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

 

 

   September 30, 2007

   September 30, 2006

 

Rentals, royalties and other income

$

3,227,168

 

$

3,895,083

 

Land sales

1,857,664

  907,456

 

Total income

$

5,084,832

$

4,802,539

 

Provision for income tax

$

1,123,409

$

1,320,431

 

Net income

$

2,535,135

$

2,857,702

 

 

Net income per sub-share

     $ .24

    $ .27

 

Average sub-shares outstanding during period

10,530,958

10,700,875

 

 

Nine Months Ended

 

 

September 30, 2007

September 30, 2006

 

Rentals, royalties and other income

$

9,773,065

$

11,690,212

 

Land sales

1,857,664

1,623,573

 

Total income

$

11,630,729

$

13,313,785

 

Provision for income tax

$

2,611,077

$

3,534,719

 

Net income

$

6,078,699

$

7,769,640

 

Net income per sub-share

$ .58

$ .72

 

Average sub-shares outstanding during period

10,559,717

10,732,653

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.