EXHIBIT 99.1


PRESS RELEASE


MERCURY DEMANDS DUTCH AUCTION TENDER OFFER FOR UNDERVALUED SHARES



GREENWICH, Conn., Oct. 31 /PRNewswire-FirstCall/ -- Mercury Real Estate Advisors
LLC, an affiliate of Mercury Partners LLC, a real estate  investment  management
company based in Greenwich,  CT, sent the following  letter today to Roy Thomas,
Texas Pacific Land Trust's (NYSE: TPL - NEWS) General Agent.

                        MERCURY REAL ESTATE ADVISORS LLC
                                  3 River Road
                          Greenwich, Connecticut 06807


                                October 31, 2006

    Texas Pacific Land Trust
    Attn: Roy Thomas, General Agent
    1700 Pacific Avenue
    Suite 1670
    Dallas, TX 75201

    Dear Mr. Thomas:

In response  to your  letter  dated  August 18,  2006,  we are well aware of the
various  Securities and Exchange  Commission rules and  restrictions  that Texas
Pacific Land Trust ("TPL" or the "Company")  faces regarding share  repurchases,
as well as the thin trading  volume of the Company's  shares,  which makes open-
market  repurchases  by the  Company  of its own  shares  challenging  at times.
However,  your  management  team can and should do more by implementing a "Dutch
Auction"  tender  offer in which  the  Company  could  buy back a  significantly
greater  number of shares in a much more  efficient  manner as compared to daily
bidding  in the open  market.  If you feel  that you  need  contacts  within  an
investment  bank for assistance in executing a "Dutch  Auction" tender offer, we
would be pleased to make the appropriate introductions.


Texas  Pacific  Land  Trust  must  recognize  that  to  maximize  value  for its
certificate holders,  cash and cash equivalents of over $12.5 million as of June
30,  2006  must not be left  idle on the  balance  sheet and needs to be used to
repurchase shares or,  alternatively,  immediately returned to shareholders.  As
the Trust generates  steady,  recurring income primarily through the sale of its




land  holdings,  oil and gas  royalties,  grazing  leases and  interest on notes
receivable,  there are  virtually no capital  expenditure  requirements,  and as
such, no reason to hold the cash on the balance sheet.


As we have  previously  expressed,  Texas  Pacific  Land Trust's  shares  remain
dramatically  undervalued  relative to their liquidation value.  Management must
seize  this  opportunity  and  aggressively  buy back  shares  through  a "Dutch
Auction"  tender  offer,  or,  alternatively,  return  all  excess  cash  to its
certificate holders. Leaving substantial amounts of cash on the balance sheet is
totally unacceptable.  We demand an immediate meeting with the Board of Trustees
to further discuss the appropriate  strategy for realizing the untapped value of
the Company.

    Very truly yours,


MERCURY REAL ESTATE ADVISORS LLC
David R. Jarvis                          Malcolm F. MacLean IV
Chief Executive Officer                  President