Texas Pacific Land Trust First Quarter Earnings Release (Unaudited)


Texas Pacific Land Trust (NYSE:TPL):

                       TEXAS PACIFIC LAND TRUST

                                                 Three Months Ended
                                               March 31,   March 31,
                                                  2008         2007
                                              ------------ -----------

Rentals, royalties and other income             $4,588,487  $2,964,236

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

Total income                                    $5,035,527  $2,964,236
                                              ------------ -----------

Provision for income tax                        $1,248,203    $646,549
                                              ------------ -----------

Net income                                      $2,930,757  $1,570,613
                                              ============ ===========

Net income per sub-share                              $.28        $.15

Average sub-shares outstanding during period    10,476,308  10,607,542

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