Texas Pacific Land Trust Responds to Mercury Letter Of Tuesday, May 22


Texas Pacific Land Trust (NYSE:TPL) announced today that it had sent the following letter to Mercury Real Estate Advisors LLC ("Mercury") in response to a letter which Mercury sent to Texas Pacific:

                        TEXAS PACIFIC LAND TRUST
                          1700 Pacific Avenue
                              Suite 1670
                          Dallas, Texas 75201

                       Telephone (214) 969-5530

TRUSTEES:                                            ROY THOMAS
Maurice Meyer III                                   General Agent
John R. Norris III
James K. Norwood                                  DAVID M. PETERSON
                                               Assistant General Agent

Mercury Real Estate Advisors LLC
Three River Road
Greenwich, CT 06807
Attn: David R. Jarvis, Chief Executive Officer
Malcolm F. MacLean IV, President

Dear Messrs. Jarvis and MacLean:

    The Trustees and I have reviewed your letter of May 22, 2007.

    We acknowledge your prior and current call for increasing the
number of shares repurchased by the Trust. It has always been, and
continues to be, the practice of the Trustees to repurchase Texas
Pacific shares on a continual basis. In making these repurchases, the
Trustees balance many factors in addition to the cash on hand of the
Trust, including, among other things, the price and trading volume of
the shares. The Trust also has limits imposed by the securities laws
on the amount and timing of repurchase. For your information, in 2007
to date, the Trust has repurchased approximately 9,300 shares at a
total cost of almost $2,155,000 (averaging approximately $231 per
share). The Trustees continue to seek to repurchase additional shares
when appropriate given the market conditions and legal constraints.

    With respect to your proposal to split the shares on a 10-for-1
basis, as we previously indicated to you, the Trustees periodically
consider many alternatives as part of the routine management of the
Trust. We have previously considered a stock split and continue to
evaluate that action. Whether the Trustees determine to effect a stock
split in the future will depend on many factors.

    The Trustees expect to continue to repurchase shares and declare
dividends in order to return value to the shareholders. Over the last
few years, as well as over the entire life of the Trust, shareholders
have realized excellent returns.

    As always, we welcome your suggestions and appreciate your
continued interest in Texas Pacific.

                                Sincerely yours,

                                Roy Thomas
                                General Agent

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.

Source: Texas Pacific Land Trust