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Sabine Royalty Trust Declares Monthly Cash Distribution for July
 
    DALLAS, July 3 /PRNewswire-FirstCall/ -- Bank of America, N.A., Dallas,
Texas, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a
cash distribution to the holders of its units of beneficial interest of
$0.20257 per unit, payable on July 29, 2003, to unit holders of record on
July 15, 2003.
    Due to the timing of the end of the month of June, approximately
$1,900,000 of revenue received will be posted in the following month of July
in addition to normal receipts during July.
    For more information on Sabine Royalty Trust, please visit our website at
http://www.sbr-sabineroyalty.com .
SOURCE Sabine Royalty Trust



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    CONTACT:
    Ron E. Hooper, Senior Vice President of Bank
    of America, N.A., +1-800-365-6541, for Sabine Royalty Trust
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