EXHIBIT 99.1

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


TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - UNAUDITED

                                                                                                  

Three Months Ended   

  
                                                                               

 June 30, 2007

  

June 30, 2006
   Rentals, royalties and other income     $ 3,581,661   $ 4,296,361  
   Land sales       --     716,117  
   Total income     $ 3,581,661   $ 5,012,478  
   Provision for income tax     $ 841,119   $ 1,351,903  
   Net income     $ 1,972,951   $ 2,959,319  
* Net income per sub-share     $    .19   $    .28  
* Average sub-shares outstanding during period       10,576,042     10,752,625  
                                                                                             
                                                                                

Six Months Ended   

June  30, 2006

June  30, 2006
   Rentals, royalties and other income     $ 6,545,897   $ 7,795,129  
   Land sales       --     716,117  
   Total income     $ 6,545,897   $ 8,511,246  
   Provision for income tax     $ 1,487,668   $ 2,214,288  
   Net income     $ 3,543,564   $ 4,911,938  
* Net income per sub-share     $    .33    $    .46  
* Average sub-shares outstanding during period       10,587,113     10,762,113  
     

 

*     Sub-share and per sub-share amounts reflected in this earnings release have been retroactively restated for a five-for-one sub-share split as of July 2, 2007 paid on July 12, 2007.

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.