EX-99.1

Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES DECEMBER CASH DISTRIBUTION

DALLAS, Texas, December 20, 2018 – Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $0.053136 per unit, payable on January 15, 2019, to unit holders of record on December 31, 2018.

This month’s distribution increased from the previous month due to a decrease of LOE expenditures relating to workover expense compared to the previous month, which in turn, through the allocation of the Trust’s production from the underlying properties, resulted in an increase in both oil and gas production allocated to the Trust’s interest for the Waddell Ranch properties. This was enhanced with a slight increase in pricing for oil, offset by a decline in the pricing of gas. The Texas Royalty Properties saw a decline in the production of both oil and gas that was offset by a slight increase in the pricing of oil and gas for the month.

WADDELL RANCH

Production for the underlying properties at the Waddell Ranch was 52,218 barrels of oil and 344,478 Mcf of gas. The production for the Trust’s allocated portion of the Waddell Ranch was 18,821 barrels of oil and 125,015 Mcf of gas. The average price for oil was $55.54 per bbl and for gas was $3.12 per Mcf. This would primarily reflect production and pricing for the month of October for oil and the month of September for gas. These allocated volumes were significantly impacted by the pricing of both oil and gas.

This production and pricing for the Underlying Properties resulted in revenues for the Waddell Ranch Properties of $3,974,389. Deducted from these would be the Lease Operating Expense (LOE) of $1,816,256, taxes of $267,776 and Capital Expenditures (CAPEX) of $60,709 totaling $2,144,741 resulting in a Net Profit of $1,829,648 for the month of November. With the Trust’s Net Profit Interest (NPI) of 75% of the underlying properties, this would result in a net contribution by the Waddell Ranch Properties of $1,372,236 to this month’s distribution.

LOGO


	Underlying Properties				Net to Trust Sales
	Volumes				Volumes					Average		Price
	Oil (bbls)		Gas (Mcf)		Oil (bbls)		Gas (Mcf)			Oil (per bbl)		Gas (per Mcf)
Current Month
Waddell Ranch		52,218		344,478		18,821		125,015	*	$	55.54	$	3.12	**
Texas Royalties		21,901		22,102		18,916		19,062	*	$	55.52	$	7.10	**

Prior Month
Waddell Ranch		52,625		298,643		17,053		97,267	*	$	53.32	$	3.51	**
Texas Royalties		22,417		27,897		19,430		24,172	*	$	55.32	$	6.10	**

*	These volumes are the net to the trust, after allocation of expenses to Trust’s net profit interest, including any prior period adjustments.

**	This pricing includes sales of gas liquid products.

TEXAS ROYALTY PROPERTIES

Production for the underlying properties at the Texas Royalties was 21,901 barrels of oil and 22,102 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalties was 18,916 barrels of oil and 19,062 of of gas. The average price for oil was $55.52 per bbl and for gas was $7.10 per Mcf. This would primarily reflect production and pricing for the month of October for oil and the month of September for gas. These allocated volumes were impacted by the pricing of both oil and gas.

This production and pricing for the underlying properties resulted in revenues for the Texas Royalties of $1,372,874. Deducted from these were taxes of $173,707 resulting in a Net Profit of $1,199,168 for the month of November. With the Trust’s Net Profit Interest (NPI) of 95% of the Underlying Properties, this would result in net contribution by the Texas Royalties of $1,139,209 to this month’s distribution.