                  -6-

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;
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.

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 rather than 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 by $1,218,732.  Such excess costs were recovered from the
net proceeds of the underlying Waddell Ranch properties during the
first quarter of 1999 and these properties are again contributing 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.  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 Trustee does not anticipate making 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 Trustee
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 Trustee 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 MARCH 31, 1999 AND 1998

For the quarter ended March 31, 1999 royalty income received by the
Trust amounted to $1,775,960, compared to royalty income of $5,252,967
during the first quarter of 1998.  The decrease in royalty income is
primarily due to a decrease in oil and gas prices in the first quarter
of 1999, compared to the first quarter of 1998.  The decrease in
royalty income was also caused by the recovery of excess costs in the
amount of $1,218,732 during the first quarter of 1999 (See Note 3 for
more information on these excess costs).  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.  Interest income for the quarter ended March 31, 1999, was
$2,013, compared to $10,868 during the first quarter of 1998.  The
decrease in interest income is attributable primarily to a decrease in
funds available for investment.  General and administrative expenses
during the first quarter of 1999 amounted to $143,663, compared to
$124,429 during the first quarter of 1998.  The increase in general
and administrative expenses can be attributed primarily to timing
differences in the receipt and payment of these expenses.

These transactions resulted in distributable income for the quarter
ended March 31, 1999, of $1,634,310 or $.035064 per Unit of beneficial
interest.  Distributions of $.006383, $.006184 and $.022497 per Unit
were made to Unit holders of record as of January 29, February 26 and
March 31, 1999, respectively.  For the first quarter of 1998,
distributable income was $5,139,406 or $.110267 per Unit.

                                -9-


Royalty income for the Trust for the first quarter of the calendar
year is associated with actual oil and gas production for the period
November 1998 through January 1999 from the properties from which the
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>
                    
                                                         First Quarter
                                                   ------------------------
                                                       1999           1998
<S>                                                <C>            <C>     
ROYALTIES:
Oil sales (Bbls)                                      123,698        169,890
Gas sales (Mcf)                                       435,162        763,178
                                                                
PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
   Total oil sales (Bbls)                             454,626        435,477
   Average per day (Bbls)                               4,942          4,733
   Average price per Bbl                                $9.73         $16.07

Gas:
   Total gas sales (Mcf)                            1,827,302      1,782,588
   Average per day (Mcf)                               19,862         19,376
   Average price perMcf                                 $1.81          $2.49

</TABLE>


The posted price of oil decreased for the first quarter of 1999,
compared to the first quarter of 1998, resulting in an average price
per barrel of $9.73 compared to $16.07 in the first quarter of 1998. 
The Trust has been advised by BROG that for the period August 1, 1993,
through June 30, 1999, the oil from the Waddell Ranch is being sold
under a competitive bid to a third party.  The decrease in the average
price of gas from $2.49 in the first quarter of 1998 to $1.81 in the
first quarter of 1999 is primarily the result of 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
costs (including capital expenditures), the production amounts in the
Royalties Section of the above table do not provide a meaningful
comparison.  The oil sales from the properties from which the
Royalties are carved were relatively unchanged for the first quarter
of 1999 compared to the first quarter of 1998.  The gas sales from the
properties from which the Royalties were carved increased slightly in
the first quarter of 1999 compared to the first quarter of 1998.

Capital expenditures for drilling, remedial and maintenance activities
on the Waddell Ranch properties during the first quarter of 1999
totaled approximately $460,000 as compared to approximately $3.0
million for the first quarter of 1998.  BROG has informed the Trust
that the 1999 capital expenditures budget is $6.1 million.  The total
amount of capital expenditures for 1998 was approximately $15.9
million.

The Trust has been advised that there were 6 gross (2.63 net) wells
completed during the three months ended March 31, 1999 and no wells
were in progress at March 31, 1999.  For the three months ended
March 31, 1998, 16 gross (6.62 net) wells were completed and there
were 30 gross (14.37 net) wells in progress.

Lease operating expense and property taxes totaled $3.1 million in the
first quarter of 1999 and $2.9 million in the first quarter of 1998.

                                   -10-

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 March 31, 1999 and 1998,
respectively, were computed as shown in the table below:

<TABLE>
<CAPTION>
                                                  Three Months Ended March 31,
                                 ----------------------------------------------------------------
                                              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                     $ 3,501,709      $  922,501         $ 5,391,392     $ 1,607,393
  Gas proceeds                       2,968,380         342,195           3,918,121         519,198
                                    ----------       ---------           ---------       ---------
       Total                         6,470,089       1,264,696           9,309,513       2,126,591
                                    ----------       ---------           ---------       ---------
Less:
  Severance tax:
    Oil                                143,676          34,099             219,768          57,454
    Gas                                221,447          20,485          (1,204,110)         25,648
  Lease operating expense and
    property tax:
    Oil and gas                      2,916,540         195,000           2,664,211         205,064
  Capital expenditures                 459,899                           2,954,359 
Other                                   21,412
                                     ---------       ---------           ---------       ---------
       Total                         3,762,974         249,584           4,634,228         288,166
                                     ---------       ---------           ---------       ---------

Net profits                          2,707,115       1,015,112           4,675,285       1,838,425

Net overriding royalty interests           75%             95%                 75%             95%
                                     ---------       ---------            --------       ---------
                                     2,030,336         964,356           3,506,464       1,746,503
Less: recovery of excess cost
   over revenues (a)                 1,218,732                                                                
                                     ---------       ---------           ---------       ---------

Royalty income                      $  811,604      $  964,356         $ 3,506,464     $ 1,746,503
                                    ==========      ==========          ==========      ==========
</TABLE>


                                 -11-

(a)  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 Conveyance by
     $1,218,732.  Such excess costs were recovered from the net
     proceeds of the underlying Waddell Ranch properties during the
     first quarter of 1999 and these properties are again contributing
     to the Trust royalty income.


ITEM 3.   QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable.

                                 -12-

                      PART II - OTHER INFORMATION

Items 1 through 5.

Not applicable.

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 NationsBank,
                    N.A. d/b/a 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 NationsBank, N.A.
                    d/b/a 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 NationsBank, N.A. d/b/a 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,
NationsBank, N.A., d/b/a Bank of America, N.A.,P.O. Box 1317, Ft.
Worth, Texas, 76101.

** Filed herewith.

       (b) Reports on Form 8-K

        During the quarter ended March 31, 1999, no reports on Form
8-K were filed by the Trust. 

                                -13-

                             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.

                                      NATIONSBANK, N.A.
                                      d/b/a BANK OF AMERICA, N.A.,
                                       TRUSTEE FOR THE
                                       PERMIAN BASIN ROYALTY TRUST




                                      By: /s/ ERIC F. HYDEN
                                      ------------------------------------
                                           Eric F. Hyden
                                           Vice President


Date:  May 13, 1999


        (The Trust has no directors or executive officers.)

                                 -14-


                            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 NationsBank, N.A. d/b/a 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 NationsBank, N.A. d/b/a 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
            NationsBank, N.A. d/b/a 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,
   NationsBank, N.A. d/b/a Bank of America, N.A., P. O. Box 1317, Fort
   Worth, Texas 76101.
** Filed herewith.