EXHIBIT 99.1


                           PERMIAN BASIN ROYALTY TRUST


                                                                    NEWS RELEASE




                           PERMIAN BASIN ROYALTY TRUST
                        ANNOUNCES JUNE CASH DISTRIBUTION


         DALLAS, TEXAS, JUNE 20, 2003 - Bank of America, N.A., as Trustee of the
Permian Basin Royalty Trust (NYSE - PBT), today declared a cash distribution to
the holders of its units of beneficial interest of $0.055822 per unit, payable
on July 15, 2003, to unit holders of record on June 30, 2003.

         This month's distribution decreased from the previous month primarily
due to lower prices for gas. Production for Waddell Ranch and the Texas Royalty
Properties combined for oil and gas respectively was 59,789 bbls and 260,615
mcf. The average price for oil was $25.98 per bbl and for gas was $4.41 per mcf.
This would primarily reflect production for the month of April. Capital
expenditures were approximately $571,800. These numbers provided reflect what
was net to the Trust.

         For more information on Permian Basin Royalty Trust, please visit our
website at www.pbt-permianbasintrust.com.

                                      * * *


         Contact: Ron E. Hooper
                  Senior Vice President
                  Bank of America, N.A.
                  Toll Free - 877.228.5085