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
	September 30, 2005		September 30, 2004

Rentals, royalties and other income	$	2,831,193	$	2,273,748

Land sales		1,691,883		19,356,335


Total income	$	4,523,076	$	21,630,083


Provision for income tax	$	1,165,224	$	6,788,934


Net income	$	2,600,803	$	13,446,147


Net income per sub-share		$1.20		$6.10

Average sub-shares outstanding during period		2,174,925		2,205,758

	Nine Months Ended
	September 30, 2005		September 30, 2004

Rentals, royalties and other income	$	8,180,809	$	6,296,488

Land sales		2,986,748		20,171,626


Total income	$	11,167,557	$	26,468,114


Provision for income tax	$	2,784,106	$	7,871,170


Net income	$	6,331,579	$	16,081,656


Net income per sub-share		$2.90		$7.26

Average sub-shares outstanding during period		2,179,617		2,216,268

Third Quarter 2004 earnings include $5.57 per sub-share attributable to the reported $19,356,335 in land sales. Excluding land sales, third Quarter 2004 earnings would have been $.53 per sub-share. Third Quarter 2005 earnings include $.52 per sub-share attributable to the reported $1,691,883 in land sales. Excluding land sales third Quarter 2005 earnings would have been $.68 per sub-share. Excluding the effect of land sales from both periods, third Quarter 2005 earnings would have increased 28.3% over third Quarter 2004. This increase is due primarily to increased oil and gas royalty income and interest income.