Sabine Royalty Trust (the Trust) is an express trust. The Royalty Properties are the assets of the Trust. The Royalty Properties constitute interests in gross production of oil, gas and other minerals free of the costs of production. Southwest Bank acts as trustee of the Trust. The Royalty Properties consist of royalty and mineral interests, including landowner's royalties, overriding royalty interests, minerals (other than executive rights, bonuses and delay rentals), production payments and any other similar, non-participatory interest, in certain producing and proved undeveloped oil and gas properties located in Florida, Louisiana, Mississippi, New Mexico, Oklahoma and Texas. As of December 31, 2016, these properties were represented by approximately 5,400 tracts of land. As of December 31, 2016, approximately 2,950 of the tracts were in Oklahoma, 1,750 in Texas, 330 in Louisiana, 200 in New Mexico, 150 in Mississippi and 12 in Florida.