Permian Basin Royalty Trust is an express trust. The Company's Waddell Ranch properties have proved reserves in approximately six fields, which include Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian) and Waddell. The Company's Waddell Ranch Properties have mineral interests in the Waddell Ranch in approximately 78,715 gross (34,205 net) producing acres. The Company's Waddell Ranch properties are operated by Burlington Resources Oil & Gas Company LP (BROG). Its Texas Royalty properties consist of royalty interests in producing oil fields, such as Yates, Wasson, Sand Hills, East Texas, Kelly-Snyder, Panhandle Regular, N. Cowden, Todd, Keystone, Kermit, McElroy, Howard-Glasscock, Seminole and others located in approximately 30 counties across Texas. Its Texas Royalty properties consist of approximately 125 separate royalty interests containing approximately 303,000 gross (approximately 51,000 net) producing acres.