Sabine Royalty Trust (the Trust) is an express trust. The Royalty Properties are the assets of the Trust. The Royalty Properties constitutes interests in gross production of oil, gas and other minerals free of the costs of production. 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 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. These properties are represented by approximately 5,400 tracts of land. Approximately 2,950 of the tracts are in Oklahoma, over 1,750 in Texas, over 330 in Louisiana, over 200 in New Mexico, over 150 in Mississippi and over 10 in Florida. The trustee of the Trust is Southwest Bank.