Sabine Royalty Trust Announces Monthly Cash Distribution for July

DALLAS, July 3 /PRNewswire-FirstCall/ -- 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 $0.55702 per unit, payable on July 29, 2008, to unit holders of record on July 15, 2008.

This distribution reflects primarily the oil production for April 2008 and the gas production for March 2008. Preliminary production volumes are approximately 36,189 barrels of oil and 548,361 Mcf of gas. Preliminary prices are approximately $111.75 per barrel of oil and $8.93 per Mcf of gas. The table below compares this month's production and prices to the previous months:

                    Net to Trust Sales
                          Volumes           Average Price
                      Oil        Gas        Oil       Gas
                     (Bbls)     (Mcf)    (per Bbl) (per Mcf)

    Current Month    36,189    548,361    $111.75    $8.93

    Prior Month      35,232    486,734    $104.35    $8.56

Due to the timing of the end of the month of June, approximately $589,000 of revenue received will be posted in the following month of July in addition to normal receipts during July. Revenues are only posted and distributed when they are received. Most energy companies normally issue payment of royalties on or about the 25th 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. Since the close of business in June and prior to this press release, approximately $1,729,000 in revenue has been received. For the latest financial reports on Sabine Royalty Trust, please visit our website at http://www.sbr-sabineroyalty.com/.