EXHIBIT 99.1


                           PERMIAN BASIN ROYALTY TRUST



                                                                    NEWS RELEASE



                           PERMIAN BASIN ROYALTY TRUST
                         ANNOUNCES MAY CASH DISTRIBUTION


         DALLAS, TEXAS, MAY 19, 2003 - Bank of America, N.A., as Trustee of the
Permian Basin Royalty Trust (NYSE - PBT), today declared a cash distribution to
the holders of its units of beneficial interest of $0.070610 per unit, payable
on June 13, 2003, to unit holders of record on May 30, 2003.

         This month's distribution increased from the previous month primarily
due to higher prices for gas. Production for Waddell Ranch and the Texas Royalty
Properties combined for oil and gas respectively was 61,941 bbls and 284,385
mcf. The average price for oil was $27.49 per bbl and for gas was $6.33 per mcf
This would primarily reflect production for the month of March. Capital
expenditures were approximately $652,500. These numbers provided reflect what
was net to the Trust.

         For more information on Permian Basin Royalty Trust, please visit our
website at www.pbt-permianbasintrust.com.


                                      * * *


         Contact:   Ron E. Hooper
                    Senior Vice President
                    Bank of America, N.A.
                    Toll Free - 877.228.5085