Dallas, Texas, December 3, 2014 - Southwest Bank, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.17589 per unit, payable on December 29, 2014, to unit holders of record on December 15, 2014. Sabine's cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.sbr-sabineroyalty.com/.
           This distribution reflects primarily the oil production for September 2014 and the gas production for August 2014. Preliminary production volumes are approximately 28,433 barrels of oil and 379,410 Mcf of gas. Preliminary prices are approximately $85.82 per barrel of oil and $3.89 per Mcf of gas.
           The table below compares this month's production and prices to the previous month's:

           Revenues are only posted and distributed when they are received. Most energy companies normally issue payment of royalties on or about the 25th of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month. The revenues received after that date will be posted within 30 days of receipt.
           Due to the timing of the end of the month of November and the transition to new systems, approximately $1,438,674 of revenue received will be posted in the following month of December in addition to normal receipts during December. Since the close of business in November and prior to this press release, approximately $2,038,575 revenue has been received.
           Approximately $892,000 for 2014 Ad Valorem taxes was deducted from this month's distribution as compared to $902,000 in December 2013. These payments are normal expenditures at this time of year.
           The 2014 tax information packets are expected to begin mailing directly to unitholders in early March 2015. A copy of Sabine's 2014 tax information booklet will be posted on Sabine's website by March 1, 2015. In addition to the tax booklet the Sabine website will also offer two simple calculators for computing the income and expense amounts and the cost depletion. The calculators are currently expected to be updated with the 2014 tax information by February 15, 2015.

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Ron Hooper
SVP, Royalty Trust Services
Southwest Bank
(855) 588-7839