Exhibit 99.1
TEXAS PACIFIC LAND
TRUST
1700 Pacific Avenue
Suite 1670
Dallas, Texas 75201
__________
TRUSTEES:
Telephone (214) 969-5530
ROY THOMAS
Maurice Meyer III
General Agent
Joe R. Clark
John R. Norris III
DAVID M. PETERSON
Assistant General Agent
TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - - UNAUDITED
| Three Months Ended |
||||||||
|---|---|---|---|---|---|---|---|---|
| March 31, 2004 |
March 31, 2003 | |||||||
Rentals, royalties and other income |
$ |
1,898,645 |
$ |
1,753,512 |
||||
| Land sales | 339,139 | 61,685 | ||||||
| Total income | $ | 2,237,784 | $ | 1,815,197 | ||||
| Provision for income tax | $ | 470,151 | $ | 360,463 | ||||
| Net income | $ | 1,177,773 | $ | 876,420 | ||||
| Net income per sub-share | $.53 | $.38 | ||||||
| Average sub-shares outstanding during period | 2,240,642 | 2,313,087 | ||||||