##### 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, 2005
 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.)
 Bank of America, N.A.
Trust Department
901 Main Street
Dallas, Texas 75202
(Address of Principal Executive
Offices; Zip Code) (214) 209-2400
(Registrants Telephone Number, Including Area Code) 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
(or for such shorter period that the registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days. Yes þ   No o Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Securities Exchange Act of 1934).    Yes þ No o Number of Units of beneficial interest of the Trust outstanding at May 2, 2005: 46,608,796.




---



TABLE OF CONTENTS  PART I - FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. Trustees Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPART II - OTHER INFORMATIONItems 1 through 5Item 6. ExhibitsSIGNATURESINDEX TO EXHIBITSAwareness Letter of Deloitte & Touche LLPCertification by Ron E. Hooper Pursuant to Rule 13a-14(a)/15d-14(a)Certificate by Bank of America, Pursuant to Section 906    Table of Contents  PERMIAN BASIN ROYALTY TRUST 
 PART I - FINANCIAL INFORMATION 
 Item 1. Financial Statements The condensed financial statements included herein have been prepared by Bank of America, N.A. as
Trustee for the Permian Basin Royalty Trust, without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. Certain information and footnote disclosures normally
included in annual financial statements have been condensed or omitted pursuant to such rules and
regulations, although the Trustee believes that the disclosures are adequate to make the
information presented not misleading. It is suggested that these condensed financial statements be
read in conjunction with the financial statements and the notes thereto included in the Trusts
latest annual report on Form 10-K. In the opinion of the Trustee, all adjustments, consisting only
of normal recurring adjustments, necessary to present fairly the assets, liabilities and trust
corpus of the Permian Basin Royalty Trust at March 31, 2005, and the distributable income and
changes in trust corpus for the three-month periods ended March 31, 2005 and 2004 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, an independent registered public accounting firm, has made a limited review
of the condensed financial statements as of March 31, 2005 and for the three-month periods ended
March 31, 2005 and 2004 as stated in their report included herein. 2




---



##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Unit Holders of Permian Basin Royalty Trust and
Bank of America, N.A., Trustee We have reviewed the accompanying condensed statement of assets, liabilities and trust corpus of
Permian Basin Royalty Trust as of March 31, 2005, and the related condensed statements of
distributable income for the three-month periods ended March 31, 2005 and 2004 and changes in trust
corpus for the three-month periods ended March 31, 2005 and 2004. These condensed financial
statements are the responsibility of the Trustee. We conducted our reviews in accordance with standards of the Public Company Accounting Oversight
Board (United States). A review of interim financial information consists principally of applying
analytical procedures to financial data and of making inquiries of persons responsible for
financial and accounting matters. It is substantially less in scope than an audit conducted in
accordance with standards of the Public Company Accounting Oversight Board (United States), 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. As described in Note 1 to the condensed financial statements, these condensed financial statements
have been prepared on a modified cash basis of accounting, which is a comprehensive basis of
accounting other than accounting principles generally accepted in the United States of America. Based on our reviews, we are not aware of any material modifications that should be made to such
condensed financial statements for them to be in conformity with the basis of accounting described
in Note 1. We have previously audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the statement of assets, liabilities and trust corpus of Permian
Basin Royalty Trust as of December 31, 2004, 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 14, 2005, 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, 2004, 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 Dallas, Texas
May 5, 2005 3




---



##### Table of Contents



PERMIAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS March 31,2005
    
    
    December 31,(Unaudited)
    
    
    2004ASSETSCash and short-term investments
    
    $
    4,001,861
    
    
    $
    5,429,145Net overriding royalty interests in
producing oil and gas properties
(net of accumulated amortization of
$9,229,239,and $9,179,949 at March
31, 2005 and December 31, 2004,
respectively)
    
    
    1,745,977
    
    
    
    1,795,267TOTAL ASSETS
    
    $
    5,747,838
    
    
    $
    7,224,412LIABILITIES AND TRUST CORPUSDistribution payable to Unit holders
    
    $
    4,001,861
    
    
    $
    5,429,145Commitments and contingencies
Trust corpus - 46,608,796 Units of
beneficial interest authorized and
outstanding
    
    
    1,745,977
    
    
    
    1,795,267TOTAL LIABILITIES
AND TRUST CORPUS
    
    $
    5,747,838
    
    
    $
    7,224,412
 The accompanying notes to condensed financial statements are an integral part of these statements. 4




---



##### Table of Contents



PERMIAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED) THREE MONTHS ENDED
    
    
    THREE MONTHS ENDEDMarch 31, 2005
    
    
    March 31, 2004Royalty income
    
    $
    13,531,071
    
    
    $
    9,206,674Interest income
    
    
    11,475
    
    
    
    3,498$
    13,542,546
    
    
    $
    9,210,172General and
administrative
expenditures
    
    
    (298,693
    )
    
    
    (184,025
    )Distributable income
    
    $
    13,243,853
    
    
    $
    9,026,147Distributable income
per Unit (46,608,796
Units)
    
    $
    .28
    
    
    $
    .19
 The accompanying notes to condensed financial statements are an integral part of these statements. 5




---



##### Table of Contents



PERMIAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED) THREE MONTHS ENDED
    
    
    THREE MONTHS ENDEDMarch 31, 2005
    
    
    March 31, 2004Trust corpus, beginning of period
    
    $
    1,795,267
    
    
    $
    1,991,594Amortization of net overriding
royalty interests
    
    
    (49,290
    )
    
    
    (44,286
    )Distributable income
    
    
    13,243,853
    
    
    
    9,026,147Distributions declared
    
    
    (13,243,853
    )
    
    
    (9,026,147
    )Total Trust Corpus, end of period
    
    $
    1,745,977
    
    
    $
    1,947,308Distributions per Unit
    
    $
    .28
    
    
    $
    .19
 The accompanying notes to condensed financial statements are an integral part of these statements. 6




---



##### Table of Contents



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) for the Waddell Ranch properties and Riverhill
Energy Corporation (Riverhill Energy), formerly a wholly owned subsidiary of
Riverhill Capital Corporation (Riverhill Capital) and formerly an affiliate of
Coastal Management Corporation (CMC), for the Texas Royalty properties. Schlumberger
Technology Corporation (STC) currently conducts all field, technical and accounting
operations on behalf of BROG with regard to the Waddell Ranch properties. Riverhill
Energy currently conducts the accounting operations for the Texas Royalty properties.
Royalty income consists of the amounts received by the owners of the interest burdened
by the net overriding royalty interests (Royalties) from the sale of production less
accrued production costs, development and drilling costs, applicable taxes, operating
charges, and other costs and deductions multiplied by 75% in the case of the Waddell
Ranch properties and 95% in the case of the Texas Royalty properties.As was previously reported, in February 1997, BROG sold its interest in the Texas
Royalty properties to Riverhill Energy.The Trustee has been advised that in the first quarter of 1998, STC acquired all of
the shares of stock of Riverhill Capital. Prior to such acquisition by STC, CMC and
Riverhill Energy were wholly-owned subsidiaries of Riverhill Capital. The Trustee
has further been advised that in connection with STCs acquisition of Riverhill
Capital, the shareholders of Riverhill Capital acquired ownership of all of the
shares of stock of Riverhill Energy. Thus, the ownership in the Texas Royalty
properties referenced above remained in Riverhill Energy, the stock ownership of
which was acquired by the former shareholders of Riverhill Capital.  
    Trust expenses recorded are based on liabilities paid and cash reserves established
out of cash received or borrowed funds for liabilities and contingencies. 7




---



##### Table of Contents




    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. In addition, 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.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 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. Royalty income generally is treated as portfolio income and
does not offset passive losses.Unit holders should consult their tax advisors for further information.3.
    SUBSEQUENT EVENTSSubsequent to March 31, 2005, the Trust declared a distribution on April 19, 2005 of
$.073306 payable on May 13, 2005, to Unit holders of record on April 29, 2005. 8




---



##### Table of Contents



Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations 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 (the Exchange Act), 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. Three Months Ended March 31, 2005 Compared to Three Months Ended March 31, 2004 For the quarter ended
March 31, 2005, royalty income received by the Trust amounted to $13,531,071
compared to royalty income of $9,206,674 during the first quarter of 2004. The increase in royalty
income is primarily attributable to significant increases in both oil and gas prices. Interest income for the
quarter ended March 31, 2005, was $11,475 compared to $3,498 during the
first quarter of 2004. The increase in interest income is primarily attributable to higher
interest rates and more funds available for investment. General and administrative expenses during
the first quarter of 2005 amounted to $298,693 compared to $184,025 during the first quarter of
2004. The increase in general and administrative expenses can be primarily attributed to the
implementation of Sarbanes Oxley 404 compliance. These transactions resulted in distributable income for the quarter ended March 31, 2005 of
$13,243,853 or $.28 per Unit of beneficial interest. Distributions of $.103011, $.095277 and
$.085860 per Unit were made to Unit holders of record as of January 31, 2005, February 28, 2005 and
March 31, 2005, respectively. For the first quarter of 2004,
distributable income was $9,026,147,
or $.19 per Unit of beneficial interest. 9




---



##### Table of Contents



Royalty income for the Trust for the first quarter of the calendar year is associated with actual
oil and gas production for the period of November and December 2004 and January 2005 from the
properties from which the Trusts net overriding royalty interests (Royalties) were carved. Oil
and gas sales attributable to the Royalties and the properties from which the Royalties were carved
are as follows: First Quarter2005
    
    
    2004Oil and Gas Sales Attributable to the Royalties:Oil sales (Bbls)
    
    
    208,024
    
    
    
    182,702Gas sales (Mcf)
    
    
    913,669
    
    
    
    881,167Oil and Gas Sales Attributable to the Properties
From Which the Royalties Were Carved:Oil:Total oil sales (Bbls)
    
    
    308,892
    
    
    
    281,964Average per day (Bbls)
    
    
    3,358
    
    
    
    3,065Average price per Bbl
    
    $
    40.17
    
    
    $
    29.66Gas:Total gas sales (Mcf)
    
    
    1,501,946
    
    
    
    1,483,568Average per day (Mcf)
    
    
    16,326
    
    
    
    16,126Average price per Mcf
    
    $
    6.36
    
    
    $
    4.86
 The posted price of oil increased to an average price of $40.17 per Bbl in the first quarter
of 2005, compared to $29.66 per Bbl in the first quarter of 2004. The Trustee has been advised by
BROG that for the period August 1, 1993, through March 31, 2005, the oil from the Waddell Ranch
properties was being sold under a competitive bid to a third party. The average price of gas
increased from $4.86 per Mcf in the first quarter of 2004 to $6.36 per Mcf in the first quarter of
2005. This increase is primarily attributable to a significant increase in gas prices earlier in
the year of 2005. Since the oil and gas sales attributable to the Royalties are based on an allocation formula that
is dependent on such factors as price and cost (including capital expenditures), the production
amounts in the Royalties section of the above table do not provide a meaningful comparison. Oil
and gas sales volumes from the Underlying Properties (as defined in the Trusts Annual Report on
Form 10-K for the year ended December 31, 2004) increased for the applicable period in 2005
compared to 2004. Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch
properties during the first quarter of 2005 totaled $798,225 as compared to $674,708 for the first
quarter of 2004. BROG has informed the Trustee that the 2005 capital expenditures budget has been
revised to $14.3 million for the Waddell Ranch properties. The total amount of capital
expenditures for 2004 was $13.2 million. Through the first quarter of 2005, capital expenditures
of $4.3 million have been expended. 10




---



##### Table of Contents



The Trustee has been advised
that there were 11 workover wells completed, 5 new wells in progress
and 13 workover wells in progress during the three months ended March 31, 2005 as compared to no
wells completed or in progress for the three months ended March 31, 2004 on the Waddell Ranch
properties. Lease operating expense and property taxes totaled $2.9 million for the first quarter of 2005,
compared to $2.37 million in the first quarter of 2004 on the Waddell Ranch properties. This
increase is primarily attributable to higher maintenance costs for the quarter. 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, 2005 and 2004, respectively, was computed as shown in the table below: THREE MONTHS ENDED MARCH 31,2005
    
    
    2004WADDELL
    
    
    TEXAS
    
    
    WADDELL
    
    
    TEXASRANCH
    
    
    ROYALTY
    
    
    RANCH
    
    
    ROYALTYPROPERTIES
    
    
    PROPERTIES
    
    
    PROPERTIES
    
    
    PROPERTIESGross proceeds of sales from
the Underlying PropertiesOil proceeds
    
    $
    8,598,425
    
    
    $
    3,809,529
    
    
    $
    5,994,037
    
    
    $
    2,369,771Gas proceeds
    
    
    8,385,450
    
    
    
    1,160,016
    
    
    
    6,286,083
    
    
    
    928,991Total
    
    
    16,983,875
    
    
    
    4,969,545
    
    
    
    12,280,120
    
    
    
    3,298,762Less:Severance tax:Oil
    
    
    344,489
    
    
    
    154,611
    
    
    
    255,274
    
    
    
    94,377Gas
    
    
    540,219
    
    
    
    77,442
    
    
    
    356,326
    
    
    
    53,915Lease operating expense and
property tax:Oil and gas
    
    
    2,894,823
    
    
    
    288,563
    
    
    
    2,373,957
    
    
    
    264,383Capital expenditures
    
    
    798,225
    
    
    
    
    
    
    
    674,708
    
    
    
    Total
    
    
    4,577,756
    
    
    
    520,616
    
    
    
    3,660,265
    
    
    
    412,675Net profits
    
    
    12,406,119
    
    
    
    4,448,929
    
    
    
    8,619,855
    
    
    
    2,886,087Net overriding royalty interests
    
    
    75
    %
    
    
    95
    %
    
    
    75
    %
    
    
    95
    %Royalty income
    
    $
    9,304,589
    
    
    $
    4,226,482
    
    
    $
    6,464,891
    
    
    $
    2,741,783
 Critical Accounting Policies and Estimates The Trusts financial statements reflect the selection and application of accounting policies that
require the Trust to make significant estimates and assumptions. The following are some of the
more critical judgment areas in the application of accounting policies that currently affect the
Trusts financial condition and results of operations. 11




---



##### Table of Contents



Basis of Accounting The financial statements of the Trust are prepared on a modified cash basis and are not intended to
present financial positions and results of operations in conformity with accounting principles
generally accepted in the United States of America (GAAP). Preparation of the Trusts financial
statements on such basis includes the following:  
    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 Unitholders are recorded when declared by the Trustee (see Note 1 to
the Financial Statements). The financial statements of the Trust differ from financial statements prepared in accordance with
GAAP because royalty income is not accrued in the period of production, general and administrative
expenses recorded are based on liabilities paid and cash reserves established rather than on
accrual basis, and amortization of the royalty interests is not charged against operating results.
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. Revenue Recognition Revenues from royalty interests are recognized in the period in which amounts are received by the
Trust. Royalty income received by the Trust in a given calendar year will generally reflect the
proceeds from natural gas produced and sold for the twelve-month period ended October 31st in that
calendar year. Royalty income received by the Trust in the first quarter of 2005 generally
reflects the proceeds associated with actual oil and gas production for the period of November 2004
through January 2005. Reserve Disclosure As of January 1, 2005, independent petroleum engineers estimated the net proved reserves
attributable to the royalty interest. In accordance with Statement of Financial Standards No. 69,
Disclosures About Oil and Gas Producing Activities, estimates of future net revenues from proved
reserves have been prepared using year-end contractual gas prices and related costs. Numerous
uncertainties are inherent in estimating volumes and the value of proved reserves and in projecting
future production rates and the timing of development of non-producing reserves. Such reserve
estimates are subject to change as additional information becomes available. The reserves actually
recovered and the timing of production may be substantially different from the reserves estimates. 12




---



##### Table of Contents



Contingencies Contingencies 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 Unitholders. The Trustee is aware of no such
items as of March 31, 2005. Use of Estimates The preparation of financial statements in conformity with the basis of accounting described above
requires the Trustee to make estimates and assumptions that effect the reported amounts of certain
assets, liabilities, revenues and expenses as of and for the reporting period. Actual results may
differ from such estimates. 
 Item 3. Quantitative and Qualitative Disclosures About Market Risk There have been no material changes in the Trusts market risk, as disclosed in the Trusts Annual
Report on Form 10-K for the fiscal year ended December 31, 2004. 
 Item 4. Controls and Procedures As of the end of the period covered by this report, the Trustee carried out an evaluation of the
effectiveness of the design and operation of the Trusts disclosure controls and procedures
pursuant to Rules 13a-15 and 15d-15 of the Exchange Act. Based upon that evaluation, the Trustee
concluded that the Trusts disclosure control and procedures are effective in timely alerting the
Trustee to material information relating to the Trust required to be included in the Trusts
periodic filings with the Securities and Exchange Commission. In its evaluation of disclosure
controls and procedures, the Trustee has relied, to the extent considered reasonable, on
information provided by Burlington Resources Oil & Gas Company LP, the owner of the Waddell Ranch
properties, and Riverhill Energy Corporation, the owner of the Texas Royalty properties. There has
not been any change in the Trusts internal control over financial reporting during the period
covered by this report that has materially affected, or is reasonably likely to materially affect,
the Trusts internal control over financial reporting. 13




---



##### Table of Contents



PART II - OTHER INFORMATION 
 Items 1 through 5. Not applicable. 
 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.15.1
    Awareness Letter of Deloitte & Touche LLP.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 6, 2005 and submitted pursuant to Rule 13a-14(a)/15d-14(a). 14




---



##### Table of Contents



32.1
    Certificate by Bank of America, Trustee of Permian Basin
Royalty Trust, dated May 6, 2005 and submitted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002. 15




---



##### Table of Contents



SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this Report to be signed on its behalf by the undersigned thereunto duly authorized. BANK OF AMERICA, N.A.,
TRUSTEE FOR THE
PERMIAN BASIN ROYALTY TRUSTBy:
    /s/ RON E. HOOPERRon E. Hooper,Senior Vice President and Trust Administrator
Bank of America, N.A. Date: May 6, 2005 (The Trust has no directors or executive officers.) 16




---



##### Table of Contents



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.15.1
    
    Awareness Letter of Deloitte & Touche LLP.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 6, 2005 and submitted pursuant to Rule
13a-14(a)/15d-14(a).32.1
    
    Certificate by Bank of America, Trustee of Permian Basin Royalty
Trust, dated May 6, 2005 and submitted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
   *
    
    A copy of this Exhibit is available to any Unit holder, at the actual cost of
reproduction, upon written request to the Trustee, Bank of America, N.A., 901 Main
Street, Dallas, Texas 75202. 17