exh99-1_264868.htm

TRUSTEES:

Maurice Meyer III

John R. Norris III

James K. Norwood

Telephone (214) 969-5530

ROY THOMAS

General Agent

DAVID M. PETERSON

Assistant General Agent

	Three Months Ended
	March 31, 2009	March 31, 2008
Rentals, royalties and other income ………………………………	$ 1,866,077	$ 4,588,487

Land sales ……………………………………………………………	--	447,040

Total income …………………………………………………………	$ 1,866,077	$ 5,035,527

Provision for income tax ……………………………………………	$ 451,378	$ 1,248,203

Net income …………………………………………………………	$ 762,152	$ 2,930,757

Net income per sub-share …………………………………………	$.07	$.28

Average sub-shares outstanding during period …………………	10,177,844	10,476,308

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.

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