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TPL----Texas Pacific Land Trust was created in 1888 as a result of the bankruptcy of the Texas and Pacific Railway Company.

Holders of Texas and Pacific Railway Company bonds

received 3.5 million acres of land in Texas which had been

earned by the railroad and pledged as security against bonds.

The bondholders created the Trust and converted bonds to

shares of proprietary interest in the Trust. The Trust was

created to manage and sell the land. Today the Trust is one of

the largest landowners in Texas with around 921,616 acres

located in eighteen different counties. Texas Pacific Land Trust

derives revenue from all avenues of managing the land, i.e. oil

and gas royalties, grazing leases, easements, sundry and

specialty leases, and land sales. The Trust has a perpetual oil

and gas royalty interest in some 459,200 acres.