Permian Basin Royalty Trust is an express trust that holds overriding royalty interests in a variety of oil and gas properties in the United States. The trust has a 75% net overriding royalty interest in the Waddell Ranch properties located in Crane County, Texas, and a 95% net overriding royalty in the Texas Royalty properties consisting of various producing oil fields located in 33 counties throughout Texas. Established in 1980 in Dallas, Texas, the company owns approximately 125 separate royalty interests containing around 51,000 net producing acres.