Texas Pacific Land Trust First Quarter Earnings Release (Unaudited)

Texas Pacific Land Trust (NYSE:TPL):

TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - UNAUDITED
		Three Months Ended
		March 31, 2010			March 31, 2009
Rentals, royalties and other income		$	3,884,078		$	1,866,077
Land sales			367,320			--
Total income		$	4,251,398		$	1,866,077
Provision for income tax		$	1,050,694		$	451,378
Net income		$	2,442,467		$	762,152
Net income per sub-share		$	.25		$	.07
Average sub-shares outstanding during period			9,860,238			10,177,844

This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Trust's future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management's intent, beliefs or current expectations with respect to the Trust's future financial performance and other matters. We assume no responsibility to update any such forward-looking statements.

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