Cross Timbers Royalty Trust (CRT - 13)

Volume Irregularity in First Quarter 2000

Attributing a 13% decline in quarterly volume year to year to the timing of cash receipts, the trustee added, "The natural decline in production is estimated to be 5%". Applying that annual rate of decline to the moving average of past quarters lead us to drop our volume projection for 2000 by 5%. The change reduces estimated distribution for the next 12 months to $2.08 a unit from $2.15. The change reduces present value to $20.20 a unit from $20.70.

In what appears to have no impact on our projections, the trust also disclosed in its Form 10-Q for the first quarter of 2000, filed last week with the Securities and Exchange Commission, that the technique of reporting price and cost has changed. The financial model to be posted over the weekend will be up-to-date. New investment in the trust continues to be attractive in our opinion.

Kurt H. Wulff

May 23, 2000

Analyses are prepared from original sources and data believed to be reliable, but no representations are made as to their accuracy or completeness. This summary with supporting documentation is available free at http://royaltytrusts.intranets.com. Registration code: sanjuan