Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES AUGUST CASH DISTRIBUTION

DALLAS, Texas, August 21, 2015 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $0.035737 per unit, payable on September 15, 2015, to unit holders of record on August 31, 2015.

This month’s distribution increased from the previous month due to increased production and pricing for both oil and gas on the Waddell Ranch properties but offset by a slight decline in production of both oil and gas for the Texas Royalty properties.

WADDELL RANCH

Production for the underlying properties at the Waddell Ranch was 71,184 barrels of oil and 432,319 Mcf of gas. The production for the Trust’s allocated portion of the Waddell Ranch was 4,908 barrels of oil and 31,829 Mcf of gas. The average price for oil was $56.96 per bbl and for gas was $2.72 per Mcf. This would primarily reflect production and pricing for the month of June for oil and the month of May for gas. These allocated volumes were significantly impacted by the pricing of both oil and gas.

This production and pricing for the Underlying Properties resulted in revenues for the Waddell Ranch Properties of $5,612,342. Deducted from these would be the Lease Operating Expense (LOE) $1,911,063, taxes of $430,056 and Capital Expenditures (CAPEX) of $2,767,559 totaling $5,108,679 resulting in a Net Profit of $503,664 for the month of July. With the Trust’s Net Profit Interest (NPI) of 75% of the underlying properties, this would result in net contribution by the Waddell Ranch Properties of $377,748 to this month’s distribution. There is no amount of negative NPI deficit to carryover from previous periods for this month.

During June 2015, the 2015 10 workover well program was completed and producing. The drill well program of 10 vertical and 2 horizontal wells for the 2015 program was started in June 2015.

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 completed with the vertical/horizontal drilling beginning in June and the facilities work will occur throughout the year.

TEXAS ROYALTY PROPERTIES

Production for the underlying properties at the Texas Royalties was 27,169 barrels of oil and 33,200 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalties was 25,811 barrels of oil and 31,540 Mcf of gas. The average price for oil was $56.58 per bbl and for gas was $4.50 per Mcf. This would primarily reflect production and pricing for the month of June for oil and the month of May for gas. These allocated volumes were impacted by the pricing of both oil and gas.

This production and pricing for the underlying properties resulted in revenues for the Texas Royalties of $1,686,714. Deducted from these would be taxes of $221,563 resulting in a Net Profit of $1,465,150 for the month of July. With the Trust’s Net Profit Interest (NPI) of 95% of the Underlying Properties, this would result in net contribution by the Texas Royalties of $1,391,893 to this month’s distribution.

General and Administrative Expenses deducted for the month were $103,990 resulting in a distribution of $1,665,660 to 46,608,796 units outstanding, or $.035737 per unit.

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.

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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