EX-99.1 2 ex99_1.htm EHIBIT 99.1 PRESS RELEASE ex99_1.htm
EXHIBIT 99.1


 
[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]


CROSS TIMBERS ROYALTY TRUST
DECLARES JULY CASH DISTRIBUTION

 
    Dallas, Texas, July 21, 2008 - U.S. Trust, Bank of America Private Wealth Management, as Trustee of the Cross Timbers Royalty Trust (NYSE - CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.411533 per unit, payable on August 14, 2008, to unitholders of record on July 31, 2008.  The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.
 
   
Underlying Sales
Volumes
  
Average Price
   
Oil
(Bbls)
  
Gas
(Mcf)
  
Oil
(per Bbl)
  
Gas
(per Mcf) 
Current Month                    
    
16,000
    
167,000
  
$
120.77
  
$
11.81 
                          
Prior Month
    
22,000
    
223,000
  
$
100.00
  
$
10.69 (a)
 
(a)  Excludes $518,756 related to lawsuit settlement proceeds for the underpayment of royalties on certain San Juan Basin properties,
    which increases the average price to $13.28 per Mcf.
 
    The prior month distribution included gas and oil sales volumes of approximately 53,000 Mcf and 6,000 Bbls related to production from prior periods.
 
    The June 2008 distribution included lawsuit settlement proceeds related to the underpayment of royalties on certain San Juan Basin properties.  Based on the information received by XTO Energy, the prior month distribution included additional royalties in the amount of $897,002, or approximately $0.15 per unit.  Of this amount, $378,246, or approximately $0.06 per unit, was interest income.
 
    For more information on the Trust, please visit our web site at www.crosstimberstrust.com.
 
* * *

Contact:
Nancy G. Willis
Vice President
U.S. Trust, Bank of America
Private Wealth Management
Trustee
Toll Free - 877-228-5084