Carved in stone text effect

Start by opening a stone image.

Type the text "STONEAGE" with a nice font.
Hide the text layer. Ctrl select the text layer to get the selection. Select the background layer and press Ctrl+J to copy the selection in new layer.

Double click the layer to open layer style window and enable bevel&emboss. Use pillow emboss style.
Apply settings as shown.

Duplicate the text layer and change the color mode to screen.