Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES MARCH CASH DISTRIBUTION

DALLAS, Texas, March 20, 2015 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $0.021577 per unit, payable on April 14, 2015, to unit holders of record on March 31, 2015.

This month’s distribution decreased from the previous month due to continued declining pricing for both oil and gas, interruption of production due to extreme weather and continuation of payment of capital expenditures for the 2014 program on the Waddell Ranch.

Production for the Trust’s allocated portion of the Waddell Ranch was a negative (35,530) barrels of oil and a negative (200,878) Mcf of gas. These allocated volumes were significantly impacted by the capital expenditures and the reduced pricing of both oil and gas. Also, extreme weather curtailed the production of oil. The average price for oil was $43.65 per bbl and for gas was $2.61 per Mcf. For the Trust’s Texas Royalty Properties allocation, oil production was 25,975 barrels of oil and gas production was 33,549 Mcf. The average price for oil was $47.42 per bbl and for gas was $5.36 per Mcf.

This would primarily reflect production for the month of January for oil and the month of December for gas. The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.

During January 2015, two of the 2014 workover wells were completed and producing. There were three new wells of the 2014 program completed and place on production in the month of January. This completes the 2014 new drill program. Capital expenditures were approximately $1,800,658. The numbers provided reflect what was net to the Trust. Due to the allocation method of paying for capital expenditures and lease operating expenses, the Trust’s net volumes are adjusted in order to pay these expenditures.

ConocoPhillips has advised the Trustee of the 2015 capital expenditure budget which will total $48 million for the entire Waddell Ranch Project and $22.5 million net to the Trust. There will be 10 vertical wells, 2 horizontal wells, 10 recompletions, and various facilities projects. The workover/recompletions have started and will last through the year with the vertical/horizontal drilling beginning in June and the facilities work will occur throughout the year. The results of the 2013 and 2014 budget are discussed more fully in the Form 10-K filing.

The 2014 tax information packets were mailed directly to unitholders during the week of March 9, 2015. A copy of Permian’s 2014 tax information booklet is posted on Permian’s website. In addition to the tax booklet the Permian website also offers two simple calculators for computing the income and expense amounts and the cost depletion.

Permian’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.pbt-permian.com/. The new toll free number customer service number for the trust is 1-855-588-7839.

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