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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950134-03-003021.txt : 20030225
<SEC-HEADER>0000950134-03-003021.hdr.sgml : 20030225
<ACCEPTANCE-DATETIME>20030224180906
ACCESSION NUMBER:		0000950134-03-003021
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030210
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20030225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAN JUAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319655
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				756279898
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		03578170

	BUSINESS ADDRESS:	
		STREET 1:		BANK ONE TEXAS N A TRUST
		CITY:			FT WORTH
		STATE:			TX
		ZIP:			76113
		BUSINESS PHONE:		8178844630

	MAIL ADDRESS:	
		STREET 1:		1600 BANK ONE TOWER
		STREET 2:		500 THROCKMORTON
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102-3899
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d03582e8vk.txt
<DESCRIPTION>FORM 8-K
<TEXT>
<PAGE>

- --------------------------------------------------------------------------------

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   ----------

                                    FORM 8-K
                                 CURRENT REPORT

                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

       DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): FEBRUARY 10, 2003

                                   ----------

                          SAN JUAN BASIN ROYALTY TRUST
             (Exact name of registrant as specified in its charter)


<Table>
<S>                                         <C>                      <C>
            Texas                           1-8032                   75-6279898
       (State or other             (Commission File Number)       (I.R.S. Employer
jurisdiction of incorporation)                                 Identification Number)

 TexasBank, Trust Department
    2525 Ridgmar Boulevard                                              76116
      Fort Worth, Texas                                              (Zip code)
    (Address of principal
      executive offices)
</Table>

       Registrant's telephone number, including area code: (866) 809-4553

                                       N/A
         (Former name or former address, if changed since last report.)

- --------------------------------------------------------------------------------

<PAGE>

ITEM 5. OTHER EVENTS.

         On February 10, 2003, TexasBank, in its capacity as trustee of the San
Juan Basin Royalty Trust (the "Trust"), issued a press release, a copy of which
is attached hereto as Exhibit 99.1, announcing the capital project plan for 2003
as delivered to it by Burlington Resources Oil & Gas Company LP as well as
revisions to the 2002 capital budget estimate. The press release states, among
other things, that capital expenditures for 2003 for properties subject to the
Trust's royalty interest are estimated to be $14.1 million.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

         99.1     Press release, dated February 10, 2003.

<PAGE>

                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                            TEXASBANK, AS TRUSTEE FOR THE
                                            SAN JUAN BASIN ROYALTY TRUST
                                            (Registrant)



                                            By: /s/ Lee Ann Anderson
                                               ---------------------------------
                                                Lee Ann Anderson
                                                Vice President and Trust Officer

Date:    February 24, 2003

               (The Trust has no directors or executive officers.)




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d03582exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.1

                                                              NEWS RELEASE


SAN JUAN BASIN ROYALTY TRUST
ANNOUNCES 2003 CAPITAL PLAN AND
REVISION TO 2002 CAPITAL PLAN


         FORT WORTH, Texas, February 10, 2003 - TexasBank (the "Trustee") as
Trustee of the San Juan Basin Royalty Trust (the "Trust"), today announced the
capital project plan for 2003 as delivered to it by Burlington Resources Oil &
Gas Company LP ("Burlington"). Capital expenditures for 2003 for properties
subject to the Trust's royalty interest are estimated to be $14.1 million.
Forty-three percent of the planned expenditures will be on Fruitland Coal
projects with the remainder being spent on conventional projects.

         The principal asset of the Trust consists of a seventy-five (75%) net
overriding royalty interest carved out of certain oil and gas leasehold and
royalty interests now owned by Burlington in properties located in the San Juan
Basin and more particularly in San Juan, Rio Arriba and Sandoval counties of
northwestern New Mexico (the "Underlying Properties"). Burlington is the
operator of the majority of the Underlying Properties.

         Additionally, the Trustee announced that Burlington has revised its
2002 capital budget estimate for the Underlying Properties upward from $12.4
million to $19 million. Capital expenditures of approximately $11.4 million for
2002 budgeted projects were used in calculating distributable income in calendar
year 2002, and approximately $2.6 million in capital expenditures was used in
calculating distributions for January of 2003. Therefore, an additional
approximately $5 million in capital expenditures for 2002 projects remains to be
spent.

         Burlington's capital expenditures for the Underlying Properties for
2002 covered 339 projects, including the drilling of 41 new wells operated by
Burlington as well as 12 other wells operated by third parties. New drilling
activity was at an aggregate cost of approximately $6.5 million. The balance of
the expenditures were attributable to the workover of existing wells and the
maintenance and improvement of production facilities.

         The aggregate capital expenditures reported by Burlington in
calculating distributable income for 2002 include approximately $10.1 million
attributable to the capital budgets for prior years. This occurs because
projects within a given year's budget may extend into subsequent years, with
capital expenditures attributable to those projects used in calculating
distributable income to the Trust in those subsequent years. Further,
Burlington's accounting period for capital expenditures runs through November 30
of each calendar year, such that capital expenditures incurred in December of
each year are actually accounted for as part of the following year's capital
expenditures. Also, for wells not operated by Burlington, Burlington's share of
capital expenditures may not actually be paid by it until the year or years
after those expenses were incurred by the operator.

<PAGE>

         For 2003, Burlington's announced plan for the Underlying Properties
includes 351 projects at an aggregate cost of $14.1 million. Approximately $10.5
million of that budget is allocable to new wells, with approximately 41% of
those wells projected to be drilled to formations producing coal seam gas as
distinguished from conventional gas. Burlington reports that based on its actual
capital requirements, its mix of projects and swings in the price of natural
gas, the actual capital expenditures for 2003 could range from $10 million to
$22 million.

         In August 2002, the New Mexico Oil Conservation Division approved
reduced, 160-acre spacing in selected portions of the Fruitland Coal formation.
Burlington has indicated that, principally as a result of that decision, its
budget for 2003 reflects a focus on the Fruitland Coal formation.

Except for historical information contained in this news release, the statements
in this news release are forward-looking statements that are made pursuant to
the Safe Harbor Provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements and the business prospects of San Juan Basin
Royalty Trust are subject to a number of risks and uncertainties that may cause
actual results in future periods to differ materially from the forward-looking
statements. These risks and uncertainties include, among other things,
volatility of oil and gas prices, governmental regulation or action, litigation,
and uncertainties about estimates of reserves. These and other risks are
described in the Trust's reports and other filings with the Securities and
Exchange Commission.


Contact:     Lee Ann Anderson, Vice President & Trust Officer
             Kaye Wilke, Investor Relations, toll-free: (866) 809-4553

             Phone: (817) 735-0938
             Fax:   (817) 735-0936
             Website: www.sjbrt.com
             e-mail:  sjt@texasbank.com
             NYSE Ticker Symbol: SJT

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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