Exhibit 99.1

Permian Basin Royalty Trust

News Release

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES OCTOBER CASH DISTRIBUTION

     DALLAS, Texas, October 19, 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 $.147137 per unit, payable on November 15, 2007, to unit holders of record on October 31, 2007.

     This month’s distribution increased slightly from the previous month due primarily to increased oil and gas production in both the Waddell Ranch and Texas Royalty properties. 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 68,659 bbls and 342,431 mcf. The average price for oil was $67.48 per bbl and for gas was $7.36 per mcf. The numbers provided reflect what was net to the Trust.

	Net to Trust Sales Volumes				Average Price
	Oil		Gas		Oil		Gas
	(Bbls)		(Mcf)		(per Bbl)		(per Mcf)
Current Month		68,659		342,431	$	67.48	$	7.36
Prior Month		65,168		322,340	$	68.89	$	7.78

     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