Permian Basin Royalty Trust is an express trust. Simmons Bank is the trustee for the company The net overriding royalties conveyed to the company includes: a net overriding royalty in Southland Royalty Company's fee mineral interest in the Waddell Ranch in Crane County, TX, including the Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian) and Waddell fields; and a net overriding royalty carved out of Southland Royalty the company's producing royalty properties in Texas, including the Yates, Wasson, Sand Hills, East Texas, Kelly-Snyder, Panhandle Regular, N. Cowden, Todd, Keystone, Kermit, McElroy, Howard-Glasscock and Seminole fields.
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