Sabine Royalty Trust (the Trust) is an express trust formed to receive
Sabine Corporation's royalty and mineral interests, including landowner's
royalties, overriding royalty interests, minerals (other than executive rights,
bonuses and delay rentals), production payments and any other similar,
non-participatory interest, in certain producing and proved undeveloped oil
and gas properties located in Florida, Louisiana, Mississippi, New Mexico,
Oklahoma and Texas (the Royalty Properties). The conveyances of the
Royalty Properties to the Trust were effective with respect to production on
January 1, 1983. The current trustee of the Trust is Southwest Bank.

 
     
Sabine Royalty Trust (the "Trust") was established as of December 31, 1982
by the Sabine Corporation Royalty Trust Agreement (the "Trust Agreement")
between Sabine Corporation and InterFirst Bank Dallas, N.A., as Trustee, and
by the transfer from Sabine Corporation to the Trust of certain royalty and
mineral interests in producing and proved undeveloped oil and gas properties
in Florida, Louisiana, Mississippi, New Mexico, Oklahoma and Texas. These
royalty interests are the only assets of the Trust, other than cash being held
for the payment of expenses and liabilities and for distribution to the Unit holders.