8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 19, 2011

PERMIAN BASIN ROYALTY TRUST

(Exact name of Registrant as specified in its charter)

Texas
(State or other jurisdiction of
incorporation or organization) 1-8033
(Commission
File Number) 75-6280532
(I.R.S. Employer
Identification No.)

Trust Division
Royalty Trust Group
U.S. Trust, Bank of America,
Private Wealth Management
901 Main Street, 17th Floor
Dallas, Texas (Address of principal executive offices)	75202 (Zip Code)

Registrant’s Telephone Number, including area code: (214) 209-2400

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

     On April 19, 2011, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on April 29, 2011. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

     This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

     (d) Exhibits

99.1 Press Release dated April 19, 2011.

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.

PERMIAN BASIN ROYALTY TRUST By: BANK OF AMERICA, N.A., and TRUSTEE        FOR PERMIAN BASIN ROYALTY TRUST
By:	/s/ RON E. HOOPER
	Ron E. Hooper
	Senior Vice President, Royalty Management

Date: April 21, 2011

EXHIBIT INDEX

Exhibit
Number		Description
	99.1	Press Release dated April 19, 2011.

EX-99.1

Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST
ANNOUNCES APRIL CASH DISTRIBUTION AND 2011 RESERVE QUANTITIES

     DALLAS, Texas, April 19, 2011 — Permian Basin Royalty Trust (NYSE: PBT) (“Permian”), today declared a cash distribution to the holders of its units of beneficial interest of $.103695 per unit, payable on May 13, 2011, to unit holders of record on April 29, 2011. Permian’s cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.pbt-permianbasintrust.com.

     This month’s distribution decreased slightly from the previous month due primarily to lower production for both oil and gas in the month of February, a shorter month of production. The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.

     Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 45,803 bbls and 201,618 Mcf. The average price for oil was $84.38 per bbl and for gas was $7.38 per Mcf. Capital expenditures were approximately $282,000. The numbers provided reflect what was net to the Trust.

	Net to Trust Sales
	Volumes				Average Price
	Oil (bbls)		Gas (Mcf)		Oil		Gas
					(per bbl)		(per Mcf)
Current Month		45,803		201,618	$	84.38	$	7.38
Prior Month		56,268		244,704	$	86.79	$	7.19

     Permian Basin Royalty Trust, as it does after the end of each year, had a year-end Reserve Report prepared in accordance with the Securities and Exchange Commission’s requirements. This report provides an evaluation of the estimated asset value as of December 31 of each year, which can be used to estimate the remaining life of the Trust.

     The estimated net proved reserves, as of January 1, 2011, attributable to the Trust from the properties appraised are approximately 6.2 million barrels of oil and 22.5 billion cubic feet of gas with a future net value of approximately $597,873,000 with a discounted value of $324,326,000.

     With the estimated quantities of this year’s reserve estimate of 6.2 million barrels of oil and 22.5 billion cubic feet of gas remaining, it could be estimated that the Trust still has a life span of 9 to 10 years. The report is an exhibit to the Trust’s Annual Report on Form 10-K that was filed on March 1, 2011 and is available to all unitholders at this time on the SEC website.

***

Contact:	Ron E. Hooper
	Senior Vice President
	U.S. Trust, Bank of America Private Wealth Management
	Toll Free — 877.228.5085