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): July 16, 2004

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 Bank of America, N.A. 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)

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits.
	Item 12. Results of Operations And Financial Condition.
SIGNATURES
EXHIBIT INDEX
Press Release

Item 7. Financial Statements and Exhibits.

     c. Exhibits

99.1 Press Release dated July 16, 2004.

Item 12. Results of Operations And Financial Condition.

     On July 16, 2004, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on July 30, 2004. 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 12, 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.

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., TRUSTEE FOR
	PERMIAN BASIN ROYALTY TRUST

By:	/s/ RON E. HOOPER
	Ron E. Hooper
	Senior Vice President, Royalty Management

Date: July 19, 2004

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated July 16, 2004.

EX-99.1

Exhibit 99.1

Permian Basin Royalty Trust      

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES JULY CASH DISTRIBUTION

     DALLAS, Texas, July 16, 2004 — 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 $.077787 per unit, payable on August 13, 2004, to unit holders of record on July 30, 2004.

     This month’s distribution increased from the previous month due to higher oil and gas production in the Waddell Ranch properties, as well as higher average oil and gas prices. Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 63,417 bbls and 273,390 mcf. The average price for oil was $36.77 per bbl and for gas was $5.50 per mcf. This would primarily reflect production for the month of May. Capital expenditures were approximately $719,517. The numbers provided reflect what was net to the Trust.

     The 2003 Annual Report/10-K and the 1^st Quarter 2004 report are now available. To obtain a copy, and for more information on Permian Basin Royalty Trust, please visit our website at http://www.pbt-permianbasintrust.com/.

* * *

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