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<SEC-DOCUMENT>0000950129-06-006461.txt : 20060620
<SEC-HEADER>0000950129-06-006461.hdr.sgml : 20060620
<ACCEPTANCE-DATETIME>20060620145603
ACCESSION NUMBER:		0000950129-06-006461
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20060620
DATE AS OF CHANGE:		20060620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONOCOPHILLIPS
		CENTRAL INDEX KEY:			0001163165
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				010562944
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-135160-01
		FILM NUMBER:		06915174

	BUSINESS ADDRESS:	
		STREET 1:		CONOCOPHILLIPS
		STREET 2:		600 NORTH DAIRY ASHFORD ROAD
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77079
		BUSINESS PHONE:		2812931000

	MAIL ADDRESS:	
		STREET 1:		CONOCOPHILLIPS
		STREET 2:		600 NORTH DAIRY ASHFORD ROAD
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77079

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORVETTEPORSCHE CORP
		DATE OF NAME CHANGE:	20011204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PERMIAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319654
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				756280532
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-135160
		FILM NUMBER:		06915175

	BUSINESS ADDRESS:	
		STREET 1:		BANK OF AMERICA N A TRUST DEPARTMENT
		STREET 2:		P O BOX 1317 NK OF TEXAS NA TRUST DEPT
		CITY:			FT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		8173906905

	MAIL ADDRESS:	
		STREET 1:		1300 SUMMIT AVENUE SUITE 300
		CITY:			FORTH WORTH
		STATE:			TX
		ZIP:			76102
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>h36287sv3.htm
<DESCRIPTION>PERMIAN BASIN ROYALTY TRUST
<TEXT>
<HTML>
<HEAD>
<TITLE>sv3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>As filed with the Securities and Exchange Commission on
June&nbsp;20, 2006</B>
</DIV>

<DIV align="right" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Registration
No.&nbsp;<FONT style="white-space: nowrap">333-</FONT></B>
</DIV>

<DIV align="center" style="font-size: 6.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Washington,&nbsp;D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Form <FONT style="white-space: nowrap">S-3</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>UNDER</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
     <FONT SIZE=5><B>Permian Basin Royalty Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
     <FONT SIZE=5><B>ConocoPhillips</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>(Exact name of co-registrant as specified in its charter)</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(Exact name of co-registrant as specified in its charter)</I></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>TEXAS</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>DELAWARE</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>(State or other jurisdiction of incorporation or
    organization)</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(State or other jurisdiction of incorporation or
    organization)</I></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>75-6280532</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>01-0562944</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>(I.R.S. Employer Identification Number)</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(I.R.S. Employer Identification Number)</I></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <BR>
    <B>Ron E. Hooper<BR>
    Bank of America, N.A.<BR>
    Trust&nbsp;Department<BR>
    P.O. Box 830650<BR>
    Dallas, Texas 75202<BR>
    (214)&nbsp;209-2400</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>Stephen F. Gates<BR>
    Senior Vice President, Legal,<BR>
    and General Counsel<BR>
    ConocoPhillips<BR>
    600 North Dairy Ashford<BR>
    Houston, Texas 77079<BR>
    (281) 293-1000</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>(Address, including zip code, and telephone number,<BR>
    including area code, of registrant&#146;s principal executive
    offices)</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(Name, address, including zip code, and telephone number,<BR>
    including area code, of agent for service)</I></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>With copies to:</I></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Amy R. Curtis<BR>
     Thompson&nbsp;&#38; Knight LLP<BR>
     1700 Pacific, Suite&nbsp;3300<BR>
     Dallas, Texas 75201<BR>
     (214) 969-1700</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>G. Michael O&#146;Leary<BR>
     Andrews Kurth LLP<BR>
     600 Travis, Suite&nbsp;4200<BR>
     Houston, Texas 77002<BR>
     (713)&nbsp;220-4200</B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
<B>Approximate date of commencement of proposed sale to the
public:</B> From time to time after this registration statement
becomes effective.
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
If the only securities being registered on this Form are to be
offered pursuant to dividend or interest reinvestment plans,
please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to
Rule&nbsp;415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest
reinvestment plans, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
If this Form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act,
please check the following box and list the Securities Act
registration statement number of the earlier effective
registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
If this Form is a post-effective amendment filed pursuant to
Rule&nbsp;462(c) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
If this Form is a registration statement pursuant to General
Instruction&nbsp;I.D. or a post-effective amendment thereto that
shall become effective upon filing with the Commission pursuant
to Rule&nbsp;462(e) under the Securities Act, check the
following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction&nbsp;I.D. filed
to register additional securities or additional classes of
securities pursuant to Rule&nbsp;413(b) under the Securities
Act, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="38%">&nbsp;</TD><!-- Left VRule -->
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD><!-- Right VRule -->
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;border-left:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD style="border-left:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Proposed Maximum</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Proposed Maximum</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap style="border-left:1.5pt solid #000000;"><B>Title of Each Class of Securities to be</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Amount to be</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Offering Price</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Aggregate Offering</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Amount of</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap style="border-left:1.5pt solid #000000;"><B>Registered and Sold by the Selling Unit Holder</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Registered</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>per Unit(1)</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Price(1)</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Registration Fee(2)</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;border-left:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top" style="border-left:1.5pt solid #000000;">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;Units of Beneficial Interest</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,620,741</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.69</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>141,328,686</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,123</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Estimated solely for purposes of calculating the registration
    fee pursuant to Rule&nbsp;457(c) under the Securities Act, based
    on the average of the high and low reported sales price per unit
    on the New York Stock Exchange on June&nbsp;13, 2006.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 8.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    An aggregate registration fee of $43,495.06 has been previously
    paid in connection with the registration of
    27,577,741&nbsp;Units of Beneficial Interest pursuant to the
    Registration Statement on
    Form&nbsp;<FONT style="white-space: nowrap">S-3</FONT>
    (Registration
    Nos.&nbsp;<FONT style="white-space: nowrap">333-124056</FONT>
    and <FONT style="white-space: nowrap">333-124056-01)</FONT>
    filed April&nbsp;14, 2005, $15,173.64 of which registration fee,
    attributable to the 9,620,741&nbsp;Units of Beneficial Interest
    remaining unsold under that registration statement, is hereby
    transferred pursuant to Rule&nbsp;457(p). After the transfer of
    fees contemplated hereby, no securities remain registered under
    such prior registration statement.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
<B>The Registrants hereby amend this Registration Statement on
such date or dates as may be necessary to delay its effective
date until the Registrants shall file a further amendment which
specifically states that this Registration Statement shall
thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act of 1933 or until the Registration
Statement shall become effective on such date as the Commission,
acting pursuant to said Section&nbsp;8(a), may determine.</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" cellpadding="5" style="border: 3pt double #000000; margin-bottom: 6pt; font-size: 10pt"><TR><TD>
<FONT style="font-size: 8.0pt" color="#E8112D" face="helvetica,arial">The
information in this prospectus is not complete and may be
changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.</FONT><FONT style="font-size: 8.0pt" face="helvetica,arial">
<BR>


</FONT>
</TD></TR></TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT color="#E8112D" face="helvetica,arial">SUBJECT TO
COMPLETION DATED JUNE&nbsp;20, 2006</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">PROSPECTUS</FONT></B>
</DIV>

<DIV align="center" style="font-size: 14.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT face="helvetica,arial">9,620,741
Trust&nbsp;Units</FONT></B>
</DIV>

<DIV align="center" style="font-size: 24.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT face="helvetica,arial">Permian Basin Royalty
Trust</FONT></B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ConocoPhillips may offer and sell in one or more offerings up to
9,620,741 trust units representing undivided shares of
beneficial interest in Permian Basin Royalty Trust. The trust
units do not represent any interest in ConocoPhillips. The trust
will not receive any of the proceeds of any offering. You should
read this prospectus and any supplement carefully before you
invest.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust units are traded on the New York Stock Exchange under
the symbol &#147;PBT.&#148; On June&nbsp;19, 2006, the last
reported sales price for the trust units as reported on the New
York Stock Exchange was $15.02&nbsp;per unit.
</DIV>

<DIV align="left" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>INVESTING IN THE TRUST UNITS INVOLVES RISKS. PLEASE READ
&#147;RISK FACTORS&#148; BEGINNING ON PAGE 5 OF THIS
PROSPECTUS.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal
offense.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>You should rely only on the information included or
incorporated by reference in this prospectus or any prospectus
supplement. Neither the trust nor ConocoPhillips has authorized
anyone else to provide you with different information. Neither
the trust nor ConocoPhillips is making an offer of these
securities in any state where the offer is not permitted. You
should not assume that the information incorporated by reference
or provided in this prospectus or any prospectus supplement is
accurate as of any date other than the date on the front of each
of those documents.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust units may be sold directly, through agents from time
to time or through underwriters or dealers. If any agent of the
issuers or any underwriter is involved in the sale of the
securities, the name of the agent or underwriter and any
applicable commission or discount will be set forth in the
accompanying prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus may be used to offer and sell securities only if
accompanied by a prospectus supplement.
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The date of this Prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006.
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>TABLE OF CONTENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="82%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#101'>ABOUT THIS PROSPECTUS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#102'>WHERE YOU CAN FIND MORE INFORMATION</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>FORWARD-LOOKING STATEMENTS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>THE TRUST</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>SUMMARY RESERVE INFORMATION</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#106'>RISK FACTORS OF THE TRUST</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#107'>USE OF PROCEEDS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#108'>RECENT SALES PRICES AND DISTRIBUTIONS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#109'>DESCRIPTION OF TRUST UNITS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>DESCRIPTION OF THE TRUST INDENTURE</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#111'>MATERIAL FEDERAL INCOME TAX CONSEQUENCES</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#112'>STATE TAX CONSIDERATIONS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#113'>ERISA CONSIDERATIONS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#114'>SELLING UNIT HOLDER</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#115'>PLAN OF DISTRIBUTION</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#116'>LEGAL MATTERS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#117'>EXPERTS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h36287exv5w1.htm">Opinion of Andrews Kurth LLP as to legality</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h36287exv8w1.htm">Opinion of Andrews Kurth LLP regarding tax matters</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h36287exv15w1.htm">Awareness Letter of Deloitte & Touche LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h36287exv23w1.htm">Consent of Deloitte & Touche LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h36287exv23w2.htm">Consent of Ernst & Young LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h36287exv23w3.htm">Consent of PricewaterhouseCoopers LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h36287exv23w5.htm">Consent of Cawley, Gillespie & Associates, Inc.</A></FONT></TD></TR>
</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">i

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='101'></A>
</DIV>

<!-- link1 "ABOUT THIS PROSPECTUS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>ABOUT THIS PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus is part of a registration statement that the
trust and ConocoPhillips have filed with the Securities and
Exchange Commission utilizing a &#147;shelf&#148; registration
process. Under this shelf registration process, ConocoPhillips
may sell up to a total of 9,620,741&nbsp;units of beneficial
interest in the trust in one or more offerings. This prospectus
provides you with a general description of the trust and the
trust units ConocoPhillips may offer under this prospectus. The
information in this prospectus is accurate as of its date. You
should carefully read this prospectus, the prospectus supplement
and any additional information described under the heading
&#147;Where You Can Find More Information.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this prospectus, references to the &#147;trust&#148; mean
Permian Basin Royalty Trust, references to &#147;Burlington
Resources&#148; mean Burlington Resources Inc., a wholly owned
subsidiary of ConocoPhillips, references to &#147;Southland
Royalty&#148; mean Southland Royalty Company and references to
&#147;BROG&#148; mean Burlington Resources Oil&nbsp;&#38; Gas
Company LP, an indirect, wholly owned subsidiary of
ConocoPhillips. References to the &#147;trustee&#148; mean Bank
of America, N.A., as trustee for the trust, or any successor
trustee.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='102'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust and ConocoPhillips file annual, quarterly and other
reports and other information, and ConocoPhillips files proxy
statements, with the SEC. The trust&#146;s and
ConocoPhillips&#146; current SEC filings are available to the
public over the Internet or at the SEC&#146;s web site at
http://www.sec.gov. You may also read and copy any of these
documents at the SEC&#146;s public reference room at Station
Place, located at 100&nbsp;F&nbsp;Street NE,
Washington,&nbsp;D.C. 20549. Please call the SEC at
<FONT style="white-space: nowrap">1-800-SEC-0330</FONT> for
further information on the operation of the public reference
rooms.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The SEC allows the trust and ConocoPhillips to &#147;incorporate
by reference&#148; the information the trust and ConocoPhillips
file with them, which means that the trust and ConocoPhillips
can disclose important information to you by referring you to
those documents. The information incorporated by reference is
considered to be an important part of this prospectus, and
information that the trust and ConocoPhillips file later with
the SEC will automatically update and supersede this
information. In all cases, you should rely on the most recent
information included or incorporated by reference in this
prospectus.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust incorporates by reference into this prospectus the
documents listed below and any future filings made with the SEC
under Sections&nbsp;13(a), 13(c),&nbsp;14, or 15(d) of the
Securities Exchange Act of 1934 until the offering of trust
units made hereby is terminated:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    its annual report on
    Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
    fiscal year ended December&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    its quarterly report on
    Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> for the
    quarterly period ended March&nbsp;31, 2006;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the description of trust units contained in the trust&#146;s
    registration statement on Form&nbsp;8-A, dated October&nbsp;10,
    1980, as subsequently amended.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under applicable SEC rules, ConocoPhillips is treated as a
co-registrant with respect to the trust units. As a result,
other SEC rules require that certain SEC filings by
ConocoPhillips be incorporated by reference into this
prospectus. Notwithstanding the applicable SEC rules, however, a
purchaser of trust units will not acquire any interest in
ConocoPhillips, its subsidiaries or any of the outstanding
securities of ConocoPhillips. In accordance with applicable SEC
requirements, ConocoPhillips incorporates by reference into this
prospectus the documents listed below and any future filings
made with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d)
of the Securities Exchange Act of 1934 until the offering of
trust units made hereby is terminated:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    its annual report on
    Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
    fiscal year ended December&nbsp;31, 2005;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    its quarterly report on
    Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> for the
    quarterly period ended March&nbsp;31, 2006;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    its current reports on
    Form&nbsp;<FONT style="white-space: nowrap">8-K</FONT> filed
    February&nbsp;16, 2006, February&nbsp;22, 2006, March&nbsp;20,
    2006, March&nbsp;31, 2006 (as amended by a current report on
    Form&nbsp;<FONT style="white-space: nowrap">8-K/A</FONT> filed
    on April&nbsp;3, 2006), April&nbsp;10, 2006, April&nbsp;11,
    2006, May&nbsp;11, 2006 and May&nbsp;15, 2006.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may request a copy of these filings, in most cases without
exhibits, at no cost, by writing or telephoning us at our
principal executive offices located at each of the following
addresses:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bank of America, N.A.</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><DIV align="left">ConocoPhillips</DIV></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P.O. Box&nbsp;830650</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>Shareholder Relations Department</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dallas, Texas 75202</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>P.O. Box 2197</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Attention: Trust&nbsp;Department</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>Houston, TX 77079-2197</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Telephone: (214)&nbsp;209-2400</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>Telephone: (281) 293-6800</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>You should rely only on the information contained or
incorporated by reference in this prospectus, the prospectus
supplement and any pricing supplement. We have not authorized
any person, including any salesman or broker, to provide
information other than that provided in this prospectus, the
prospectus supplement or any pricing supplement. We have not
authorized anyone to provide you with different information. We
are not making an offer of the securities in any jurisdiction
where the offer is not permitted. You should assume that the
information in this prospectus, the prospectus supplement and
any pricing supplement is accurate only as of the date on its
cover page and that any information we have incorporated by
reference is accurate only as of the date of the document
incorporated by reference.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='103'></A>
</DIV>

<!-- link1 "FORWARD-LOOKING STATEMENTS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>FORWARD-LOOKING STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Some statements made by the trust and ConocoPhillips in this
prospectus, including information in documents incorporated by
reference, are prospective and constitute forward-looking
statements within the meaning of Section&nbsp;27A of the
Securities Act of 1933 and Section&nbsp;21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical fact, that address activities, events, outcomes and
other matters that ConocoPhillips or the trust plans, expects,
intends, assumes, believes, budgets, predicts, forecasts,
projects, estimates or anticipates (and other similar
expressions) will, should or may occur in the future are
forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties and other
factors, many of which are beyond the control of the trust and
ConocoPhillips. These risks include, but are not limited to:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    uncertainty of estimates of future crude oil and natural gas
    production;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    uncertainty as to timing and amount of operating expenses and
    capital expenditures;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    uncertainty of production and development costs;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    commodity price fluctuations;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the overriding royalty interests owned by the trust are
    depleting assets and will eventually cease to produce oil and
    natural gas in commercial quantities;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    inflation;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    lack of availability of goods and services;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    environmental risks;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    drilling and other operating risks;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    inability of the trust to control operations on its royalty
    properties;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    litigation risks;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    regulatory changes;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    uncertainties inherent in estimating proved crude oil and
    natural gas reserves and in projecting future rates of
    production and timing of development expenditures.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Should one or more of these risks or uncertainties described
above or elsewhere in this prospectus occur, or should
underlying assumptions prove incorrect, actual results may
differ materially from future results expressed or implied by
the forward-looking statements. All forward-looking statements
attributable to ConocoPhillips or the trust are expressly
qualified in their entirety by this cautionary statement.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='104'></A>
</DIV>

<!-- link1 "THE TRUST" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>THE TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust was created under the laws of the state of Texas on
November&nbsp;3, 1980 by Southland Royalty Company. In
connection with the formation of the trust, the stockholders of
Southland Royalty approved and authorized that company&#146;s
conveyance of net overriding royalty interests (equivalent to
net profits interests) to the trust for the benefit of its
stockholders. Each stockholder of Southland Royalty of record on
the date of the trust&#146;s formation received one unit of
beneficial ownership in the trust for each share of Southland
Royalty common stock then held. In 1985, Southland Royalty
became a wholly-owned subsidiary of Burlington Northern Inc. In
1988, Burlington Northern transferred its natural resource
operations to Burlington Resources. As a result of this
transfer, Meridian Oil Inc., which was the parent company of
Southland Royalty, became a wholly-owned direct subsidiary of
Burlington Resources. In 1996, Southland Royalty was merged with
and into Meridian Oil. As a result of this merger, the separate
corporate existence of Southland Royalty ceased and Meridian Oil
survived and succeeded to the ownership of all of the assets of
Southland Royalty and assumed all of its rights, powers,
privileges, liabilities and obligations. In 1996, Meridian Oil
changed its name to Burlington Resources Oil&nbsp;&#38; Gas
Company, now Burlington Resources Oil&nbsp;&#38; Gas Company LP,
which is referred to in this prospectus as &#147;BROG&#148;.
BROG is a wholly owned subsidiary of Burlington Resources,
which, as a result of Burlington Resources&#146; merger with a
wholly-owned subsidiary of ConocoPhillips, is, in turn, a
wholly-owned subsidiary of ConocoPhillips.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust&#146;s net overriding royalty interests constitute its
principal assets. These net overriding royalty interests
include: a 75% net overriding royalty carved out of Southland
Royalty&#146;s fee mineral interests in the Waddell Ranch in
Crane County, Texas; and a 95% net overriding royalty carved out
of Southland Royalty&#146;s major producing royalty interests in
other mature producing oil fields in Texas. The 95% net
overriding royalty is subject to the provisions of the lease
agreements under which it was created.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BROG continues to own the fee mineral interest in the Waddell
Ranch properties underlying the trust&#146;s net overriding
royalty interest and is the operator of record on those
properties. In 1997, BROG sold its interests in the other
properties underlying the trust&#146;s net overriding royalty
interests to Riverhill Energy Corporation, an energy company not
affiliated with ConocoPhillips or its subsidiaries. As required
by the terms of the conveyance to the trust of its net
overriding royalty interests in those properties, Riverhill
Energy succeeded to all of the requirements upon and
responsibilities of BROG arising under the conveyance.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The function of the trustee is to collect the income
attributable to the royalty interests, to pay all expenses and
charges of the trust, and to then distribute the remaining
available income to the unit holders. The trust is not empowered
to carry on any business activity, conducts no research
activities and has no employees since all administrative
functions are performed by the trustee. The income to the trust
attributable to the net overriding royalty interests is not
subject in material respects to seasonal factors nor in any
manner related to or dependent upon patents, licenses,
franchises or concessions.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Permian Basin Royalty Trust maintains its principal
executive offices at 901 Main Street, Dallas, Texas 75202,
telephone (214)&nbsp;209-2400. ConocoPhillips maintains its
principal executive offices at 600&nbsp;North Dairy Ashford,
Houston, Texas 77079, telephone
(281)&nbsp;<FONT style="white-space: nowrap">293-1000.</FONT>
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">3
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='105'></A>
</DIV>

<!-- link1 "SUMMARY RESERVE INFORMATION" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SUMMARY RESERVE INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table summarizes net proved reserves estimated as
of December&nbsp;31, 2005 and certain related information for
the net overriding royalty interests and underlying properties
from the reserve report, dated February&nbsp;23, 2006, prepared
for the trust by Cawley, Gillespie&nbsp;&#38; Associates, Inc.,
independent petroleum engineers. Additional information
regarding the net proved reserves of the trust is provided in
the trust&#146;s annual report on
Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
year ended December&nbsp;31, 2005 and the notes to the financial
statements in the trust&#146;s annual report to security holders
which is filed as an exhibit to the trust&#146;s annual report
on Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for
the year ended December&nbsp;31, 2005.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="73%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>December&nbsp;31, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proved Gas Reserves (Mcf)(a)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,532</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proved Crude Oil Reserves (Bbls)(a)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,850</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Estimated Future Net Revenues(a)(b)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>518,074</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Discounted Estimated Future Net Revenues(a)(b)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>293,351</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(a)&nbsp;</TD>
    <TD align="left">
    Reserve quantities and revenues shown in the preceding table
    were estimated from projections of reserves and revenue
    attributable to the combined Burlington Resources Oil&nbsp;&#38;
    Gas Company LP, Riverhill Energy and trust interests in the
    properties underlying the trust&#146;s royalty interests.
    Reserve quantities attributable to the trust&#146;s royalty
    interests were estimated by allocating to the trust&#146;s
    royalty interests a portion of the total estimated net reserve
    quantities of the interests, based upon gross revenue less
    production taxes. Because the reserve quantities attributable to
    the trust&#146;s royalty interests are estimated using an
    allocation of the reserves, any changes in prices or costs will
    result in changes in the estimated reserve quantities allocated
    to the trust&#146;s royalty interests. Therefore, the reserve
    quantities estimated will vary if different future price and
    cost assumptions occur.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    (b)</TD>
    <TD></TD>
    <TD valign="top">
    Based on quantities of total proved reserves.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There are many uncertainties inherent in estimating quantities
and values of proved reserves and in projecting future rates of
production and the timing of development expenditures. The
reserve data set forth above, although prepared by independent
petroleum engineers in a manner customary in the industry, are
estimates only, and actual quantities and values of crude oil
and natural gas are likely to differ from the estimated amounts
set forth. In addition, the reserve estimates for the net
overriding royalty interests will be affected by future changes
in sales prices for crude oil and natural gas produced and costs
that are deducted in calculating net proceeds from net
overriding royalty interests.
</DIV>

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<A name='106'></A>
</DIV>

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<B>RISK FACTORS OF THE TRUST</B>
</DIV>

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    <TD>
    <B><I>The market price for the trust units may not reflect the
    value of the royalty interests held by the trust.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The public trading price for the trust units tends to be tied to
the recent and expected levels of cash distribution on the trust
units. The amounts available for distribution by the trust vary
in response to numerous factors outside the control of the
trust, including prevailing prices for crude oil and natural gas
produced from the properties underlying the trust&#146;s royalty
interests. The market price is not necessarily indicative of the
value that the trust would realize if it sold those royalty
interests to a third party buyer. In addition, such market price
is not necessarily reflective of the fact that since the assets
of the trust are depleting assets, a portion of each cash
distribution paid on the trust units should be considered by
investors as a return of capital, with the remainder being
considered as a return on investment. There is no guarantee that
distributions made to a unit holder over the life of these
depleting assets will equal or exceed the purchase price paid by
the unit holder. For example, estimated undiscounted future net
revenues from proved reserves at December&nbsp;31, 2005 were
$518,074,000 or $11.12 per unit, which is less than the last
reported sales price of the trust units on June&nbsp;19, 2006 of
$15.02 per unit.
</DIV>

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    <B><I>Crude oil and natural gas prices are volatile and
    fluctuate in response to a number of factors. Lower prices could
    reduce the net proceeds payable to the trust and trust
    distributions.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust&#146;s monthly distributions are highly dependent upon
the prices realized from the sale of crude oil and natural gas
and a material decrease in such prices could reduce the amount
of cash distributions paid to unit holders. Crude oil and
natural gas prices can fluctuate widely on a
<FONT style="white-space: nowrap">month-to</FONT>-month basis in
response to a variety of factors that are beyond the control of
the trust and ConocoPhillips. Factors that contribute to price
fluctuation include, among others:
</DIV>

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    <TD width="96%"></TD>
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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    political conditions in major oil producing regions, especially
    the Middle East;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    worldwide economic conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    weather conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the supply and price of domestic and foreign crude oil or
    natural gas;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the level of consumer demand;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the price and availability of alternative fuels;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the proximity to, and capacity of, transportation facilities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the effect of worldwide energy conservation measures;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the nature and extent of governmental regulation and taxation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When crude oil and natural gas prices decline, the trust is
affected in two ways. First, net royalties are reduced. Second,
exploration and development activity on the underlying
properties may decline as some projects may become uneconomic
and are either delayed or eliminated. It is impossible to
predict future crude oil and natural gas price movements, and
this reduces the predictability of future cash distributions to
trust unit holders.
</DIV>

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    <B><I>Increased production and development costs attributable to
    the net overriding royalty interests will result in decreased
    trust distributions unless revenues also increase.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Production and development costs attributable to the Waddell
Ranch net overriding royalty are deducted in the calculation of
the trust&#146;s share of net proceeds. Accordingly, higher or
lower production and development costs will directly decrease or
increase the amounts received by the trust for those net
overriding royalty interests. Production and development costs
are impacted by increases in commodity prices both directly,
through commodity-price dependent costs such as electricity, and
indirectly, as a result of demand-driven increases in costs of
oilfield goods and services. For example, ConocoPhillips
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
currently estimates that the costs of goods and services that
will be included in production and development costs deducted in
calculating the trust&#146;s share of 2006 net proceeds will
increase approximately 24% over goods and services costs
incurred during 2005, principally as a result of increased
demand for such goods and services in response to increased oil
and gas prices. These increased costs will reduce the
trust&#146;s share of 2006 net proceeds unless revenues increase
as&nbsp;well.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If production and development costs attributable to the Waddell
Ranch net overriding royalty interests exceed the gross proceeds
related to production from the underlying properties, the trust
will not receive net proceeds until future proceeds from
production exceed the total of the excess costs plus accrued
interest during the deficit period. Development activities may
not generate sufficient additional proceeds to repay the costs.
</DIV>

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    <TD>
    <B><I>Trust reserve estimates depend on many assumptions that
    may prove to be inaccurate, which could cause both estimated
    reserves and estimated future net revenues to be too high,
    leading to write-downs of estimated reserves.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The value of the trust units will depend upon, among other
things, the reserves attributable to the trust&#146;s net
overriding royalty interests in the underlying properties. The
calculations of proved reserves included in this prospectus are
only estimates, and estimating reserves is inherently uncertain.
In addition, the estimates of future net revenues are based upon
various assumptions regarding future production levels, prices
and costs that may prove to be incorrect over time.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The accuracy of any reserve estimate is a function of the
quality of available data, engineering interpretation and
judgment, and the assumptions used regarding the quantities of
recoverable crude oil and natural gas and the future prices of
crude oil and natural gas. Petroleum engineers consider many
factors and make many assumptions in estimating reserves. Those
factors and assumptions include:
</DIV>

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    <TD width="1%"></TD>
    <TD width="96%"></TD>
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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    historical production from the area compared with production
    rates from similar producing areas;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the effects of governmental regulation;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    assumptions about future commodity prices, production and
    development costs, taxes, and capital expenditures;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the availability of enhanced recovery techniques;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    relationships with landowners, working interest partners,
    pipeline companies and others.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Changes in any of these factors and assumptions can materially
change reserve and future net revenue estimates. The
trust&#146;s estimate of reserves and future net revenues is
further complicated because the trust holds an interest in net
overriding royalties and does not own a specific percentage of
the crude oil or natural gas reserves. Ultimately, actual
production, revenues and expenditures for the underlying
properties, and therefore actual net proceeds payable to the
trust, will vary from estimates and those variations could be
material. Results of drilling, testing and production after the
date of those estimates may require substantial downward
revisions or write-downs of reserves.
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The assets of the trust are depleting assets and, if BROG
    and the other operators developing the underlying properties do
    not perform additional development projects, the assets may
    deplete faster than expected. Eventually, the assets of the
    trust will cease to produce in commercial quantities and the
    trust will cease to receive proceeds from such assets. In
    addition, a reduction in depletion tax benefits may reduce the
    market value of the trust units.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds payable to the trust are derived from the sale
of depleting assets. The reduction in proved reserve quantities
is a common measure of depletion. Future maintenance and
development projects on the underlying properties will affect
the quantity of proved reserves and can offset the reduction in
proved reserves. The timing and size of these projects will
depend on the market prices of crude oil and natural gas. If the
operators developing the underlying properties, including BROG,
do not implement
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
additional maintenance and development projects, the future rate
of production decline of proved reserves may be higher than the
rate currently expected by the trust and ConocoPhillips.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because the net proceeds payable to the trust are derived from
the sale of depleting assets, the portion of distributions to
trust unit holders attributable to depletion may be considered a
return of capital as opposed to a return on investment.
Distributions that are a return of capital will ultimately
diminish the depletion tax benefits available to the trust unit
holders, which could reduce the market value of the trust units
over time. Eventually, properties underlying the trust&#146;s
overriding royalty interests will cease to produce in commercial
quantities and the trust will, therefore, cease to receive any
distributions of net proceeds therefrom.
</DIV>

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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>ConocoPhillips&#146; sale of its trust units may reduce
    the market value of trust units.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ConocoPhillips, through its subsidiaries, currently owns 20.6%
of the outstanding trust units. If ConocoPhillips sells any or
all of its trust units, additional trust units will be available
for sale in the market and the market price of trust units could
be impacted.
</DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Operational risks and hazards associated with the
    development of the underlying properties may decrease trust
    distributions.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There are operational risks and hazards associated with the
production and transportation of crude oil and natural gas,
including without limitation natural disasters, blowouts,
explosions, fires, leakage of crude oil or natural gas, releases
of other hazardous materials, mechanical failures, cratering,
and pollution. Any of these or similar occurrences could result
in the interruption or cessation of operations, personal injury
or loss of life, property damage, damage to productive
formations or equipment, damage to the environment or natural
resources, or cleanup obligations. The operation of oil and gas
properties is also subject to various laws and regulations.
Non-compliance with such laws and regulations could subject the
operator to additional costs, sanctions or liabilities. The
uninsured costs resulting from any of the above or similar
occurrences could be deducted as a cost of production in
calculating the net proceeds payable to the trust and would
therefore reduce trust distributions by the amount of such
uninsured costs.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As oil and gas production from the Waddell Ranch properties is
processed through a single facility, future distributions from
those properties may be particularly susceptible to such risks.
A partial or complete shut-down of the operations at that
facility could disrupt the flow of royalty payments to the trust
and, accordingly, the trust&#146;s distributions to its unit
holders. In addition, although BROG is the operator of record of
the properties burdened by the Waddell Ranch overriding royalty
interests, none of the trustee, the trust unit holders or BROG
has an operating interest in the properties burdened by the
Texas Royalty properties&#146; overriding royalty interests. As
a result, these parties are not in a position to eliminate or
mitigate the above or similar occurrences with respect to such
properties and may not become aware of such occurrences prior to
any reduction in trust distributions which may result therefrom.
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Terrorism and continued hostilities in the Middle East
    could decrease trust distributions or the market price of the
    trust units.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Terrorist attacks and the threat of terrorist attacks, whether
domestic or foreign, as well as the military or other actions
taken in response, cause instability in the global financial and
energy markets. Terrorism, the war in Iraq and other sustained
military campaigns could adversely affect trust distributions or
the market price of the trust units in unpredictable ways,
including through the disruption of fuel supplies and markets,
increased volatility in crude oil and natural gas prices, or the
possibility that the infrastructure on which the operators
developing the underlying properties rely could be a direct
target or an indirect casualty of an act of terror.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">7

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<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Trust unit holders and the trustee have no influence over
    the operations on, or future development of, the underlying
    properties.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither the trustee nor the trust unit holders can influence or
control the operations on, or future development of, the
underlying properties. The failure of an operator to conduct its
operations, discharge its obligations, deal with regulatory
agencies or comply with laws, rules and regulations, including
environmental laws and regulations, in a proper manner could
have an adverse effect on the net proceeds payable to the trust.
The current operators developing the underlying properties are
under no obligation to continue operations on the underlying
properties. Neither the trustee nor the trust unit holders have
the right to replace an operator.
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The operators developing the Texas Royalty properties have
    no duty to protect the interests of the trust unit holders, and
    do not have sole discretion regarding development activities on
    the underlying properties.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the terms of a typical operating agreement relating to oil
and gas properties, the operator owes a duty to working interest
owners to conduct its operations on the properties in a good and
workmanlike manner and in accordance with its best judgment of
what a prudent operator would do under the same or similar
circumstances. BROG is the operator of record of the Waddell
Ranch properties and in such capacity owes the trust a
contractual duty under the conveyance agreement for that
overriding royalty interest to operate the Waddell Ranch
properties in good faith and in accordance with a prudent
operator standard. The operators of the properties burdened by
the Texas Royalty properties&#146; overriding royalty interests,
however, have no contractual or fiduciary duty to protect the
interests of the trust or the trust unit holders other than
indirectly through its duty of prudent operations to the
unaffiliated owners of the working interests in those properties.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, even if an operator, including BROG in the case of
the Waddell Ranch properties, concludes that a particular
development operation is prudent on a property, it may be unable
to undertake such activity unless it is approved by the
requisite approval of the working interest owners of such
properties (typically the owners of at least a majority of the
working interests). Even if the trust concludes that such
activities in respect of any of its overriding royalty interests
would be in its best interests, it has no right to cause those
activities to be undertaken.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The operator developing any underlying property may
    transfer its interest in the property without the consent of the
    trust or the trust unit holders.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any operator developing any of the underlying properties may at
any time transfer all or part of its interest in the underlying
properties to another party. Neither the trust nor the trust
unit holders are entitled to vote on any transfer of the
properties underlying the trust&#146;s net overriding royalty
interests, and the trust will not receive any proceeds of any
such transfer. Following any transfer, the transferred property
will continue to be subject to the net overriding royalty
interests of the trust, but the net proceeds from the
transferred property will be calculated separately and paid by
the transferee. The transferee will be responsible for all of
the transferor&#146;s obligations relating to calculating,
reporting and paying to the trust the net overriding royalties
from the transferred property, and the transferor will have no
continuing obligation to the trust for that property.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The operator developing any underlying property may
    abandon the property, thereby terminating the related net
    overriding royalty interest payable to the trust.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The operators developing the underlying properties, or any
transferee thereof, may abandon any well or property without the
consent of the trust or the trust unit holders if they
reasonably believe that the well or property can no longer
produce in commercially economic quantities. This could result
in the termination of the net overriding royalty interest
relating to the abandoned well or property.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The net overriding royalty interests can be sold and the
    trust would be terminated.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee must sell the net overriding royalty interests if
the holders of 75% or more of the trust units approve the sale
or vote to terminate the trust. The trustee must also sell the
net overriding royalty interests if they fail to generate net
revenue for the trust of at least $1,000,000&nbsp;per year over
any consecutive two-year period. Sale of all of the net
overriding royalty interests will terminate the trust. The net
proceeds of any sale will be distributed to the trust unit
holders.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Trust unit holders have limited voting rights and have
    limited ability to enforce the trust&#146;s rights against the
    current or future operators developing the underlying
    properties.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The voting rights of a trust unit holder are more limited than
those of stockholders of most public corporations. For example,
there is no requirement for annual meetings of trust unit
holders or for an annual or other periodic re-election of the
trustee. Additionally, trust unit holders have no voting rights
in BROG or in ConocoPhillips.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust indenture and related trust law permit the trustee and
the trust to sue BROG, Riverhill Energy Corporation or any other
future operators developing the underlying properties to compel
them to fulfill the terms of the conveyance of the net
overriding royalty interests. If the trustee does not take
appropriate action to enforce provisions of the conveyance, the
recourse of the trust unit holders would likely be limited to
bringing a lawsuit against the trustee to compel the trustee to
take specified actions. Trust unit holders probably would not be
able to sue BROG, Riverhill Energy Corporation or any other
future operators developing the underlying properties.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Financial information of the trust is not prepared in
    accordance with GAAP.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The financial statements of the trust are prepared on a modified
cash basis of accounting, which is a comprehensive basis of
accounting other than accounting principles generally accepted
in the United States, or GAAP. Although this basis of accounting
is permitted for royalty trusts by the U.S.&nbsp;Securities and
Exchange Commission, the financial statements of the trust
differ from GAAP financial statements because revenues are not
accrued in the month of production and cash reserves may be
established for specified contingencies and deducted which could
not be accrued in GAAP financial statements.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The limited liability of trust unit holders is
    uncertain.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust unit holders are not protected from the liabilities of
the trust to the same extent that a shareholder would be
protected from a corporation&#146;s liabilities. The structure
of the trust does not include the interposition of a limited
liability entity such as a corporation or limited partnership
which would provide further limited liability protection to
trust unit holders. While the trustee is liable for any excess
liabilities incurred if the trustee fails to insure that such
liabilities are to be satisfied only out of trust assets, under
the laws of Texas, which are unsettled on this point, a holder
of units may be jointly and severally liable for any liability
of the trust if the satisfaction of such liability was not
contractually limited to the assets of the trust and the assets
of the trust and the trustee are not adequate to satisfy such
liability. As a result, trust unit holders may be exposed to
personal liability.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='107'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>USE OF PROCEEDS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust will not receive any proceeds from the sale, in one or
more transactions, of any of the 9,620,741 trust units owned
indirectly by ConocoPhillips and registered for sale hereby.
ConocoPhillips will receive all net proceeds from any sale of
trust units described in this prospectus and any prospectus
supplement. ConocoPhillips will use the net proceeds received
from any sale of the trust units offered by this prospectus for
general corporate purposes, unless ConocoPhillips specifies
otherwise in an applicable prospectus supplement.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">9

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='108'></A>
</DIV>

<!-- link1 "RECENT SALES PRICES AND DISTRIBUTIONS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>RECENT SALES PRICES AND DISTRIBUTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth, for the periods indicated, the
high and low sales prices per unit and the amount of quarterly
cash distributions per unit made by the trust.
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Sales Price</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Distributions</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>High</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Low</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>per Unit</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.194</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Second Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.191</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Third Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.248</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fourth Quarter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.323</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Sales Price</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Distributions</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>High</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Low</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>per Unit</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    First Quarter</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.284</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Second Quarter</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.269</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    Third Quarter</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.341</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Fourth Quarter</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.442</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Sales Price</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Distributions</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>High</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Low</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>per Unit</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    First Quarter</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.400</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Second Quarter (through June&nbsp;19, 2006)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.191</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On June&nbsp;1, 2006, there were 46,608,796 trust units
outstanding and approximately 1,578&nbsp;unit holders of record.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust&#146;s monthly distributions are dependent upon the
prices realized from the sale of crude oil and natural gas.
Crude oil and natural gas prices can fluctuate widely on a
<FONT style="white-space: nowrap">month-to</FONT>-month basis in
response to a variety of factors that are beyond the control of
the trust and ConocoPhillips. Factors that contribute to price
fluctuation include, among others, political conditions in major
oil producing regions, especially the Middle East, worldwide
economic conditions, weather conditions, the supply and price of
domestic and foreign crude oil and natural gas, the level of
consumer demand, the price and availability of alternative
fuels, the proximity to, and capacity of, transportation
facilities, the effect of worldwide energy conservation measures
and the nature and extent of government regulation and taxation.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='109'></A>
</DIV>

<!-- link1 "DESCRIPTION OF TRUST UNITS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>DESCRIPTION OF TRUST UNITS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each trust unit represents an equal undivided share of
beneficial interest in the trust and is evidenced by a
transferable certificate issued by the trustee. Each trust unit
entitles its holder to the same rights as the holder of any
other trust unit, and the trust has no other authorized or
outstanding class of equity security. Currently, there are
46,608,796 trust units outstanding and, if all of the units
included in this prospectus are sold, there will continue to be
46,608,796&nbsp;units outstanding. The trust may not issue
additional units.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Distributions of Net Income</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Distributions of trust income, the identity of unit holders
entitled to receive such distributions and the amounts of such
distributions are generally determined as of the last business
day of each calendar month.
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Unit holders of record as of the &#147;monthly record date&#148;
(which is defined in the trust indenture and which, except in
limited circumstances, will be the last business day of each
calendar month) are entitled to receive the calculated
&#147;monthly distribution amount&#148; (as defined in the trust
indenture) for such month on or before ten business days after
the monthly record date. The aggregate monthly distribution
amount is the excess of (i)&nbsp;net revenues from the trust
properties, plus any decrease in cash reserves previously
established for contingent liabilities and any other cash
receipts of the trust, over (ii)&nbsp;the expenses and payments
of liabilities of the trust, plus any net increase in cash
reserves for contingent liabilities.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Waddell Ranch overriding royalty interest entitles the trust
to 75% of the net proceeds from production attributable to the
Waddell Ranch properties. Such net proceeds are generally equal
to the gross proceeds from the sale of production less
production costs calculated on an accrual basis, such as
development and drilling costs, applicable taxes, operation
charges and other costs, deductions and reserves. Such net
proceeds are determined monthly. If the amounts deducted from
gross proceeds in any month exceed the gross proceeds generated
during such month, the excess amounts are carried forward to the
succeeding months until recovered in full. Pending such
recovery, no amounts would be distributed to the trust in
respect of the Waddell Ranch overriding royalty interest. The
amount of such excess costs over gross proceeds is often
referred to by the trust as &#147;excess production costs&#148;.
Excess production costs can also exist under the Texas Royalty
properties overriding royalty interest, which is a 95%
net-overriding royalty interest carved out of major producing
royalty interests in other mature producing Texas oil fields. If
costs exceed gross proceeds for either of the overriding royalty
interests, such excess is recovered only from proceeds generated
in respect of the overriding royalty interest from which such
excess arose.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Transferability</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The units of the trust are transferable on the books of the
trustee upon surrender of the certificates representing such
units in proper form for transfer in accordance with procedures
adopted by the trustee. No service charge is required for any
such transfer, although the trustee may require payment of
transfer taxes or other fees imposed by any governmental
authority.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until a transfer is made in accordance with the procedures
specified by the trustee, the trustee may conclusively treat as
the owner of any unit for all purposes the holder shown on its
records. Any transfer of a unit in accordance with the
procedures established by the trustee will, as to the trustee,
vest in the transferee all rights of the transferor at the date
of transfer, except that a transfer of a unit after the monthly
record date for a distribution will not transfer the right of
the transferor to such distribution.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mellon Investor Services, L.L.C. serves as transfer agent for
the units in the trust.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Periodic Reports</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee will mail as soon as practicable after the end of
each calendar quarter, to each person who was a unit holder on
any monthly record date during such quarter, a report
summarizing the assets and liabilities and the receipts and
disbursements of the trust for the quarter then ended and for
each month in such quarter. Within 90&nbsp;days after the end of
each fiscal year, the trustee will mail to unit holders as of a
specified record date an annual report containing audited
financial statements of the trust. In addition, the trustee will
furnish to the unit holders such reports and in such manner as
are at any time required by law or by regulation of the New York
Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee files federal informational returns and state income
tax returns as required to comply with applicable laws and to
permit each holder of units to correctly report his share of the
income and deductions of the trust. The trustee treats all
income and deductions recognized during each month as having
been recognized on the monthly record date, and will continue to
do so, unless otherwise advised by counsel or by the Internal
Revenue Service. Such information is included in the reports
distributed by the trustee to unit holders. Each holder of units
and his duly authorized agents have the right, during reasonable
business hours, to examine the books and records of the trust.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">11

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Liability of Unit Holders</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee is liable for any excess liabilities incurred if the
trustee fails to insure that such liabilities are to be
satisfied only out of trust assets regardless of whether the
assets are adequate to satisfy the liability. The trustee may
not represent to any third party dealing with the trustee or the
trust that such liabilities are recoverable from the amounts
distributed to, or other assets owned by, the unit holders.
However, under the laws of Texas, which are unsettled on this
point, a holder of units may be jointly and severally liable for
any liability of the trust if the satisfaction of such liability
was not contractually limited to the assets of the trust and the
assets of the trust and the trustee are not adequate to satisfy
such liability.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Possible Requirement That Units Be Divested</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust indenture imposes no restrictions based on nationality
or other status of the persons or other entities which are
eligible to hold units. However, the trust indenture provides
that if at any time the trust is named a party in any judicial
or administrative proceeding which seeks the cancellation or
forfeiture of any property in which the trust has an interest
because of the nationality, or any other status, of any one or
more unit holders, the following procedures will be applicable:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;The trustee will give written notice to each unit
    holder whose nationality or other status is an issue in the
    proceeding as to the existence of such controversy. The notice
    will contain a reasonable summary of such controversy and will
    constitute a demand to each such holder that he dispose of his
    units, to a party not of the nationality or other status at
    issue in the proceeding described in the notice, within
    30&nbsp;days after the date of the notice.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;If any such unit holder fails to dispose of his units,
    as required by the notice, within 30&nbsp;days after the date of
    the notice, the trustee has the preemptive right, at its sole
    option and during the 90&nbsp;days following the termination of
    the <FONT style="white-space: nowrap">30-day</FONT> period
    specified in the notice, to purchase any unit not so transferred
    for a cash price equal to the closing price of the units on the
    New York Stock Exchange on the last business day prior to the
    expiration of the
    <FONT style="white-space: nowrap">30-day</FONT> period stated in
    the notice. The procedures for any such purchase are more fully
    described in the trust indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iii)&nbsp;The trustee may, at its sole discretion, cancel any
    units acquired in accordance with the foregoing procedures or
    may sell such units, either publicly or privately, in accordance
    with all applicable laws. The proceeds of any such sale of units
    will constitute proceeds of the trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iv)&nbsp;The trustee may, in its sole discretion, cause the
    trust to borrow any amounts required to purchase units in
    accordance with the procedures described above.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Voting Rights of Trust&nbsp;Unit Holders</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While unit holders in the trust have voting rights, these rights
are not comparable to those of stockholders of a corporation.
For example, there is no requirement for annual meetings or for
annual or other periodic re-election of the trustee.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust indenture may be amended by the affirmative vote of
the holders of a majority of the units who are present in person
or represented by proxy at any duly called meeting of unit
holders. However, no such amendment may (i)&nbsp;permit the
trust to engage in any business or any other investment
activity, (ii)&nbsp;alter the relative rights of unit holders or
(iii)&nbsp;permit the trustee to distribute the assets of the
trust &#147;in kind&#148; to unit holders. In addition, certain
special voting requirements relating to termination of a trust
or sale of its properties can be amended only if such amendment
is approved by the holders of not less than 75% of the units.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The removal of the trustee requires the affirmative vote of the
holders of at least a majority of the units of the trust, while
the appointment of a successor requires only the affirmative
vote of the holders of at least a majority of the units
represented at a meeting at which a quorum is present.
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless the trustee must sell the trust assets pursuant to the
terms of the trust indenture, the sale of all or any part of the
assets of the trust must be authorized by the affirmative vote
of holders of at least 75% of the units. The trust can be
terminated by the unit holders only if such termination is
approved by the holders of not less than 75% of the units. The
special voting requirements described in this paragraph can be
amended or revoked only upon the approval of the holders of at
least 75% of the units.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Meetings of unit holders may be called by the trustee at any
time at its discretion and will be called by the trustee at the
written request of holders of not less than 15% of the units
then outstanding.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notice of any meeting of unit holders will be given not less
than 20 nor more than 60&nbsp;days prior to the date of such
meeting. The notice will state the purpose of the meeting, and
no other matter will be acted upon at the meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Comparison of Trust&nbsp;Units and Common Stock</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should be aware of the following ways in which an investment
in trust units is different from an investment in common stock
of a corporation.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Trust Units</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Common Stock</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Voting</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Limited voting rights.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Corporate statutes provide specific voting rights to
    stockholders on electing directors and major corporate
    transactions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income Tax</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The trust is not subject to income tax; trust unit holders are
    directly subject to income tax on their proportionate shares of
    trust income, adjusted for tax deductions.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Corporations are taxed on their income, and their stockholders
    are taxed on dividends.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Distributions</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Substantially all trust income is distributed to trust unit
    holders.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Stockholders receive dividends at the discretion of the board of
    directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Business and Assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Interest is limited to specific assets with a finite economic
    life.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    A corporation conducts an active business for an unlimited term
    and can reinvest its earnings and raise additional capital to
    expand.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Limited Liability</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Texas law and the laws of the other states do not specifically
    provide for limited liability of trust unit holders. However,
    due to the size and nature of the trust assets, liability in
    excess of the trust unit holders&#146; investment is unlikely.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Corporate laws provide that a stockholder is not liable for the
    obligations and liabilities of the corporation, subject to
    limited exceptions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fiduciary Duties</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The trustee has a fiduciary duty to trust unit holders.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Officers and directors have a fiduciary duty of loyalty to
    stockholders and a duty to use due care in management and
    administration of a corporation.</TD>
</TR>

</TABLE>
</CENTER>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='110'></A>
</DIV>

<!-- link1 "DESCRIPTION OF THE TRUST INDENTURE" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>DESCRIPTION OF THE TRUST INDENTURE</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following information and the information included under
&#147;Description of the Trust&nbsp;Units&#148; summarize the
material information contained in the trust indenture. This
summary may not contain all the information that is important to
you. For more detailed provisions concerning the trust, you
should read the trust indenture. A copy of the trust indenture
was filed as an exhibit to the trust&#146;s annual report on
Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
year ended December&nbsp;31, 1980. Please see the section
entitled &#147;Where You Can Find More Information&#148; above.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Creation and Organization of the Trust</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Permian Basin Royalty Trust is an express trust created
under the laws of the state of Texas by the Permian Basin
Royalty Trust Indenture entered into on November&nbsp;3, 1980,
between Southland Royalty Company, which is the predecessor in
interest of BROG, and The First National Bank of
Fort&nbsp;Worth, as trustee. Bank of America, N.A., a banking
association organized under the laws of the United States, as
the successor of The First National Bank of Fort&nbsp;Worth, is
now the trustee of the trust. The principal office of the trust
is located at 901 Main Street, Dallas, Texas 75202 (telephone
number (214)&nbsp;209-2400).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;23, 1980, the stockholders of Southland Royalty
approved and authorized that company&#146;s conveyance of net
overriding royalty interests (equivalent to net profits
interests) to the trust for the benefit of the stockholders of
Southland Royalty of record at the close of business on the date
of the conveyance consisting of a 75% net overriding royalty
interest carved out of that company&#146;s fee mineral interests
in the Waddell Ranch properties in Crane County, Texas and a 95%
net overriding royalty interest carved out of that
company&#146;s major producing royalty properties in Texas. The
conveyances of these interests were effective as to production
from and after 7:00&nbsp;a.m. on November&nbsp;1, 1980.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net overriding royalty interests constitute the principal
asset of the trust and the beneficial interests in these
interests are divided into that number of units of beneficial
interest of the trust equal to the number of shares of the
common stock of Southland Royalty outstanding as of the close of
business on November&nbsp;3, 1980. Each stockholder of Southland
Royalty of record at the close of business on November&nbsp;3,
1980, received one unit for each share of the common stock of
Southland Royalty then held.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1985, Southland Royalty became an indirect wholly-owned
subsidiary of Burlington Northern Inc. In 1988, Burlington
Northern transferred its natural resource operations to
Burlington Resources, as a result of which Southland Royalty
became a wholly-owned indirect subsidiary of Burlington
Resources.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective January&nbsp;1, 1996, Southland Royalty, which was
then a direct wholly-owned subsidiary of Meridian Oil Inc., was
merged with and into Meridian Oil, by which action the separate
corporate existence of Southland Royalty ceased and Meridian Oil
survived and succeeded to the ownership of all of the assets of
Southland Royalty and assumed all of its rights, powers and
privileges, and all of its liabilities and obligations. In 1996,
Meridian Oil changed its name to Burlington Resources
Oil&nbsp;&#38; Gas Company LP or &#147;BROG&#148;.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective March&nbsp;31, 2006, ConocoPhillips acquired
Burlington Resources pursuant to a merger between Burlington
Resources and a wholly-owned subsidiary of ConocoPhillips. As a
result of this acquisition, Burlington Resources and BROG are
both wholly-owned subsidiaries of ConocoPhillips.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The beneficial interest in the trust is divided into 46,608,796
trust units. Each of the trust units represents an equal
undivided portion of the trust. You will find additional
information concerning the trust units in &#147;Description of
the Trust&nbsp;Units.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Amendment of the trust indenture requires a vote of at least a
majority of the outstanding trust units. However, no amendment
may:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    increase the power of the trustee to engage in business or
    investment activities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    alter the rights of the trust unit holders as among
    themselves;&nbsp;or</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">14

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    permit the trustee to distribute the assets of the trust
    &#147;in kind&#148; to unit holders.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Assets of the Trust</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The assets of the trust consist of net overriding royalty
interests and any cash and temporary investments being held for
the payment of expenses and liabilities and for distribution to
the trust unit holders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Duties and Limited Powers of the Trustee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The duties of the trustee are specified in the trust indenture
and by the laws of the State of Texas. The trustee&#146;s
principal duties consist of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    collecting income attributable to the net overriding royalty
    interests;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    paying expenses, charges and obligations of the trust from the
    trust&#146;s income and assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    distributing distributable income to the trust unit
    holders;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    taking any action it deems necessary and advisable to best
    achieve the purposes of the trust.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee may sell trust properties only as authorized by a
vote of the unit holders or upon termination of the trust.
However, pledges or other encumbrances and conveyances of
production payments to secure borrowings are permitted without
such authorization if the trustee determines such action to be
advisable. Any sale of trust properties must be for cash, and
the trustee is obligated to distribute the available net
proceeds of any such sale to the unit holders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a trust liability is contingent or uncertain in amount or not
yet currently due and payable, the trustee may create a cash
reserve to pay for the liability. If the trustee determines that
the cash on hand and the cash to be received is insufficient to
cover the trust&#146;s liability, the trustee may borrow funds
required to pay the liabilities. The trustee may borrow the
funds from any person, including itself. The trustee may also
mortgage the assets of the trust to secure payment of the
indebtedness. If the trustee borrows funds, the trust unit
holders will not receive distributions until the borrowed funds
are repaid.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each month, the trustee will pay trust obligations and expenses
and distribute to the trust unit holders the remaining proceeds
received from the net overriding royalty interests. The cash
held by the trustee as a reserve against future liabilities or
for distribution at the next distribution date must be invested
in:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    interest bearing obligations of (or unconditionally guaranteed
    by) the United States government or any agency thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    repurchase agreements secured by interest-bearing obligations of
    the United States government or any agency thereof;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    certificates of deposit of banks having a capital surplus and
    undivided profits in excess of $50,000,000.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust may not acquire any asset except the net overriding
royalty interests, cash and temporary cash investments, and it
may not engage in any investment activity except investing cash
on hand.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee may agree to modifications of the terms of the
conveyance of the net overriding royalty interests or to settle
disputes involving the conveyance. The trustee may not agree to
modifications or settle disputes involving the royalty part of
the conveyances if these actions would change the character of
the net overriding royalty interests in such a way that the net
overriding royalty interests become working interests or that
the trust becomes an operating business.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Liabilities of the Trust</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because the trust does not conduct an active business and the
trustee has little power to incur obligations, the trust has
only incurred liabilities for routine administrative expenses,
such as the trustee&#146;s
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">15

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
fees and accounting, engineering, legal and other professional
fees. The trustee and ConocoPhillips do not expect the trust to
incur other types of significant liabilities in the future.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Responsibility and Liability of the Trustee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee is a fiduciary for the trust unit holders and is
required to act in the best interests of the trust unit holders
at all times. The trustee must exercise the same judgment and
care in supervising and managing the trust&#146;s assets as
persons of ordinary prudence, discretion and intelligence would
exercise. Under Texas law, the trustee&#146;s duties to the
trust unit holders are similar to the duty of care owed by a
corporate director to the corporation and its shareholders. The
primary difference between the trustee&#146;s duties and a
corporate director&#146;s duties is the absence of the legal
presumption protecting the trustee&#146;s decisions from
challenge.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee does not make business decisions affecting the
assets of the trust. Therefore, substantially all of the
trustee&#146;s functions under the trust indenture are
ministerial in nature. Please see &#147;Description of the
Trust&nbsp;Indenture&nbsp;&#151; Duties and Limited Powers of
the Trustee&#148; above. The trust indenture provides that the
trustee may:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    charge for its services as trustee;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    retain funds to pay for future expenses and deposit them in its
    own account in compliance with applicable law;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    lend funds at commercial rates to the trust to pay the
    trust&#146;s expenses;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    seek reimbursement from the trust for its
    <FONT style="white-space: nowrap">out-of</FONT>-pocket expenses.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In discharging its duties to trust unit holders, the trustee may
act in its discretion and will be liable to the trust unit
holders only for fraud or acts or omissions in bad faith. The
trustee will not be liable for any act or omission of their
agents or employees unless the trustee acted in bad faith in
their selection and retention. The trustee will be indemnified
for any liability or cost that it incurs in the administration
of the trust, except in cases of fraud or acts or omissions in
bad faith. The trustee has a lien on the assets of the trust as
security for this indemnification and compensation earned as
trustee. The trustee is entitled to indemnification from trust
assets. Trust unit holders will not be liable to the trustee for
any indemnification. Please see &#147;Description of the
Trust&nbsp;Units&nbsp;&#151; Liability of Unit Holders&#148;
above. The trustee must ensure that recourse for all contractual
liabilities of the trust are limited to the assets of the trust
and will be liable for such contractual liabilities if it fails
to do so.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Texas law the trustee will be liable to the trust unit
holders for damages arising from fraud, or acts or omissions in
bad faith. Texas law also permits the trust unit holders to file
actions seeking other remedies, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    removal of a trustee;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    specific performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    appointment of a receiver;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an accounting by a trustee to trust unit holders;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    punitive damages.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Duration of the Trust</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust will terminate:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if two consecutive years pass in which trust net revenue is less
    than $1,000,000&nbsp;per year;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if the holders of at least 75% of outstanding trust units vote
    in favor of termination;&nbsp;or</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">16

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    by operation of provisions of the trust indenture intended to
    permit the trust to comply with the &#147;rule against
    perpetuities.&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Compensation of the Trustee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee&#146;s compensation is paid out of the trust&#146;s
assets and is comprised of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    1/20 of 1% of the first $100&nbsp;million of the annual gross
    revenue of the trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    1/30 of 1% of the annual gross revenue of the trust in excess of
    $100&nbsp;million;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the trustee&#146;s standard hourly rates for time in excess of
    300&nbsp;hours annually;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an annual transfer agency fee based on (i)&nbsp;the number of
    unit holders of record and (ii)&nbsp;the number of unit
    certificates issued.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the fiscal year ended December&nbsp;31, 2005, the trustee
was paid $78,294.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Miscellaneous</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee may consult with counsel, accountants, geologists
and engineers and other parties the trustee believes to be
qualified as experts on the matters for which advice is sought.
The trustee will be protected from liability for any action it
takes in good faith reliance upon the opinion of any such expert.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='111'></A>
</DIV>

<!-- link1 "MATERIAL FEDERAL INCOME TAX CONSEQUENCES" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>MATERIAL FEDERAL INCOME TAX CONSEQUENCES</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This section summarizes the material federal income tax
consequences of the ownership and sale of trust units that may
be applicable to individuals who are citizens or residents of
the United States. Many aspects of federal income taxation that
may be relevant to a particular taxpayer or to certain types of
taxpayers subject to specific tax treatment are not addressed.
If a partnership holds trust units, the tax treatment of a
partner will generally depend on the status of the partner and
on the activities of the partnership. Partners of partnerships
holding trust units are urged to consult their own tax advisors.
In addition, the tax laws can and do change regularly, and any
future changes could have an adverse effect on the ownership or
sale of trust units.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This discussion is based on current provisions of the Internal
Revenue Code, existing and proposed regulations, current
administrative rulings and court decisions, all of which are
subject to changes that may or may not be retroactively applied.
All statements as to matters of United States federal income tax
law and legal conclusions with respect to those matters, but not
as to factual matters, contained in this section, unless
otherwise noted, are the opinion of Andrews Kurth LLP.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Prospective trust unit holders are urged to consult their own
tax advisors regarding the application of the United States
federal income tax laws to their particular situation as well as
any tax consequences arising under the laws of any state, local
or foreign jurisdiction.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Classification and Taxation of the Trust</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Internal Revenue Service has issued a technical advice
memorandum concluding that the trust is a &#147;grantor
trust&#148; for federal income tax purposes. This technical
advice memorandum is consistent with a legal opinion received
from tax counsel in connection with the initial distribution of
trust units. As a grantor trust, the trust is not subject to
federal income tax at the trust level. For tax purposes, the
trust unit holders are considered to own the trust&#146;s assets
as though no trust were in existence. The income of the trust is
deemed to have been received or accrued by each trust unit
holder at the time such income is received or accrued by the
trust, rather than when distributed by the trust. The trust
files an information return, reporting all items of income and
deduction which must be included in the tax returns of the trust
unit holders based on their respective accounting methods and
taxable years without regard to the accounting method and tax
year of the trust.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">17
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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the trust were determined to be a business entity, it would
be taxable as a partnership unless it elected to be taxed as a
corporation. The principal tax consequence of the trust&#146;s
being treated as a partnership would be that it would report
income on the accrual method of accounting on a calendar year
basis and all trust unit holders would report their share of
income from the trust in their tax year with which or within
which the tax year of the trust ends.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Treatment of Trust&nbsp;Units</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A purchaser of a trust unit will be treated, for federal income
tax purposes, as directly purchasing an interest in each of the
net overriding royalty interests. A purchaser will therefore be
required to allocate the purchase price of his unit among the
net overriding royalty interests in the underlying properties in
proportion to the fair market value that each bears to the fair
market value of the trust unit. In the case of the net
overriding royalty in the Waddell Ranch properties, a
purchaser&#146;s basis will be further apportioned between oil
and gas because both have significant value and substantially
different production rates. Information regarding the
trustee&#146;s determination of the relative fair market values
of the net overriding royalty interests will be furnished to
unit holders by the trustee.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Direct Taxation of Trust&nbsp;Unit Holders</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because the trust is treated as a grantor trust for federal
income tax purposes, each trust unit holder is treated as owning
a direct interest in the net overriding royalty interests, is
taxed directly on his share of trust income and is entitled to
claim his share of trust expenses, subject to applicable
limitations. Trust unit holders report their share of trust
income and expenses consistent with their method of accounting
and their tax year.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust, however, allocates income and deductions to unit
holders based on record ownership at monthly record dates
established for distributions to the unit holders. It is unknown
whether the IRS will accept that allocation or will require
income and deductions of the trust to be determined and
allocated daily or require some method of daily proration, which
could result in an increase in the administrative expenses of
the trust.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust makes monthly distributions to unit holders of record
on each monthly record date established for that distribution.
The terms of the trust indenture seek to assure to the extent
practicable that income attributable to cash being distributed
will be reported to the unit holder who receives the
distribution, assuming that the unit holder is the owner of
record on the monthly record date established for the
distribution. In certain circumstances, however, a unit holder
will not receive the cash giving rise to that income. For
example, if the trustee establishes a reserve or borrows money
to satisfy debts and liabilities of the trust, income associated
with the cash used to establish that reserve or to repay that
loan must be reported by the unit holder, even though that cash
is not distributed.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Royalty Income and Depletion</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The income of the trust consists primarily of a specified share
of the proceeds from the sale of crude oil and natural gas
produced from properties underlying the net overriding royalty
interest. The income from these net overriding royalty interests
is royalty income qualifying for an allowance for depletion.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The depletion allowance must be computed separately by each
trust unit holder for each oil and gas property. The deduction
for depletion is determined annually and is the greater of cost
depletion or, if allowable, percentage depletion. Royalty income
from production attributable to trust units owned by independent
producers qualifies for percentage depletion. In general,
percentage depletion is a statutory allowance equal to 15% of
the gross income from production from a property. An owner of a
net overriding royalty interest includes in his gross income a
percentage of gross income from the properties burdened by the
net overriding royalty interest equal to the percentage derived
from dividing his share of gross proceeds from the sale of
production from these properties by total gross proceeds from
the sale of production from these properties. Thus, gross income
attributable to gross proceeds used to pay production or other
costs
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">18

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
taken into account in computing net profits generally are not
included in the gross income of the owner of a net overriding
royalty interest.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Percentage depletion is subject to a net income limitation of
100% of the taxable income from the property, computed without
regard to depletion deductions and specified loss carrybacks.
The depletion deduction attributable to percentage depletion for
a taxable year is limited to 65% of the taxpayer&#146;s taxable
income for the year before allowance of independent producers,
percentage depletion and specified loss carrybacks. Percentage
depletion is not limited to the adjusted tax basis of the
property but reduces the adjusted tax basis down to zero.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In computing cost depletion for each property for any year, the
allowance for the property is calculated by multiplying the
adjusted tax basis of the property at the beginning of the year
by a factor obtained by dividing the estimated quantity of
reserves at the beginning of the year into the quantity produced
and sold during the period. Cost depletion for a property cannot
exceed the adjusted tax basis of the property. Each trust unit
holder computes cost depletion using his basis in his trust
units. Information is provided to each trust unit holder
reflecting how his basis should be allocated among each property
represented by his trust units.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Other Income and Expenses</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 2005, the only other income of the trust was interest
income earned on funds held as a reserve or pending
distribution. Other expenses of the trust include any state and
local taxes imposed on the trust and administrative expenses.
Some amount of these administrative expenses may be the type of
miscellaneous itemized deductions that are allowable only to the
extent that they exceed 2% of an individual&#146;s adjusted
gross income.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Non-Passive Activity Income and Loss</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Royalty income is generally considered portfolio income and does
not offset passive losses under the passive loss rules of
Internal Revenue Code Section&nbsp;469. Therefore, the income
and expenses of the trust will not be taken into account in
computing the passive activity losses and income under Internal
Revenue Code Section&nbsp;469 for a trust unit holder who
acquires and holds trust units as an investment.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Sale of Trust&nbsp;Units</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Generally, a trust unit holder will realize gain or loss on the
sale or exchange of his trust units measured by the difference
between the amount realized on the sale or exchange and his
adjusted basis for his trust units. A trust unit holder&#146;s
basis in his trust units will be equal to the amount he paid for
the trust units, reduced by depletion deductions claimed by the
trust unit holder, but not below zero. Except to the extent of
the depletion recapture amount explained below, gain or loss on
the sale of trust units by a trust unit holder who is an
individual and who is not a dealer in the trust units should be
long-term capital gain, taxable at a maximum rate of 15%, if the
trust units have been held for more than 12&nbsp;months.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the sale of the trust units, a trust unit holder will be
treated as having sold his share of the net overriding royalty
interests and must treat as ordinary income his depletion
recapture amount, which is an amount equal to the lesser of the
gain on the sale or the sum of the prior depletion deductions
taken on the trust units, but not in excess of the initial basis
of the trust units.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Sale of Net Overriding Royalty Interests</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The assets of the trust, including the net overriding royalty
interests, will be sold by the trustee in connection with the
termination of the trust. A sale by the trust of net overriding
royalty interests will be treated for federal income tax
purposes as a sale of net overriding royalty interests by a unit
holder. Thus, a unit holder will recognize capital gain or loss
on a sale of the net overriding royalty interests by the trust,
except that a portion of that income will be treated as ordinary
income to the extent of depletion recapture.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">19

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Unrelated Business Taxable Income</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Trust unit holders that are generally exempt from tax under
Internal Revenue Code Section&nbsp;501 are subject to tax on
specified types of business income defined as &#147;unrelated
business income.&#148; The income of the trust that passes
through to any tax-exempt unit holders will not be unrelated
business taxable income so long as the trust units are not
debt-financed property within the meaning of Section&nbsp;514(b)
of the Internal Revenue Code. In general, a trust unit will be
debt-financed if the tax-exempt unit holder incurs debt to
acquire a trust unit or otherwise incurs or maintains a debt
that would not have been incurred or maintained if the trust
unit had not been acquired.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Backup Withholding</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Distributions of trust income generally will not be subject to
backup withholding unless the trust unit holder is an individual
or other noncorporate taxpayer and fails to comply with
specified reporting procedures.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Reports</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trustee furnishes to trust unit holders of record quarterly
and annual reports in order to permit computation of tax
liability. In particular each unit holder will be supplied with
sufficient information to permit computation of depletion.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='112'></A>
</DIV>

<!-- link1 "STATE TAX CONSIDERATIONS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>STATE TAX CONSIDERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All revenues from the trust are from sources within Texas, which
has no individual income tax. However, the franchise tax
currently imposed by the state of Texas on corporations (the
definition of which generally includes limited liability
companies) is partly based on federal taxable income, which will
include income from the trust.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Texas legislature recently passed H.B.&nbsp;3, 79th Leg., 3d
C.S. (2006), which was signed into law on May&nbsp;18, 2006.
H.B. 3 significantly reforms the Texas franchise tax system and
replaces it with a new Texas margin tax system. The margin tax
expands the type of entities subject to tax to generally include
all active business entities, including corporations and limited
liability companies currently subject to the franchise tax. The
new margin tax also will apply to the following common entity
types that are not currently subject to tax: general and limited
partnerships (unless otherwise exempt), limited liability
partnerships, trusts (unless otherwise exempt), business trusts,
business associations, professional associations, joint stock
companies, holding companies, and joint ventures. The effective
date of the margin tax is January&nbsp;1, 2008, but the tax
generally will be imposed on gross revenues generated in 2007
and thereafter.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Trusts and partnerships that meet statutory requirements and
receive at least 90% of their gross income from designated
sources, including royalties from mineral properties, and do not
receive more than 10% of their income from operating an active
trade or business, are generally exempt from the margin tax as
&#147;passive entities.&#148; Although the income of the trust
consists primarily of royalty income from the sale of crude oil
and natural gas, there is no clear authority that the trust
satisfies all the margin tax statutory requirements for the
exemption for passive entities to apply. Therefore, prior to
clarification by additional legislative action or the issuance
of applicable administrative rules promulgated by the Texas
Comptroller, it is uncertain whether the trust would be exempt
from the margin tax as a passive entity or subject to the margin
tax at the trust level.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the trust is exempt from the margin tax at the trust level as
a passive entity, each unit holder that is a taxable entity
would generally include its share of the trust&#146;s revenues
in its margin tax computation. If, however, the margin tax is
imposed on the trust at the trust level, each unit holder would
generally exclude its share of the trust&#146;s revenues from
its margin tax calculation.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">20

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each purchaser is urged to consult his own tax advisor regarding
the requirements for filing state income, franchise and margin
tax returns.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='113'></A>
</DIV>

<!-- link1 "ERISA CONSIDERATIONS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>ERISA CONSIDERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Employee Retirement Income Security Act of 1974 regulates
pension, profit-sharing and other employee benefit plans to
which it applies. ERISA also contains standards for evaluation
of fulfillment of legally prescribed fiduciary duties and
responsibilities by persons who are fiduciaries of those plans
and requirements which are applicable to transactions involving
assets of those plans. In addition, the Internal Revenue Code
provides similar requirements and standards which are applicable
to transactions involving assets of qualified plans, which
include the types of plans mentioned above, and to individual
retirement accounts (&#147;IRAs&#148;), whether or not subject
to ERISA.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A fiduciary of any such plan that is subject to ERISA should
carefully consider fiduciary standards under ERISA regarding the
plan&#146;s particular circumstances before authorizing an
investment in trust units. A fiduciary should consider, among
other things:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether the investment satisfies the prudence requirements of
    Section&nbsp;404(a)(1)(B) of ERISA;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether the investment satisfies the diversification
    requirements of Section&nbsp;404(a)(1)(C) of ERISA;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether the investment is in accordance with the documents and
    instruments governing the qualified plan as required by
    Section&nbsp;404(a)(1)(D) of ERISA.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A fiduciary should also consider whether an investment in trust
units might result in direct or indirect nonexempt prohibited
transactions under Section&nbsp;406 of ERISA and Internal
Revenue Code Section&nbsp;4975. In deciding whether an
investment involves a prohibited transaction, a fiduciary must
determine whether there are plan assets involved in the
transaction. On November&nbsp;13, 1986, the Department of Labor
published final regulations concerning whether or not a
qualified plan&#146;s assets would be deemed to include an
interest in the underlying assets of an entity for purposes of
the reporting, disclosure, fiduciary responsibility and
prohibited transactions restrictions provisions of ERISA and
parallel provisions of the Internal Revenue Code. These
regulations provide that the underlying assets of an entity will
not be considered &#147;plan assets&#148; if the equity
interests in the entity in which an ERISA plan and/or an IRA
invests are a publicly offered security. The trust units are
publicly traded on the New York Stock Exchange. Fiduciaries,
however, will need to determine whether the acquisition of trust
units could result in a nonexempt prohibited transaction under
the general requirements of ERISA Section&nbsp;406 and Internal
Revenue Code Section&nbsp;4975.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The prohibited transaction rules are complex, and persons
involved in prohibited transactions are subject to civil
penalties and possible personal liability for breach of
fiduciary duties as a result of involvement in any violation of
prohibited transactions restrictions. For those reasons,
potential plan investors should consult with their legal counsel
to determine the consequences under ERISA and the Internal
Revenue Code of their acquisition and ownership of trust units.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='114'></A>
</DIV>

<!-- link1 "SELLING UNIT HOLDER" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SELLING UNIT HOLDER</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus covers the possible offering for resale from
time to time, in one or more transactions, of up to an aggregate
of 9,620,741 trust units by a selling unit holder, BROG.
ConocoPhillips is the indirect parent company of BROG, which is
the successor to Southland Royalty Company.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">21

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of June&nbsp;15, 2006, BROG beneficially owns 9,620,741 trust
units, or 20.6% of the trust&#146;s issued and outstanding
units. If BROG elects to sell units under this prospectus, a
prospectus supplement will set forth, with respect to the
selling unit holder:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the amount of trust units owned by the selling unit holder prior
    to the offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the amount of trust units to be offered for the selling unit
    holder&#146;s account;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the amount and (if one percent or more) the percentage of trust
    units to be owned by the selling unit holder after completion of
    the offering.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BROG owns a portion of the fee mineral interest in the tracts
constituting the Waddell Ranch properties, which are burdened by
the trust&#146;s 75% net overriding royalty interest in crude
oil and natural gas produced and sold from such Waddell Ranch
properties. BROG is also the operator of record with respect to
those properties. To the extent it has the legal right to do so,
BROG is responsible for marketing the production from the
Waddell Ranch properties. BROG is also required to maintain
books and records sufficient to determine the amounts payable to
the trustee in respect of the Waddell Ranch net overriding
royalty. However, nothing in the trust indenture or the
conveyance of the net overriding royalty interest in production
from the Waddell Ranch properties precludes BROG from
transferring or disposing of its interest in those properties.
For more information about the trust&#146;s relationship with
the selling unit holder, please see the trust&#146;s Form 10-K
for the year ended December&nbsp;31, 2005, which is incorporated
herein by reference.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='115'></A>
</DIV>

<!-- link1 "PLAN OF DISTRIBUTION" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PLAN OF DISTRIBUTION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ConocoPhillips may sell the trust units offered under this
prospectus from time to time using any one or more of the
following methods:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    ordinary brokerage transactions and transactions in which the
    broker-dealer solicits purchasers;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    block trades in which the broker-dealer will attempt to sell the
    trust units as agent but may position and resell a portion of
    the block as principal to facilitate the transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    purchases by a broker-dealer as principal and resale by the
    broker-dealer for its account;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an exchange distribution in accordance with the rules of the
    applicable exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    privately negotiated transactions, which may include an exchange
    or exchanges of units for properties;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    settlement of short sales;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    broker-dealer agreement with the selling unit holder to sell a
    specified number of such trust units at a stipulated price per
    unit;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    to underwriters who may resell the trust units in one or more
    transactions, including negotiated transactions, at a fixed
    public offering price or at varying prices determined at the
    time of sale;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a combination of any such methods of sale;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any other method permitted pursuant to applicable law.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, ConocoPhillips may enter into derivative
transactions with third parties, or sell securities not covered
by this prospectus to third parties in privately negotiated
transactions. If the applicable prospectus supplement indicates,
in connection with those derivatives, the third parties may sell
securities covered by this prospectus and the applicable
prospectus supplement, including in short sale transactions. If
so, the third party may use securities pledged by ConocoPhillips
or borrowed from ConocoPhillips or others to settle those sales
or to close out any related open borrowings of stock, and may
use securities received from ConocoPhillips in settlement of
those derivatives to close out any related open borrowings of
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">22
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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
stock. The third party in such sale transactions would
constitute an underwriter and, if not identified in this
prospectus, will be identified in the applicable prospectus
supplement (or a post-effective amendment).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ConocoPhillips may also sell trust units under Rule&nbsp;144
under the Securities Act, if available, rather than under this
prospectus.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a sale of trust units will be through underwriters, a
prospectus supplement will name any underwriters and describe
the terms of the transaction with them, which will be
incorporated in an underwriting agreement that will be entered
into at the time of the sale. The underwriting agreement may
provide for indemnification of the underwriters by
ConocoPhillips and the trust against specific liabilities,
including liabilities under the Securities Act of 1933.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
One or more of the underwriters or agents for ConocoPhillips, or
affiliates of those underwriters or agents, may engage in
transactions with and perform services for ConocoPhillips in the
ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='116'></A>
</DIV>

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<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>LEGAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Andrews Kurth LLP, Houston, Texas, counsel for ConocoPhillips,
will give legal opinions as to the validity of the trust units
being offered and as to matters described in the section of this
prospectus captioned &#147;Material Federal Income Tax
Consequences.&#148; Any additional information regarding counsel
for any underwriters will be described in a prospectus
supplement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='117'></A>
</DIV>

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<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EXPERTS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain information included or incorporated by reference in
this prospectus regarding the estimated quantities of reserves
of the underlying properties and net overriding royalty
interests owned by the trust, the future net revenues from such
reserves and the present value thereof is based on estimates of
the reserves and present values prepared by or derived from
estimates prepared by, Cawley, Gillespie&nbsp;&#38; Associates,
Inc., independent petroleum engineers.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The financial statements of Permian Basin Royalty Trust and the
trustee&#146;s report on internal control over financial
reporting, both of which are incorporated in this prospectus by
reference to the trust&#146;s Annual Report on
Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
year ended December&nbsp;31, 2005, have been audited by
Deloitte&nbsp;&#38; Touche LLP, an independent registered public
accounting firm, as stated in their reports dated March&nbsp;14,
2006, which are incorporated herein by reference, and have been
so incorporated in reliance upon the reports of such firm given
upon their authority as experts in accounting and auditing.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements of ConocoPhillips
appearing in ConocoPhillips&#146; Annual Report
(Form&nbsp;<FONT style="white-space: nowrap">10-K)</FONT> for
the year ended December&nbsp;31, 2005 (including the condensed
consolidating financial information and financial statement
schedule appearing therein), and ConocoPhillips
management&#146;s assessment of the effectiveness of internal
control over financial reporting as of December&nbsp;31, 2005,
included therein, have been audited by Ernst&nbsp;&#38; Young
LLP, independent registered public accounting firm, as set forth
in their reports thereon, included therein, and incorporated
herein by reference. Such consolidated financial statements,
condensed consolidating financial information, financial
statement schedule, and management&#146;s assessment are
incorporated herein by reference in reliance upon such reports
given on the authority of such firm as experts in accounting and
auditing.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements of Burlington Resources
Inc., incorporated herein by reference to ConocoPhillips&#146;
Current Report on
Form&nbsp;<FONT style="white-space: nowrap">8-K/</FONT> A dated
March&nbsp;31, 2006, have been so incorporated in reliance on
the report of PricewaterhouseCoopers LLP, an independent
registered public accounting firm, given on the authority of
said firm as experts in auditing and accounting.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">23

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to the unaudited interim financial information for
the period ended March&nbsp;31, 2006, which is incorporated
herein by reference, Deloitte&nbsp;&#38; Touche LLP, an
independent registered public accounting firm, have applied
limited procedures in accordance with standards of the Public
Company Accounting Oversight Board (United States) for a review
of such information. However, as stated in their reports
included in the trust&#146;s Quarterly Report on
Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> for the
quarter ended March&nbsp;31, 2006, and incorporated by reference
herein, they did not audit and they do not express an opinion on
that interim financial information. Accordingly, the degree of
reliance on their report on such information should be
restricted in light of the limited nature of the review
procedures applied. Deloitte&nbsp;&#38; Touche LLP are not
subject to the liability provisions of Section&nbsp;11 of the
Securities Act of 1933 for their report on the unaudited interim
financial information because those reports are not
&#147;reports&#148; or a &#147;part&#148; of the registration
statement prepared or certified by an accountant within the
meaning of Sections&nbsp;7 and 11 of the Act.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">24

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<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PART&nbsp;II</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD><B>ITEM&nbsp;14.</B></TD>
    <TD>
    <B><I>Other Expenses of Issuance and Distribution.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set forth below is an estimate of the approximate amount of the
fees and expenses payable by ConocoPhillips if any trust units
are offered for sale as described in this Registration Statement:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="81%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Approximate</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Securities and Exchange Commission registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Printing and engraving expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>100,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounting fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>100,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>80,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Miscellaneous expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>300,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD><B>ITEM&nbsp;15.</B></TD>
    <TD>
    <B><I>Indemnification of Officers and Directors.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><I>The Trust</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The trust indenture provides that the trustee will be
indemnified by, and receive reimbursement from, the trust estate
against and from any and all liability, expense, claims, damages
or loss incurred by it individually or as trustee in the
administration of the trust and the trust estate or any part or
parts thereof, or in the doing of any act done or performed or
omission occurring on account of its being trustee, except such
liability, expense, claims, damages or loss arising from fraud
or acts taken, or omitted to be taken, in bad faith. The trustee
has a lien on the trust estate to secure it for such
indemnification and reimbursement and for compensation to be
paid to trustee. Subject to limited exceptions for costs
incurred by the trustee in replacing unit certificates, neither
the trustee nor any agent or employee of the trustee is entitled
to any reimbursement or indemnification from any unit holder for
any liability, expense, claims, damages or loss incurred by the
trustee or any such agent or employee.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><I>ConocoPhillips</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delaware law permits a corporation to adopt a provision in its
certificate of incorporation eliminating or limiting the
personal liability of a director, but not an officer in his or
her capacity as such, to the corporation or its stockholders for
monetary damages for breach of fiduciary duty as a director,
except that such provision shall not limit the liability of a
director for (1) any breach of the director&#146;s duty of
loyalty to the corporation or its stockholders, (2) acts or
omissions not in good faith or that involve intentional
misconduct or a knowing violation of law, (3) liability under
section 174 of the Delaware General Corporation Law for unlawful
payment of dividends or stock purchases or redemptions, or (4)
any transaction from which the director derived an improper
personal benefit. ConocoPhillips&#146; restated certificate of
incorporation provides that, to the fullest extent of Delaware
law, no ConocoPhillips director shall be liable to
ConocoPhillips or ConocoPhillips stockholders for monetary
damages for breach of fiduciary duty as a director.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Delaware law, a corporation may indemnify any individual
made a party or threatened to be made a party to any type of
proceeding, other than an action by or in the right of the
corporation, because he or she is or was an officer, director,
employee or agent of the corporation or was serving at the
request of the corporation as an officer, director, employee or
agent of another corporation or entity against expenses,
judgments, fines and amounts paid in settlement actually and
reasonably incurred in connection with such proceeding: (1) if
he or she acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best
interests of the corporation; or (2) in the case of a criminal
proceeding, he or she had no reasonable cause to believe that
his or her conduct was unlawful. A corporation may
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-1

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
indemnify any individual made a party or threatened to be made a
party to any threatened, pending or completed action or suit
brought by or in the right of the corporation because he or she
was an officer, director, employee or agent of the corporation,
or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation or
other entity, against expenses actually and reasonably incurred
in connection with such action or suit if he or she acted in
good faith and in a manner he or she reasonably believed to be
in or not opposed to the best interests of the corporation,
<I>provided</I> that such indemnification will be denied if the
individual is found liable to the corporation unless, in such a
case, the court determines the person is nonetheless entitled to
indemnification for such expenses. A corporation must indemnify
a present or former director or officer who successfully defends
himself or herself in a proceeding to which he or she was a
party because he or she was a director or officer of the
corporation against expenses actually and reasonably incurred by
him or her. Expenses incurred by an officer or director, or any
employees or agents as deemed appropriate by the board of
directors, in defending civil or criminal proceedings may be
paid by the corporation in advance of the final disposition of
such proceedings upon receipt of an undertaking by or on behalf
of such director, officer, employee or agent to repay such
amount if it shall ultimately be determined that he or she is
not entitled to be indemnified by the corporation. The Delaware
law regarding indemnification and expense advancement is not
exclusive of any other rights which may be granted by
ConocoPhillips&#146; restated certificate of incorporation or
bylaws, a vote of stockholders or disinterested directors,
agreement or otherwise.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the Delaware General Corporation Law, termination of any
proceeding by conviction or upon a plea of nolo contendere or
its equivalent shall not, of itself, create a presumption that
such person is prohibited from being indemnified.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ConocoPhillips&#146; bylaws provide for the indemnification and
advancement of expenses of any individual made, or threatened to
be made, a party to an action, suit or proceeding, whether
civil, criminal, administrative or investigative, by reason of
the fact that he or she is or was a director or officer of
ConocoPhillips or is or was a director or officer of
ConocoPhillips serving as an officer, director, employee or
agent of any other enterprise at the request of ConocoPhillips.
However, ConocoPhillips will not indemnify a director or officer
who commences any proceeding (except for proceedings to enforce
rights of indemnification), unless the commencement of that
proceeding was authorized or consented to by the ConocoPhillips
board of directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ConocoPhillips has agreed to indemnify each present and former
director and officer of ConocoPhillips Company
(&#147;CPCo&#148;), a wholly-owned subsidiary of ConocoPhillips,
or any of its subsidiaries, against all costs or expenses,
judgments, fines, losses, claims, damages or liabilities in
connection with any claim, action, suit, proceeding or
investigation brought within six years of the closing of the
mergers of Conoco Inc. and CPCo (formerly named Phillips
Petroleum Company) with subsidiaries of ConocoPhillips
(collectively, the &#147;merger&#148;) for acts or omissions,
existing or occurring before the merger, to the fullest extent
permitted under applicable law. Subject to a cap on premiums,
for a period of six years after the merger, ConocoPhillips has
agreed to maintain a policy of directors&#146; and
officers&#146; liability insurance for acts and omissions
occurring before the merger with coverage in an amount and scope
at least as favorable as CPCo&#146;s existing directors&#146;
and officers&#146; liability insurance coverage at the time of
the merger. Notwithstanding any other provision, the treatment
of past and present directors, officers and employees of CPCo
and its subsidiaries with respect to elimination of liability,
indemnification, advancement of expenses and liability insurance
under the merger agreement shall be, in the aggregate, no less
advantageous to intended beneficiaries thereof than the
corresponding treatment of the past and present directors,
officers and employees of Conoco Inc. and its subsidiaries.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD><B>ITEM&nbsp;16.</B></TD>
    <TD>
    <B><I>Exhibits and Financial Statement Schedules.</I></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*+4</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Permian Basin Royalty Trust Indenture dated November&nbsp;3,
    1980, between Southland Royalty Company (now Burlington
    Resources Oil&nbsp;&#38; Gas Company LP) and The First National
    Bank of Fort&nbsp;Worth (now Bank of America, N.A.), as Trustee,
    heretofore filed as Exhibit(4)(a) to the Trust&#146;s Annual
    Report on Form&nbsp;10-K to the Securities and Exchange
    Commission for the fiscal year ended December&nbsp;31, 1980
    (File No.&nbsp;001-08033) and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*+4</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust)
    from Southland Royalty Company (now Burlington Resources
    Oil&nbsp;&#38; Gas Company LP) to The First National Bank of
    Fort&nbsp;Worth (now Bank of America, N.A.), as Trustee, dated
    November&nbsp;3, 1980 (without Schedules), heretofore filed as
    Exhibit(4)(b) to the Trust&#146;s Annual Report on
    Form&nbsp;10-K to the Securities and Exchange Commission for the
    fiscal year ended December&nbsp;31, 1980 (File
    No.&nbsp;001-08033) and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*+4</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Net Overriding Royalty Conveyance (Permian Basin Royalty
    Trust&nbsp;&#151; Waddell Ranch) from Southland Royalty Company
    (now Burlington Resources Oil&nbsp;&#38; Gas Company LP) to The
    First National Bank of Fort&nbsp;Worth (now Bank of America,
    N.A.), as Trustee, dated November&nbsp;3, 1980 (without
    Schedules), heretofore filed as Exhibit(4)(c) to the
    Trust&#146;s Annual Report on Form&nbsp;10-K to the Securities
    and Exchange Commission for the fiscal year ended
    December&nbsp;31, 1980 (File No.&nbsp;001-08033) and
    incorporated herein by reference.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>+4</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Registration Rights Agreement dated as of July&nbsp;21, 2004 by
    and between Burlington Resources Inc. and Bank of America, N.A.,
    as trustee of Permian Basin Royalty Trust, heretofore filed as
    Exhibit&nbsp;10.1 to the Trust&#146;s Quarterly Report on
    Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2004 and
    incorporated herein by reference.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Andrews Kurth LLP as to legality of the securities
    registered hereby.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>8</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Andrews Kurth LLP regarding tax matters.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>15</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Awareness Letter of Deloitte &#38; Touche LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Deloitte&nbsp;&#38; Touche LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Ernst &#38; Young LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of PricewaterhouseCoopers LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Andrews Kurth LLP (set forth in Exhibit&nbsp;5.1 and
    Exhibit&nbsp;8.1)</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Cawley, Gillespie&nbsp;&#38; Associates, Inc.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Power of Attorney (set forth on the signature page)</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>+&nbsp;</TD>
    <TD align="left">
    Such exhibit has heretofore been filed with the Securities and
    Exchange Commission as part of the filing indicated and is
    incorporated herein by reference.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    A copy of this Exhibit is available to any unit holder, at the
    actual cost of reproduction, upon written request to the
    Trustee, Bank of America, N.A., 901 Main Street, Dallas, Texas
    75202.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD><B>ITEM&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
    <TD>
    <B><I>Undertakings.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;The undersigned Registrants hereby undertake:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;To include any prospectus required by
    Section&nbsp;10(a)(3) of the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent
    <FONT style="white-space: nowrap">post-effective</FONT>
    amendment thereof) which, individually or in the aggregate,
    represent a fundamental change in the information set forth in
    the registration statement. Notwithstanding the foregoing, any
    increase or decrease in volume of securities offered (if the
    total dollar value of securities offered would not exceed that
    which was registered) and any deviation from the low or high end
    of the estimated maximum offering range</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    may be reflected in the form of prospectus filed with the
    Commission pursuant to Rule 424(b) if, in the aggregate, the
    changes in volume and price represent no more than a 20% change
    in the maximum aggregate offering price set forth in the
    &#145;Calculation of Registration Fee&#146; table in the
    effective registration statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iii)&nbsp;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I>provided, however</I>, that paragraphs&nbsp;(1)(i), (1)(ii)
    and&nbsp;1(iii) do not apply if the information required to be
    included in a post effective amendment by those paragraphs is
    contained in reports filed with or furnished to the Commission
    by a Registrant pursuant to Section&nbsp;13 or
    Section&nbsp;15(d) of the Exchange Act, that are incorporated by
    reference in the registration statement, or is contained in a
    form of prospectus filed pursuant to Rule&nbsp;424(b) that is
    part of the registration statement.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;That, for the purpose of determining any liability
    under the Securities Act, each such post-effective amendment
    shall be deemed to be a new registration statement relating to
    the securities offered therein, and the offering of such
    securities at that time shall be deemed to be the initial bona
    fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;That, for the purpose of determining liability under
    the Securities Act to any purchaser:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (A)&nbsp;Each prospectus filed by a Registrant pursuant to
    Rule&nbsp;424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (B)&nbsp;Each prospectus required to be filed pursuant to
    Rule&nbsp;424(b)(2), (b)(5), or (b)(7) as part of a registration
    statement in reliance on Rule&nbsp;430B relating to an offering
    made pursuant to Rule&nbsp;415(a)(1)(i), (vii) or (x) for the
    purpose of providing the information required by
    Section&nbsp;10(a) of the Securities Act shall be deemed to be
    part of and included in the registration statement as of the
    earlier of the date such form of prospectus is first used after
    effectiveness or the date of the first contract of sale of
    securities in the offering described in the prospectus. As
    provided in Rule&nbsp;430B, for liability purposes of the issuer
    and any person that is at that date an underwriter, such date
    shall be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof. Provided, however, that no statement
    made in a registration statement or prospectus that is part of
    the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;That, for the purpose of determining liability of a
    Registrant under the Securities Act to any purchaser in the
    initial distribution of the securities:</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Each undersigned Registrant undertakes that in a primary
    offering of securities of such undersigned Registrant pursuant
    to the registration statement, regardless of the underwriting
    method used to sell the securities to the purchaser, if the
    securities are offered or sold to such purchaser by</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    means of any of the following communications, such undersigned
    Registrant will be a seller to the purchaser and will be
    considered to offer or sell such securities to such purchaser:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;Any preliminary prospectus or prospectus of such
    undersigned Registrant relating to the offering required to be
    filed pursuant to Rule&nbsp;424;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;Any free writing prospectus relating to the offering
    prepared by or on behalf of such undersigned Registrant or used
    or referred to by such undersigned Registrant;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iii)&nbsp;The portion of any other free writing prospectus
    relating to the offering containing material information about
    such undersigned Registrant or its securities provided by or on
    behalf of such undersigned Registrant; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iv)&nbsp;Any other communication that is an offer in the
    offering made by such undersigned Registrant to the purchaser.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;The undersigned Registrants hereby further undertake
that, for purposes of determining any liability under the
Securities Act, each filing of a Registrant&#146;s annual report
pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the
Exchange Act (and, where applicable, each filing of an employee
benefit plan&#146;s annual report pursuant to Section&nbsp;15(d)
of the Exchange Act) that is incorporated by reference in the
registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers
and controlling persons of the Registrants pursuant to the
foregoing provisions, or otherwise, each Registrant has been
advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by a Registrant
of expenses incurred or paid by a director, officer or
controlling person of such Registrant in the successful defense
of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, such Registrant will, unless in the opinion of
its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='118'></A>
</DIV>

<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, as
amended, the registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on
Form&nbsp;<FONT style="white-space: nowrap">S-3</FONT> and has
duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized in the City
of Dallas and State of Texas (with respect to the trust) or in
the City of Houston and State of Texas (with respect to
ConocoPhillips) on the 20th day of June 2006.
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT style="font-variant:SMALL-CAPS">PERMIAN BASIN ROYALTY TRUST
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    By: Bank of America, N.A., trustee</TD>
</TR>

</TABLE>

<DIV style="margin-top: 36pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
    /s/ Ron E. Hooper</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid black; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Ron E. Hooper</TD>
</TR>

<TR valign="top"  style="font-size: 10.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Senior Vice President</TD>
</TR>

<TR>
    <TD style="font-size: 24.0pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 10.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT style="font-variant:SMALL-CAPS">CONOCOPHILLIPS
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 36pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
    /s/ John A. Carrig</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid black; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    John A. Carrig</TD>
</TR>

<TR valign="top"  style="font-size: 10.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Executive Vice President, Finance, and</TD>
</TR>

<TR valign="top"  style="font-size: 10.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Chief Financial Officer</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose
signature appears below hereby constitutes and appoints John A.
Carrig, James&nbsp;J. Mulva and Stephen&nbsp;F. Gates, or any of
them, as such signatory&#146;s true and lawful
<FONT style="white-space: nowrap">attorney-in</FONT>-fact and
agent with full power of substitution and resubstitution, to
sign on his or her behalf, individually and in the capacities
stated below, any and all amendments (including post-effective
amendments) to this registration statement (and to any
registration statement filed pursuant to Rule&nbsp;462 under the
Securities Act), and to file the same, with all exhibits
thereto, and all documents in connection therewith, with the
Securities and Exchange Commission, granting unto said
<FONT style="white-space: nowrap">attorney-in</FONT>-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the foregoing, as fully as to all intents and purposes as such
signatory might or could do in person, hereby ratifying and
confirming all that said
<FONT style="white-space: nowrap">attorney-in</FONT>-fact and
agent or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, as
amended, this registration statement has been signed by the
following persons in the capacities indicated on June 20, 2006:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ James J. Mulva<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>James
    J. Mulva</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chairman of the Board of Directors, President and<BR>
    Chief Executive Officer<BR>
    (Principal Executive Officer)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ John A. Carrig<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>John
    A. Carrig</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Executive Vice President, Finance, and<BR>
    Chief Financial Officer<BR>
    (Principal Financial Officer)</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-6
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; ">

<TR style="font-size: 1pt;">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Rand C. Berney<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Rand
    C. Berney</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Vice President and Controller<BR>
    (Principal Accounting Officer)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Richard L. Armitage<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Richard
    L. Armitage</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Richard H. Auchinleck<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Richard
    H. Auchinleck</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Norman R. Augustine<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Norman
    R. Augustine</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ James E. Copeland<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>James
    E. Copeland</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Kenneth M. Duberstein<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Kenneth
    M. Duberstein</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Ruth R. Harkin<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Ruth
    R. Harkin</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Charles C. Krulak<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Charles
    C. Krulak</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Harold W. McGraw III<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Harold
    W. McGraw III</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Harald J. Norvik<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Harald
    J. Norvik</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ William K. Reilly<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>William
    K. Reilly</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ William R. Rhodes<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>William
    R. Rhodes</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ J. Stapleton Roy<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>J.
    Stapleton Roy</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Bobby S. Shackouls<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Bobby
    S. Shackouls</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Victoria J. Tschinkel<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Victoria
    J. Tschinkel</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Kathryn C. Turner<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Kathryn
    C. Turner</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ William E. Wade, Jr.<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>William
    E. Wade, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-7
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='119'></A>
</DIV>

<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EXHIBIT INDEX</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*+4</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Permian Basin Royalty Trust Indenture dated November&nbsp;3,
    1980, between Southland Royalty Company (now Burlington
    Resources Oil&nbsp;&#38; Gas Company LP) and The First National
    Bank of Fort&nbsp;Worth (now Bank of America, N.A.), as Trustee,
    heretofore filed as Exhibit&nbsp;(4)(a) to the Trust&#146;s
    Annual Report on Form 10-K to the Securities and Exchange
    Commission for the fiscal year ended December&nbsp;31, 1980
    (File No.&nbsp;001-08033) and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*+4</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust)
    from Southland Royalty Company (now Burlington Resources
    Oil&nbsp;&#38; Gas Company LP) to The First National Bank of
    Fort&nbsp;Worth (now Bank of America, N.A.), as Trustee, dated
    November&nbsp;3, 1980 (without Schedules), heretofore filed as
    Exhibit&nbsp;(4)(b) to the Trust&#146;s Annual Report on Form
    10-K to the Securities and Exchange Commission for the fiscal
    year ended December&nbsp;31, 1980 (File No.&nbsp;001-08033) and
    incorporated herein by reference.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>*+4</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Net Overriding Royalty Conveyance (Permian Basin Royalty
    Trust&nbsp;&#151; Waddell Ranch) from Southland Royalty Company
    (now Burlington Resources Oil&nbsp;&#38; Gas Company LP) to The
    First National Bank of Fort&nbsp;Worth (now Bank of America,
    N.A.), as Trustee, dated November&nbsp;3, 1980 (without
    Schedules), heretofore filed as Exhibit&nbsp;(4)(c) to the
    Trust&#146;s Annual Report on Form 10-K to the Securities and
    Exchange Commission for the fiscal year ended December&nbsp;31,
    1980 (File No.&nbsp;001-08033) and incorporated herein by
    reference.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>+4</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Registration Rights Agreement dated as of July&nbsp;21, 2004 by
    and between Burlington Resources Inc. and Bank of America, N.A.,
    as trustee of Permian Basin Royalty Trust, heretofore filed as
    Exhibit&nbsp;10.1 to the Trust&#146;s Quarterly Report on Form
    10-Q for the quarter ended June&nbsp;30, 2004 and incorporated
    herein by reference.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Andrews Kurth LLP as to legality of the securities
    registered hereby.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>8</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Andrews Kurth LLP regarding tax matters.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>15</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Awareness Letter of Deloitte &#38; Touche LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Deloitte&nbsp;&#38; Touche LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Ernst&nbsp;&#38; Young LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of PricewaterhouseCoopers LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Andrews Kurth LLP (set forth in Exhibit&nbsp;5.1 and
    Exhibit&nbsp;8.1)</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Cawley, Gillespie &#38; Associates, Inc.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Power of Attorney (set forth on the signature page)</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>+&nbsp;</TD>
    <TD align="left">
    Such exhibit has heretofore been filed with the Securities and
    Exchange Commission as part of the filing indicated and is
    incorporated herein by reference.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    A copy of this Exhibit is available to any unit holder, at the
    actual cost of reproduction, upon written request to the
    Trustee, Bank of America, N.A., 901 Main Street, Dallas, Texas
    75202.</TD>
</TR>

</TABLE>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>h36287exv5w1.htm
<DESCRIPTION>OPINION OF ANDREWS KURTH LLP AS TO LEGALITY
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="h36287h3628701.gif" alt="(ANDREWS LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">600 Travis, Suite&nbsp;4200<BR>
Houston, Texas 77002<BR>
713.220.4200 Phone<BR>
713.220.4285 Fax<BR>
andrewskurth.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">June 20, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors<BR>
ConocoPhillips<BR>
600 North Dairy Ashford<BR>
Houston, Texas 77079

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to ConocoPhillips, a Delaware corporation (the &#147;<U>Company</U>&#148;), in
connection with the preparation and filing of a registration statement on Form S-3 (the
&#147;<U>Registration Statement</U>&#148;), with the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) on the date hereof, pursuant to the Securities Act of 1933, as amended (the
&#147;<U>Act</U>&#148;), filed by the Company and the Permian Basin Royalty Trust, an express trust created
under the laws of the State of Texas (the &#147;<U>Trust</U>&#148;). The Registration Statement relates to
the offering from time to time of up to 9,620,741 units of beneficial interest of the Trust (the
&#147;<U>Trust Units</U>&#148;) by the Company. All capitalized terms which are not defined herein shall
have the meanings assigned to them in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In arriving at the opinion expressed below, we have examined the Permian Basin Royalty Trust
Indenture dated November&nbsp;3, 1980 (the &#147;<U>Indenture</U>&#148;), the Registration Statement, and the
originals or copies certified or otherwise identified to our satisfaction of such other instruments
and other certificates of public officials, officers and representatives of the Company and the
Trust and such other persons, and we have made such investigations of law as we have deemed
appropriate as a basis for the opinion expressed below. In rendering the opinion expressed below,
we have assumed and have not verified (i)&nbsp;the genuineness of the signatures on all documents that
we have examined, (ii)&nbsp;the conformity to the originals of all documents supplied to us as certified
or photostatic or faxed copies, (iii)&nbsp;the authenticity of the originals of such documents and (iv)
as to the forms of all documents in respect of which forms were filed with the Commission as
exhibits to the Registration Statement, the conformity in all material respects of such documents
to the forms thereof that we have examined. In conducting our examination of documents executed by
parties other than the Company, we have assumed that such parties had the power, corporate or
other, to enter into and perform all obligations thereunder and have also assumed the due
authorization by all requisite action corporate or other, and the due execution and delivery by
such parties of such documents and that such documents constitute valid and binding obligations of
such parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, and subject to the limitations and exceptions set forth below, it is
our opinion that the Trust Units are legally issued and, when sold by the Company in the manner
contemplated by the Registration Statement, will continue to be legally issued and will be fully
paid and non-assessable. We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to this firm under the heading &#147;Legal Matters&#148; in the
prospectus forming part of the Registration Statement without admitting that we are &#147;experts&#148; under
the Act, or the rules and regulations of the Commission issued thereunder, with respect to any part
of the Registration Statement, including this exhibit.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors<BR>
ConocoPhillips<BR>
June 20, 2006<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion speaks as of its date and we undertake no, and hereby disclaim any, duty to
advise as to changes of fact or law coming to our attention after the delivery hereof on such date.
For the purposes of the opinions expressed above, we have assumed that, at the time of the delivery
of the Trust Units (a)&nbsp;the Company and the Trust will be validly existing in good standing under
the laws of the States of Delaware and Texas, respectively, and there shall have occurred no change
in applicable law (statutory or decisional), rule or regulation, or in any other relevant fact or
circumstance, that (in any such case) would adversely affect our ability to render at such time an
opinion containing the same legal conclusions herein set forth and subject only to the same (or
fewer) assumptions, limitations and qualifications as are contained herein, and (b)&nbsp;at the time of
offering and sale by the Company of such Trust Units pursuant to the Registration Statement (i)&nbsp;the
Registration Statement, and any amendments thereto (including post-effective amendments), will have
become effective and no stop order shall have been issued in respect thereof, (ii)&nbsp;a Prospectus
Supplement will have been prepared and filed with the Commission describing the Trust Units offered
thereby, and (iii)&nbsp;all such Trust Units will have been issued and sold in compliance with
applicable United States federal and state securities laws and in the manner contemplated in the
Registration Statement and the applicable Prospectus Supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We express no opinion other than as to the federal laws of the United States and the Texas
Trust Code, in each case as in effect as of the date hereof. We do not express any opinion as to
the laws of any other jurisdiction. This opinion is rendered solely for your benefit in connection
with the above matter and may not be relied upon in any manner by any other person or entity
without our express written consent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Very truly yours,
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;Andrews Kurth LLP

</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>h36287exv8w1.htm
<DESCRIPTION>OPINION OF ANDREWS KURTH LLP REGARDING TAX MATTERS
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 8.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="h36287h3628701.gif" alt="(ANDREWS LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">600 Travis, Suite&nbsp;4200<BR>
Houston, Texas 77002<BR>
713.220.4200 Phone<BR>
713.220.4285 Fax<BR>
andrewskurth.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">June 20, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors<BR>
ConocoPhillips<BR>
600 North Dairy Ashford<BR>
Houston, Texas 77079

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as counsel to ConocoPhillips, a Delaware corporation (the
&#147;<U>Company</U>&#148;), in
connection with the preparation and filing of a registration statement on Form S-3 (the
&#147;<U>Registration Statement</U>&#148;), with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) on the
date hereof, pursuant to the Securities Act of 1933, as amended (the &#147;<U>Act</U>&#148;), filed by the Company
and Permian Basin Royalty Trust, an express trust under the Texas Trust Act (the &#147;<U>Trust</U>&#148;). The
Registration Statement relates to the offering from time to time of 9,620,741 units of beneficial
interest of the Trust (the &#147;<U>Trust Units</U>&#148;) by the Company. All capitalized terms which are not
defined herein shall have the meanings assigned to them in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In arriving at the opinion expressed below, we have examined the
Registration Statement, including the prospectus included therein and the documents incorporated by
reference therein, and we have made such investigations of law as we have deemed appropriate as a
basis for the opinion expressed below. As to any facts material to the opinion expressed herein
which were not independently established or verified, we have relied upon oral or written
statements and representations of officers, trustees, and other representatives of the Company, the
Trust and others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, and subject to the limitations and qualifications set forth herein, we
are of the opinion that the description of the United States federal income tax consequences
appearing under the heading &#147;Material Federal Income Tax Consequences&#148; in the prospectus forming
part of the Registration Statement accurately describes the material United Stated federal income
tax consequences to holders of the Trust Units under existing law and subject to the qualifications
and assumptions stated therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion set forth above is based upon our interpretations of current United States federal
income tax law, including court authority and existing Final and Temporary Regulations, which are
subject to change both prospectively and retroactively, and upon the facts and assumptions
discussed herein. This opinion letter is limited to the matters set forth herein, and no opinions
are intended to be
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">June&nbsp;20, 2006<BR>
Page 2

</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">implied or may be inferred beyond those expressly stated herein. Our opinion is rendered as of the
date hereof and we assume no obligation to update or supplement this opinion or any matter related
to this opinion to reflect any change of fact, circumstances, or law after the date hereof. In
addition, our opinion is based on the assumption that the matter will be properly presented to the
applicable court. Furthermore, our opinion is not binding on the Internal Revenue Service or a
court. In addition, we must note that our opinion represents merely our best legal judgment on the
matters presented and that others may disagree with our conclusion. There can be no assurance that
the Internal Revenue Service will not take a contrary position or that a court would agree with our
opinion if litigated.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
and to the reference to our firm in the prospectus forming a part of the Registration Statement
under the caption &#147;Legal Matters.&#148; In giving this consent, however, we do not hereby admit that we
are within the category of persons whose consent is required under section 7 of the Act or the
rules and regulations of the Commission issued thereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Very truly yours,
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Andrews Kurth LLP
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>4
<FILENAME>h36287exv15w1.htm
<DESCRIPTION>AWARENESS LETTER OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv15w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;15.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Awareness Letter of Deloitte &#038; Touche LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bank of America, N.A. as Trustee<BR>
For the Permian Basin Royalty Trust:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have made a review, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), of the unaudited interim financial information of Permian Basin Royalty
Trust for the three-months ended March&nbsp;31, 2006 and 2005, and have issued our report dated May&nbsp;8,
2006. As indicated in such report, because we did not perform an audit, we expressed no opinion on that
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are aware that Permian Basin Royalty Trust and ConocoPhillips have incorporated by reference in
this Registration Statement on Form S-3, Permian Basin Royalty Trust&#146;s Form 10-Q
for the quarter ended March&nbsp;31, 2006, which includes our report dated May&nbsp;8, 2006, covering the
unaudited interim financial information contained therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act
of 1933, is not considered a part of the registration statement prepared or certified by an
accountant or a report prepared or certified by an accountant within the meaning of Sections&nbsp;7 and
11 of the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/&nbsp;Deloitte &#038; Touche LLP<br>Dallas, Texas<BR>
June 20, 2006
</DIV>


<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>h36287exv23w1.htm
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in this Registration Statement of Permian Basin
Royalty Trust and ConocoPhillips on Form S-3 of our report dated March&nbsp;14, 2006, relating to the
financial statements of Permian Basin Royalty Trust and our report on internal control over
financial reporting of Permian Basin Royalty Trust, appearing in the Annual Report on Form 10-K of
Permian Basin Royalty Trust for the year ended December&nbsp;31, 2005, and to the reference to us under
the heading &#147;Experts&#148; in the Prospectus, which is part of this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/
Deloitte &#38; Touche LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dallas, Texas
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">June&nbsp;20, 2006
</DIV>



<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>h36287exv23w2.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit&nbsp;23.2</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Consent of Independent Registered Public Accounting Firm
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the reference to our firm under the caption &#147;Experts&#148; in the Registration Statement
(Form S-3) of ConocoPhillips and Permian Basin Royalty Trust and related Prospectus of Permian
Basin Royalty Trust for the registration of 9,620,741 units of beneficial interest in the trust and
to the incorporation by reference therein of our reports dated February&nbsp;26, 2006, with respect to
the consolidated financial statements, condensed consolidating financial information and financial
statement schedule of ConocoPhillips, ConocoPhillips management&#146;s assessment of the effectiveness
of internal control over financial reporting, and the effectiveness of internal control over
financial reporting of ConocoPhillips, included in its Annual Report (Form 10-K) for the year ended
December&nbsp;31, 2005, filed with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Ernst &#038; Young LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Houston, Texas<BR>
June&nbsp;16, 2006
</DIV>


<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>7
<FILENAME>h36287exv23w3.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit&nbsp;23.3</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of
our report dated February&nbsp;28, 2006 relating to the consolidated financial statements, management&#146;s
assessment of the effectiveness of internal control over financial reporting and the effectiveness
of internal control over financial reporting of Burlington Resources Inc., which appears in the
2005 Annual Report on Form 10-K of Burlington Resources Inc., which is incorporated by reference in
ConocoPhillips&#146; Current Report on Form 8-K/A dated March&nbsp;31, 2006. We also consent to the reference
to us under the heading &#147;Experts&#148; in such Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">/s/ PricewaterhouseCoopers LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Houston, Texas<BR>
June&nbsp;16, 2006
</DIV>


<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>8
<FILENAME>h36287exv23w5.htm
<DESCRIPTION>CONSENT OF CAWLEY, GILLESPIE & ASSOCIATES, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit 23.5</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF CAWLEY, GILLESPIE &#038; ASSOCIATES INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">June&nbsp;16, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Permian Basin Royalty Trust<BR>
Bank of America, N.A., Trustee<BR>
901 Main Street, 17th Floor<BR>
Dallas, Texas 75202-3714

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ConocoPhillips<BR>
600 North Dairy Ashford<BR>
Houston, Texas 77079

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cawley, Gillespie &#038; Associates, Inc. hereby consents to the use of the oil and gas
reserve information in this Registration Statement on Form S-3, and the incorporation by reference
of the oil and gas reserve information set forth in Permian Basin Royalty Trust&#146;s Annual Report on
Form 10-K for the year ending December&nbsp;31, 2005 and its Annual Report to Security Holders for the
year ending December&nbsp;31, 2005, based on our reserve report dated February&nbsp;23, 2006. We also consent
to the reference to us under the heading &#147;Experts&#148; in the Registration Statement.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="center">Submitted, CAWLEY, GILLESPIE &#038; ASSOCIATES, INC.<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/S/ KENNETH J. MUELLER
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Kenneth J. Mueller, P.E.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">
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