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): March 20, 2015

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 March 20, 2015, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on March 31, 2015. 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 March 20, 2015.

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: March 23, 2015

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated March 20, 2015.

EX-99.1

Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES MARCH CASH DISTRIBUTION

DALLAS, Texas, March 20, 2015 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $0.021577 per unit, payable on April 14, 2015, to unit holders of record on March 31, 2015.

This month’s distribution decreased from the previous month due to continued declining pricing for both oil and gas, interruption of production due to extreme weather and continuation of payment of capital expenditures for the 2014 program on the Waddell Ranch.

Production for the Trust’s allocated portion of the Waddell Ranch was a negative (35,530) barrels of oil and a negative (200,878) Mcf of gas. These allocated volumes were significantly impacted by the capital expenditures and the reduced pricing of both oil and gas. Also, extreme weather curtailed the production of oil. The average price for oil was $43.65 per bbl and for gas was $2.61 per Mcf. For the Trust’s Texas Royalty Properties allocation, oil production was 25,975 barrels of oil and gas production was 33,549 Mcf. The average price for oil was $47.42 per bbl and for gas was $5.36 per Mcf.

This would primarily reflect production for the month of January for oil and the month of December 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(bbls)		Gas(Mcf)		Oil(bbls)			Gas(Mcf)			Oil(per bbl)		Gas(perMcf)
Current Month
Waddell Ranch		68,940		374,293		(35,530	)		(200,878	)	$	43.65	$	2.61	**
Texas Royalty Prop		27,342		35,315		25,975			33,549		$	47.42	$	5.36	**
Prior Month
Waddell Ranch		83,605		321,310		(19,797	)		(81,426	)	$	56.89	$	4.72	**
Texas Royalty Prop		28,446		34,543		27,023			32,816		$	60.35	$	6.39	**

* 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 January 2015, two of the 2014 workover wells were completed and producing. There were three new wells of the 2014 program completed and place on production in the month of January. This completes the 2014 new drill program. Capital expenditures were approximately $1,800,658. 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.

ConocoPhillips has advised the Trustee of the 2015 capital expenditure budget which will total $48 million for the entire Waddell Ranch Project and $22.5 million net to the Trust. There will be 10 vertical wells, 2 horizontal wells, 10 recompletions, and various facilities projects. The workover/recompletions have started and will last through the year with the vertical/horizontal drilling beginning in June and the facilities work will occur throughout the year. The results of the 2013 and 2014 budget are discussed more fully in the Form 10-K filing.

The 2014 tax information packets were mailed directly to unitholders during the week of March 9, 2015. A copy of Permian’s 2014 tax information booklet is posted on Permian’s website. In addition to the tax booklet the Permian website also offers two simple calculators for computing the income and expense amounts and the cost depletion.

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