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TEXAS PACIFIC LAND TRUST

1700 Pacific Avenue
Suite 2770
Dallas, Texas 75201
______
 
TRUSTEES:  
ROY THOMAS
MAURICE MEYER III  Telephone (214) 969-5530
General Agent
JOHN R. NORRIS III 
    
JAMES K. NORWOOD 
  
DAVID M. PETERSON
   
Assistant General Agent
 
TEXAS PACIFIC LAND TRUST

REPORT OF OPERATIONS - UNAUDITED
 
   
Three Months Ended
  
   
December 31, 2011
    
December 31, 2010
  
             
Rentals, royalties and other income
   $ 6,514,422     $ 4,662,308  
                 
Land sales
     4,725,140       803,000  
                 
Total income
   $ 11,239,562     $ 5,465,308  
                 
Provision for income tax
   $ 3,449,425     $ 1,292,781  
                 
Net income
   $ 6,560,335     $ 2,832,533  
                 
Net income per sub-share
   $ .71     $ .30  
                 
Average sub-shares outstanding during period
     9,239,974       9,590,444  
 
   
Year Ended
  
   
December 31, 2011
    
December 31, 2010
  
             
Rentals, royalties and other income
   $ 22,445,924     $ 17,353,602  
                 
Land sales
     11,873,112       2,738,070  
                 
Total income
   $ 34,319,036     $ 20,091,672  
                 
Provision for income tax
   $ 10,161,149     $ 5,115,470  
                 
Net income
   $ 20,594,769     $ 11,308,711  
                 
Net income per sub-share
   $ 2.21     $ 1.17  
                 
Average sub-shares outstanding during period
     9,336,998       9,679,921  
 
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.