Permian Basin Royalty Trust Announces April Cash Distribution

        Permian Basin Royalty Trust Announces April Cash Distribution

PR Newswire

DALLAS, April 17, 2014

DALLAS, April 17, 2014 /PRNewswire/ -- Permian Basin Royalty Trust (NYSE: PBT)
("Permian") today declared a cash distribution to the holders of its units of
beneficial interest of $0.086274 per unit, payable on May 14, 2014, to unit
holders of record on April 30, 2014.

This month's distribution decreased from the previous month due to the timing
of February oil production and weather related down-time at the Waddell Ranch
gas plants.

Production for the Trust's allocated portion of the Waddell Ranch and the
Texas Royalty Properties combined for oil and gas respectively was 39,834 bbls
and 95,118 Mcf. The average price for oil was $95.91 per bbl and for gas was
$8.03 per Mcf. This would primarily reflect production for the month of
February for oil and the month of January 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

              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 88,389     300,883    39,834*   95,118*   $95.91    $8.03**
Prior Month   104,164    404,223    52,628*   150,840*  $89.58    $6.71**

*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.

Work was started on eight of the 2014 workover wells with four completed and
producing. Two new vertical wells of the 2014 program were started in the
month of February. Capital expenditures were approximately $1,965,370.73. 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.

Permian Basin Royalty Trust, as it does after the end of each year, had a
year-end Reserve Report prepared in accordance with the Securities and
Exchange Commission's requirements. This report provides an evaluation of the
estimated asset value as of December 31 of each year, which can be used to
estimate the remaining life of the Trust.

The estimated net proved reserves, as of January 1, 2014, attributable to the
Trust from the properties appraised are approximately 6.1 million barrels of
oil and 14.3 billion cubic feet of gas with a future net value of
approximately $615,626,000 with a discounted value of $333,638,000.

With the estimated quantities of this year's reserve estimate of 6.1 million
barrels of oil and 14.3 billion cubic feet of gas remaining, it could be
estimated that the Trust still has a life span of 10 to 13 years. The report
is an exhibit to the Trust's Annual Report on Form 10-K that was filed on
March 3, 2014 and is available to all unitholders at this time on the SEC

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 prior period adjustments along with
the respective reimbursements of the withheld monies have been completed as of
last month, however, these adjustments will continue to be reviewed for
accuracy and validity through the 2014 audit period.

As previously disclosed, U.S. Trust, Bank of America Private Wealth Management
has announced its intention to resign as trustee of the Trust, subject to
certain conditions set forth in the trustee's notice dated January 9, 2014,
including unitholder approval of a successor 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

SOURCE Permian Basin Royalty Trust

Contact: Ron E. Hooper, Senior Vice President, U.S. Trust, Bank of America
Private Wealth Management, Trustee, Toll Free - 1.877.228.5085
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