PERMIAN BASIN ROYALTY TRUST — Investor Relations & Filings

Permian Basin Royalty Trust is an express trust whose principal assets are net overriding royalty interests in various oil and natural gas properties. The Trust's holdings consist of a 75% net overriding royalty interest in the Waddell Ranch properties in Crane County, Texas, and a 95% net overriding royalty interest in other producing royalty properties in Texas. These interests were originally carved out by Southland Royalty Company. The Trust's function is to collect the net proceeds from the production and sale of oil and gas from these properties and distribute them to the holders of its units of beneficial interest. The Trust does not conduct any operational activities related to the underlying properties.