Permian Basin Royalty Trust Announces October Cash Distribution

DALLAS, Oct. 21 /PRNewswire-FirstCall/ -- U.S. Trust, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) , today declared a cash distribution to the holders of its units of beneficial interest of $.230874 per unit, payable on November 17, 2008, to unit holders of record on October 31, 2008.

This month's distribution decreased due to decreasing prices for both oil and gas. This would primarily reflect production for the month of August.

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.

    Production for Waddell Ranch and the Texas Royalty Properties combined for
oil and gas respectively was 65,490 bbls and 338,845 mcf.  The average price
for oil was $113.53 per bbl and for gas was $11.17 per mcf.  Capital
expenditures were approximately $768,135.  The numbers provided reflect what
was net to the Trust.


                                Net to Trust Sales
                                      Volumes              Average Price
                                   Oil       Gas         Oil           Gas
                                 (bbls)     (mcf)     (per bbl)     (per mcf)

    Current Month                65,490    338,845     $113.53       $11.17

    Prior Month                  56,763    325,305     $132.43       $13.96

For additional information, including the latest financial reports on Permian Basin Royalty Trust, please visit our website at http://www.pbt-permianbasintrust.com/.