8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2014

PERMIAN BASIN ROYALTY TRUST

(Exact name of Registrant as specified in its charter)

Texas	1-8033	75-6280532
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
Royalty Trust Management Southwest Bank 2911 Turtle Creek Boulevard Suite 850 Dallas, Texas		75219
(Address of principal executive offices)		(Zip Code)

Registrant’s Telephone Number, including area code: (855) 588-7839

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On October 21, 2014, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on October 31, 2014. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1     Press Release dated October 21, 2014.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PERMIAN BASIN ROYALTY TRUST
By:	SOUTHWEST BANK, TRUSTEE FOR PERMIAN BASIN ROYALTY TRUST
By:	/s/ RON HOOPER
	Ron Hooper
	Senior Vice President

Date: October 21, 2014

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated October 21, 2014.

EX-99.1

Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES OCTOBER CASH DISTRIBUTION

DALLAS, Texas, October 21, 2014 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $$0.056006 per unit, payable on November 17, 2014, to unit holders of record on October 31, 2014.

This month’s distribution decreased from the previous month due to increased capital expenditures relating to the drilling in August of three vertical wells and three recompletions of the 2014 program for the Waddell Ranch. Slightly higher production for both oil and gas offset these increased expenditures. Pricing for both oil and gas dropped significantly in August also.

Production for the Trust’s allocated portion of the Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 25,159 bbls and 15,331 Mcf. These allocated volumes were significantly impacted by the substantial increase in the capital expenditures and the reduced pricing of both oil and gas. The average price for oil was $85.07 per bbl and for gas was $5.93 per Mcf. This would primarily reflect production for the month of August for oil and the month of July for gas. 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.

Underlying Properties

Net to Trust Sales

Volumes

Volumes

Average

Price

Oil

Gas

Oil

Gas

Oil

Gas

(per bbl)

(per Mcf)

(per bbl)

(per Mcf)

(per bbl)

(per Mcf)

Current Month

99,467

358,371

25,159

*

15,331

*

$

85.07

$

5.93

**

Prior Month

98,717

326,643

44,630

*

101,115

*

$

95.35

$

6.10

**

* These volumes are the net to the trust, after allocation of expenses to Trust’s net profit interest.

** This pricing includes sales of gas liquid products.

During August 2014, three of the 2014 workover wells were completed and producing. There were three new wells of the 2014 program completed in the month of August with three more being drilled. Capital expenditures were approximately $4,145,602. The numbers provided reflect what was net to the Trust. Due to the allocation method of paying for capital expenditures and lease operating expenses, the Trust’s net volumes are adjusted in order to pay these expenditures.

The Trustee continues to evaluate the claim of $4,542,547 overpayment that was recouped by ConocoPhillips back in September and October 2011. The accounting adjustments and subsequent reimbursements of this claim have been processed through the monthly distributions. These adjustments will continue to be reviewed for accuracy and validity through the 2014 audit period.

Effective August 29, 2014, Southwest Bank became the new Trustee.

Permian’s cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.pbt-permian.com/. The new toll free number customer service number for the trust is 1-855-588-7839.

.            .             .

Contact: Ron Hooper

Senior Vice President

Southwest Bank, Trustee

Toll Free – 1.855.588.7839