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Exhibit 99.1
 
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
  
       
   
March 31, 2012
     March 31, 2011  
                 
Rentals, royalties and other income
   $ 6,013,079     $ 5,208,608  
                 
Land sales
     3,567,000       511,500  
                 
Total income
   $ 9,580,079     $ 5,720,108  
                 
Provision for income tax
   $ 2,840,031     $ 1,525,924  
                 
Net income
   $ 5,938,255     $ 3,359,569  
                 
Net income per sub-share
   $ 0.65     $ 0.35  
                 
Average sub-shares outstanding during period
     9,122,337       9,518,001  

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.