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): November 5, 2008

SABINE ROYALTY TRUST

(Exact name of Registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)	1-8424 (Commission File Number)	76-6297143 (I.R.S. Employer Identification No.)
U.S. Trust, Bank of America Private Wealth Management 901 Main Street, 17th Floor Dallas, Texas (Address of principal executive offices)		75202 (Zip Code)

Registrant’s Telephone Number, including area code: (214) 209-2400

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.):

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

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

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

o 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 November 5, 2008, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on November 17, 2008. A copy of 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.

c. Exhibits

99.1 Press Release dated November 5, 2008.

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.

Sabine Royalty Trust
By:	Bank of America, N.A., Trustee

By:	/s/ RON E. HOOPER
	Ron E. Hooper
	Senior Vice President and Administrator

Date: November 6, 2008

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated November 5, 2008.

EX-99.1

Exhibit 99.1

Sabine Royalty Trust

News Release

SABINE ROYALTY TRUST ANNOUNCES
MONTHLY CASH DISTRIBUTION FOR NOVEMBER

     Dallas, Texas, November 5, 2008 – U.S. Trust, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.65309 per unit, payable on November 28, 2008, to unit holders of record on November 17, 2008.

     This distribution reflects primarily the oil production for August 2008 and the gas production for July 2008, both including postings from the previous month’s production. Preliminary production volumes are approximately 45,363 barrels of oil and 585,452 Mcf of gas. Preliminary average prices are approximately $110.24 per barrel of oil and $9.47 per Mcf of gas. The table below compares this month’s production and prices to the previous month’s:

	Net to Trust Sales
	Volumes				Average Price
	Oil (Bbls)		Gas (Mcf)		Oil (per Bbl)		Gas (per Mcf)
Current Month		45,363		585,452	$	110.24	$	9.47
Prior Month		27,424		510,291	$	121.59	$	11.30

     The substantial increase in postings for this month’s distribution is a direct result of various energy companies recovering from the payment processing disruptions that Hurricanes Gustav and Ike caused. At this time most payors appear to be operating on a current status. Revenues are only posted and distributed when they are received. Most energy companies normally issue payment of royalties on or about the 25^th of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month. The revenues received after that date will be posted within 30 days of receipt.

     Due to the timing of the end of the month of October, approximately $179,000 of revenue received will be posted in the following month of November in addition to normal receipts during November. Since the close of business in October and prior to this press release, approximately $1,427,000 in revenue has been received.

     Approximately $443,000 for 2008 Ad Valorem taxes is being deducted from this month’s distribution as compared to $424,000 for 2007. These payments are normal expenditures at this time of year.

     For the latest financial reports on Sabine Royalty Trust, please visit our website at http://www.sbr-sabineroyalty.com/.

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Contact:	Ron E. Hooper
	Senior Vice President
	U.S. Trust, Bank of America Private Wealth Management
	Toll Free Number: 1.800.365.6541