Texas Pacific Land Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 1

Note 1

3 Months Ended

Mar. 31, 2012

(1)

In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of Texas Pacific Land Trust (the “Trust”) as of March 31, 2012 and the results of its operations for the three month periods ended March 31, 2012 and 2011, respectively, and its cash flows for the three month periods ended March 31, 2012 and 2011, respectively. The financial statements and footnotes included herein should be read in conjunction with the Trust’s annual financial statements as of December 31, 2011 and 2010 and for each of the years in the three year period ended December 31, 2011 included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2011.