Exhibit 99.1

Permian Basin Royalty Trust

News Release

PERMIAN BASIN ROYALTY TRUST
ANNOUNCES APRIL CASH DISTRIBUTION AND
2008 RESERVE QUANTITIES

     DALLAS, Texas, April 18, 2008 — U.S. Trust, 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 $.177679 per unit, payable on May 14, 2008, to unit holders of record on April 30, 2008.

     This month’s distribution decreased from the previous month due primarily to a slight decrease in oil production for both Waddell Ranch and the Texas Royalty Properties, as well as slightly lower gas prices. This would primarily reflect production for the month of February. 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 62,716 bbls and 315,480 mcf. The average price for oil was $90.73 per bbl and for gas was $9.61 per mcf. Capital expenditures were approximately $261,975. 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		62,716		315,480	$	90.73	$	9.61
Prior Month		67,882		307,492	$	88.24	$	9.94

     Permian Basin Royalty Trust, as it does after the end of each year, had a year-end Reserve Report prepared in accordance with the Securities and Exchange Commission’s requirements. This report provides an evaluation of the estimated asset value as of December 31 of each year, which can be used to estimate the remaining life of the Trust.

     The estimated net proved reserves, as of January 1, 2008, attributable to the Trust from the properties appraised are approximately 7.3 million barrels of oil and 26.3 billion cubic feet of gas with a future net value of approximately $484,372,000 with a discounted value of $265,971,000.

     With the estimated quantities of this year’s reserve estimate of 7.3 million barrels of oil and 26.3 billion cubic feet of gas remaining, it could be estimated that the Trust still has a life span of 8 to 9 years. The report is an exhibit to the Trust’s Annual Report on Form 10-K that was filed on March 14, 2008 and is available to all unitholders at this time on the SEC website.

     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
	U.S. Trust, Bank of America Private Wealth Management
	Toll Free — 877 .228.5085