EXHIBIT 99.2


PRESS RELEASE

TEXAS PACIFIC LAND TRUST RESPONDS TO MERCURY LETTER
Of Tuesday, October 31

DALLAS,  TX,  November 2, 2006 - Texas Pacific Land Trust  (NYSE:TPL)  announced
today that it had sent the following  letter to Mercury Real Estate Advisors LLC
("Mercury") in response to a letter which Mercury sent to Texas Pacific:



                            TEXAS PACIFIC LAND TRUST

                               1700 Pacific Avenue
                                   Suite 1670
                               Dallas, Texas 75201
                                     ------

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




                                         November 2, 2006

Mercury Real Estate Advisors LLC
100 Field Point Road
Greenwich, CT 06830
Attn:  David R. Jarvis, Chief Executive Officer
Malcolm F. MacLean, IV, President

Dear Messrs. Jarvis and MacLean:

     The Trustees  and I have read your Press  Release and letter of October 31,
2006.

     We recognize  your concern  regarding  maximizing  value for, and returning
excess cash to, the shareholders via stock buybacks and other means. Thus far in
2006, Texas Pacific has repurchased approximately $4.6 million of stock and paid
$1.4 million of dividends to the shareholders.

     The Trustees have raised the regular dividend for the last three years in a
row and,  as  recently as 2004,  paid a special  dividend  of $1.75 a share.  In
accordance with their usual  practices,  the Trustees will be reviewing  further
steps to return excess cash to the shareholders.



     Since Texas Pacific is actively, and continuously,  repurchasing its shares
in the open market,  the Trustees do not consider a "Dutch Auction" at this time
to be a feasible or  cost-effective  alternative  with respect to the relatively
small amount of stock that could be  repurchased  with funds  available for that
purpose.

     Please  be  assured  that  the  Trustees  are  committed  to  the  goal  of
repurchasing  stock in  accordance  with the terms of the  governing  Trust.  We
appreciate your continued interest in Texas Pacific.

     If you would like to discuss this further, please feel free to contact me.

                                         Sincerely yours,



                                         Roy Thomas
                                         General Agent



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.





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