exv99w1

Ron E. Hooper

Senior Vice President

Bank of America, N.A.

Toll Free — 877 .228.5085

Exhibit 99.1

Permian Basin Royalty Trust

News Release

PERMIAN BASIN ROYALTY TRUST
ANNOUNCES FEBRUARY CASH DISTRIBUTION

DALLAS, Texas, February 16, 2007 — 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 $.090695 per unit, payable on March 14, 2007, to unit holders of record on February 28, 2007.

This month’s distribution decreased from the previous month due primarily to decreased oil and gas production in the both the Waddell Ranch and Texas Royalty Properties, and slightly higher capital costs. This would primarily reflect production for the month of December. 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 52,291 bbls and 251,687 mcf. The average price for oil was $54.53 per bbl and for gas was $6.85 per mcf. Capital expenditures were approximately $876,266. 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		52,291		251,687	$	54.53	$	6.85
Prior Month		60,893		276,243	$	52.16	$	6.75

The 2006 tax information packets are expected to begin mailing directly to unitholders in early, and through, mid-March. A copy of the 2006 Tax Information booklet will be available on the Trust website by March 1^st.