Exhibit 99.1

Permian Basin Royalty Trust

News Release

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES OCTOBER CASH DISTRIBUTION

     DALLAS, Texas, October 20, 2006 – 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 $.110204 per unit, payable on November 14, 2006, to unit holders of record on October 31, 2006.

     This month’s distribution decreased from the previous month due primarily to decreased gas production in both the Waddell Ranch and the Texas Royalty Properties, lower oil prices, and an increase in capital costs. This would primarily reflect production for the month of August. 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 55,817 bbls and 220,460 mcf. The average price for oil was $66.71 per bbl and for gas was $7.70 per mcf. Capital expenditures were approximately $1,982,499. As of September 30, approximately 66% of the 2006 capital expenditures budget has been expended. It is anticipated the remaining capital expenditures will be fully met for the rest of the year.

     The numbers provided reflect what was net to the Trust.

	Net to Trust Sales
	Volumes				Average Price
	Oil		Gas (Mcf)		Oil		Gas
	(Bbls)				(per Bbl)		(per Mcf)
Current Month		55,817		220,460	$	66.71	$	7.70
Prior Month		67,548		308,868	$	68.05	$	7.73

For additional information, including the latest financial reports on Permian Basin Royalty Trust, please visit our website at http://www.pbt-permianbasintrust.com/.

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     Contact:       Ron E. Hooper
Senior Vice President
Bank of America, N.A.
Toll Free – 877 .228.5085