8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 17, 2004

PERMIAN BASIN ROYALTY TRUST

(Exact name of Registrant as specified in its charter)

Texas	1-8033	75-6280532
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
Trust Division Royalty Trust Group Bank of America, N.A. 901 Main Street, 17th Floor Dallas, Texas		75202 (Zip Code)
(Address of principal executive offices)

Registrant’s Telephone Number, including area code: (214) 209-2400

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits.
	Item 12. Results of Operations And Financial Condition.
SIGNATURES
EXHIBIT INDEX
Press Release

Item 7. Financial Statements and Exhibits.

c. Exhibits

99.1 Press Release dated February 17, 2004.

Item 12. Results of Operations And Financial Condition.

     On February 17, 2004, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on February 27, 2004. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

     This Report on Form 8-K is being furnished pursuant to Item 12, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PERMIAN BASIN ROYALTY TRUST
	By:	BANK OF AMERICA, N.A., TRUSTEE FOR PERMIAN BASIN ROYALTY TRUST
	By:	/s/ Ron E. Hooper
		Ron E. Hooper Senior Vice President, Royalty Management
Date: February 18, 2004

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated February 17, 2004.

EX-99.1

Exhibit 99.1

Permian Basin Royalty Trust

News Release

PERMIAN BASIN ROYALTY TRUST
ANNOUNCES FEBRUARY CASH DISTRIBUTION

     DALLAS, Texas, February 17, 2004 — 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 $0.063863 per unit, payable on March 12, 2004, to unit holders of record on February 27, 2004.

     This month’s distribution decreased from the previous month primarily due to slightly lower oil production in the Texas Royalty Properties and gas production in the Waddell Ranch properties. Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 59,940 bbls and 301,028 mcf. The average price for oil was $30.21 per bbl and for gas was $4.71 per mcf. This would primarily reflect production for the month of December. Capital expenditures were approximately $113,669. These numbers provided reflect what was net to the Trust.

     Tax information for 2003 will be sent out before March 1, 2004. The generic 2003 Tax Information Booklet will be posted on our website by February 20, 2004. 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