SABINE ROYALTY TRUST

SABINE ROYALTY TRUST is an express trust formed under Texas law, effective December 31, 1982. The Trust's current trustee is Argent Trust Company. The principal office is located at 3838 Oak Lawn Avenue, Suite 1720, Dallas, Texas, 75219. The Trust's business involves holding royalty and mineral interests in oil and gas properties. On November 12, 1982, Sabine Corporation shareholders approved the transfer of these interests to the Trust. These interests include landowner's royalties, overriding royalty interests, minerals (excluding executive rights, bonuses, and delay rentals), production payments, and other similar, nonparticipatory interests. These assets are located in certain producing and proved undeveloped oil and gas properties across Florida, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas. The conveyances of these Royalty Properties to the Trust became effective for production as of 7:00 a.m. (local time) on January 1, 1983.