texas pacific land trust. i promised to come back to it after learning more about the story. now, this one is interesting. texas pacific land corp the corporate successor to texas pacific land trust which was formed way back in 1888 when a planned transcontinental railroad went bankrupt. the texas and pacific railway was never completed but they had a really great bunch of contracts with texas, california, arizona and new mexico. that granted them sections of land for every mile of rail built. even though the company went under they laid 972 miles of track which translated into 3.5 million acres of land in texas. that land was put into a trust for the benefit of the bond holders who eventually started laetzing their acreage to oil prospectors. huge business. which is why the trust certificates were listed on the new york stock exchange back in 1927. ultimately the texas pacific land trust spun off its underground mineral rights as txl oil which was bought by texaco which in turn got bought by chevron. however, the trust contain a non-participating interest under certain tracts of land. and that land happened to be in the permian