Permian Basin Royalty Trust Exhibit 99.1

News Release               

PERMIAN BASIN ROYALTY TRUST
ANNOUNCES OCTOBER CASH DISTRIBUTION

     DALLAS, Texas, October 21, 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 $.230874 per unit, payable on November 17, 2008, to unit holders of record on October 31, 2008.

     This month’s distribution decreased due to decreasing prices for both oil and gas. 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 65,490 bbls and 338,845 mcf. The average price for oil was $113.53 per bbl and for gas was $11.17 per mcf. Capital expenditures were approximately $768,135. The numbers provided reflect what was net to the Trust.

	Net to Trust Sales
	Volumes				Average Price
	Oil (bbls)		Gas (mcf)		Oil		Gas
					(per bbl)		(per mcf)
Current Month		65,490		338,845	$	113.53	$	11.17
Prior Month		56,763		325,305	$	132.43	$	13.96

     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, Trustee
Toll Free – 877.228.5085