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Permian Basin Royalty Trust owns overriding royalty interests in various oil and gas properties in the United States. The company holds a 75% net overriding royalty interest in the Waddell Ranch properties that consist of Dune, Judkins, McKnight, Tubb, University-Waddell, and Waddell fields located in Crane County, Texas; and a 95% net overriding royalty interest in Texas Royalty properties, which include royalty interests in various producing oil fields, such as Yates, Wasson, Sand Hills, East Texas, Kelly-Snyder, Panhandle Regular, N. Cowden, Todd, Keystone, Kermit, McElroy, Howard-Glasscock, Seminole, and others located in 33 counties in Texas. As of December 31, 2012, its Waddell Ranch properties contained 400 net productive oil wells, 30 net productive gas wells, and 500 net injection wells. The company's Texas Royalty properties consist of approximately 125 separate royalty interests containing approximately 51,000 net producing acres. Permian Basin Royalty Trust was founded in 1980 and is based in Dallas, Texas.