Texas Pacific Land Trust Third Quarter Earnings Release (Unaudited)

DALLAS--(BUSINESS WIRE)--

Texas Pacific Land Trust (NYSE:TPL):

                       TEXAS PACIFIC LAND TRUST

                   REPORT OF OPERATIONS - UNAUDITED
----------------------------------------------------------------------

                                               Three Months Ended
                                           ---------------------------

                                           September 30, September 30,
                                                2007          2006
                                           ------------- -------------

Rentals, royalties and other income        $   3,227,168 $   3,895,083

Land sales                                     1,857,664       907,456
                                           ------------- -------------

Total income                               $   5,084,832 $   4,802,539
                                           ------------- -------------

Provision for income tax                   $   1,123,409 $   1,320,431
                                           ------------- -------------

Net income                                 $   2,535,135 $   2,857,702
                                           ============= =============

Net income per sub-share                   $         .24 $         .27

Average sub-shares outstanding during
 period                                       10,530,958    10,700,875

                                                Nine Months Ended
                                           ---------------------------

                                           September 30, September 30,
                                                2007          2006
                                           ------------- -------------

Rentals, royalties and other income        $   9,773,065 $  11,690,212

Land sales                                     1,857,664     1,623,573
                                           ------------- -------------

Total income                               $  11,630,729 $  13,313,785
                                           ------------- -------------

Provision for income tax                   $   2,611,077 $   3,534,719
                                           ------------- -------------

Net income                                 $   6,078,699 $   7,769,640
                                           ============= =============

Net income per sub-share                   $         .58 $         .72

Average sub-shares outstanding during
 period                                       10,559,717    10,732,653

This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Trust's future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management's intent, beliefs or current expectations with respect to the Trust's future financial performance and other matters. We assume no responsibility to update any such forward-looking statements.

Source: Texas Pacific Land Trust

Released October 30, 2007