EXHIBIT 99.1

TEXAS PACIFIC LAND TRUST

 1700 Pacific Avenue
Suite 1670
Dallas, Texas 75201
__________

TRUSTEES:
Maurice Meyer III
John R. Norris III
James K. Norwood 		              Telephone (214) 969-5530 ROY THOMAS
General Agent

DAVID M. PETERSON
Assistant General Agent




TEXAS PACIFIC LAND TRUST
REPORT OF OPERAIONS - UNAUDITED

Three Months Ended
      September 30, 2006
       September 30, 2005
Rentals, royalties and other income     $ 3,895,083   $ 2,831,193  
Land sales    907,456    1,691,883  
Total income   $ 4,802,539   $ 4,523,076  
Provision for income tax   $ 1,320,431   $ 1,165,224  
Net income   $ 2,857,702   $ 2,600,803  
Net income per sub-share          $1.34          $1.20  
Average sub-shares outstanding during period        2,140,175        2,174,925  


Nine Months Ended
      September 30, 2006
       September 30, 2005
Rentals, royalties and other income     $ 11,690,212   $ 8,180,809  
Land sales    1,623,573    2,986,748  
Total income   $ 13,313,785   $ 11,167,557  
Provision for income tax   $ 3,534,719   $ 2,784,106  
Net income   $ 7,769,640   $ 6,331,579  
Net income per sub-share     $3.62   $ $2.90  
Average sub-shares outstanding during period    2,146,531    2,179,617  

This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Trust’s future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management’s intent, beliefs or current expectations with respect to the Trust’s future financial performance and other matters. We assume no responsibility to update any such forward-looking statements.