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<SEC-DOCUMENT>0000950134-07-004566.txt : 20070301
<SEC-HEADER>0000950134-07-004566.hdr.sgml : 20070301
<ACCEPTANCE-DATETIME>20070301155640
ACCESSION NUMBER:		0000950134-07-004566
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20061231
FILED AS OF DATE:		20070301
DATE AS OF CHANGE:		20070301

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:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		07663335

	BUSINESS ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		2525 RIDGMAR BOULEVARD SUITE 100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76116
		BUSINESS PHONE:		8668094553

	MAIL ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		2525 RIDGMAR BOULEVARD SUITE 100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76116
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>d44062e10vk.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e10vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN LOGICAL PAGE -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=0 -->

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;10-K</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="11%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">(Mark One)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 2pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT face="wingdings">&#254;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>ANNUAL REPORT PURSUANT TO SECTION&#160;13 OR 15(d)<BR>
    OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">For the fiscal year ended
    December&#160;31, 2006</FONT></B>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B><FONT style="font-size: 10pt">OR</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT face="wingdings">o
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>TRANSITION REPORT PURSUANT TO SECTION&#160;13 OR 15(d)<BR>
    OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">For the transition period
    from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Commission file number 1-8032</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">San&#160;Juan Basin Royalty
    Trust</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in the Amended and Restated San&#160;Juan Basin
    Royalty Trust Indenture)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">Texas<BR>
    </FONT></B><I><FONT style="font-size: 8pt">(State or other
    jurisdiction of<BR>
    incorporation or organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">75-6279898<BR>
    </FONT></B><I><FONT style="font-size: 8pt">(I.R.S. Employer<BR>
    Identification No.)</FONT></I>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Compass Bank<BR>
    2525 Ridgmar Boulevard, Suite&#160;100<BR>
    Fort&#160;Worth, Texas<BR>
    </FONT></B><I><FONT style="font-size: 8pt">(Address of principal
    executive offices)</FONT></I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">76116<BR>
    </FONT></B><I><FONT style="font-size: 8pt">(Zip Code) </FONT></I>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">(866)&#160;809-4553</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(Registrant&#146;s telephone number, including area code)</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Securities registered pursuant to Section&#160;12(b) of the
    Act:</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title of Each Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Each Exchange on Which Registered</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 1pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <FONT style="font-size: 10pt">Units of Beneficial Interest
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 10pt">New York Stock Exchange
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Securities registered pursuant to Section&#160;12(g) of the
    Act:</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>None</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Title of Class)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark if the registrant is a well-known
    seasoned issuer, as defined in Rule&#160;405 of the Securities
    Act.&#160;&#160;Yes&#160;<FONT face="wingdings">&#254;</FONT>&#160;&#160;&#160;&#160;&#160;No&#160;<FONT face="wingdings">o
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark if the registrant is not required to file
    reports pursuant to Section&#160;13 or Section&#160;15(d) of the
    Act.&#160;&#160;Yes&#160;<FONT face="wingdings">o</FONT>
    &#160;&#160;&#160;&#160;&#160;No&#160;<FONT face="wingdings">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant (1)&#160;has filed
    all reports required to be filed by Section&#160;13 or 15(d) of
    the Securities Exchange Act of 1934 during the preceding
    12&#160;months (or for such shorter period that the registrant
    was required to file such reports), and (2)&#160;has been
    subject to such filing requirements for the past
    90&#160;days.&#160;&#160;Yes&#160;<FONT face="wingdings">&#254;</FONT>&#160;&#160;&#160;&#160;&#160;No&#160;<FONT face="wingdings">o
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark if disclosure of delinquent filers
    pursuant to Item&#160;405 of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    is not contained herein, and will not be contained, to the best
    of registrant&#146;s knowledge, in definitive proxy or
    information statements incorporated by reference in
    Part&#160;III of this
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    or any amendment to this
    <FONT style="white-space: nowrap">Form&#160;10-K.&#160;&#160;</FONT><FONT face="wingdings">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, or a non-accelerated
    filer. See definition of &#147;accelerated filer and large
    accelerated filer&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Act:
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Large Accelerated
    filer&#160;&#160;<FONT face="wingdings">&#254;</FONT>&#160;&#160;&#160;&#160;&#160;Accelerated
    filer&#160;&#160;<FONT face="wingdings">o</FONT>&#160;&#160;&#160;&#160;&#160;Non-accelerated
    filer&#160;&#160;<FONT face="wingdings">o
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a shell company
    (as defined in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the
    Act).&#160;&#160;Yes&#160;<FONT face="wingdings">o</FONT>&#160;&#160;&#160;&#160;&#160;No&#160;<FONT face="wingdings">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    State the aggregate market value of the Units of Beneficial
    Interest held by non-affiliates of the registrant as of
    June&#160;30, 2006: $1,814,849,777.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At February&#160;26, 2007, there were 46,608,796 Units of
    Beneficial Interest of the Trust outstanding.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>DOCUMENTS INCORPORATED BY REFERENCE</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Units of Beneficial Interest&#148; at page&#160;2;
    &#147;Description of the Properties&#148; at page&#160;5;
    &#147;Trustee&#146;s Discussion and Analysis&#148; at
    pages&#160;5 through 11; and &#147;Statements of Assets,
    Liabilities and Trust Corpus,&#148; &#147;Statements of
    Distributable Income,&#148; &#147;Statements of Changes in Trust
    Corpus,&#148; &#147;Notes to Financial Statements,&#148; and
    &#147;Report of Independent Registered Public Accounting
    Firm&#148; at page&#160;13 et seq., in registrant&#146;s Annual
    Report to Unit Holders for the year ended December&#160;31,
    2006, are incorporated herein by reference for Item&#160;5
    (Market for Registrant&#146;s Units, Related Security Holder
    Matters and Issuer Purchases of Units), Item&#160;7
    (Trustee&#146;s Discussion and Analysis of Financial Condition
    and Results of Operation) and Item&#160;8 (Financial Statements
    and Supplementary Data) of Part&#160;II of this Report.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 1. BUSINESS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 1A. RISK FACTORS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">ITEM 1B. UNRESOLVED STAFF COMMENTS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">ITEM 2. PROPERTIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 5. MARKET FOR REGISTRANT&#146;S UNITS, RELATED UNIT HOLDER MATTERS AND ISSUER PURCHASES OF UNITS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 6. SELECTED FINANCIAL DATA</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">ITEM 7. TRUSTEE&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#012">ITEM 9A. CONTROLS AND PROCEDURES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#013">ITEM 9A(T). CONTROLS AND PROCEDURES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#014">ITEM 9B. OTHER INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">PART III</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#016">ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#017">ITEM 11. EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#018">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SECURITY HOLDER MATTERS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#019">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#020">ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#021">PART IV</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#022">ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES</A></TD></TR>
<TR><TD colspan="9"><A HREF="d44062exv4wxby.htm">Net Overriding Royalty Conveyance</A></TD></TR>
<TR><TD colspan="9"><A HREF="d44062exv13.htm">Annual Report to Unit Holders</A></TD></TR>
<TR><TD colspan="9"><A HREF="d44062exv23.htm">Consent of Cawley, Gillespie & Associates, Inc.</A></TD></TR>
<TR><TD colspan="9"><A HREF="d44062exv31.htm">Certification Required by Rule 13a-14(a)</A></TD></TR>
<TR><TD colspan="9"><A HREF="d44062exv32.htm">Certification Required by Rule 13a-14(b)</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;I</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain information included in this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    contains, and other materials filed or to be filed by the
    San&#160;Juan Basin Royalty Trust (the &#147;Trust&#148;) with
    the Securities and Exchange Commission (as well as information
    included in oral statements or other written statements made or
    to be made by the Trust) may contain or include, forward-looking
    statements within the meaning of Section&#160;21E of the
    Securities Exchange Act of 1934 and Section&#160;27A of the
    Securities Act of 1933. Such forward-looking statements may be
    or may concern, among other things, capital expenditures,
    drilling activity, development activities, production efforts
    and volumes, hydrocarbon prices, estimated future net revenues,
    estimates of reserves, the results of the Trust&#146;s
    activities, and regulatory matters. Such forward-looking
    statements generally are accompanied by words such as
    &#147;may,&#148; &#147;will,&#148; &#147;estimate,&#148;
    &#147;expect,&#148; &#147;predict,&#148; &#147;project,&#148;
    &#147;anticipate,&#148; &#147;goal,&#148; &#147;should,&#148;
    &#147;assume,&#148; &#147;believe,&#148; &#147;plan,&#148;
    &#147;intend,&#148; or other words that convey the uncertainty
    of future events or outcomes. Such statements reflect Burlington
    Resources Oil&#160;&#38; Gas Company LP&#146;s
    (&#147;BROG&#148;), the working interest owner&#146;s, current
    view with respect to future events; are based on an assessment
    of, and are subject to, a variety of factors deemed relevant by
    Compass Bank, the Trustee of the Trust, and BROG and involve
    risks and uncertainties. These risks and uncertainties include
    volatility of oil and gas prices, product supply and demand,
    competition, regulation or government action, litigation and
    uncertainties about estimates of reserves. Should one or more of
    these risks or uncertainties occur, actual results may vary
    materially and adversely from those anticipated.
</DIV>


<!-- link2 "ITEM 1. BUSINESS" -->
<DIV align="left"><A NAME="001"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;1.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">BUSINESS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust is an express trust created under the laws of the
    state of Texas by the San&#160;Juan Basin Royalty Trust
    Indenture (the &#147;Original Indenture&#148;) entered into on
    November&#160;3, 1980, between Southland Royalty Company
    (&#147;Southland Royalty&#148;) and The Fort&#160;Worth National
    Bank. Effective as of September&#160;30, 2002, the Original
    Indenture was amended and restated (the Original Indenture, as
    amended and restated, the &#147;Indenture&#148;). The Trustee of
    the Trust is Compass Bank (as a result of the merger discussed
    below). The principal office of the Trust is located at 2525
    Ridgmar Boulevard, Suite&#160;100, Fort&#160;Worth, Texas 76116,
    Attention: Trust&#160;Department (telephone number
    <FONT style="white-space: nowrap">(866)&#160;809-4553).</FONT>
    The Trust maintains a website at <I>www.sjbrt.com.</I> The Trust
    makes available (free of charge) its annual, quarterly and
    current reports (and any amendments thereto) filed with the
    Securities and Exchange Commission (the &#147;SEC&#148;) through
    its website as soon as reasonably practicable after
    electronically filing or furnishing such material with or to the
    SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;23, 1980, the stockholders of Southland Royalty
    approved and authorized that company&#146;s conveyance of a 75%
    net overriding royalty interest (equivalent to a net profits
    interest) to the Trust for the benefit of the stockholders of
    Southland Royalty of record at the close of business on the date
    of the conveyance (the &#147;Royalty&#148;) carved out of that
    company&#146;s oil and gas leasehold and royalty interests (the
    &#147;Underlying Properties&#148;) in properties located in the
    San&#160;Juan Basin of northwestern New Mexico. Pursuant to the
    Net Overriding Royalty Conveyance (the &#147;Conveyance&#148;)
    the Royalty was transferred to the Trust on November&#160;3,
    1980, effective as to production from and after November&#160;1,
    1980 at 7:00&#160;a.m.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;24, 2006 Compass Bancshares Inc., the parent
    company of Compass Bank, completed its acquisition of TexasBanc
    Holding Co., the parent company of TexasBank, the prior trustee
    of the Trust. On that same date, TexasBank merged with Compass
    Bank, and as a result, Compass Bank succeeded TexasBank as
    Trustee under the terms of the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;16, 2007, Compass Bancshares, Inc. announced
    the signing of a definitive agreement to be acquired by Banco
    Bilbao Vizcaya Argentaria, S.A (&#147;BBVA&#148;). Under the
    terms of that agreement, Compass&#160;Bancshares, Inc. would
    become a wholly-owned subsidiary of BBVA. The transaction is
    expected to close in the second half of 2007 and is subject to
    the approval of shareholders of BBVA and Compass Bancshares,
    Inc. as well as to regulatory approval and customary closing
    conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Royalty was carved out of and now burdens the Underlying
    Properties as more particularly described under
    &#147;Item&#160;2. Properties&#148; herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Royalty constitutes the principal asset of the Trust. The
    beneficial interests in the Royalty are divided into that number
    of Units of Beneficial Interest (the &#147;Units&#148;) of the
    Trust equal to the number of shares of the common
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    stock of Southland Royalty outstanding as of the close of
    business on November&#160;3, 1980. Each stockholder of Southland
    Royalty of record at the close of business on November&#160;3,
    1980 received one freely tradeable Unit for each share of the
    common stock of Southland Royalty then held. Holders of Units
    are referred to herein as &#147;Unit Holders.&#148; Subsequent
    to the Conveyance of the Royalty, through a series of
    assignments and mergers, Southland Royalty&#146;s successor
    became BROG. On March&#160;31, 2006, a subsidiary of
    ConocoPhillips completed its acquisition of Burlington
    Resources, Inc., BROG&#146;s parent. As a result, ConocoPhillips
    became the parent of Burlington Resources, Inc., which in turn,
    is the parent of BROG.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The function of the Trustee is to collect the net proceeds
    attributable to the Royalty (&#147;Royalty Income&#148;), to pay
    all expenses and charges of the Trust, and then distribute the
    remaining available income to the Unit Holders. The Trust is not
    empowered to carry on any business activity and has no
    employees. All administrative functions are performed by the
    Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust received approximately $136.3&#160;million,
    $153.9&#160;million and $111.0&#160;million in Royalty Income
    from BROG in each of the fiscal years ended December&#160;31,
    2006, 2005 and 2004, respectively. After deducting
    administrative expenses and accounting for interest income and
    any change in cash reserves, the Trust distributed approximately
    $135.9&#160;million, $151.6&#160;million and $109.4&#160;million
    to Unit Holders in each of the fiscal years ended
    December&#160;31, 2006, 2005 and 2004, respectively. The
    Trust&#146;s corpus was approximately $21.8&#160;million,
    $23.9&#160;million and $26.7&#160;million as of
    December&#160;31, 2006, 2005 and 2004, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;net proceeds,&#148; as used in the Conveyance,
    means the excess of &#147;gross proceeds&#148; received by BROG
    during a particular period over &#147;production costs&#148; for
    such period. &#147;Gross proceeds&#148; means the amount
    received by BROG (or any subsequent owner of the Underlying
    Properties) from the sale of the production attributable to the
    Underlying Properties subject to certain adjustments.
    &#147;Production costs&#148; generally means costs incurred on
    an accrual basis by BROG in operating the Underlying Properties,
    including both capital and non-capital costs. For example, these
    costs include development drilling, production and processing
    costs, applicable taxes and operating charges. If production
    costs exceed gross proceeds in any month, the excess is
    recovered out of future gross proceeds prior to the making of
    further payment to the Trust, but the Trust is not otherwise
    liable for any production costs or other costs or liabilities
    attributable to the Underlying Properties or the minerals
    produced therefrom. If at any time the Trust receives more than
    the amount due under the Royalty, it shall not be obligated to
    return such overpayment, but the amounts payable to it for any
    subsequent period shall be reduced by such amount, plus
    interest, at a rate specified in the Conveyance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Compliance with state and federal environmental protection laws
    could reduce the Royalty Income received by the Trust. Costs of
    complying with such laws and regulations affect the production
    costs incurred by BROG in operating the Underlying Properties
    and may also affect capital expenditures by BROG. The Trust has
    no information regarding any estimated capital expenditures by
    BROG specifically allocable to environmental control facilities
    in the current or succeeding fiscal years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of the Underlying Properties are operated by BROG with
    the obligation to conduct its operations in accordance with
    reasonable and prudent business judgment and good oil and gas
    field practices. As operator, BROG has the right to abandon any
    well when, in its opinion, such well ceases to produce or is not
    capable of producing oil and gas in paying quantities. BROG also
    is responsible, subject to the terms of an agreement with the
    Trust, for marketing the production from such properties, either
    under existing sales contracts or under future arrangements at
    the best prices and on the best terms it shall deem reasonably
    obtainable in the circumstances. BROG also has the obligation to
    maintain books and records sufficient to determine the amounts
    payable to the Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Proceeds from production in the first month are generally
    received by BROG in the second month, the net proceeds
    attributable to the Royalty are paid by BROG to the Trustee in
    the third month, and distribution by the Trustee to the Unit
    Holders is made in the fourth month. Unit Holders of record as
    of the last business day of each month (the &#147;monthly record
    date&#148;) will be entitled to receive the calculated monthly
    distribution amount for such month on or before ten business
    days after the monthly record date. The amount of each monthly
    distribution will generally be determined and announced ten days
    before the monthly record date. The aggregate monthly
    distribution amount is the excess of (i)&#160;the net proceeds
    attributable to the Royalty paid to the Trustee, plus any
    decrease in cash reserves previously established for contingent
    liabilities and any other cash receipts of the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Trust, over (ii)&#160;the expenses and payments of liabilities
    of the Trust, plus any net increase in cash reserves for
    contingent liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash being held by the Trustee as a reserve for liabilities or
    contingencies (which reserves may be established by the Trustee
    in its discretion) or pending distribution is placed, in the
    Trustee&#146;s discretion, in obligations issued by (or
    unconditionally guaranteed by) the United States or any agency
    thereof, repurchase agreements secured by obligations issued by
    the United States or any agency thereof, certificates of deposit
    of banks having capital, surplus and undivided profits in excess
    of $50,000,000, or money market funds that have been rated AAAmg
    or AAAm by Standard&#160;&#38; Poor&#146;s and AA by
    Moody&#146;s, subject, in each case, to certain other qualifying
    conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Underlying Properties are primarily gas producing
    properties. Normally there is a greater demand for gas in the
    winter months than during the rest of the year. Otherwise, the
    Royalty Income is not subject to seasonal factors nor in any
    manner related to or dependent upon patents, licenses,
    franchises or concessions. The Trust conducts no research
    activities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exploration for and the production of gas and oil is a
    speculative business. The Trust has no means of ensuring
    continued income from the Royalty at the present level or
    otherwise. In addition, fluctuations in prices and supplies of
    gas and oil and the effect these fluctuations might have on
    royalty income to the Trust and on reserves net to the Trust
    cannot be accurately projected. The Trustee has no information
    with which to make any projections beyond information on
    economic conditions that is generally available to the public
    and thus is unwilling to make any such projections.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BROG has the right to sell its interest in the Underlying
    Properties and has recommended to the Trust that certain
    Underlying Properties BROG believes are marginal be sold to
    third parties. BROG has asked the Trust to join in the proposed
    sale by conveying the Royalty burdening those properties. The
    properties BROG proposed to sell constitute less than 2% of the
    value of the Royalty. The Trustee is currently evaluating
    whether its joinder in such a sale would be in the best interest
    of the Unit Holders. Any such sale would require Unit Holder
    approval of an amendment to the Indenture that would allow the
    Trustee to sell up to a specified percentage of the value of the
    Royalty each year without obtaining the consent of Unit Holders.
</DIV>


<!-- link2 "ITEM 1A. RISK FACTORS" -->
<DIV align="left"><A NAME="002"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;1A.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although risk factors are described elsewhere in this Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    the following is a summary of the principal risks associated
    with an investment in Units of the Trust.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Oil
    and gas prices fluctuate due to a number of factors, and lower
    prices will reduce net proceeds to the Trust and distributions
    to Unit Holders.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust&#146;s monthly distributions are highly dependent upon
    the prices realized from the sale of gas and, to a lesser
    extent, oil. Oil and gas prices can fluctuate widely on a
    <FONT style="white-space: nowrap">month-to-month</FONT>
    basis in response to a variety of factors that are beyond the
    control of the Trust and BROG. Factors that contribute to price
    fluctuation include, among others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    political conditions worldwide, in particular political
    disruption, war or other armed conflicts in oil producing
    regions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    worldwide economic conditions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    weather conditions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the supply and price of foreign oil and gas;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the level of consumer demand;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price and availability of alternative fuels;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the proximity to, and capacity of, transportation
    facilities;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the effect of worldwide energy conservation measures.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Moreover, government regulations, such as regulation of natural
    gas transportation and price controls, can affect product prices
    in the long term.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lower oil and gas prices may reduce the amount of oil and gas
    that is economic to produce and reduce net profits to the Trust.
    The volatility of energy prices reduces the predictability of
    future cash distributions to Unit Holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Increased
    costs of production and development will result in decreased
    Trust distributions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Production and development costs attributable to the Underlying
    Properties are deducted in the calculation of net proceeds.
    Accordingly, higher or lower production and development costs,
    without concurrent increases in revenues, directly decrease or
    increase the share of net proceeds paid to the Trust as Royalty
    Income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If development and production costs of the Underlying Properties
    exceed the proceeds of production from the Underlying
    Properties, such excess costs are carried forward and the Trust
    will not receive a share of net proceeds for the Underlying
    Properties until future net proceeds from production from such
    properties exceed the total of the excess costs. Development
    activities may not generate sufficient additional revenue to
    repay the costs; however, the Trust is not obligated to repay
    the excess costs except through future production.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Trust
    reserve estimates depend on many assumptions that may prove to
    be inaccurate, which could cause both estimated reserves and
    estimated future revenues to be too high.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The value of the Units of the Trust depends upon, among other
    things, the amount of reserves attributable to the Royalty and
    the estimated future value of the reserves. Estimating reserves
    is inherently uncertain. Ultimately, actual production, revenues
    and expenditures for the Underlying Properties will vary from
    estimates and those variations could be material. Petroleum
    engineers consider many factors and make assumptions in
    estimating reserves. Those factors and assumptions include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    historical production from the area compared with production
    rates from similar producing areas;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the assumed effect of governmental regulation;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    assumptions about future commodity prices, production and
    development costs, severance and excise taxes, and capital
    expenditures.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Changes in these assumptions can materially change reserve
    estimates. The reserve data included herein are estimates only
    and are subject to many uncertainties. Actual quantities of oil
    and natural gas may differ considerably from the amounts set
    forth herein. In addition, different reserve engineers may make
    different estimates of reserve quantities and cash flows based
    upon the same available data.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    operators of the Underlying Properties are subject to extensive
    governmental regulation.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Oil and gas operations have been, and in the future will be,
    affected by federal, state and local laws and regulations and
    other political developments, such as price or gathering rate
    controls and environmental protection regulations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Operating
    risks for BROG and other operators of the Underlying Properties
    can adversely affect Trust distributions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Royalty Income payable to the Trust is derived from the
    production and sale of oil and gas, which operations are subject
    to risk inherent in such activities, such as blowouts,
    cratering, explosions, uncontrollable flows of oil, gas or well
    fluids, fires, pollution and other environmental risks and
    litigation concerning routine and extraordinary business
    activities and events. These risks could result in substantial
    losses which are deducted in calculating the net proceeds paid
    to the Trust due to injury and loss of life, severe damage to
    and destruction of property and equipment, pollution and other
    environmental damage and suspension of operations.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">None
    of the Trustee, the Trust nor the Unit Holders control the
    operation or development of the Underlying
    Properties.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Trustee nor the Unit Holders can influence or
    control the operation or future development of the Underlying
    Properties. The Underlying Properties are owned by BROG and BROG
    operates the majority of such properties and handles the
    calculation of the net proceeds attributable to the Royalty and
    the payment of Royalty Income to the Trust.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Royalty can be sold and the Trust can be terminated in certain
    circumstances.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust will be terminated and the Trustee must sell the
    Royalty if holders of at least 75% of the Units approve the sale
    or vote to terminate the Trust, or if the Trust&#146;s gross
    revenue for each of two successive years is less than
    $1,000,000&#160;per year. Following any such termination and
    liquidation, the net proceeds of any sale will be distributed to
    the Unit Holders and Unit Holders will receive no further
    distributions from the Trust. We cannot assure you that any such
    sale will be on terms acceptable to all Unit Holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Mineral
    properties, such as the Underlying Properties, are depleting
    assets and, if BROG or other operators of the Underlying
    Properties do not perform additional development projects, the
    assets may deplete faster than expected.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Royalty Income payable to the Trust is derived from the sale
    of depleting assets. Accordingly, the portion of the
    distributions to Unit Holders (to the extent of depletion taken)
    may be considered a return of capital. The reduction in proved
    reserve quantities is a common measure of depletion. Future
    maintenance and development projects on the Underlying
    Properties will affect the quantity of proved reserves. The
    timing and size of these projects will depend on the market
    prices of natural gas. If BROG does not implement additional
    maintenance and development projects, the future rate of
    production decline of proved reserves may be higher than the
    rate currently expected by the Trust.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Unit
    Holders have limited voting rights.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Voting rights as a Unit Holder are more limited than those of
    stockholders of most public corporations. For example, there is
    no requirement for annual meetings of Unit Holders or for an
    annual or other periodic re-election of the Trustee. Unlike
    corporations, which are generally governed by boards of
    directors elected by their equity holders, the Trust is
    administered by a corporate Trustee in accordance with the
    Indenture and other organizational documents. The Trustee has
    extremely limited discretion in its administration of the Trust.
</DIV>


<!-- link2 "ITEM 1B. UNRESOLVED STAFF COMMENTS" -->
<DIV align="left"><A NAME="003"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;1B.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">UNRESOLVED
    STAFF COMMENTS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust has not received any written comments from the SEC
    staff regarding its periodic or current reports under the
    Securities Exchange Act of 1934 that remain unresolved.
</DIV>


<!-- link2 "ITEM 2. PROPERTIES" -->
<DIV align="left"><A NAME="004"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;2.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">PROPERTIES</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Royalty conveyed to the Trust was carved out of Southland
    Royalty&#146;s (now BROG&#146;s) working interests and royalty
    interests in certain properties situated in the San&#160;Juan
    Basin in northwestern New Mexico. See &#147;Item&#160;1.
    Business&#148; for information on the conveyance of the Royalty
    to the Trust. References below to &#147;gross&#148; wells and
    acres are to the interests of all persons owning interests
    therein, while references to &#147;net&#148; are to the
    interests of BROG (from which the Royalty was carved) in such
    wells and acres.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated, the following information in this
    Item&#160;2 is based upon data and information furnished to the
    Trustee by BROG.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Producing
    Acreage, Wells and Drilling</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Underlying Properties consist of working interests, royalty
    interests, overriding royalty interests and other contractual
    rights in 151,900&#160;gross (119,000&#160;net) producing acres
    in San&#160;Juan, Rio Arriba and Sandoval Counties of
    northwestern New Mexico and 4,616&#160;gross (1,286&#160;net)
    economic wells, including dual completions. Production
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    from conventional gas wells is primarily from the Pictured
    Cliffs, Mesaverde and Dakota formations. During 1988, Southland
    Royalty began development of coal seam reserves in the Fruitland
    Coal formation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Royalty conveyed to the Trust is limited to the base of the
    Dakota formation, which is currently the deepest significant
    producing formation under acreage affected by the Royalty.
    Rights to production, if any, from deeper formations are
    retained by BROG.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2006, in calculating Royalty Income, BROG deducted
    $39.2&#160;million of capital expenditures for projects,
    including drilling and completion of 115&#160;gross
    (24.14&#160;net) conventional wells, two gross (0.003&#160;net)
    payadds, two gross (1.74&#160;net) recompletions, three gross
    (2.50&#160;net) restimulations, 44&#160;gross (14.63&#160;net)
    coal seam wells, seven gross (0.28&#160;net) coal seam payadds,
    two gross (0.048&#160;net) coal seam recompletions, and two
    gross (0.08&#160;net) coal seam miscellaneous capital projects.
    A payadd is the completion of an additional productive interval
    in an existing completed zone in a well.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate capital expenditures deducted by BROG in
    calculating Royalty Income for 2006 include approximately
    $12.2&#160;million attributable to the capital budgets for prior
    years. This occurs because projects within a given year&#146;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, BROG&#146;s accounting period for capital expenditures
    runs through November&#160;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&#146;s
    capital expenditures. In addition, with respect to wells not
    operated by BROG, BROG&#146;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. Capital expenditures of
    approximately $24.8&#160;million for 2006 budgeted projects were
    deducted in calculating net proceeds payable to the Trust in
    calendar year 2006, and approximately $7.1&#160;million in
    capital expenditures from the 2006 budget were deducted in
    calculating net proceeds payable to the Trust for January and
    February 2007. Therefore, an additional approximately
    $5.7&#160;million in capital expenditures for budgeted 2006
    projects remains to be spent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2005, in calculating Royalty Income, BROG deducted
    approximately $19.1&#160;million of capital expenditures for
    projects, including drilling and completion of 38&#160;gross
    (2.72&#160;net) conventional wells, five gross (0.011&#160;net)
    payadds, one gross (0.57&#160;net) conventional restimulation,
    25&#160;gross (2.89&#160;net) coal seam wells, one gross
    (0.99&#160;net) coal seam recavitation, two gross (0.61 net)
    coal seam recompletions, and five gross (0.20&#160;net)
    miscellaneous coal seam capital projects. There were
    110&#160;gross (19.08&#160;net) conventional wells, eight gross
    (1.73&#160;net) payadds, six gross (3.30&#160;net) conventional
    recompletions, seven gross (5.04&#160;net) conventional
    restimulations, 59&#160;gross (10.06&#160;net) coal seam wells,
    five gross (2.32&#160;net) coal seam recompletions, and one
    gross (0.04 net) miscellaneous coal seam capital project in
    progress as of December&#160;31, 2005.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BROG has informed the Trust that its budget for capital
    expenditures for the Underlying Properties in 2007 is estimated
    at $28.0&#160;million. Approximately $24.0&#160;million of that
    budget is allocable to 112 new wells, including 33&#160;wells
    scheduled to be dually completed in the Mesaverde and Dakota
    formations and ten wells scheduled to be dually completed in the
    Fruitland Coal and Pictured Cliffs formations. BROG indicates
    that a total of 34 of the new wells, at an aggregate cost of
    approximately $11.4&#160;million, are projected to be drilled to
    formations producing coal seam gas. BROG reports that based on
    its actual capital requirements, the pace of regulatory
    approvals, and the mix of projects and swings in the price of
    natural gas, the actual capital expenditures for 2007 could
    range from $20.0&#160;million to $50.0&#160;million. BROG
    anticipates 416 projects, including the drilling of 67 new wells
    to be operated by BROG and 45&#160;wells to be operated by third
    parties. Of the new BROG operated wells, 48 are projected to be
    conventional wells completed or dually completed to the Pictured
    Cliffs, Mesaverde,
    <FONT style="white-space: nowrap">and/or</FONT>
    Dakota formations, seven are scheduled to be dually completed to
    both conventional and coal seam formations, and the remaining 12
    are projected to be completed in the Fruitland Coal formation. A
    total of 30 of the wells operated by third parties are projected
    to be conventional wells, and the remaining 15 are to be coal
    seam wells, with five of the 15 projected coal seam wells to be
    dually completed in the Fruitland Coal and Pictured Cliffs
    formations. The budget for 2007 reflects the continuation of a
    shift toward increased development of conventional gas and a
    reduction of its program for infill drilling in the Fruitland
    Coal formation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In February 2002, BROG informed the Trust that the New Mexico
    Oil Conservation Division (the &#147;OCD&#148;) had approved
    plans for
    <FONT style="white-space: nowrap">80-acre</FONT>
    infill drilling of the Dakota formation in the San&#160;Juan
    Basin. In July 2003, the OCD
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    approved
    <FONT style="white-space: nowrap">160-acre</FONT>
    density in the Fruitland Coal formation.
    <FONT style="white-space: nowrap">Eighty-acre</FONT>
    density has been permitted in the Mesaverde formation since 1997.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Oil and
    Gas Production</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust recognizes production during the month in which the
    related net proceeds attributable to the Royalty are paid to the
    Trust. Royalty Income for a calendar year is based on the actual
    gas and oil production during the period beginning with November
    of the preceding calendar year through October of the current
    calendar year. Production of oil and gas and related average
    sales prices attributable to the Royalty for the three years
    ended December&#160;31, 2006, were as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Gas</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Oil</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Gas</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Oil</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Gas</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Oil</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Mcf)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Bbls)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Mcf)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Bbls)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Mcf)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Bbls)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Production
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,475,405
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,702
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,600,644
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,324,435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44,832
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Average Price
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    61.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    49.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pricing
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gas produced in the San&#160;Juan Basin is sold in both
    interstate and intrastate commerce. Reference is made to the
    discussion contained herein under &#147;Regulation&#148; for
    information as to federal regulation of prices of oil and
    natural gas. Gas production from the Underlying Properties
    totaled 40,900,570&#160;Mcf during 2006.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;4, 1996, the Trustee announced a settlement of
    litigation filed by the Trustee against BROG (the &#147;1996
    Settlement&#148;). In the 1996 Settlement, agreement was
    reached, among other things, regarding marketing arrangements
    for the sale of those gas, oil and natural gas liquids products
    from the Underlying Properties going forward as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;BROG agreed that all subsequent contracts for the sale
    of gas from the Underlying Properties would require the written
    approval of an independent gas marketing consultant acceptable
    to the Trust;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;BROG will continue to market the oil and natural gas
    liquids from the Underlying Properties but will make payments to
    the Trust based on actual proceeds from such sales, and BROG
    will no longer use posted prices as the basis for calculating
    proceeds to the Trust nor make a deduction for marketing fees
    associated with sales of oil or natural gas liquids
    products;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;The independent marketer of the gas from the
    Underlying Properties is entitled to use of BROG&#146;s current
    gas transportation, gathering, processing and treating
    agreements with third parties, at least through the remainder of
    their primary terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BROG previously entered into two contracts for the sale of all
    volumes of gas produced from the Underlying Properties. These
    contracts provided for (i)&#160;the sale of such gas to Duke
    Energy and Marketing, L.L.C. and PNM&#160;Gas Services
    (&#147;PNM&#148;), respectively, (ii)&#160;the delivery of such
    gas at various delivery points through March&#160;31, 2005, and
    from
    <FONT style="white-space: nowrap">year-to-year</FONT>
    thereafter until terminated by either party on twelve
    months&#146; notice, and (iii)&#160;the sale of such gas at
    prices which fluctuate in accordance with published indices for
    gas sold in the San&#160;Juan Basin of New Mexico. Effective
    January&#160;1, 2004, the rights and obligations of Duke Energy
    and Marketing, L.L.C. were assumed by ConocoPhillips Company
    (&#147;ConocoPhillips&#148;) pursuant to an Assignment and
    Novation Agreement. By correspondence dated March&#160;25, 2004,
    BROG notified ConocoPhillips of BROG&#146;s election to
    terminate such contract as of March&#160;31, 2005. BROG then
    prepared a form of request for proposal and circulated it to a
    number of potential purchasers, including ConocoPhillips,
    inviting them to bid for the purchase of the gas currently sold
    under the contract expiring March&#160;31, 2005. Effective as of
    April&#160;1, 2005, BROG entered into two new contracts for the
    sale of all volumes of gas produced from the Underlying
    Properties and formerly sold to ConocoPhillips. These
    new&#160;contracts provide for (i)&#160;the sale of such gas to
    ChevronTexaco Natural Gas, a division of Chevron U.S.A. Inc.
    (&#147;ChevronTexaco&#148;), and Coral Energy Resources, L.P.
    (&#147;Coral&#148;), respectively, (ii)&#160;the delivery of
    such gas at various delivery points through March&#160;31, 2007,
    and from
    <FONT style="white-space: nowrap">year-to-year</FONT>
    thereafter until terminated by either party on twelve
    months&#146; notice, and (iii)&#160;the sale of such gas at
    prices which fluctuate in accordance with the published indices
    for gas sold in the San&#160;Juan Basin of New Mexico. With
    respect to BROG&#146;s contract with PNM, BROG and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PNM entered into a letter agreement dated January&#160;31, 2005,
    pursuant to which the parties waived the right to terminate the
    underlying contract as of March&#160;31, 2006, so that the term
    of that contract will continue until at least March&#160;31,
    2007, and from
    <FONT style="white-space: nowrap">year-to-year</FONT>
    thereafter until terminated by either party upon twelve
    months&#146; notice to the other. Neither BROG nor any of
    ChevronTexaco, Coral nor PNM gave notice to terminate the three
    contracts described above for the sale of all volumes of gas
    produced from the Underlying Properties and, accordingly, the
    terms of those contracts have been extended through
    March&#160;31, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Confidentiality agreements with purchasers of gas produced from
    the Underlying Properties prohibit public disclosure of certain
    terms and conditions of gas sales contracts with those entities,
    including specific pricing terms, gas receipt points. Such
    disclosure could compromise the ability to compete effectively
    in the marketplace for the sale of gas produced from the
    Underlying Properties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Oil and
    Gas Reserves</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following are definitions adopted by the SEC and the
    Financial Accounting Standards Board which are applicable to
    terms used within this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K:</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Estimated future net revenues&#148; are computed by
    applying current prices of oil and gas (with consideration of
    price changes only to the extent provided by contractual
    arrangements and allowed by federal regulation) to estimated
    future production of proved oil and gas reserves as of the date
    of the latest balance sheet presented, less estimated future
    expenditures (based on current costs) to be incurred in
    developing and producing the proved reserves, and assuming
    continuation of existing economic conditions. &#147;Estimated
    future net revenues&#148; are sometimes referred to in this
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    as &#147;estimated future net cash flows.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Present value of estimated future net revenues&#148; is
    computed using the estimated future net revenues (as defined
    above) and a discount rate of 10%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Proved reserves&#148; are those estimated quantities of
    crude oil, natural gas and natural gas liquids, which, upon
    analysis of geological and engineering data, appear with
    reasonable certainty to be recoverable in the future from known
    oil and gas reservoirs under existing economic and operating
    conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Proved developed reserves&#148; are those proved reserves
    which can be expected to be recovered through existing wells
    with existing equipment and operating methods.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Proved undeveloped reserves&#148; are those proved
    reserves which are expected to be recovered from new wells on
    undrilled acreage, or from existing wells where a relatively
    major expenditure is required.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The independent petroleum engineers&#146; reports as to the
    proved oil and gas reserves as of December&#160;31, 2004, 2005
    and 2006, were prepared by Cawley, Gillespie&#160;&#38;
    Associates, Inc. The following table presents a reconciliation
    of proved reserve quantities attributable to the Royalty from
    December&#160;31, 2003, to December&#160;31, 2006, (in
    thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Crude<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Natural<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Oil</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Gas</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Bbls)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Mcf)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Reserves as of December&#160;31,
    2003
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    382
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    240,609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Revisions of previous estimates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,415
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Extensions, discoveries and other
    additions
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,236
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Production
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (45
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,324
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Reserves as of December&#160;31,
    2004
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    459
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    256,936
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Revisions of previous estimates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Extensions, discoveries and other
    additions
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,023
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Production
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (43
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (26,601
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Reserves as of December&#160;31,
    2005
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    454
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    261,759
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Revisions of previous estimates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (33
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (27,467
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Extensions, discoveries and other
    additions
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,644
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Production
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (41
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22,475
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Reserves as of December&#160;31,
    2006
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    220,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Estimated quantities of proved developed reserves of crude oil
    and natural gas as of December&#160;31, 2006, 2005 and 2004 were
    as follows (in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Crude Oil (Bbls)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    419
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Natural Gas (Mcf)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    197,466
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    231,235
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    235,272
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, the calculation of oil and gas reserves takes into
    account a comparison of the value of the oil or gas to the cost
    of producing those minerals, in an attempt to cause minerals in
    the ground to be included in reserve estimates only to the
    extent that the anticipated costs of production will be exceeded
    by the anticipated sales revenue. Accordingly, an increase in
    sales price
    <FONT style="white-space: nowrap">and/or</FONT> a
    decrease in production cost can itself result in an increase in
    estimated reserves and declining prices
    <FONT style="white-space: nowrap">and/or</FONT>
    increasing costs can result in reserves reported at less than
    the physical volumes actually thought to exist. The Financial
    Accounting Standards Board requires supplemental disclosures for
    oil and gas producers based on a standardized measure of
    discounted future net cash flows relating to proved oil and gas
    reserve quantities. Under this disclosure, future cash inflows
    are estimated by applying year-end prices of oil and gas
    relating to the enterprise&#146;s proved reserves to the
    year-end quantities of those reserves, less estimated future
    expenditures (based on current costs) of developing and
    producing the proved reserves, and assuming continuation of
    existing economic conditions. Future price changes are only
    considered to the
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    extent provided by contractual arrangements in existence at
    year-end. The standardized measure of discounted future net cash
    flows is achieved by using a discount rate of 10% a year to
    reflect the timing of future net cash flows relating to proved
    oil and gas reserves.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Estimates of proved oil and gas reserves are by their nature
    imprecise. Estimates of future net revenue attributable to
    proved reserves are sensitive to the unpredictable prices of oil
    and gas and other variables. Accordingly, under the allocation
    method used to derive the Trust&#146;s quantity of proved
    reserves, changes in prices will result in changes in quantities
    of proved oil and gas reserves and estimated future net revenues.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 2006, 2005 and 2004 changes in the standardized measure of
    discounted future net cash flows related to future royalty
    income from proved reserves are as follows (in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="63%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Balance, January 1
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,090,324
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    756,017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    497,701
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Revisions of prior-year estimates,
    change in prices and other
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (345,237
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    339,865
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    272,251
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Extensions, discoveries and other
    additions
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,520
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,698
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,338
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Accretion of discount
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    109,032
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,602
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,770
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Royalty Income
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (136,312
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (153,858
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (111,043
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Balance, December&#160;31
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    746,327
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,090,324
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    756,017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reserve quantities and revenues shown in the tables above for
    the Royalty were estimated from projections of reserves and
    revenues attributable to the combined BROG and Trust interests.
    Reserve quantities attributable to the Royalty were derived from
    estimates by allocating to the Royalty a portion of the total
    net reserve quantities of the interests, based upon gross
    revenue less production taxes. Because the reserve quantities
    attributable to the Royalty are estimated using an allocation of
    the reserves, any changes in prices or costs will result in
    changes in the estimated reserve quantities allocated to the
    Royalty. Therefore, the reserve quantities estimated will vary
    if different future price and cost assumptions occur. The future
    net cash flows were determined without regard to future federal
    income tax credits available to production from coal seam wells.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    December average prices of $7.09&#160;per Mcf of conventional
    gas, $5.48&#160;per Mcf of coal seam gas and $58.65&#160;per Bbl
    of oil were used at December&#160;31, 2006, in determining
    future net revenue. The downward revision in reserve quantities
    for 2006 is due primarily to lower gas prices in December 2006
    as compared to December 2005.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    December average prices of $9.04&#160;per Mcf of conventional
    gas, $7.05&#160;per Mcf of coal seam gas and $54.17&#160;per Bbl
    of oil were used at December&#160;31, 2005, in determining
    future net revenue. The upward revision in reserve quantities
    for 2005 as compared to 2004 is due in part to higher oil and
    gas prices in December 2005 as compared to December 2004.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    December average prices of $6.33&#160;per Mcf of conventional
    gas, $4.82&#160;per Mcf of coal seam gas and $38.79&#160;per Bbl
    of oil were used at December&#160;31, 2004, in determining
    future net revenue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following presents estimated future net revenues and present
    value of estimated future net revenues attributable to the
    Royalty for each of the years ended December&#160;31, 2006, 2005
    and 2004 (in thousands, except amounts per Unit):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="31%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Estimated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Present<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Estimated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Present<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Estimated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Present<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Future<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Future<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Future<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Revenue</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Revenue</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Revenue</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10%</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total Proved
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,337,575
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    746,327
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,018,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,090,324
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,382,108
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    756,017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Proved Developed
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,198,784
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    677,276
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,785,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    965,615
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,264,556
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    696,430
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total Proved Per Unit
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    43.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Proved reserve quantities are estimates based on information
    available at the time of preparation and such estimates are
    subject to change as additional information becomes available.
    The reserves actually recovered and the timing of production of
    those reserves may be substantially different from the above
    estimates. Moreover, the present values shown above should not
    be considered the market values of such oil and gas reserves or
    the costs that would be incurred to acquire equivalent reserves.
    A market value determination would require the analysis of
    additional parameters.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Regulation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Many aspects of the production, pricing and marketing of crude
    oil and natural gas are regulated by federal and state agencies.
    Legislation affecting the oil and gas industry is under constant
    review for amendment or expansion, frequently increasing the
    regulatory burden on affected members of the industry.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Exploration and production operations are subject to various
    types of regulation at the federal, state and local levels. Such
    regulation includes requiring permits for the drilling of wells,
    maintaining bonding requirements in order to drill or operate
    wells, and regulating the location of wells, the method of
    drilling and casing wells, the surface use and restoration of
    properties upon which wells are drilled and the plugging and
    abandonment of wells. Natural gas and oil operations are also
    subject to various conservation laws and regulations that
    regulate the size of drilling and spacing units or proration
    units and the density of wells which may be drilled and
    unitization or pooling of oil and gas properties. In addition,
    state conservation laws establish maximum allowable production
    from natural gas and oil wells, generally prohibit the venting
    or flaring of natural gas and impose certain requirements
    regarding the ratability of production. The effect of these
    regulations is to limit the amounts of natural gas and oil that
    BROG can produce and to limit the number of wells or the
    locations at which BROG can drill.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Federal
    Natural Gas Regulation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transportation and sale for resale of natural gas in
    interstate commerce, historically, have been regulated pursuant
    to several laws enacted by Congress and the regulations
    promulgated under these laws by the Federal Energy Regulatory
    Commission (&#147;FERC&#148;) and its predecessor. In the past,
    the federal government has regulated the prices at which gas
    could be sold. Congress removed all non-price controls affecting
    wellhead sales of natural gas effective January&#160;1, 1993.
    Congress could, however, reenact price controls in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sales of natural gas are affected by the availability, terms and
    cost of transportation. The price and terms for access to
    pipeline transportation remain subject to extensive federal and
    state regulation. Several major regulatory changes have been
    implemented by Congress and FERC from 1985 to the present that
    affect the economics of natural gas production, transportation
    and sales. In addition, FERC continues to promulgate revisions
    to various aspects of the rules and regulations affecting those
    segments of the natural gas industry, most notably interstate
    natural gas transmission companies, that remain subject to
    FERC&#146;s jurisdiction. These initiatives may also affect the
    intrastate transportation of gas under certain circumstances.
    The stated purpose of many of these regulatory changes is to
    promote competition among the various sectors of the natural gas
    industry and these initiatives generally reflect more
    light-handed regulation of the natural gas industry.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional proposals and proceedings that might affect the
    natural gas industry are considered from time to time by
    Congress, FERC, state regulatory bodies and the courts. The
    Trust cannot predict when or if any such proposals might become
    effective, or their effect, if any, on the Trust. The natural
    gas industry historically has been very heavily regulated;
    therefore, there is no assurance that the less stringent
    regulatory approach pursued over the last decade by FERC and
    Congress will continue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sales of crude oil, condensate and gas liquids are not currently
    regulated and are made at market prices. The ability to
    transport and sell petroleum products are dependent on pipelines
    whose rates, terms and conditions of service are subject to FERC
    jurisdiction under the Interstate Commerce Act. Certain
    regulations implemented by FERC in recent years could result in
    an increase in the cost of transportation service on certain
    petroleum products pipelines.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Section&#160;45
    Tax Credit</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sales of gas production from certain coal seam wells drilled
    prior to January&#160;1, 1993, qualified for federal income tax
    credits under Section&#160;29 (now Section&#160;45K) of the
    Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), through 2002 but not thereafter. Accordingly,
    under present law, the Trust&#146;s production and sale of gas
    from coal seam wells does not qualify for tax credit under
    Section&#160;45K of the Code (the &#147;Section&#160;45K Tax
    Credit&#148;). Congress has at various times since 2002
    considered energy legislation, including provisions to reinstate
    the Section&#160;45K Tax Credit in various ways and to various
    extents, but no legislation that would qualify the Trust&#146;s
    current production for such credit has been enacted. For
    example, on August&#160;8, 2005, new energy tax legislation was
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    enacted which, among other things, modified the Section&#160;45K
    Tax Credit in several respects, but did not extend the credit
    for production from coal seam wells. No prediction can be made
    as to what future tax legislation affecting Section&#160;45K of
    the Code may be proposed or enacted or, if enacted, its impact,
    if any, on the Trust and the Unit&#160;Holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Passive
    Loss Rules</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The classification of the Trust&#146;s income for purposes of
    the passive loss rules may be important to a Unit&#160;Holder.
    As a result of the Tax Reform Act of 1986, royalty income such
    as that derived through the Trust will generally be treated as
    portfolio income and will not reduce passive losses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Regulation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The oil and natural gas industry is also subject to compliance
    with various other federal, state and local regulations and
    laws, including, but not limited to, environmental protection,
    occupational safety, resource conservation and equal employment
    opportunity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;3.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">LEGAL
    PROCEEDINGS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As discussed herein under Part&#160;II, Item&#160;9A (Controls
    and Procedures), due to the pass-through nature of the Trust,
    BROG provides much of the information disclosed in this Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and the other periodic reports filed by the Trust with the SEC.
    Although the Trustee receives periodic updates from BROG
    regarding activities which may relate to the Trust, the
    Trust&#146;s ability to timely report certain information
    required to be disclosed in the Trust&#146;s periodic reports is
    dependent on BROG&#146;s timely delivery of the information to
    the Trust.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;11, 2005, an Arbitration Award was issued in
    favor of the Trust in the aggregate amount of $7,683,699 in
    arbitration styled <I>San&#160;Juan Basin Royalty Trust vs.
    Burlington Resources Oil&#160;&#38; Gas Company
    LP.</I>&#160;&#160;The purpose of the arbitration was to resolve
    certain joint interest audit issues as between the parties to
    the arbitration. On November&#160;21, 2005, BROG filed its
    Original Petition to Vacate or to Modify or Correct Arbitration
    Award in the case styled <I>Burlington Resources Oil&#160;&#38;
    Gas Company LP vs. San&#160;Juan Basin Royalty Trust</I>,
    <FONT style="white-space: nowrap">No.&#160;2005-74370,</FONT>
    in the District Court of Harris County, Texas,
    281<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>&#160;Judicial
    District. In this litigation, BROG alleged that the award in
    favor of the Trust should be vacated or modified because one of
    the issues decided was beyond the scope of the matters agreed to
    be arbitrated, the award was issued in manifest disregard of
    applicable law, and a portion of the award is barred by
    limitations. BROG also sought to recover its attorneys&#146;
    fees. The Trust filed an answer and counterclaim in the
    litigation filed by BROG denying those allegations and asking
    that the arbitrator&#146;s award be confirmed. On April&#160;20,
    2006, the Court entered an Order denying BROG&#146;s motion to
    vacate and granting the Trust&#146;s application to confirm the
    Arbitration Award and on June&#160;6, 2006, rendered a final
    judgment in favor of the Trust. However, on May&#160;22, 2006,
    BROG filed a Notice of Appeal indicating its desire to appeal
    the Order and any final judgment confirming the Arbitration
    Award and on July&#160;5, 2006, filed a Motion for New Trial in
    the District Court of Harris County, Texas, urging substantially
    similar arguments made at the hearing. The Trust responded to
    the Motion for New Trial and served BROG with post-judgment
    discovery requests. BROG&#146;s Motion for New Trial was
    overruled on August&#160;4, 2006. BROG&#146;s distribution to
    the Trust for July 2006 included $1,534,182 representing a
    portion of the Arbitration Award, plus accrued interest. Of this
    amount, $1,325,826 (the equivalent of $994,270&#160;grossed up
    to account for the Trust&#146;s 75% net overriding royalty
    interest) was included in calculating the net proceeds paid to
    the Trust, and the accrued interest thereon was $539,812. The
    balance of the Arbitration Award is pending BROG&#146;s appeal,
    which has been assigned
    <FONT style="white-space: nowrap">No.&#160;01-06-00485-CV</FONT>
    in the First Court of Appeals in Houston, Texas. On
    August&#160;24, 2006, BROG filed its Supersedeas Bond to secure
    payment of the balance of the Arbitration Award, plus interest,
    if the appeal is dismissed or BROG does not perform the adverse
    judgment which becomes final on appeal. BROG filed its Brief of
    Appellant in the First Court of Appeals on November&#160;29,
    2006. The Trust filed its Brief of Appellee on January&#160;29,
    2007. BROG was entitled to file its reply brief on or before
    February&#160;20, 2007, but on February&#160;16, 2007, BROG
    filed a motion requesting an extension through March&#160;22,
    2007. Once all briefs are filed, the parties will await either a
    ruling on their respective requests to present oral arguments or
    a ruling on the merits based solely on the briefs. No reliable
    estimate can be given as to when the First Court of Appeals will
    act and it should be noted that the ruling of that Court on the
    merits of the appeal will itself be subject to possible
    discretionary review by the Texas Supreme Court.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the legal proceedings described above, BROG is
    involved in various legal proceedings, the outcome of which may
    impact the Trust. Should certain legal proceedings to which BROG
    is a party be decided in a manner adverse to BROG, the amount of
    Royalty Income received by the Trust could materially decrease.
    The Trust has not received from BROG any estimate of the amount
    of any potential loss in such proceedings, or the portion of any
    such potential loss that might be allocated to the Royalty.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;4.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">SUBMISSION
    OF MATTERS TO A VOTE OF SECURITY HOLDERS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No matters were submitted to a vote of Unit Holders, through the
    solicitation of proxies or otherwise, during the fourth quarter
    ended December&#160;31, 2006.
</DIV>


<!-- link1 "PART II" -->
<DIV align="left"><A NAME="005"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II</FONT></B>
</DIV>


<!-- link2 "ITEM 5. MARKET FOR REGISTRANT&#146;S UNITS, RELATED UNIT HOLDER MATTERS AND ISSUER PURCHASES OF UNITS" -->
<DIV align="left"><A NAME="006"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;5.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">MARKET
    FOR REGISTRANT&#146;S UNITS, RELATED UNIT HOLDER MATTERS AND
    ISSUER PURCHASES OF UNITS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information under &#147;Units of Beneficial Interest&#148;
    at page&#160;2 of the Trust&#146;s Annual Report to Unit Holders
    for the year ended December&#160;31, 2006, is herein
    incorporated by reference. The Trust has no directors, executive
    officers or employees. Accordingly, the Trust does not maintain
    any equity compensation plans and there are no Units reserved
    for issuance under any such plans.
</DIV>


<!-- link2 "ITEM 6. SELECTED FINANCIAL DATA" -->
<DIV align="left"><A NAME="007"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;6.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">SELECTED
    FINANCIAL DATA</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2002</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Royalty Income
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    136,311,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    153,858,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    111,042,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    91,997,262
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,053,281
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Distributable income
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    135,867,325
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    151,560,081
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    109,390,735
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,357,837
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,417,967
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Distributable income per Unit
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.915055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.251747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.346998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.938644
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.781354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Distributions per Unit
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.915055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.251747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.346998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.938644
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.781354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total assets, December&#160;31
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,481,276
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43,054,656
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,814,866
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,905,104
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,972,696
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>


<!-- link2 "ITEM 7. TRUSTEE&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION" -->
<DIV align="left"><A NAME="008"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;7.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">TRUSTEE&#146;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATION</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The &#147;Description of the Properties&#148; and
    &#147;Trustee&#146;s Discussion and Analysis&#148; at
    pages&#160;5 through 11 of the Trust&#146;s Annual Report to
    Unit Holders for the year ended December&#160;31, 2006, are
    herein incorporated by reference.
</DIV>


<!-- link2 "ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK" -->
<DIV align="left"><A NAME="009"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;7A.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust invests in no derivative financial instruments, and
    has no foreign operations or long-term debt instruments. The
    Trust is a passive entity and is prohibited from engaging in any
    business or commercial activity of any kind whatsoever,
    including borrowing transactions, other than the Trust&#146;s
    ability to borrow money periodically as necessary to pay
    expenses, liabilities and obligations of the Trust that cannot
    be paid out of cash held by the Trust. The amount of any such
    borrowings is unlikely to be material to the Trust. The Trust
    periodically holds short-term investments acquired with funds
    held by the Trust pending distribution to Unit Holders and funds
    held in reserve for the payment of Trust expenses and
    liabilities. Because of the short-term nature of these
    borrowings and investments and certain limitations upon the
    types of such investments which may be held by the Trust, the
    Trustee believes that the Trust is not subject to any material
    interest rate risk. The Trust does not engage in transactions in
    foreign currencies which could expose the Trust or Unit Holders
    to any foreign currency related market risk. The Trust does not
    market the gas, oil
    <FONT style="white-space: nowrap">and/or</FONT>
    natural gas liquids from the Underlying Properties. BROG is
    responsible for such marketing.
</DIV>


<!-- link2 "ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA" -->
<DIV align="left"><A NAME="010"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;8.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">FINANCIAL
    STATEMENTS AND SUPPLEMENTARY DATA</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financial Statements of the Trust and the notes thereto at
    page&#160;13 et seq., of the Trust&#146;s Annual Report to Unit
    Holders for the year ended December&#160;31, 2006, are herein
    incorporated by reference.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->


<!-- link2 "ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE" -->
<DIV align="left"><A NAME="011"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;9.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">CHANGES
    IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
    FINANCIAL DISCLOSURE</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Within the two most recent fiscal years, there have been no
    changes in and disagreements with the Trust&#146;s independent
    accountants.
</DIV>


<!-- link2 "ITEM 9A. CONTROLS AND PROCEDURES" -->
<DIV align="left"><A NAME="012"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;9A.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">CONTROLS
    AND PROCEDURES</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust maintains a system of disclosure controls and
    procedures that is designed to ensure that information required
    to be disclosed in the Trust&#146;s filings under the Securities
    Exchange Act of 1934 (the &#147;Exchange Act&#148;) is recorded,
    processed, summarized and reported, within the time periods
    specified in the SEC&#146;s rules and forms. Disclosure controls
    and procedures include controls and procedures designed to
    ensure that information required to be disclosed by the Trust is
    accumulated and communicated by BROG to the Trustee and its
    employees who participate in the preparation of the Trust&#146;s
    periodic reports to allow timely decisions regarding disclosure.
    Due to the pass-through nature of the Trust, BROG provides much
    of the information disclosed in this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and the other periodic reports filed by the Trust with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture does not require BROG to update or provide
    information to the Trust. Under the Conveyance transferring the
    Royalty to the Trust, BROG is obligated to provide the Trust
    with certain information concerning calculations of net proceeds
    owed to the Trust, among other information. Pursuant to the 1996
    Settlement, BROG agreed to new, more formal financial reporting
    and audit procedures as compared to those provided in the
    Conveyance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee receives periodic updates from BROG regarding
    activities related to the Trust. Accordingly, the Trust&#146;s
    ability to timely report certain information required to be
    disclosed in the Trust&#146;s periodic reports is dependent on
    BROG&#146;s timely delivery of such information to the Trust. In
    order to help ensure the accuracy and completeness of the
    information required to be disclosed in the Trust&#146;s
    periodic reports, the Trust employs independent public
    accountants, joint interest auditors, marketing consultants,
    attorneys and petroleum engineers. These outside professionals
    advise the Trustee in its review and compilation of this
    information for inclusion in this
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and the other periodic reports provided by the Trust to the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee has evaluated the Trust&#146;s disclosure controls
    and procedures as of December&#160;31, 2006, and has concluded
    that such disclosure controls and procedures are effective at
    the &#147;reasonable assurance&#148; level (as such term is used
    in
    <FONT style="white-space: nowrap">Rule&#160;13a-15(f)</FONT>
    of the Exchange Act) to ensure that material information related
    to the Trust is gathered on a timely basis to be included in the
    Trust&#146;s periodic reports. In reaching its conclusion, the
    Trustee considered the Trust&#146;s dependence on BROG to
    deliver timely and accurate information to the Trust. The
    Trustee has not reviewed the Trust&#146;s disclosure controls
    and procedures in concert with management, a board of directors
    or an independent audit committee. The Trust does not have, nor
    does the Indenture provide for, officers, a board of directors
    or an independent audit committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the quarter ended December&#160;31, 2005, there were no
    changes in the Trust&#146;s internal control over financial
    reporting (as defined in
    <FONT style="white-space: nowrap">Rule&#160;13a-15(f)</FONT>
    of the Exchange Act) that materially affected, or are reasonably
    likely to materially affect, the Trust&#146;s internal control
    over financial reporting. The Trustee has not evaluated the
    Trust&#146;s internal control over financial reporting in
    concert with management, a board of directors or an independent
    audit committee. The Trust does not have, nor does the Indenture
    provide for, officers, a board of directors or an independent
    audit committee.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Trustee&#146;s
    Report on Internal Control Over Financial Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Compass Bank, in its capacity as trustee (the
    &#147;Trustee&#148;) of San&#160;Juan Basin Royalty Trust (the
    &#147;Trust&#148;) is responsible for establishing and
    maintaining adequate internal control over financial reporting.
    The Trust&#146;s internal control over financial reporting is a
    process designed under the supervision of the Trustee to provide
    reasonable assurance regarding the reliability of financial
    reporting and the preparation of the Trust&#146;s financial
    statements for external purposes in accordance with a modified
    cash basis of accounting, which is a comprehensive basis of
    accounting other than U.S.&#160;generally accepted accounting
    principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2006, the Trustee assessed the
    effectiveness of the Trust&#146;s internal control over
    financial reporting based on the criteria for effective internal
    control over financial reporting established in &#147;Internal
    Control&#160;&#151; Integrated Framework&#148;, issued by the
    Committee of Sponsoring Organizations of the Treadway
    Commission. Based on the assessment, the Trustee determined that
    the Trust maintained effective internal control over financial
    reporting as of December&#160;31, 2006, based on those criteria.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Weaver and Tidwell, L.L.P., the independent registered public
    accounting firm that audited the financial statements of the
    Trust included in this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    has issued an attestation report on the Trustee&#146;s
    assessment of the effectiveness of the Trust&#146;s internal
    control over financial reporting as of December&#160;31, 2006.
    The report, which expresses unqualified opinions on the
    Trustee&#146;s assessment and on the effectiveness of the
    Trust&#146;s internal control over financial reporting as of
    December&#160;31, 2006, is included in this Item under the
    heading &#147;Report of Independent Registered Public Accounting
    Firm on Internal Control Over Financial Reporting&#148;.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Report of
    Independent Registered Public<BR>
    Accounting Firm on Internal Control Over Financial
    Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have audited the assessment of Compass Bank (the
    &#147;Trustee&#148;), included in the accompanying
    Trustee&#146;s Report on Internal Control Over Financial
    Reporting, that San&#160;Juan Basin Royalty Trust (the
    &#147;Trust&#148;) maintained effective internal control over
    financial reporting as of December&#160;31, 2006, based on
    criteria established in <I>Internal Control&#160;&#151;
    Integrated Framework </I>issued by the Committee of Sponsoring
    Organizations of the Treadway Commission (the &#147;COSO
    criteria&#148;). The Trustee is responsible for maintaining
    effective internal control over financial reporting and for its
    assessment of the effectiveness of internal control over
    financial reporting. Our responsibility is to express an opinion
    on the Trustee&#146;s assessment and an opinion on the
    effectiveness of the Trust&#146;s internal control over
    financial reporting based on our audit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conducted our audit in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether effective internal control
    over financial reporting was maintained in all material
    respects. Our audit included obtaining an understanding of
    internal control over financial reporting, evaluating the
    Trustee&#146;s assessment, testing and evaluating the design and
    operating effectiveness of internal control, and performing such
    other procedures as we considered necessary in the
    circumstances. We believe that our audit provides a reasonable
    basis for our opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A trust&#146;s internal control over financial reporting is a
    process designed to provide reasonable assurance regarding the
    reliability of financial reporting and the preparation of
    financial statements for external purposes in accordance with
    the Trust&#146;s modified cash basis of accounting, which is a
    comprehensive basis of accounting other than U.S.&#160;generally
    accepted accounting principles. A trust&#146;s internal control
    over financial reporting includes those policies and procedures
    that (1)&#160;pertain to the maintenance of records that, in
    reasonable detail, accurately and fairly reflect the
    transactions and dispositions of the assets of the trust;
    (2)&#160;provide reasonable assurance that transactions are
    recorded as necessary to permit preparation of financial
    statements in accordance with its modified cash basis of
    accounting, and that receipts and expenditures of the trust are
    being made only in accordance with authorizations of the
    trustee; and (3)&#160;provide reasonable assurance regarding
    prevention or timely detection of unauthorized acquisition, use,
    or disposition of the trust&#146;s assets that could have a
    material effect on the financial statements.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because of its inherent limitations, internal control over
    financial reporting may not prevent or detect misstatements.
    Also, projections of any evaluation of effectiveness to future
    periods are subject to the risk that controls may become
    inadequate because of changes in conditions, or that the degree
    of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In our opinion, the Trustee&#146;s assessment that the Trust
    maintained effective internal control over financial reporting
    as of December&#160;31, 2006, is fairly stated, in all material
    respects, based on the COSO criteria. Also, in our opinion, the
    Trust maintained, in all material respects, effective internal
    control over financial reporting as of December&#160;31, 2006,
    based on the COSO criteria.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have also audited, in accordance with the standards of the
    Public Company Accounting Oversight Board (United States), the
    statements of assets, liabilities and trust corpus as of
    December&#160;31, 2006 and 2005 and the related statements of
    distributable income and changes in trust corpus for each of the
    three years in the period ended December&#160;31, 2006 of the
    Trust and our report dated February&#160;28, 2007 expressed an
    unqualified opinion thereon.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Weaver
    and Tidwell, L.L.P.&#160;&#160;</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Weaver and Tidwell, L.L.P.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fort&#160;Worth, Texas
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    February&#160;28, 2007
</DIV>


<!-- link2 "ITEM 9A(T). CONTROLS AND PROCEDURES" -->
<DIV align="left"><A NAME="013"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="14%"></TD>
    <TD width="86%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;9A(T).&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">CONTROLS
    AND PROCEDURES</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Not applicable.
</DIV>


<!-- link2 "ITEM 9B. OTHER INFORMATION" -->
<DIV align="left"><A NAME="014"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;9B.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">OTHER
    INFORMATION</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All information required to be disclosed by the Trust in a
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    during the fourth quarter of the year ended December&#160;31,
    2006, has previously been reported on a
    <FONT style="white-space: nowrap">Form&#160;8-K.</FONT>
</DIV>


<!-- link1 "PART III" -->
<DIV align="left"><A NAME="015"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;III</FONT></B>
</DIV>


<!-- link2 "ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT" -->
<DIV align="left"><A NAME="016"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;10.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">DIRECTORS
    AND EXECUTIVE OFFICERS OF THE REGISTRANT</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust has no directors, executive officers or employees; the
    Trust is managed by a corporate trustee. Accordingly, the Trust
    does not have an audit committee, audit committee financial
    expert or a code of ethics applicable to executive officers. The
    Trustee, however, has adopted a policy regarding standards of
    conduct and conflicts of interest applicable to all directors,
    officers and employees of the Trustee. The Trustee is a
    corporate trustee which may be removed, with or without cause,
    at a meeting of the Unit Holders, by the affirmative vote of the
    holders of a majority of all the Units then outstanding.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;16(a)
    Beneficial Ownership Reporting Compliance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust has no directors or officers. Accordingly, only
    holders of more than 10% of the Trust&#146;s Units are required
    to file with the SEC initial reports of ownership of Units and
    reports of changes in such ownership. Based solely on a review
    of these reports, the Trust believes that the applicable
    reporting requirements of Section&#160;16(a) of the Securities
    Exchange Act of 1934 were complied with for all transactions
    which occurred in 2006.
</DIV>


<!-- link2 "ITEM 11. EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="017"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;11.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">EXECUTIVE
    COMPENSATION</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust has no directors, executive officers or employees.
    Accordingly, the Trust does not have a compensation committee or
    maintain any equity compensation plans, and there are no Units
    reserved for issuance under any such plans.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the past three years the Trustee received total
    remuneration as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="63%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name of Individual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Capacities in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Cash<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>or Entity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Which Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Compensation(1)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Compass Bank(2)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2006
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Trustee
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    249,924
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">TexasBank
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Trustee
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    310,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">TexasBank
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2004
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Trustee
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    259,472
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Under the Indenture, the Trustee is entitled to an
    administrative fee for its administrative services and the
    preparation of quarterly and annual statements of: (i)&#160;1/20
    of 1% of the first $100&#160;million of the annual gross revenue
    of the Trust, and 1/30 of 1% of the annual gross revenue of the
    Trust in excess of $100&#160;million and (ii)&#160;the
    Trustee&#146;s standard hourly rates for time in excess of
    300&#160;hours annually. As of January&#160;1, 2003, the
    administrative fee due under items (i)&#160;and (ii)&#160;above
    will not be less than $36,000&#160;per year (as adjusted
    annually to reflect the increase (if any) in the Producers Price
    Index as published by the U.S.&#160;Department of Labor, Bureau
    of Labor Statistics).</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    On March&#160;24, 2006 Compass Bancshares Inc., the parent
    company of Compass Bank, completed its acquisition of TexasBanc
    Holding Co., the parent company of TexasBank, the prior trustee
    of the Trust. On that same date, TexasBank merged with Compass
    Bank, and as a result, Compass Bank succeeded TexasBank as
    Trustee under the terms of the Indenture. On February&#160;16,
    2007, Compass Bancshares, Inc. announced the signing of a
    definitive agreement to be acquired by Banco Bilbao Vizcaya
    Argentaria, S.A (&#147;BBVA&#148;). Under the terms of that
    agreement, Compass Bancshares, Inc. would become a wholly-owned
    subsidiary of BBVA. The transaction is expected to close in the
    second half of 2007 and is subject to the approval of
    shareholders of BBVA and Compass Bancshares, Inc. as well as to
    regulatory approval and customary closing conditions.</TD>
</TR>

</TABLE>


<!-- link2 "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SECURITY HOLDER MATTERS" -->
<DIV align="left"><A NAME="018"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;12.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
    RELATED SECURITY HOLDER MATTERS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust has no directors, executive officers or employees.
    Accordingly, the Trust does not maintain any equity compensation
    plans and there are no Units reserved for issuance under any
    such plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I>Security Ownership of Certain Beneficial
    Owners.</I>&#160;&#160;As of February&#160;26, 2007, no person
    was known to beneficially own more than 5% of the outstanding
    Units of the Trust.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I>Security Ownership of Trustee.</I>&#160;&#160;As of
    February&#160;26, 2007, Compass Bank beneficially owned
    14,450&#160;Units, or less than one percent of the Units.
    Compass Bank has sole voting power over all of these Units and
    has the sole power to dispose of 1,500 of these Units.
</DIV>


<!-- link2 "ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->
<DIV align="left"><A NAME="019"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;13.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    RELATIONSHIPS AND RELATED TRANSACTIONS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust has no directors or executive officers and is not
    empowered to carry on any business activity. Accordingly, there
    are no relationships or related transactions to which the Trust
    was a party that are required to be disclosed. See Item&#160;11
    for the remuneration received by the Trustee during the year
    ended December&#160;31, 2006 and Item&#160;12 for information
    concerning Units owned by the Trustee.
</DIV>


<!-- link2 "ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES" -->
<DIV align="left"><A NAME="020"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;14.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents fees for professional audit
    services rendered by Weaver and Tidwell, L.L.P., the
    Trust&#146;s principal accountants, for the audit of the
    Trust&#146;s annual financial statements for the fiscal years
    ended
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    December&#160;31, 2006 and 2005 and fees billed for other
    services rendered to the Trust by Weaver and Tidwell, L.L.P.
    during those periods.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Audit Fees
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    71,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    76,065
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Audit-Related Fees
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    -0-
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    -0-
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Tax Fees
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,475
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,085
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">All Other Fees
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    -0-
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    -0-
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    76,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    84,150
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Audit Fees consist of fees billed for professional services
    rendered for the audit of the Trust&#146;s annual financial
    statements and internal control over financial reporting, review
    of the interim financial statements included in the Trust&#146;s
    quarterly reports and services that are normally provided by
    Weaver and Tidwell, L.L.P. in connection with statutory and
    regulatory filings or engagements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Audit-Related Fees consist of fees billed for assurance and
    related services that are reasonably related to the performance
    of the audit or review of the Trust&#146;s financial statements.
    This category includes fees related to audit and attest services
    not required by statute or regulations and consultations
    concerning financial accounting and reporting standards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tax Fees consist of fees for professional services billed for
    tax compliance, tax advice and tax planning. These services
    include assistance regarding federal and state tax compliance,
    return preparation, preparation of the
    <FONT style="white-space: nowrap">B-schedules</FONT>
    and tax booklet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All Other Fees consist of fees billed for products and services
    other than the services reported above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust has no directors or executive officers. Accordingly,
    the Trust does not have an audit committee and there are no
    audit committee pre-approval policies or procedures relating to
    services provided by the Trust&#146;s independent accountants.
    Pursuant to the terms of the Indenture, the Trustee engages and
    approves all services rendered by the Trust&#146;s independent
    accountants.
</DIV>


<!-- link1 "PART IV" -->
<DIV align="left"><A NAME="021"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;IV</FONT></B>
</DIV>


<!-- link2 "ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES" -->
<DIV align="left"><A NAME="022"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;15.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">EXHIBITS&#160;AND
    FINANCIAL STATEMENT SCHEDULES</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following documents are filed as a part of this Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K:</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Financial
    Statements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Included in Part&#160;II of this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    by reference to the Trust&#146;s Annual Report to Unit Holders
    for the year ended December&#160;31, 2006:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Report of Independent Registered Public Accounting Firm<BR>
    Statements of Assets, Liabilities and Trust Corpus <BR>
    Statements of Distributable Income<BR>
    Statements of Changes in Trust Corpus <BR>
    Notes to Financial Statements
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Financial
    Statement Schedules</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Financial statement schedules are omitted because of the absence
    of conditions under which they are required or because the
    required information is given in the financial statements or
    notes thereto.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibits</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4(a)
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Amended and Restated Royalty Trust
    Indenture, dated September&#160;30, 2002 (the original Royalty
    Trust Indenture, dated November&#160;1, 1980 having been entered
    into between Southland Royalty Company and The Fort&#160;Worth
    National Bank, as Trustee), heretofore filed as
    Exhibit&#160;99.2 of the Trust&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on October&#160;1, 2002, is incorporated
    herein by reference.*
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4(b)
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Net Overriding Royalty Conveyance
    from Southland Royalty Company to the Fort&#160;Worth National
    Bank, as Trustee, dated November&#160;3, 1980 (without
    Schedules).**
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4(c)
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Assignment of Net Overriding
    Interest (San&#160;Juan Basin Royalty Trust), dated
    September&#160;30, 2002, between Bank One, N.A. and TexasBank,
    heretofore filed as Exhibit&#160;4(c) to the Trust&#146;s
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    filed with the SEC for the quarter ended September&#160;30,
    2002, is incorporated herein by reference.*
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Indemnification Agreement, dated
    May&#160;13, 2003, with effectiveness as of July&#160;30, 2002,
    by and between Lee Ann Anderson and San&#160;Juan Basin Royalty
    Trust, heretofore filed as Exhibit&#160;10(a) to the
    Trust&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    filed with the SEC for the quarter ended March&#160;31, 2003, is
    incorporated herein by reference.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    13
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Registrant&#146;s Annual Report to
    Unit Holders for the fiscal year ended December&#160;31, 2006.**
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Consent of Cawley,
    Gillespie&#160;&#38; Associates, Inc., reservoir engineer.**
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    31
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Certification required by
    <FONT style="white-space: nowrap">Rule&#160;13a-14(a),</FONT>
    dated March&#160;1, 2007, by Lee Ann Anderson, Vice President
    and Senior Trust&#160;Officer of Compass Bank, the Trustee of
    the Trust.**
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    32
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Certification required by
    <FONT style="white-space: nowrap">Rule&#160;13a-14(b),</FONT>
    dated March&#160;1, 2007, by Lee Ann Anderson, Vice President
    and Senior Trust&#160;Officer of Compass Bank on behalf of
    Compass Bank, the Trustee of the Trust.***
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    A copy of this Exhibit is available to any Unit Holder (free of
    charge) upon written request to the Trustee, Compass Bank, 2525
    Ridgmar Boulevard, Suite&#160;100, Fort&#160;Worth, Texas 76116.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    Furnished herewith.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of Section&#160;13 or 15(d) 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.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    SAN JUAN BASIN ROYALTY TRUST
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;"><FONT style="font-variant: SMALL-CAPS">COMPASS
    BANK, AS TRUSTEE OF THE</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    SAN JUAN BASIN ROYALTY TRUST
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="4%"></TD>
    <TD width="43%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Lee
    Ann Anderson</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 57%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="center" style="margin-left: 57%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lee Ann Anderson
</DIV>

<DIV align="center" style="margin-left: 57%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Vice President and Senior Trust&#160;Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Date: March&#160;1, 2007
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (The Trust has no directors or executive officers)
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4(a)
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Amended and Restated Royalty Trust
    Indenture, dated September&#160;30, 2002 (the original Royalty
    Trust Indenture, dated November&#160;1, 1980 having been entered
    into between Southland Royalty Company and The Fort&#160;Worth
    National Bank, as Trustee), heretofore filed as
    Exhibit&#160;99.2 of the Trust&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on October&#160;1, 2002, is incorporated
    herein by reference.*
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4(b)
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Net Overriding Royalty Conveyance
    from Southland Royalty Company to the Fort&#160;Worth National
    Bank, as Trustee, dated November&#160;3, 1980 (without
    Schedules).**
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4(c)
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Assignment of Net Overriding
    Interest (San&#160;Juan Basin Royalty Trust), dated
    September&#160;30, 2002, between Bank One, N.A. and TexasBank,
    heretofore filed as Exhibit&#160;4(c) to the Trust&#146;s
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    filed with the SEC for the quarter ended September&#160;30,
    2002, is incorporated herein by reference.*
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Indemnification Agreement, dated
    May&#160;13, 2003, with effectiveness as of July&#160;30, 2002,
    by and between Lee Ann Anderson and San&#160;Juan Basin Royalty
    Trust, heretofore filed as Exhibit&#160;10(a) to the
    Trust&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    filed with the SEC for the quarter ended March&#160;31, 2003, is
    incorporated herein by reference.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    13
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Registrant&#146;s Annual Report to
    Unit Holders for the fiscal year ended December&#160;31, 2006.**
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Consent of Cawley,
    Gillespie&#160;&#38; Associates, Inc., reservoir engineer.**
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    31
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Certification required by
    <FONT style="white-space: nowrap">Rule&#160;13a-14(a),</FONT>
    dated March&#160;1, 2007, by Lee Ann Anderson, Vice President
    and Senior Trust&#160;Officer of Compass Bank, the Trustee of
    the Trust.**
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    32
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Certification required by
    <FONT style="white-space: nowrap">Rule&#160;13a-14(b),</FONT>
    dated March&#160;1, 2007, by Lee Ann Anderson, Vice President
    and Senior Trust&#160;Officer of Compass Bank, on behalf of
    Compass Bank, the Trustee of the Trust.***
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    A copy of this Exhibit is available to any Unit Holder (free of
    charge) upon written request to the Trustee, Compass Bank, 2525
    Ridgmar Boulevard, Suite&#160;100, Fort&#160;Worth, Texas 76116.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    Furnished herewith.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END LOGICAL PAGE -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.(B)
<SEQUENCE>2
<FILENAME>d44062exv4wxby.htm
<DESCRIPTION>NET OVERRIDING ROYALTY CONVEYANCE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4wxby</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4(b)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">NET OVERRIDING ROYALTY CONVEYANCE
</DIV>

<DIV align="center" style="font-size: 10pt">(San Juan Basin Royalty Trust)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">THE STATE OF NEW MEXICO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#167;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#167;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">KNOW ALL MEN BY THESE PRESENTS:</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">COUNTIES OF SAN JUAN,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#167;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">RIO ARRIBA AND SANDOVAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#167;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THAT, SOUTHLAND ROYALTY COMPANY, a Delaware corporation (&#147;Assignor&#148;), for and in consideration
of the sum of Ten Dollars ($10.00) and other good and valuable consideration to it paid by The Fort
Worth National Bank, a bank organized under the laws of the United States, acting not in its
individual corporate capacity but solely as trustee under that certain San Juan Basin Royalty Trust
Indenture dated as of November&nbsp;1, 1980 (&#147;Assignee&#148;), the receipt and sufficiency of which are
hereby acknowledged, has bargained, sold, granted, conveyed, transferred, assigned, set over and
delivered, and by these presents does hereby bargain, sell, grant, convey, transfer, assign, set
over and deliver unto Assignee a net overriding royalty interest (&#147;the Royalty Interest&#148;) in and to
the Minerals in and under, and if, as and when produced, saved and sold from, the Subject Lands
during the term of the Subject Interests equal to Seventy-Five percent (75%) of the Net Proceeds
attributable to the Subject Interests, as each of the above capitalized words are defined in
Article&nbsp;I and all as more fully provided herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TO HAVE AND TO HOLD the Royalty Interest, together with all and singular the rights and
appurtenances thereto in anywise belonging, unto Assignee, its successors and assigns, subject,
however, to the terms and provisions of this Conveyance; and Assignor does by these presents bind
and obligate itself, its successors and assigns, to WARRANT and FOREVER defend all and singular the
Royalty Interest unto the said Assignee, its successors and assigns, against every person
whomsoever lawfully claiming or to claim the same or any part thereof by, through or under
Assignor, but not otherwise.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DEFINITIONS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As herein used the following words, terms or phrases have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.01. &#147;Affiliate&#148; means, as to the party specified, any Person controlling, controlled
by or under common control with such party, with the concept of control in such context meaning the
possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of another, whether through the ownership of voting securities, by contract or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.02. &#147;Assignor&#148; means the Assignor named herein while it owns all or any part of or
interest in the Subject Interests and any other Person or Persons who acquire all or any part of or
interest in the Subject Interests.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.03. &#147;Assignee&#148; means the Assignee named herein while it owns all or any part of or
interest in the Royalty Interest and any other Person or Persons who acquire legal title to all or
any part of or interest in the Royalty Interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.04. &#147;Conveyance&#148; means this Net Overriding Royalty Conveyance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.05. &#147;Effective Date&#148; means 7:00 o&#146;clock A.M., local time in effect at the location
of each Subject Interest, on November&nbsp;1, 1980.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.06. &#147;Excess Production Costs&#148; at any point in time means an amount equal to the
excess of Production Costs over Gross Proceeds for the period ending with such point and beginning
with the end of the most recent month in which there were Net Proceeds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.07. &#147;Gross Proceeds&#148; means the amounts received from and after the Effective Date by
Assignor from the Sale of Subject Minerals sold after the Effective Date, in the aggregate, subject
to the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There shall be excluded from Gross Proceeds all general property (ad valorem),
production, severance, sales, gathering and windfall profits taxes and other taxes (whether
state, federal or otherwise) assessed or levied on or in connection with the Subject
Interests, the Royalty Interest or the production therefrom, or against Assignor as owner of
the Subject Interests or Assignee as owner of the Royalty Interest, and which taxes are
deducted or excluded from proceeds of Sale received by Assignor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There shall be excluded any amount for Subject Minerals attributable to nonconsent
operations conducted with respect to the Subject Interests (or any portion thereof) as to
which Assignor shall be a nonconsenting party and which is dedicated to the recoupment or
reimbursement of costs and expenses of the consenting party or parties by the terms of the
relevant operating agreement, unit agreement, contract for development or other instrument
providing for such nonconsent operations, provided Assignor&#146;s election not to participate in
such operations is made in conformity with the provisions of Section&nbsp;6.01 of this
Conveyance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There shall be excluded any amount which Assignor shall receive as any of the
following: consideration for transfer or sale of any of the Subject Interests (subject to
the Royalty Interest) or equipment or other personal property or fixtures on the Subject
Lands; delay rental; shut-in gas well royalty or payment; minimum royalty (to the extent not
attributable to actual production of the Subject Minerals); payments for gas not taken, when
such payments are made (but to the extent such payments are allocated to gas taken in the
future such payments shall be included without interest in Gross Proceeds when such gas is
taken); damages arising from any cause other than drainage or reservoir injury; rental for
reservoir use; payments made to Assignor in connection with the drilling of any well on any
of the Subject Lands or lands in the vicinity (such exclusion including dry and bottom hole
payments, provided that if such well is drilled on the Subject Lands and Assignor incurs
Production Costs in connection therewith such payments shall reduce Production Costs) or in
connection with any adjustment of any well and leasehold equipment upon unitization of any
of the Subject Interests; provided
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">there shall be included in Gross Proceeds advance or prepaid payments for future
production received by Assignor to the extent not subject to repayment in the event of
insufficient subsequent production (and to the extent so subject to repayment shall be
included without interest in Gross Proceeds when the Minerals on which such payment was so
advanced or prepaid are actually produced) and payments made to Assignor in connection with
the deferring of drilling of any well on any of the Subject Lands (including payments from
an operator in the vicinity for refraining from drilling an offset well).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There shall be excluded any amount for Subject Minerals lost in the production or
marketing thereof or used by Assignor in conformity with ordinary or prudent practices for
drilling, production and plant operations (including gas injection, secondary recovery,
pressure maintenance, repressuring, cycling operations, plant fuel or shrinkage) conducted
for the purpose of drilling for, producing or processing Subject Minerals or for operations
on any unit or plant to which the Subject Interests are committed, but only so long as such
Subject Minerals are so used.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Amounts received as a loan by Assignor from a purchaser of Subject Minerals,
whether with or without interest, shall not be considered to be derived from the sale of
Subject Minerals, provided that the related Sales Contract meets the requirements of Section
4.01 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) So long as and to the extent that the same may be required by applicable laws and
regulations, in the case of any Subject Interest derived under a lease from the United
States of America from which the average production of oil per well per day averaged on the
monthly basis is 15 barrels or less, the obligation to pay and the right of Assignee to
receive the proceeds of oil produced from such lease shall be suspended until said average
production of oil per well per day exceeds said minimum amount, and such suspension shall
apply separately to any zone or portion of such lease segregated for computing government
royalties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If a controversy or possible controversy exists (whether by reason of any statute,
order, decree, rule, regulation, contract or otherwise) between Assignor and any purchaser
as to the correct sales price of any Subject Mineral or, for any other reason, as to
Assignor&#146;s right to receive or collect the proceeds of sale of any Subject Minerals, then
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amounts withheld by the purchaser or deposited by it with an escrow agent
shall not be considered to be received by Assignor until actually collected by
Assignor, but the amounts received by Assignor shall include any interest, penalty
or other amount paid to Assignor in respect thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amounts received by Assignor and promptly deposited by it with an escrow
agent shall not be considered to have been received by Assignor, but all amounts
thereafter paid to Assignor by such escrow agent shall be considered to be amounts
received from the sale of Subject Minerals; and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amounts received by Assignor and not deposited with an escrow agent shall
be considered to be received for purposes of this Section&nbsp;1.07.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Assignor shall have the right to contest the amount of the windfall profits tax
alleged to be due on proceeds included in Gross Proceeds and to seek refunds thereof. In
the event any amounts are required to be paid because of any deficiency in prior payment of
windfall profits tax for periods after the Effective Date, the amounts so paid shall be
included in Production Costs as paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.08. &#147;Minerals&#148; means oil, gas and all other minerals produced in association with
oil or gas, but excluding all other minerals, whether similar or dissimilar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.09. &#147;Monthly Record Date&#148; for each month means the close of business on the last day
of such month which is not a Saturday, Sunday or other day on which national banking institutions
in the City of Fort Worth, Texas, are closed as authorized or required by law, unless Assignee
determines that a later date is required to comply with applicable law or the rules of an exchange
pursuant to the terms of the San Juan Basin Royalty Trust Indenture referred to above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.10. &#147;Net Proceeds&#148; for any period means the excess of Gross Proceeds realized during
such period over the sum of (a)&nbsp;Production Costs incurred during such period and (b)&nbsp;Excess
Production Costs as of the end of the immediately preceding period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.11. &#147;Non-Affiliate&#148; means, as to the party specified, any Person who is not an
Affiliate of such party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.12. &#147;Person&#148; means any individual, corporation, partnership, trust, estate or other
entity, organization or association.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.13. &#147;Prime Interest Rate&#148; means the interest rate per annum charged by Morgan
Guaranty Bank of New York on ninety day loans to its most substantial and responsible commercial
borrowers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.14. &#147;Processing Costs&#148; means the costs to Assignor of manufacturing, refining or
processing (all herein referred to as &#147;processing&#148;) gas and casinghead gas included in the Subject
Minerals before the Sale thereof, which costs for purposes hereof shall consist of
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of (i)&nbsp;any such processing charges paid to Non-Affiliates and (ii)&nbsp;the
expenses (including depreciation but otherwise not including capital costs) incurred by
Assignor or its Affiliate in processing such Subject Minerals plus an amount equal to a
return of 15% on the depreciated book value of the fixed assets used in such processing (for
which purpose of computing depreciation and the return on depreciated book value the value
of fixed assets owned by Assignor will be their book value as of the date first used in
processing Subject Minerals), or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if greater, the amount allowed as processing charges by any Federal or State agency
having jurisdiction over the sale of such Subject Minerals.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Assignor or an Affiliate receives a share of the production of others or of plant products
therefrom (or proceeds of sale thereof) for processing such production of others, such share shall
not be included in Subject Minerals (or Gross Proceeds). If Assignor or an Affiliate does not bear
any processing costs but the owners or operators of a plant receive a share of the Subject Minerals
(or proceeds of sale thereof) for processing them, such share (or proceeds) shall be excluded from
the Subject Minerals (and Gross Proceeds).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.15. &#147;Production Costs&#148; means, on an accrual accounting method and accruing with
respect to the following from and after the Effective Date, and whether capital or non-capital in
nature,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all amounts borne by Assignor as any of the following: royalty; overriding
royalty or other presently existing burden against production or the proceeds of
sale of production attributable to the Subject Interests; delay rental; shut-in gas
well royalty or payment; minimum royalty; payments to lessors or others in the area
in connection with the drilling or deferring of drilling of any well on any of the
Subject Lands or lands in the vicinity (including dry and bottom hole payments and
payments made to others for refraining from drilling an offset well) or in
connection with any adjustment of any well and leasehold equipment upon unitization
of any of the Subject Interests; and rent and other consideration paid for use of or
damage to the surface;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all general property (ad valorem), production, severance, sales, gathering
and windfall profits taxes and other taxes (whether state, federal or otherwise),
except income taxes, assessed or levied on or in connection with the Subject
Interests, the Royalty Interest or the production therefrom or equipment on the
Subject Lands, or against Assignor as owner of the Subject Interests or Assignee as
owner of the Royalty Interest, and which taxes are paid by Assignor, and any income
tax on the Royalty Interest paid by Assignor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate costs incurred by Assignor under any joint operating
agreement applicable to the Subject Interests to which Assignor and one or more
Non-Affiliates are parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The aggregate costs incurred by Assignor under Schedule&nbsp;B attached hereto
with respect to any Subject Interest not subject to a joint operating agreement
between Assignor and a Non-Affiliate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all other costs, expenses and liabilities of investigating, exploring,
prospecting, drilling and mining for, operating and producing Subject Minerals and
sale and marketing thereof, including without implied limitation: costs of
equipping, plugging back, reworking, completing, recompleting and plugging and
abandoning of any well on the Subject Lands and of making the Subject Minerals ready
or available for market; the cost of construction of gathering lines, tanks,
transmission lines, meters and other production and delivery facilities and of
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">transporting, compressing, dehydrating, separating, treating, storing and
marketing the Subject Minerals; the cost of secondary recovery, pressure
maintenance, repressuring, cycling and other operations conducted for the purpose of
enhancing production; and the cost of litigation concerning title to or operation of
the Subject Interests and any other acts or omissions of Assignor consistent
herewith or brought by Assignor to protect the Subject Interests;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Processing Costs;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) interest accrued during any month in which there were Excess Production
Costs computed at the Prime Interest Rate in effect at the end of such period on the
amount of Excess Production costs at the end of such period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the costs of the audits furnished pursuant to Section&nbsp;2.06 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any amounts paid by Assignor, whether as refund, interest or penalty, to a
purchaser because the amount initially received by Assignor as sales price was more
or allegedly more than permitted by the terms of any applicable contract, statute,
regulation, order, decree or other obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any other amounts paid by Assignor with respect to the Subject Interests or
operation thereof or sale of production therefrom, whether as refund, fine, interest
or penalty, pursuant to litigation or settlement of threatened litigation or order
of governmental agency, provided that Assignor has not breached Section&nbsp;6.01 hereof;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all consideration hereafter paid and costs and expenses hereafter incurred
by Assignor for any renewals or extensions of leases or other rights hereafter
acquired which are included in the definition herein of Subject Interests;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) but excluding
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) costs which would otherwise be treated as Production Costs but which shall
not be so treated for purposes hereof (until the following amounts have been fully
credited against such costs) equal to amounts reimbursed or credited to Assignor by
insurance from damage to property, by sales of property or transfers of property off
the leases included in the Subject Interests or by proceeds from unitization or
other disposition of property;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the costs incurred in drilling a well to a lower depth than that to which
the Subject Interests are by the definition below limited unless the well is
ultimately completed as a producer within the depths included in the Subject
Interests and is not completed as a producer below such depths and, even in such
event, the cost of drilling below such depths (as allocated by Assignor) shall be
excluded; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amounts which would otherwise be Production Costs but which are
attributable to periods before the Effective Date.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.16. &#147;Sale&#148; includes exchanges and other dispositions for value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.17. &#147;Sales Contracts&#148; means all contracts and agreements for the offer or sale of,
or commitment to offer or sell, or right of first refusal to purchase, Subject Minerals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.18. &#147;Subject Interests&#148; means each kind and character of right, title, claim or
interest which Assignor has on the Effective Date in the oil, gas or mineral leases, mineral
interests, royalty interests and overriding royalty interests and the unitization and pooling
agreements and the units created thereby which are described in Schedule&nbsp;A, and all the right,
title, claim or interest which Assignor has on the Effective Date in and to the Subject Lands,
whether such right, title, claim or interest be under and by virtue of a lease, a mineral deed or
reservation, a royalty deed or reservation, an overriding royalty assignment or reservation, a
unitization or pooling agreement, a unitization or pooling order, an operating agreement, a
division order, a transfer order or any other type of contract, conveyance or instrument or under
any other type of claim or title, legal or equitable, recorded or unrecorded, even though
Assignor&#146;s interests be incorrectly or incompletely described in, or a description thereof be
omitted from, Schedule&nbsp;A, all as the same shall be enlarged by the discharge of any payments out of
production or by the removal of any charges or encumbrances to which any of the same are subject
and any and all renewals and extensions of any of the same, but subject to all burdens to which
Assignor&#146;s such right, title, claim or interest is subject (while same remains so subject),
limited, however, as follows: (i)&nbsp;limited to the depths to which the definition below of &#147;Subject
Lands&#148; is limited, (ii)&nbsp;limited, as to duration, with respect to each Subject Interest which is a
mineral interest subject on the Effective Date to an oil and gas lease (or oil, gas and mineral
lease), whether or not owned in whole or in part by Assignor, or which is a royalty interest as to
which the underlying mineral estate is subject to such a lease, to the life of that lease or any
renewal or extension thereof (so that if a lease in force on the Effective Date should terminate in
whole or in part for any reason and not be renewed or extended then such Subject Interest, to the
extent same, or the underlying mineral estate in same, is no longer subject to such lease, shall no
longer be subject to this Conveyance and the rights, titles and interests therein hereby conveyed
shall revert to Assignor without necessity of written proof so evidencing) and (iii)&nbsp;limited, if
Assignor&#146;s interest in any Subject Interest should terminate sooner than the reversion provided in
the foregoing (ii), to the period to which Assignor&#146;s interest in such Subject Interest is limited.
There shall be excluded from the term &#147;Subject Interests&#148; any interest hereafter acquired by
Assignor in and to any of the Subject Lands, except any interest acquired pursuant to existing
agreements for no new consideration and renewals or extensions of leases. For purposes of this
Conveyance &#147;renewals or extensions&#148; of any lease shall be limited to renewals or extensions of an
existing lease obtained by the present owner thereof (or such owner&#146;s successors in interest) while
such lease is in force or within six months after such lease terminates. Assignor shall be under
no duty to seek renewals or extensions of any lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.19. &#147;Subject Lands&#148; means the lands which are described in or which are subject to
the oil, gas and mineral leases, mineral deeds, royalty deeds, assignments and other instruments
described in Schedule&nbsp;A attached hereto from the surface of such lands to the base of the
&#147;Basin-Dakota Gas Pool&#148; as defined in Rule&nbsp;25 of Order No.&nbsp;R-1670-C (as amended to the date hereof)
issued by the New Mexico Oil Conservation Commission, provided that if Assignor&#146;s ownership rights
in any such lands are presently limited to depths shallower than such depth the &#147;Subject Lands&#148;
shall likewise be subject to such limitation and provided further that
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">where the description in Schedule&nbsp;A excepts land or refers to an instrument insofar only as it
covers certain land, no interest in such excepted land or in land other that to which such
reference is limited shall be included in the terms &#147;Subject Lands&#148; or &#147;Subject Interests&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.20. &#147;Subject Minerals&#148; means all Minerals in and under, and which may be produced,
saved and sold from, and which shall accrue and be attributable to, the Subject Interests,
including plant products attributable thereto from processing gas or casinghead gas included in the
Subject Minerals before sale thereof (but not including products derived from processing oil).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">RECORDS AND REPORTS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.01. <U>Books and Records</U>. Assignor shall at all times maintain true and
correct books and records sufficient to determine the amounts payable to Assignee hereunder,
including, but not limited to, a Net Proceeds account to which Gross Proceeds and Production Costs
are credited and charged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.02. <U>Inspections</U>. The books and records referred to in Section&nbsp;2.01 shall be
open for inspection at the office of Assignor during normal business hours.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.03. <U>Quarterly Statements</U>. Within thirty (30)&nbsp;days next following the close
of each calendar quarter, Assignor shall deliver to Assignee a statement showing the computation of
Net Proceeds attributable to such quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.04. <U>Assignee&#146;s Exceptions to Quarterly Statements</U>. If Assignee shall take
exception to any item or items included in the quarterly statements rendered by Assignor, Assignee
shall notify Assignor in writing within 180&nbsp;days after the receipt of the report and annual audit
furnished pursuant to Section&nbsp;2.06 hereof, setting forth in such notice the specific charges
complained of and to which exception is taken or the specific credits which should have been made
and allowed; and, with respect to such complaints and exceptions as are justified, adjustment shall
be made. If Assignee shall fail to give Assignor notice of such complaints and exceptions prior to
the expiration of such 180&nbsp;days period, then the statements for such calendar year as originally
rendered by Assignor shall be deemed to be correct as rendered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.05. <U>Geological Data</U>. Upon request Assignor shall, subject to the
limitations of confidentiality undertakings with co-owners or other third parties, furnish to
Assignee access to all geological, well and production data which Assignor has on hand relating to
operations on the Subject Interests. Assignor shall also furnish to Assignee quarterly reports
showing the status of development, producing and other operations conducted by Assignor on the
Subject Interests. All information furnished to Assignee pursuant to this section is confidential
and for the sole benefit of Assignee and shall not be shown by Assignee to any other Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.06. <U>Annual Audits and Reports</U>. Within 90&nbsp;days after the end of the calendar
year, Assignor shall deliver to Assignee a statement which has been audited by a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">nationally recognized firm of independent public accountants selected by Assignor, which shall
show the information provided for in Section&nbsp;2.03 on an annual basis.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PAYMENT

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.01. <U>Payment</U>. On or before the Monthly Record Date, Assignor shall pay to
Assignee as a royalty and overriding royalty hereunder an amount equal to Seventy-Five percent
(75%) of the Net Proceeds for the preceding month. On December&nbsp;31, 1980, Assignor shall pay to
Assignee as an advance royalty the sum of $1,000,000. Such amount shall be subtracted from the
amounts otherwise payable under this Section with respect to future periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.02. <U>Interest on Past Due Payments</U>. Any amount not paid by Assignor to
Assignee when due shall bear, and Assignor will pay, interest at the rate of four percentage points
over the Prime Interest Rate, determined at the end of each month, from such due date until such
amount is paid, but not in excess of the maximum amount allowed by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.03. <U>Overpayment</U>. If at any time Assignor inadvertently pays Assignee more
than the amount due, Assignee shall not be obligated to return any such overpayment, but the amount
or amounts otherwise payable to Assignee for any subsequent period or periods shall be reduced by
such overpayment, plus an amount equal to interest computed at 120% of the weighted average Prime
Interest Rate in effect during the period of such overpayment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">MARKETING OF SUBJECT MINERALS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.01. <U>Sales Contracts</U>. Assignor, to the extent it has the right to do so,
shall market or cause to be marketed the Subject Minerals. For such purpose, sales of Subject
Minerals may continue to be made pursuant to existing Sales Contracts. Assignor may amend such
existing Sales Contracts and may enter into one or more Sales Contracts in the future at the best
prices and on the best terms Assignor shall deem reasonably obtainable in the circumstances. Gross
Proceeds of Subject Minerals subject to Sales Contracts shall be determined on the basis of amounts
actually received by Assignor from sales under the Sales Contracts regardless of whether at the
time of production or sale market value should be different from proceeds of sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.02. <U>Performance of Sales Contracts</U>. Assignor will duly perform all
obligations binding on it under all Sales Contracts in accordance with the terms thereof and will
take all appropriate and reasonable measures to enforce the performance under each of the Sales
Contracts of the obligations of the purchaser thereunder. All Subject Minerals sold by Assignor,
whether pursuant to Sales Contracts or otherwise, shall be delivered by Assignor to the purchasers
thereof, into the pipelines to which the wells producing such Subject Minerals may be connected or
to such other point of purchase as is reasonably required in the marketing of such Subject
Minerals.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-9-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.03. <U>Reliance by Third Party</U>. As to any party, the acts of Assignor shall be
binding on Assignee. It shall not be necessary for Assignee to join with Assignor in any division
or transfer order or any Sales Contract, and proceeds of sale of the Subject Minerals shall be paid
by the purchasers thereof (or others disbursing proceeds) directly to Assignor without necessity of
joinder by or consent of Assignee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">NON-LIABILITY OF ASSIGNEE

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In no event shall Assignee be liable or responsible in any way for any Production Costs or
other costs or liabilities incurred by Assignor or others attributable to the Subject Interests or
to the Minerals produced therefrom.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">OPERATION OF SUBJECT INTERESTS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.01. <U>Prudent Operator Standard</U>. Assignor agrees, to the extent it has the
legal right to do so under the terms of any lease, operating agreement, unit operating agreement,
contract for development or similar instrument affecting or pertaining to the Subject Interests (or
any portion thereof), that it will conduct and carry on the maintenance and operation of the
Subject Interests with reasonable and prudent business judgment and in accordance with good oil an
gas field practices, and that it will drill such wells as a reasonably prudent operator would drill
from time to time in order to protect them from drainage. However, nothing contained in this
Section&nbsp;6.01 shall be deemed to prevent or restrict Assignor from electing not to participate in
any operation which is to be conducted under the terms of any operating agreement, unit operating
agreement, contract for development or similar instrument affecting or pertaining to the Subject
Interests (or any portion thereof) and allowing consenting parties to conduct nonconsent operations
thereon, if such election is made by Assignor in good faith. Notwithstanding anything elsewhere
herein to the contrary, Assignor shall never be liable to Assignee for the manner in which Assignor
performs its duties hereunder as long as Assignor has acted in good faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.02. <U>Abandonment of Properties</U>. Nothing herein contained shall obligate
Assignor to continue to operate any well or to operate or maintain in force or attempt to maintain
in force any of the Subject Interests when, in Assignor&#146;s opinion, such well or Subject Interest
ceases to produce or is not capable of producing oil or gas in paying quantities. The expiration
of a Subject Interest in accordance with the terms and conditions applicable thereto shall not be
considered to be a voluntary surrender or abandonment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.03. <U>Insurance</U>. Although Assignor is permitted to carry policies of
insurance covering the property upon the Subject Interests and risks incident to the operation
thereof and to charge premiums therefor to the Net Proceeds account, Assignor shall not be required
to carry insurance on such property or covering any of such risks unless it elects so to do. In no
event shall Assignor be liable to Assignee on account of any losses sustained which are not covered
by insurance.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-10-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">UNITIZATION

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.01. <U>Pooled Subject Interests</U>. Certain of the Subject Interests may have
been heretofore pooled and unitized for the production of Minerals. Such Subject Interests are and
shall be subject to the terms and provisions of such pooling and unitization agreements, and the
Royalty Interest in each such Subject Interest shall apply to and affect only the production from
such units which accrues to such Subject Interest under and by virtue of the applicable pooling and
unitization agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.02. <U>Right to Pool and Process</U>. Assignor shall have the right and power,
exercisable only during the period provided in Section&nbsp;7.03 hereof, (a)&nbsp;to pool and unitize any of
the Subject Interests and to alter, change or amend or terminate any pooling or unitization
agreements heretofore or hereafter entered into, as to all or any part of the land covered hereby,
as to any one or more of the formations or horizons hereunder, and as to any one or more Minerals,
upon such terms and provisions as Assignor shall in its sole discretion determine, and (b)&nbsp;to
commit any of the Subject Interests (including the Royalty Interest attributable thereto) to an
agreement for processing same (pursuant to which, by way of example and not by way of limitation,
the plant owner or operator receives a portion of the Subject Minerals or plant products therefrom
or proceeds of the sale thereof as a fee for processing). If and whenever through the exercise of
such right and power, or pursuant to any law hereafter enacted or any rule, regulation or order of
any governmental body or official hereafter promulgated, any of the Subject Interests are pooled or
unitized in any manner, the Royalty Interest insofar as it affects such Subject Interest shall also
be pooled and unitized, and in any such event such Royalty Interest in such Subject Interest shall
apply to and affect only the production which accrues to such Subject Interest under and by virtue
of the pooling and unitization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.03. <U>Applicable Period</U>. Assignor&#146;s power and rights in Section&nbsp;7.02 shall be
exercisable only during the period of the life of the last survivor of the descendants of the
signers of the Declaration of Independence living on the date of execution hereof, plus twenty-one
(21)&nbsp;years after the death of such last survivor, or the term of this Conveyance, whichever period
shall first expire.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GOVERNMENT REGULATION

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All obligations of Assignor hereunder shall be subject to all applicable provisions of the
Emergency Petroleum Allocation Act of 1973, the Department of Energy Organization Act, the Natural
Gas Act, the Natural Gas Policy Act of 1978 and each other statute purporting to provide regulation
of the sale of Minerals or establishing maximum prices at which the same may be sold and all
applicable laws, orders, rules and regulations thereunder of the Federal Energy Regulatory
Commission, the Department of Energy and each other legislative or governmental body, agency, board
or commission having jurisdiction. Rates permitted under the Natural Gas Act, the Natural Gas
Policy Act of 1978, the Emergency Petroleum Allocation Act of 1973 and each such other statute and
the rules and regulations thereunder to be paid for the Subject
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-11-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Minerals shall be controlling if lower than prices established in Sales Contracts. Assignor
shall be entitled to use its reasonable discretion in making filings, for itself and on behalf of
Assignee, with the Federal Energy Regulatory Commission, the Department of Energy or any other
governmental body, agency, board or commission having jurisdiction, affecting the price or prices
at which Subject Minerals may be sold, and with purchasers of production, operators or others with
respect to the windfall profits tax.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ASSIGNMENTS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.01. <U>Assignment by Assignor</U>. Assignor shall have the right to assign, sell,
transfer, convey, mortgage or pledge the Subject Interests, or any part thereof, subject to the
Royalty Interest and the terms and provisions of this Conveyance. From and after the effective
date of any such assignment, sale, transfer or conveyance by Assignor, the assignee thereunder
shall succeed to all the requirements upon and responsibilities of Assignor hereunder, as to the
interests so acquired by such assignee, and, from and after the said effective date, Assignor shall
be relieved of such requirements and responsibilities, excepting only those accrued or due for
performance prior to such effective date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.02. <U>Partial Assignment</U>. If Assignor assigns its interest under the Subject
Interests as to some of such Subject Interests or as to some part thereof, then, effective as of
the date of such assignment, in determining the Royalty Interest payable with respect to production
from such assigned Subject Interests or parts thereof, the Gross Proceeds, Production Costs and Net
Proceeds attributable to such assigned interests will be computed and determined by the assignee of
such assigned interests in the aggregate as to the assigned interests owned by such assignee, but
separate from and not aggregated with the computation and determination made by Assignor as to
unassigned interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.03. <U>Assignment by Assignee</U>. Assignee has the right to assign the Royalty
Interest in whole or in part, but (with respect to the assignee named herein) only as authorized by
the San Juan Basin Royalty Trust Indenture referred to above. However, no such assignment will
affect the method of computing Net Proceeds, and if more than one Person becomes entitled to
participate in the Royalty Interest, Assignor may withhold from such other Person payments to which
such Person would otherwise be entitled hereunder and the furnishing of any data or information
which Assignor is required by the terms hereof to furnish Assignee until Assignor is furnished a
recordable instrument executed by or binding upon all Persons interested in the Royalty Interest
designating one Person who is to receive such payments, data and information. In making
conveyances or assignments of any of the Subject Interests (to the extent permitted hereunder),
Assignee need not vest in its grantee or assignee all of the rights of Assignee hereunder with
respect to the interest in the Subject Interests so conveyed or assigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.04. <U>Change in Ownership</U>. No change of ownership or right to receive payment
of the Royalty Interest, or of any part thereof, however accomplished, shall be binding upon
Assignor until notice thereof shall have been furnished by the Person claiming the benefit thereof,
and then only with respect to payments thereafter made. Notice of Sale or assignment shall consist
of a certified copy of the recorded instrument accomplishing the same; notice of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-12-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">change of ownership or right to receive payment accomplished in any other manner (for example
by reason of incapacity, death or dissolution) shall consist of certified copies of recorded
documents and complete proceedings legally binding and conclusive of the rights of all parties.
Until such notice shall have been furnished Assignor as above provided, the payment or tender of
all sums payable on the Royalty Interest may be made in the manner provided herein precisely as if
no such change in interest or ownership or right to receive payment had occurred. The kind of
notice herein provided shall be exclusive, and no other kind, whether actual or constructive, shall
be binding on Assignor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.05. <U>Rights of Mortgagee or Trustee</U>. If Assignee shall at any time execute a
mortgage or deed of trust covering all or part of the Royalty Interest, the mortgagee(s) or
trustee(s) therein named or the holder of any obligation secured thereby shall be entitled, to the
extent such mortgage or deed of trust so provides, to exercise all the rights, remedies, powers and
privileges conferred upon Assignee by the terms of this Conveyance and to give or withhold all
consents required to be obtained hereunder by Assignee, but the provisions of this Section&nbsp;9.05
shall in no way be deemed or construed to impose upon Assignor any obligation or liability
undertaken by Assignee under such mortgage or deed of trust or under the obligation secured
thereby.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE X
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">MISCELLANEOUS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.01. <U>Proportionate Reduction</U>. In the event of failure or deficiency in
title to any of the Subject Interests, the portion of the production from such Subject Interest out
of which the Royalty Interest attributable to such Subject Interest shall be payable shall be
reduced in the same proportion that such Subject Interest is reduced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.02. <U>Term</U>. Subject to the limitations stated in Section&nbsp;1.18 hereof, this
Conveyance shall remain in force so long as any of the Subject Interests are in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.03. <U>Further Assurances</U>. Should any additional instruments of assignment
and conveyance be required to describe more specifically any interests subject hereto, Assignor
agrees to execute and deliver the same. Also, if any other or additional instruments are required
in connection with the transfer of State, Federal or Indian lease interests in order to comply with
applicable laws, regulations or agreements, Assignor will execute and deliver the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.04. <U>Notices</U>. All notices, statements, payments and communications between
the parties hereto shall be deemed to have been sufficiently given and delivered if enclosed in a
post paid wrapper and deposited in the United States Mails directed, or if personally delivered, to
the party to whom the same is directed or to be furnished or made at the respective addresses, as
follows:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-13-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Southland Royalty Company<BR>
1000 Fort Worth Club Tower<BR>
Fort Worth, Texas 76102
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Attention: Treasurer
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">The Fort Worth National Bank<BR>
Post Office Box 2050<BR>
Fort Worth, Texas 76101
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Attention: Trust Department
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either party or the successors or assignees of the interest or rights or obligations of either
party hereunder may change its address or designate a new or different address or addresses for the
purposes hereof by a similar notice given or directed to all parties interested hereunder at the
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.05. <U>Binding Effect</U>. This Conveyance shall bind and inure to the benefit of
the successors and assigns of Assignor and Assignee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.06. <U>Governing Law</U>. The validity, effect and construction of this
Conveyance shall be governed by the laws of the State of New Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.07. <U>Headings</U>. Article and Section headings used in this Conveyance are for
convenience only and shall not affect the construction of this Conveyance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.08. <U>Substitution of Warranty</U>. This instrument is made with full
substitution and subrogation of Assignee in and to all covenants of warranty by others heretofore
given or made with respect to the Subject Interests or any part thereof or interest therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.09. <U>Counterpart Execution</U>. This Conveyance may be executed in multiple
counterparts, each of which shall be an original. Certain counterparts may have descriptions
relating to different recording jurisdictions omitted from Schedule&nbsp;A. A counterpart with all such
descriptions is being filed for record in San Juan County, New Mexico.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, each of the parties hereto has caused this agreement to be executed in its
name and behalf and its corporate seal to be affixed hereto and attested by its proper signatory
officers thereunto duly authorized, as of November&nbsp;1, 1980.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">ATTEST:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SOUTHLAND ROYALTY COMPANY</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ Lucy H. Lowry
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Lucy H. Lowry, Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">: /s/ Alton C. Goodrich
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Alton
C. Goodrich
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">ATTEST:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The Fort Worth National Bank<br>
acting not in its individual capacity<br>
but solely as the Trustee of the<br>
San Juan Basin Royalty Trust<br></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ Palmer S. Haffner, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bruce Petty</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Palmer
S. Haffner, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Bruce
Petty
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trust Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-15-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE STATE OF TEXAS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#167;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">COUNTY OF TARRANT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#167;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing instrument was acknowledged before me this third day of November, 1980 by ALTON
C. GOODRICH, Executive Vice President of Southland Royalty Company, a corporation, on behalf of
said corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the third day of November, 1980.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;/s/ Diana Marsh
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Notary
Public in and for Tarrant
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County,Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">My Commission Expires:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31, 1980
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE STATE OF TEXAS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#167;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">COUNTY OF TARRANT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#167;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing instrument was acknowledged before me this third day of November, 1980 by BRUCE
PETTY, Executive Vice President and Trust Officer of The Forth Worth National Bank, a banking
association organized under the laws of the United States, on behalf of said corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the third day of November, 1980.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;/s/ Diana Marsh
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Notary
Public in and for Tarrant
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County, Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">My Commission Expires:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31, 1980
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>3
<FILENAME>d44062exv13.htm
<DESCRIPTION>ANNUAL REPORT TO UNIT HOLDERS
<TEXT>
<HTML>
<HEAD>
<TITLE>exv13</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;13
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d44062d4406201.gif" alt="(GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">San Juan Basin Royalty Trust
2006 ANNUAL REPORT
&#038; and Form&nbsp;10 &#151; K &#038;</TD>
</TR>
</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d44062d4406202.gif" alt="(GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">N<U>o</u> 1</TD>
</TR>
</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>The Trust</B></DIV>
<DIV style="font-size: 3pt; margin-top: 12pt; width: 100%;  border-top: 1px solid #000000">&nbsp;</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE PRINCIPAL ASSET of the San Juan Basin Royalty Trust (the &#147;Trust&#148;) consists of a 75% net
overriding royalty interest (the &#147;Royalty&#148;) carved out of certain oil and gas leasehold and
royalty interests (the &#147;Underlying Properties&#148;) in properties located in the San Juan Basin of
northwestern New Mexico.
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>Units
of Beneficial interest</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The units of beneficial interest of the Trust (the &#147;Units&#148;) are traded on the New York
Stock Exchange under the symbol &#147;SJT.&#148; At February&nbsp;26, 2007, the closing price of a Unit was
$31.98. From January&nbsp;1, 2005, to December&nbsp;31, 2006, the quarterly high and low sales prices and
the aggregate amount of monthly distributions per Unit paid each quarter were as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>DISTRIBUTIONS</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>HIGH</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>LOW</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>PAID</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45.9900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36.0000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.083276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.7500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.0000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.599299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.2500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.8200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.666989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.0000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.6200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.565491</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL FOR 2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2.915055</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">37.4000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27.7000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.831092</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.1000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.740612</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.4300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.0000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.692829</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.2500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.3000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.987214</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL FOR
2005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3.251747</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;16, 2007, there were 46,608,796 Units outstanding held by 1,709 Unit holders of record.
The following table presents information relating to the distribution of record ownership of Units:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>NUMBER OF</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><FONT style="font-variant: SMALL-CAPS"><B>type of unit holders</B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>UNIT HOLDERS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>UNITS HELD</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Individuals, Joint Holders and Minors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,888,965</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fiduciaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Government Bodies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Clubs, Associations or Societies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depositary (for all beneficial holders)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,864,558</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,709</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>46,608,796</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N<U>o</U> 2
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>To Unit Holders</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="d44062d4406210.gif" alt="(GRAPHICS)"><B>WE
ARE PLEASED TO PRESENT THE 2006 ANNUAL REPORT</B> of the San Juan Basin Royalty Trust.
The report includes a copy of the Trust&#146;s Annual Report on Form
10-K filed with the Securities and
Exchange Commission (the &#147;Commission&#148;) for the year ended December&nbsp;31, 2006, without exhibits. The
Form 10-K contains important information concerning the Underlying Properties, as defined below,
including the oil and gas reserves attributable to the 75% net overriding royalty interest owned by
the Trust. Production figures provided in this letter and in the Trustee&#146;s Discussion and Analysis
are based on information provided by Burlington Resources Oil &#038; Gas Company LP (&#147;BROG&#148;), the
current owner of the Underlying Properties and the successor, through a series of assignments and
mergers, to Southland Royalty Company (&#147;Southland&#148;). On March&nbsp;31, 2006, a subsidiary of
ConocoPhillips completed its acquisition of Burlington Resources, Inc., BROG&#146;s parent. As a result,
ConocoPhillips became the parent of Burlington Resources, Inc., which in turn, is the parent of
BROG. The Trust was established in November&nbsp;1980 by Southland. Pursuant to the Indenture that
governs the operations of the Trust, Southland conveyed to the Trust a 75% net overriding royalty
interest (equivalent to a net profits interest) (the &#147;Royalty&#148;), carved out of Southland Royalty&#146;s
oil and gas leasehold and royalty interests (the &#147;Underlying Properties&#148;) in properties in the San
Juan Basin of northwestern New Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Royalty constitutes the principal asset of the Trust. Under the Indenture governing the Trust,
the function of Compass Bank, as Trustee, is to collect the net proceeds attributable to the
Royalty (&#147;Royalty Income&#148;), to pay all expenses and charges of the Trust, and then distribute the
remaining available income to the Unit holders. Income distributed to Unit holders in 2006 was
$135,867,325 or $2.915055 per Unit. Distributable Income (as hereinafter defined) for 2006
consisted of Royalty Income of $136,311,892 plus interest income of $1,207,360, less administrative
expenses of $1,651,927. Information about the Trust&#146;s estimated proved reserves of gas, including
coal seam gas, and of oil as well as the present value of net revenues discounted at 10% can be
found in Item&nbsp;2 of the accompanying Form 10-K. Independent petroleum engineers retained by the
Trust have estimated the Underlying Properties could remain productive well beyond the stated
production index of approximately 9.8&nbsp;years and BROG has published information observing that the
San Juan Basin will remain a major gas resource for decades to come. In support of this
observation, BROG cites the November&nbsp;2002 U.S. Geological Survey study doubling its estimates of
the gas reserves in the San Juan Basin to over 50 trillion cubic feet. Certain royalty income is
generally considered portfolio income under the passive loss rules of the Internal Revenue Code.
Therefore, Unit holders should generally not consider the taxable income from the Trust to be
passive income in determining net passive income or loss. Unit holders should consult their tax
advisors for further information. Unit holders of record will continue to receive an individualized
tax information letter for each of the quarters ending March&nbsp;31, June&nbsp;30 and September&nbsp;30, 2007,
and for the year ending December&nbsp;31, 2007. Unit holders owning Units in nominee name may obtain
monthly tax information from the Trust&#146;s Web site or from the Trustee upon request. For the
reader&#146;s convenience, a glossary of definitions used in this report can be found on the inside back
cover. Please visit our Web site at www.sjbrt.com to access news releases, reports, Commission
filings and tax information.<IMG src="d44062d4406210.gif" alt="(GRAPHICS)">
</DIV>





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Compass Bank, Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Lee
Ann Anderson</FONT><BR>
<I>Vice President and Senior Trust Officer</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="d44062d4406203.gif" alt="(LA ANDERSON LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N<U>o</u> 3
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d44062d4406204.gif" alt="(GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">N<U>o</u> 4</TD>
</TR>
</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Description of the Properties</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>The
principal asset</B></font> of the Trust is a 75% net overriding royalty interest (the
&#147;Royalty&#148;) carved out of certain working, royalty and other leasehold interests (the &#147;Underlying
Properties&#148;) owned by BROG in oil and gas 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 consist of working interests, royalty interests, overriding royalty interests
and other contractual rights in 151,900 gross (119,000 net) producing acres and 4,616 gross (1,286
net) producing wells, including dual completions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underlying Properties have historically produced gas primarily from conventional wells drilled
to three major formations: the Pictured Cliffs, the Mesaverde and the Dakota, ranging in depth from
1,500 to 8,000 feet. The characteristics of these reservoirs result in the wells having very long
productive lives. A production index for oil and gas properties is derived by dividing remaining
reserves by current production. Based upon the reserve report prepared by the Trust&#146;s independent
petroleum engineers as of December&nbsp;31, 2006, the production index for the Underlying Properties is
estimated to be approximately 9.8&nbsp;years. The production index is subject to change from
year-to-year based on reserve revisions and production levels and is not presented as an estimate
of the life expectancy of the Trust. Among the factors considered by engineers in estimating
remaining reserves of natural gas is the current sales price for gas. As the sales price increases,
the producer can justify expending higher lifting costs and therefore reasonably expect to recover
more of the known reserves. Accordingly, as gas prices rise, the production index increases and
<I>vice versa.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to gas from conventional wells, the Underlying Properties also produce gas from coal
seam wells completed to the Fruitland Coal formation. The process of removing coal seam gas is
often referred to as degasification or desorption. Millions of years ago, natural gas was generated
in the process of coal formation and absorbed into the coal. Water later filled the natural
fracture system. When the water is removed from the natural fracture system, reservoir pressure is
lowered and the gas desorbs from the coal. The desorbed gas then flows through the fracture system
and is produced at the well bore. The volume of formation water production typically declines with
time and the gas production may increase for a period of time before starting to decline. In order
to dispose of the formation water, surface facilities including pumping units are required, which
results in the cost of a completed well being as much as $550,000. The price of coal seam gas is
typically lower than the price of conventional gas. This is because the heating value of coal seam
gas is much lower than that of conventional gas due to (a)&nbsp;ever increasing percentages of carbon
dioxide in coal seam gas (carbon dioxide has no heating value), and (b)&nbsp;the absence of heavier
hydrocarbons such as ethanes, propanes, and butanes which are present in conventional gas.
Furthermore, the processing fees for coal seam gas are typically higher than the processing fees
for conventional gas due to the cost of extracting the carbon dioxide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2002, BROG informed the Trust that the
New Mexico Oil Conservation Division (the
&#147;OCD&#148;) had approved plans for 80-acre infill drilling of the Dakota formation in the San Juan
Basin. In July&nbsp;2003, the OCD approved 160-acre spacing in the Fruitland Coal formation.
Eighty-acre spacing has been permitted in the Mesaverde formation since 1997.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Federal Energy Regulatory Commission is primarily responsible for federal regulation of
natural gas. For a further discussion of gas pricing, gas purchasers, gas production and
regulatory matters affecting gas production see Item&nbsp;2,
&#147;Properties,&#148; in the accompanying
<FONT style="white-space: nowrap">Form 10-K.</font><BR>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Trustee&#146;s
Discussion <i>and</i> Analysis</B>
</DIV>
<DIV style="font-size: 3pt; margin-top: 12pt; width: 100%;  border-top: 1px solid #000000">&nbsp;</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Gas
and Oil Production</B></FONT>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Total gas and oil production from the Underlying Properties for the five years ended December
31, 2006, were as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas &#151; Mcf</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,900,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,867,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,015,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,202,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,206,297</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mcf per Day</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,593</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oil &#151; Bbls</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bbls per Day</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">257</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N<U>o</u> 5
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Trustee&#146;s
Discussion and Analysis</B>
</DIV>
<DIV style="font-size: 3pt; margin-top: 12pt; width: 100%;  border-top: 1px solid #000000">&nbsp;</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Gas
and Oil Production cont.</B></FONT>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Royalty Income for a calendar year is based on the actual gas and oil production during the
period beginning with November of the preceding calendar year through October of the current
calendar year. Gas and oil sales attributable to the Royalty for the past five years are
summarized in the following table:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas &#151; Mcf</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,475,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,600,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,324,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,922,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,584,056</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Price (per Mcf)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oil &#151; Bbls</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Price (per Bbl)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">49.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.90</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales volumes attributable to the Royalty are determined by dividing the net profits
received by the Trust and attributable to oil and gas, respectively, by the prices received for
sales volumes from the Underlying Properties, taking into consideration production taxes
attributable to the Underlying Properties. Since the oil and gas sales attributable to the Royalty
are based on an allocation formula dependent on such factors as price and cost, including capital
expenditures, the aggregate sales amounts from the Underlying Properties may not provide a
meaningful comparison to sales attributable to the Royalty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The fluctuations in annual gas production that have occurred during these five years generally
resulted from changes in the demand for gas during that time, marketing conditions, and increased
capital spending to generate production from new and existing wells. Production from the
Underlying Properties is influenced by the line pressure of the gas gathering systems in the San
Juan Basin. As noted above, oil and gas sales attributable to the Royalty are based on an
allocation formula dependent on many factors, including oil and gas prices and capital
expenditures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BROG previously entered into two contracts for the sale of all volumes of gas produced from the
Underlying Properties. These contracts provided for (i)&nbsp;the sale of such gas to Duke Energy and
Marketing L.L.C. and PNM Gas Services (&#147;PNM&#148;), respectively, (ii)&nbsp;the delivery of such gas at
various delivery points through March&nbsp;31, 2005, and from year-to-year thereafter until terminated
by either party on 12&nbsp;months&#146; notice, and (iii)&nbsp;the sale of such gas at prices which fluctuate in
accordance with published indices for gas sold in the San Juan Basin of New Mexico. Effective
January&nbsp;1, 2004, the rights and obligations of Duke Energy and Marketing L.L.C. were assumed by
ConocoPhillips Company (&#147;ConocoPhillips&#148;) pursuant to an Assignment and Novation Agreement. By
correspondence dated March&nbsp;25, 2004, BROG notified ConocoPhillips of BROG&#146;s election to terminate
such contract as of March&nbsp;31, 2005. BROG then prepared a form of request for proposal and
circulated it to a number of potential purchasers, including ConocoPhillips, inviting them to bid
for the purchase of the gas currently sold under the contract expiring March&nbsp;31, 2005. Effective as
of April&nbsp;1, 2005, BROG entered into two new contracts for the sale of all volumes of gas produced
from the Underlying Properties and formerly sold to ConocoPhillips. These new contracts provide for
(i)&nbsp;the sale of such gas to ChevronTexaco Natural Gas, a division of Chevron U.S.A. Inc.
(&#147;ChevronTexaco&#148;), and Coral Energy Resources, L.P. (&#147;Coral&#148;), respectively, (ii)&nbsp;the delivery of
such gas at various delivery points through March&nbsp;31, 2007, and from year-to-year thereafter until
terminated by either party on 12&nbsp;months&#146; notice, and (iii)&nbsp;the sale of such gas at prices which
fluctuate in accordance with the published indices for gas sold in the San Juan Basin of New
Mexico. With respect to BROG&#146;s contract with PNM, BROG and PNM entered into a letter agreement
dated January&nbsp;31, 2005, pursuant to which the parties waived the right to terminate the underlying
contract as of March&nbsp;31, 2006, so that the term of that contract will continue until at least March
31, 2007, and from year-to-year thereafter until terminated by either party upon 12&nbsp;months&#146; notice
to the other. Neither BROG nor any of ChevronTexaco, Coral nor PNM gave notice to terminate the
three contracts described above for the sale of all volumes of gas produced from the Underlying
Properties and, accordingly, the terms of those contracts have been extended through March&nbsp;31,
2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Confidentiality agreements with purchasers of gas produced from the Underlying Properties prohibit
public disclosure of certain terms and conditions of gas sales contracts with those entities,
including specific pricing terms and gas receipt points. Such disclosure could compromise the
ability to compete effectively in the marketplace for the sale of gas produced from the Underlying
Properties.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N<U>o</u> 6
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>Trustee&#146;s
Discussion <B>and</B> Analysis
</B>
</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Royalty
Income</B></FONT>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Royalty Income consists of monthly Net Proceeds attributable to the Royalty. Royalty Income
for the five years ended December&nbsp;31, 2006, was determined as shown in the following table:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2002</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><B>Gross Proceeds
from the Underlying
Properties</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">264,428,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">267,895,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">204,682,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">175,653,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">103,349,299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,561,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,451,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,670,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,863,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,384,848</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">1     </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,405,486</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">2     </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,314,808</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">3     </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,202,368</TD>
    <TD nowrap>)<SUP style="font-size: 85%; vertical-align: text-top">4     </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,110,589</TD>
    <TD nowrap>)<SUP style="font-size: 85%; vertical-align: text-top">5     </SUP></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>270,374,211</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>273,752,061</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>210,667,936</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>176,389,787</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>100,102,537</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Less
Production Costs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital Expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,195,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,127,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,338,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,590,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,470,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Severance Tax &#151; Gas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,652,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,717,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,766,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,281,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,752,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Severance Tax &#151; Oil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lease Operating
Expenses and Property Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,273,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,126,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,210,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,637,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,701,740</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>88,625,021</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>68,607,709</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>62,610,913</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>53,726,771</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>47,094,656</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Excess Production Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on Excess</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,259,628</TD>
    <TD nowrap>)<SUP style="font-size: 85%; vertical-align: text-top">6     </SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Production Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,545</TD>
    <TD nowrap>)<SUP style="font-size: 85%; vertical-align: text-top">6     </SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net Profits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">181,749,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">205,144,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">148,057,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">122,663,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50,737,708</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD>Net Overriding</TD>
<TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" >
    <TD><DIV style="margin-left:30px; text-indent:-15px">Royalty
Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Royalty Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">136,311,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">153,858,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">111,042,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">91,997,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,053,281</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents funds allocated to the Trust as part of the ongoing negotiation of
joint interest audit exceptions, and a portion of the arbitration
award issued November&nbsp;11, 2005 in favor of the Trust.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents funds allocated to the Trust as part of the ongoing negotiation of
joint interest audit exceptions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD> Represents funds allocated to the Trust as part
of the ongoing negotiation of joint interest audit exceptions, interest received for resolved audit
exceptions, and insurance proceeds for a bus ness interruption claim.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>



<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents a settlement between BROG and the Mineral Management Service of the
United States Department of the Interior (the &#147;MMS&#148;).<BR></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents deductions by BROG from the net proceeds otherwise payable to
the Trust in connection with the portion of various settlement agreements with the MMS.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>RePresents excess production costs incurred in December&nbsp;2001 and recovered
by BROG in 2002, plus interest.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Distributable
Income</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Distributable Income&#148; (as that term is used herein) consists of Royalty Income plus
interest, less the general and administrative expenses of the Trust and any changes in cash
reserves established by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2006, Distributable Income was $135,867,325, representing a 10%
decrease from 2005. For the year ended December&nbsp;31, 2005, Distributable Income was $151,560,081,
representing a 38% increase from 2004. Distributable Income in 2004 was $109,390,735.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust received Royalty Income of $136,311,892 and interest income of $1,207,360 in 2006. After
deducting
administrative expenses of $1,651,927, Distributable Income for 2006 was $135,867,325 ($2.915055
per Unit). In 2005, Royalty Income was $153,858,264, interest income was $167,367, and
administrative expenses were $2,465,550, resulting in Distributable Income of $151,560,081
($3.251747 per Unit). Although the average gas price increased from $6.25 per Mcf for 2005 to $6.47
per Mcf for 2006, the 10% decrease in Distributable Income from 2005 to 2006 was primarily
attributable to an approximately $20&nbsp;million increase in capital expenditures in 2006 as compared
to 2005. Interest earnings in 2006 were higher, as compared to 2005, primarily due to additional
interest received in July as partial payment of the Arbitration Award described in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->N<U>o</U>  7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>Trustee&#146;s
Discussion and Analysis</B>

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note 7 to the financial statements included herewith. Administrative expenses were lower in
2006, as compared to 2005. Higher expenses were incurred in 2005 primarily as a result of
compliance with the new internal control, financial reporting and other requirements of the
Sarbanes-Oxley Act of 2002, costs incurred in resolving certain outstanding audit issues and
obtaining the Arbitration Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2004, the Trust received Royalty Income of $111,042,767 and interest income of $58,885. After
deducting administrative expenses of $1,710,917, Distributable Income for 2004 was $109,390,735
($2.346998 per Unit). The 38% increase in Distributable Income from 2004 to 2005 was primarily
attributable to higher gas and oil prices which resulted in increased Royalty Income. In addition,
interest earnings in 2005 were higher, as compared to 2004, primarily due to an increase in funds
available for investment as well as an increase in interest rates. Administrative expenses were
higher in 2005, as compared to 2004, primarily as a result of compliance with the new internal
control, financial reporting and other requirements of the Sarbanes-Oxley Act of 2002, costs
incurred in resolving certain outstanding audit issues and obtaining the Arbitration Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BROG has informed the Trustee that the New Mexico Oil and Gas Proceeds Withholding Tax Act (the
&#147;Withholding Tax Act&#148;) requires remitters who pay certain oil and gas proceeds from production on
New Mexico properties on or after October&nbsp;1, 2003, to withhold income taxes from such proceeds in
the case of certain nonresident recipients. The Trustee, on advice of New Mexico counsel, has
observed that &#147;net profits interests,&#148; such as the Royalty, and other types of interests, the
extent of which cannot be determined with respect to a specific share of the oil and gas
production, are excluded from the withholding requirements of the Withholding Tax Act. Unit holders
are reminded to consult with their tax advisors regarding the applicability of New Mexico income
tax to distributions received from the Trust by a Unit holder.
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Operating
Expenses</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Monthly operating expenses of the Underlying Properties, exclusive of property taxes, in 2006
averaged approximately $1,871,974, which is higher than the $1,769,538 average in 2005 and higher
than the $1,639,670 average in 2004. Operating expenses have increased primarily because increased
activity strained the capacity of service vendors and resulted in increasing costs.
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><b>Settlements</b></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the September&nbsp;4, 1996, settlement of the litigation filed by the Trustee on June&nbsp;4,
1992 against BROG and Southland, the Trust was entitled to certain adjustments (the &#147;Val Verde
Credit&#148;) that represented cost reductions favorable to the Trust in the charges for coal seam gas
gathered and treated on BROG&#146;s Val Verde system. Effective July&nbsp;1, 2002, BROG sold the Val Verde
facility. Accordingly, effective July&nbsp;1, 2002, the calculation of net proceeds for gas gathered and
treated at the Val Verde facility no longer includes the Val Verde Credit. The total amount of the
Val Verde Credit for the 12&nbsp;months&#146; ended June&nbsp;30, 2002, was estimated by the Trust&#146;s joint
interest auditors as approximately $1,880,000. The loss of the Val Verde Credit resulted in
increased costs allocated to the Trust for coal seam gas gathered and treated on the Val Verde
system and accordingly, decreased the Royalty Income received by the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a part of that same litigation settlement, the Trustee and BROG established a formal protocol
pursuant to which joint interest auditors retained by the Trustee gained improved access to BROG&#146;s
books and records as applicable to the Underlying Properties. The audit process was initiated in
1996 and, since inception, has resulted in audit exceptions being granted by and payments or
credits received from BROG totaling approximately $21,600,000.
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><b>Capital
Expenditures</b></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2006, in calculating Royalty Income, BROG deducted $39.2&nbsp;million of capital
expenditures for projects, including drilling and completion of 115 gross (24.14 net) conventional
wells, two gross (0.003 net) payadds, two gross (1.74 net) recompletions, three gross (2.50 net)
restimulations, 44 gross (14.63 net) coal seam wells, seven gross (0.28 net) coal seam payadds, two
gross (0.48 net) coal seam recompletions, and two gross (0.08 net) coal seam miscellaneous capital
projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There were 100 gross (26.27 net) conventional wells, 14 gross (0.39 net) payadds, seven gross (3.49
net) recompletions, six gross (4.02 net) restimulations, four gross (0.02 net) miscellaneous
capital projects, 28 gross (11.79 net) coal seam wells, one gross (0.04 net) coal seam payadd, five
gross (3.57 net) coal seam recompletions, and two gross (0.004 net) coal seam restimulations in
progress as of December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aggregate capital expenditures reported by BROG in calculating Royalty Income for 2006 include
approximately
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->N<U>o</U>  8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><b>Trustee&#146;s
Discussion and Analysis</b>

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">$12.2&nbsp;million attributable to the capital budgets for prior years. This occurs because
projects within a given year&#146;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, BROG&#146;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&#146;s capital expenditures. In addition, with
respect to wells not operated by BROG, BROG&#146;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital expenditures of approximately $24.8&nbsp;million for 2006 budgeted projects were used in
calculating net proceeds payable to the Trust in calendar year 2006, and approximately $7.1
million in capital expenditures from the 2006 budget were used in calculating net proceeds payable
to the Trust for January and February&nbsp;2007. Therefore, an additional approximately $5.7&nbsp;million in
capital expenditures for budgeted 2006 projects remains to be spent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2005, in calculating Royalty Income, BROG deducted approximately $19.1&nbsp;million of capital
expenditures for projects, including drilling and completion of 38 gross (2.72 net) conventional
wells, five gross (0.011 net) payadds, one gross (o.57 net) conventional restimulation, 25 gross
(2.89 net) coal seam wells, one gross (0.99 net) coal seam recavitation, two gross (0.61 net) coal
seam recompletions, and five gross (0.20 net) miscellaneous coal seam capital projects. There were
110 gross (19.08 net) conventional wells, eight gross (1.73 net) payadds, six gross (3.30 net)
conventional recompletions, seven gross (5.04 net) conventional restimulations, 59 gross (10.06
net) coal seam wells, five gross (2.32 net) coal seam recompletions, and one gross (0.04 net)
miscellaneous coal seam capital project in progress as of December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2004, in calculating Royalty Income, BROG deducted approximately $22.3&nbsp;million of capital
expenditures for projects, including drilling and completion of 25 gross (6.49 net) conventional
wells, recompletion of 11 gross (8.05 net) conventional wells, nine gross (5.95 net)
restimulations, three gross (0.007 net) conventional payadds, 61 gross (6.10 net) coal seam wells,
four gross (3.41 net) coal seam recompletions, and two gross (0.05 net) miscellaneous coal seam
capital projects and facilities maintenance. There were 57 gross
(6.94 net) new conventional wells, recompletion of three gross (0.89 net) conventional wells, four
gross (2.24 net) conventional well restimulations, 13 gross (1.74 net) conventional payadds, 48
gross (4.74 net) coal seam wells, four gross (1.90 net) coal seam recompletions, and six gross
(0.27 net) miscellaneous coal seam capital projects in progress as of December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BROG has informed the Trust that its budget for capital expenditures for the Underlying Properties
in 2007 is estimated at $28&nbsp;million. Approximately $24&nbsp;million of that budget is allocable to 112
new wells, including 33 wells scheduled to be dually completed in the Mesaverde and Dakota
formations and 10 wells scheduled to be dually completed in the Fruitland Coal and Pictured Cliffs
formations. BROG indicates that 34 of the new wells, at an aggregate cost of approximately $11.4
million, are projected to be drilled to formations producing coal seam gas. BROG reports that based
on its actual capital requirements, the pace of regulatory approvals, the mix of projects and
swings in the price of natural gas, the actual capital expenditures for 2007 could range from $20
million to $50&nbsp;million.
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><b>Contractual
Obligations</b></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Indenture governing the Trust, the Trustee is entitled to an administrative fee for
its administrative services and the preparation of quarterly and annual statements of: (i)&nbsp;1/20 of
1% of the first $100&nbsp;million of the annual gross revenue of the Trust, and 1/30 of 1% of the annual
gross revenue of the Trust in excess of $100&nbsp;million and (ii)&nbsp;the Trustee&#146;s standard hourly rates
(currently ranging from $75.00 to $250.00 per hour) for time in excess of 300 hours annually. As of
January&nbsp;1, 2003, the administrative fee due under items (i)&nbsp;and (ii)&nbsp;above will not be less than
$36,000 per year (as adjusted annually to reflect the increase (if any) in the Producers Price
Index as published by the U.S. Department of Labor, Bureau of Labor Statistics).
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><b>Effects
of Securities Regulation</b></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a publicly-traded trust listed on the New York Stock Exchange (the &#147;NYSE&#148;), the Trust is
and will continue to be subject to extensive regulation under, among others, the Securities Act of
1933, the Securities Exchange Act of 1934 (which contains many of the provisions of the
Sarbanes-Oxley Act of 2002) and the rules and regulations of the NYSE. Issuers failing to comply
with such authorities risk serious consequences, including criminal as well as civil and
administrative penalties.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->N<U>o</U>  9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><b>Trustee&#146;s
Discussion and Analysis</b>

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In most instances, these laws, rules and regulations do not specifically address their
applicability to publicly-traded trusts, such as the Trust. In particular, the Sarbanes-Oxley Act
of 2002 provides for the adoption by the Securities and Exchange Commission (the &#147;Commission&#148;) and
NYSE of certain rules and regulations that may be impossible for the Trust to literally satisfy
because of its nature as a pass-through trust. It is the Trustee&#146;s intention to follow the
Commission&#146;s and NYSE&#146;s rulemaking closely, attempt to comply with such rules and regulations and,
where appropriate, request relief from these rules and regulations. However, if the Trust is unable
to comply with such rules and regulations or to obtain appropriate relief, the Trust may be
required to expend as yet unknown but potentially material costs to amend the Indenture that
governs the Trust to allow for compliance with such rules and regulations. To date, the rules
implementing the Sarbanes-Oxley Act of 2002 have generally made appropriate accommodation for
passive entities such as the Trust.
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><b>Critical
Accounting Policies</b></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the Commission&#146;s staff accounting bulletins and consistent with other
royalty trusts, the financial statements of the Trust are prepared on the following basis:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Royalty Income recorded for a month is the amount
computed and paid by BROG to the Trustee for the
Trust. Royalty Income consists of the proceeds
received by BROG from the sale of production from
the Underlying Properties less accrued production
costs, development and drilling costs, applicable
taxes, operating charges, and other costs and deductions,
multiplied by <I>75%. </I>The calculation of net proceeds
by BROG for any month includes adjustments to
proceeds and costs for prior months and impacts the
Royalty Income paid to the Trust and the distribution
to Unit holders for that month.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Trust expenses recorded are based on liabilities paid
and cash reserves established from Royalty Income
for liabilities and contingencies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Distributions to Unit holders are recorded when
declared by the Trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The conveyance which transferred the Royalty to the
Trust provides that any excess of production costs
applicable to the Underlying Properties over gross
proceeds from such properties must be recovered from
future net profits before Royalty Income is again paid
to the Trust.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The financial statements of the Trust differ from financial statements prepared in accordance with
U.S. generally accepted accounting principles (&#147;GAAP&#148;) because revenues are not accrued in the
month of production; certain cash reserves may be established for contingencies which would not be
accrued in financial statements prepared in accordance with GAAP; expenses are recorded when paid
instead of when incurred; and amortization of the Royalty calculated on a unit-of-production basis
is charged directly to trust corpus instead of an expense.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d44062d4406205.gif" alt="(GRAPHICS)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d44062d4406206.gif" alt="(GRAPHICS)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->N<U>o</U>  10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>Trustee&#146;s
Discussion and Analysis</B>

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Results
of the</B>
</FONT><B>4<SUP style="font-size: 85%; vertical-align: text-top">TH</SUP></B>
<FONT style="font-variant: SMALL-CAPS"><B>Ruarters
of</B></FONT> <B>2006 &#038; 2005</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the three months ended December&nbsp;31, 2006, Distributable Income was $26,356,915 ($.565491
per Unit), which was less than the $46,012,856 ($.987214 per Unit) of income distributed during
the same period in 2005. The decrease in Distributable Income resulted primarily from lower
average gas prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Royalty Income of the Trust for the fourth quarter is based on actual gas and oil production
during August through October of each year. Gas and oil sales for the quarters ended December&nbsp;31,
2006 and 2005 were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underlying Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas &#151; Mcf</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,782,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,248,571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mcf per Day</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,398</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Average Price (per Mcf)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oil &#151; Bbls</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,477</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bbls per Day</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Average Price (per Bbl)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">59.06</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Attributable
to the Royalty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas &#151; Mcf</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,156,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,516,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oil &#151; Bbls</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,429</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The average price of gas decreased and the average price of oil increased in 2006 compared to
the prior year. The price per barrel of oil during the fourth quarter of 2006 was $1.66 per Bbl
higher than that received in the fourth quarter of 2005 due to increases in oil prices in world
markets generally, including the posted price applicable to the Royalty. Gas production decreased
because new production brought on line in 2006 failed to completely offset the natural decline in
production from existing wells. In addition, production volumes were reduced in 2006 due to
operational difficulties in the San Juan Basin, including: weather-related shut downs, pipeline
maintenance work, compressor repairs and downtime at processing facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital costs for the fourth quarter of 2006 totaled $8,436,427 compared to $4,734,866 during the
same period of 2005. Lease operating expenses and property taxes for the fourth quarter of 2006
averaged $1,819,291 per month compared to $1,939,447 per month in the fourth quarter of 2005.
Operating expenses were lower in the fourth quarter of 2006 than for the fourth quarter of 2005
primarily because in calculating Royalty Income for December&nbsp;2006, BROG included a deduction of
$583,725 from lease operating expense as a result of the granting of certain audit exceptions for
the period 2003-2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on 46,608,796 Units outstanding, the per-Unit distributions during the fourth quarter of
2006 and 2005 were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.257200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.243762</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.210820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.334553</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.097471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.408899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>QUARTER TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>.565491</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>.987214</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->N<U>o</U>  11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d44062d4406207.gif" alt="(GRAPHICS)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>San
Juan Basin Royalty Trust</B>
</DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>S<FONT style="font-variant: SMALL-CAPS">tatements
of</FONT> A<FONT style="font-variant: SMALL-CAPS">ssets,</FONT>
L<FONT style="font-variant: SMALL-CAPS">iabilities and </FONT>
T<FONT style="font-variant: SMALL-CAPS">rust</FONT>
C<FONT style="font-variant: SMALL-CAPS">orpus</FONT></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>December&nbsp;31, 2006 and 2005</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and Short-Term
Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,657,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,173,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net
Overriding Royalty Interests in Producing Oil and gas Properties
&#151; Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,823,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,881,494</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>26,481,276</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>43,054,656</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities
and Trust Corpus</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distribution Payable to Unit holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,543,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,058,304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,858</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trust Corpus - 46,608,796 Units of Beneficial Interest Authorized and Outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,823,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,881,494</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>26,481,276</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>43,054,656</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>S<FONT style="font-variant: SMALL-CAPS">tatements
of</FONT> D<FONT style="font-variant: SMALL-CAPS">istributable</FONT>
I<FONT style="font-variant: SMALL-CAPS">ncome</FONT></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>For the three years ended December&nbsp;31, 2006</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Royalty Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">136,311,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">153,858,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">111,042,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,207,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,519,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,025,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,101,652</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenditures &#151; General and Administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,651,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,465,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,710,917</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributable Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">135,867,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">151,560,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">109,390,735</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributable Income per Unit (46,608,796 Units)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.915055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.251747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.346998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>S<FONT style="font-variant: SMALL-CAPS">tatements
of</FONT> C<FONT style="font-variant: SMALL-CAPS">hanges in </FONT>
T<FONT style="font-variant: SMALL-CAPS">rust</FONT>
C<FONT style="font-variant: SMALL-CAPS">orpus</FONT></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>For the three years ended December&nbsp;31 ,2006</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trust Corpus, Beginning of Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,881,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,674,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,822,820</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of Net Overriding Royalty Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,058,104</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,793,327</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,147,999</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributable Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,867,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,560,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,390,735</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions Declared</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(135,867,325</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(151,560,081</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(109,390,735</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trust Corpus, End of Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,823,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,881,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,674,821</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>These financial statements should be read in conjunction with the accompanying Notes to
Financial Statements included herein.</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N<U>o</U> 13
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Notes to Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>1. T<FONT style="font-variant: SMALL-CAPS">rust</FONT>
O<FONT style="font-variant: SMALL-CAPS">rganization</FONT>
A<FONT style="font-variant: SMALL-CAPS">nd</FONT>
P<FONT style="font-variant: SMALL-CAPS">rovisions</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The San Juan Basin Royalty Trust (&#147;Trust&#148;) was established as of November&nbsp;1, 1980. Southland
Royalty Company (&#147;Southland&#148;) conveyed to the Trust a 75% net overriding royalty interest
(&#147;Royalty&#148;) carved out of Southland&#146;s working interests and royalty interests (the &#147;Underlying
Properties&#148;) in the properties located in the San Juan Basin of northwestern New Mexico. Through
an acquisition completed March&nbsp;24, 2006, Compass Bank succeeded TexasBank as &#147;Trustee&#148; (herein so
called) of the Trust. On February&nbsp;16, 2007, Compass Bancshares, Inc. announced the signing of a
definitive agreement to be acquired by Banco Bilbao Vizcaya Argentaria, S.A (&#147;BBVA&#148;). Under the
terms of that agreement, Compass Bancshares, Inc. would become a wholly-owned subsidiary of BBVA.
The transaction is expected to close in the second half of 2007 and is subject to the approval of
shareholders of BBVA and Compass Bancshares, Inc. as well as to regulatory approval and customary
closing conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;3, 1980, units of beneficial interest (&#147;Units&#148;) in the Trust were distributed to the
Trustee for the benefit of Southland shareholders of record as of November&nbsp;3, 1980, who received
one Unit in the Trust for each share of Southland common stock held. The Units are traded on the
New York Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The terms of the Trust Indenture provide, among other things, that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trust shall not engage in any business or commercial
activity of any kind or acquire any assets other than
those initially conveyed to the Trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may not sell all or any part of the
Royalty unless approved by holders of 75% of all Units
outstanding in which case the sale must be for cash
and the proceeds promptly distributed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may establish a cash reserve for the payment
of any liability which is contingent or uncertain in
amount;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee is authorized to borrow funds to pay liabilities
of the Trust; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee will make monthly cash distributions to
Unit holders (see Note 2).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>2. N<FONT style="font-variant: SMALL-CAPS">et</FONT> O<FONT style="font-variant: SMALL-CAPS">verriding</FONT> R<FONT style="font-variant: SMALL-CAPS">oyalty</FONT> I<FONT style="font-variant: SMALL-CAPS">nterest</FONT> A<FONT style="font-variant: SMALL-CAPS">nd</FONT> D<FONT style="font-variant: SMALL-CAPS">istribution</FONT> T<FONT style="font-variant: SMALL-CAPS">o</FONT>
U<FONT style="font-variant: SMALL-CAPS">nit</FONT>
H<FONT style="font-variant: SMALL-CAPS">olders</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts to be distributed to Unit holders (&#147;Monthly Distribution Amounts&#148;) are
determined on a monthly basis by the Trustee. The Monthly Distribution Amount is an amount equal
to the sum of cash received by the Trustee during a calendar month attributable to the Royalty,
any reduction in cash reserves and any other
cash receipts of the Trust, including interest, reduced by the sum of liabilities paid and any
increase in cash reserves. If the Monthly Distribution Amount for any monthly period is a negative
number, then the distribution will be zero for such month and such negative amount will be carried
forward and deducted from future monthly distributions until the cumulative distribution
calculation becomes a positive number, at which time a distribution will be made. Unit holders of
record will be entitled to receive the calculated Monthly Distribution Amount for each month on or
before 10 business days after the monthly record date, which is generally the last business day of
each calendar month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The cash received by the Trustee consists of the proceeds received by the owner of the Underlying
Properties from the sale of production less the sum of applicable taxes, accrued production costs,
development and drilling costs, operating charges and other costs and deductions, multiplied by
75%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The initial carrying value of the Royalty ($133,275,528) represented Southland&#146;s historical net
book value at the date of the transfer of the Trust. Accumulated amortization as of December&nbsp;31,
2006 and 2005 aggregated $111,452,138 and $109,394,034, respectively.
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>3.
B<FONT style="font-variant: SMALL-CAPS">asis</FONT>
O<FONT style="font-variant: SMALL-CAPS">f</FONT>
A<FONT style="font-variant: SMALL-CAPS">ccounting</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The financial statements of the Trust are prepared on the following basis:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Royalty Income (as defined in the Glossary of Terms)
recorded for a month is the amount computed and
paid by the owner of the Underlying Properties,
Burlington Resources Oil &#038; Gas Company LP
(&#147;BROG&#148;), the present owner of the Underlying
Properties, to the Trustee for the Trust. Royalty
Income consists of the proceeds received by BROG
from the sale of production less accrued production
costs, development and drilling costs, applicable
taxes, operating charges, and other costs and deductions,
multiplied by 75%. The calculation of net proceeds
by BROG for any month includes adjustments to
proceeds and costs for prior months and impacts the
Royalty Income paid to the Trust and the distribution
to Unit holders for that month.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Trust expenses recorded are based on liabilities paid
and cash reserves established from Royalty Income for
liabilities and contingencies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Distributions to Unit holders are recorded when
declared by the Trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The conveyance which transferred the Royalty to the
Trust provides that any excess of production costs
applicable to the Underlying Properties over gross</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N<U>o</U>
14
</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Notes to financial Statements</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">proceeds from such properties must be recovered from future net proceeds before
Royalty Income is again paid to the Trust.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The financial statements of the Trust differ from financial statements prepared in accordance with
United States generally accepted accounting principles (&#147;GAAP&#148;) because revenues are not accrued in
the month of production; certain cash reserves may be established for contingencies which would not
be accrued in financial statements prepared in accordance with GAAP; expenses are recorded when
paid instead of when incurred; and amortization of the Royalty calculated on a unit-of-production
basis is charged directly to trust corpus instead of an expense. The basis of accounting used by
the Trust is widely used by royalty trusts for financial purposes.
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>4.
F<FONT style="font-variant: SMALL-CAPS">ederal</FONT>
I<FONT style="font-variant: SMALL-CAPS">ncome</FONT>
T<FONT style="font-variant: SMALL-CAPS">axes</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For federal income tax purposes, the Trust constitutes a fixed investment trust which is
taxed as a grantor trust. A grantor trust is not subject to tax at the trust level. The Unit
holders are considered to own the Trust&#146;s income and principal as though no trust were in
existence. The income of the Trust is deemed to have been received or accrued by each Unit holder
at the time such income is received or accrued by the Trust rather than when distributed by the
Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Royalty constitutes an &#147;economic interest&#148; in oil and gas properties for federal income tax
purposes. Unit holders must report their share of the revenues of the Trust as ordinary income
from oil and gas royalties and are entitled to claim depletion with respect to such income. The
Royalty is treated as a single property for depletion purposes. The Trust has on file technical
advice memoranda confirming such tax treatment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales of gas production from certain coal seam wells drilled prior to January&nbsp;1, 1993, qualified
for federal income tax credits under Section&nbsp;29 (now Section&nbsp;45K) of the Internal Revenue Code of
1986, as amended (the &#147;Code&#148;), through 2002, but not thereafter. Accordingly, under present law,
the Trust&#146;s production and sale of gas from coal seam wells does not qualify for tax credit under
Section&nbsp;45K of the Code (the &#147;Section&nbsp;45K Tax Credit&#148;). Congress has at various times since 2002
considered energy legislation, including provisions to reinstate the Section&nbsp;45K Tax Credit in
various ways and to various extents, but no legislation that would qualify the Trust&#146;s current
production for such credit has been enacted. For example, on August&nbsp;8, 2005, new energy tax
legislation was enacted which, among other things, modified the Section&nbsp;45K Tax Credit in several
respects, but did not extend the credit for production from coal seam wells. No prediction can be
made as to
what future tax legislation affecting Section&nbsp;45K of the Code, may be proposed or enacted or, if
enacted, its impact, if any, on the Trust and the Unit holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The classification of the Trust&#146;s income for purposes of the passive loss rules may be important to
a Unit holder. As a result of the Tax Reform Act of 1986, royalty income such as that derived
through the Trust will generally be treated as portfolio income and will not reduce passive losses.
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>5.
C<FONT style="font-variant: SMALL-CAPS">ertain</FONT>
C<FONT style="font-variant: SMALL-CAPS">ontracts</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BROG previously entered into two contracts for the sale of all volumes of gas produced from
the Underlying Properties. These contracts provided for (i)&nbsp;the sale of such gas to Duke Energy and
Marketing L.L.C. and PNM Gas Services (&#147;PNM&#148;), respectively, (ii)&nbsp;the delivery of such gas at
various delivery points through March&nbsp;31, 2005, and from year-to-year thereafter until terminated
by either party on 12&nbsp;months&#146; notice, and (iii)&nbsp;the sale of such gas at prices which fluctuate in
accordance with published indices for gas sold in the San Juan Basin of New Mexico. Effective
January&nbsp;1, 2004, the rights and obligations of Duke Energy and Marketing L.L.C. were assumed by
ConocoPhillips Company (&#147;ConocoPhillips&#148;) pursuant to an Assignment and Novation Agreement. By
correspondence dated March&nbsp;25, 2004, BROG notified ConocoPhillips of BROG&#146;s election to terminate
such contract as of March&nbsp;31, 2005. BROG then prepared a form of request for proposal and
circulated it to a number of potential purchasers, including ConocoPhillips, inviting them to bid
for the purchase of the gas currently sold under the contract expiring March&nbsp;31, 2005. Effective as
of April&nbsp;1, 2005, BROG entered into two new contracts for the sale of all volumes of gas produced
from the Underlying Properties and formerly sold to ConocoPhillips. These new contracts provide for
(i)&nbsp;the sale of such gas to ChevronTexaco Natural Gas, a division of Chevron U.S.A. Inc.
(&#147;ChevronTexaco&#148;), and Coral Energy Resources, L.P. (&#147;Coral&#148;), respectively, (ii)&nbsp;the delivery of
such gas at various delivery points through March&nbsp;31, 2007, and from year-to-year thereafter until
terminated by either party on 12&nbsp;months&#146; notice, and (iii)&nbsp;the sale of such gas at prices which
fluctuate in accordance with the published indices for gas sold in the San Juan Basin of New
Mexico. With respect to BROG&#146;s contract with PNM, BROG and PNM have entered into a letter agreement
dated January&nbsp;31, 2005, pursuant to which the parties waive the right to terminate the underlying
contract as of March&nbsp;31, 2006, so that the term of that contract will continue until at least March
31, 2007, and from year-to-year thereafter until terminated by either party upon 12&nbsp;months&#146; notice
to the
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N<U>o</U> 15
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Notes to financial Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other. Neither BROG nor any of ChevronTexaco, Coral nor PNM gave notice to terminate
the three contracts described above for the sale of all volumes of gas produced from the
Underlying Properties, and, accordingly, the terms of those contracts have been extended through
<FONT style="white-space: nowrap">March&nbsp;31, 2008.</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Confidentiality agreements with purchasers of gas produced from the Underlying Properties prohibit
public disclosure of certain terms and conditions of gas sales contracts with those entities,
including specific pricing terms and gas receipt points. Such disclosure could compromise the
ability to compete effectively in the marketplace for the sale of gas produced from the Underlying
Properties.
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>6.
<FONT style="font-variant: SMALL-CAPS">Significant
Customers</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information as to significant purchasers of oil and gas production attributable to the
Trust&#146;s economic interests is included in Note 5 above and Item&nbsp;2 of the Trust&#146;s Annual Report on
Form 10-K which is included in this report.
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>7.
<FONT style="font-variant: SMALL-CAPS">Settlements and
Litigation</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2004, an aggregate of $3,314,808 was included in calculating net proceeds paid to the
Trust by BROG as part of the ongoing negotiation of joint interest audit exceptions, interest for
resolved audit exceptions, and insurance proceeds for a business interruption claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, as part of the ongoing negotiations between the Trust and BROG concerning a number of
revenue and expense audit issues, an aggregate of $2,405,486 was included in calculating net
proceeds BROG paid to the Trust in settlement of certain of those audit issues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2006, as part of the ongoing negotiations between the Trust and BROG concerning a number of
revenue and expense audit issues, an aggregate of $1,981,933 was included in calculating net
proceeds paid to the Trust, together with interest of $1,124,063 in settlement of certain of those
audit issues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;11, 2005, an Arbitration Award was issued in favor of the Trust in the aggregate amount
of $7,683,699 in arbitration styled <I>San Juan Basin Royalty Trust vs. Burlington Resources Oil </I>&#038; <I>Gas
Company LP</I>. The purpose of the arbitration was to resolve certain joint interest audit issues as
between the parties to the arbitration. On November&nbsp;21, 2005, BROG filed its Original Petition to
Vacate or to Modify or Correct Arbitration Award in the cause styled <I>Burlington Resources Oil </I>&#038; <I>Gas
Company LP vs. San Juan Basin Royalty Trust, </I>No.&nbsp;2005-74370, in the District Court of Harris
County, Texas, 281st Judicial District. In this litigation, BROG alleged that the award in favor of
the Trust should be vacated or modified because one of the issues decided was beyond the scope of
the matters agreed to be arbitrated, the award was issued in manifest disregard of applicable law, and a
portion of the award is barred by limitations. BROG also sought to recover its attorneys&#146; fees. The
Trust filed an answer and counterclaim in the litigation filed by BROG denying those allegations
and asking that the arbitrator&#146;s award be confirmed. On April&nbsp;20, 2006, the Court entered an Order
denying BROG&#146;s motion to vacate and granting the Trust&#146;s application to confirm the Arbitration
Award and on June&nbsp;6, 2006, rendered a final judgment in favor of the Trust. However, on May&nbsp;22,
2006, BROG filed a Notice of Appeal indicating its desire to appeal the Order and any final
judgment confirming the Arbitration Award and on July&nbsp;5, 2006, filed a Motion for New Trial in the
District Court of Harris County, Texas, urging substantially similar arguments made at the hearing.
The Trust responded to the Motion for New Trial and served BROG with post-judgment discovery
requests. BROG&#146;s Motion for New Trial was overruled on August&nbsp;4, 2006. BROG&#146;s distribution to the
Trust for July&nbsp;2006 included $1,534,182 representing a portion of the Arbitration Award, plus
accrued interest. Of this amount, $1,325,826 (the equivalent of $994,270 grossed up to account for
the Trust&#146;s 75% net overriding royalty interest) was included in calculating the net proceeds paid
to the Trust, and the accrued interest thereon was $539,812. The balance of the Arbitration Award
is pending BROG&#146;s appeal, which has been assigned No.&nbsp;01-06-00485-CV in the First Court of Appeals
in Houston, Texas. On August&nbsp;24, 2006, BROG filed its Supersedeas Bond to secure payment of the
balance of the Arbitration Award, plus interest, if the appeal is dismissed or BROG does not
perform the adverse judgment which becomes final on appeal. BROG filed its Brief of Appellant in
the First Court of Appeals on November&nbsp;29, 2006 and the Trust filed its Brief of Appellee on
January&nbsp;29, 2007. BROG was entitled to file its reply brief on or before February&nbsp;20, 2007, but on
February&nbsp;16, 2007, BROG filed a motion requesting an extension through March&nbsp;22, 2007. Once all
briefs are filed, the parties will await either a ruling on their respective requests to present
oral arguments or a ruling on the merits based solely on the briefs. No reliable estimate can be
given as to when the First Court of Appeals will act and it should be noted that the ruling of that
Court on the merits of the appeal will itself be subject to possible discretionary review by the
Texas Supreme Court.
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>8.
<FONT style="font-variant: SMALL-CAPS">Proved Oil and Gas Reserves
(unaudited)</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proved oil and gas reserve information is included in Item&nbsp;2 of the Trust&#146;s Annual Report on
Form 10-K which is included in this report.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N<U>o</U> 16
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>9. <FONT style="font-variant: SMALL-CAPS">Quarterly Schedule Of Distributable Income (unaudited)</FONT></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the unaudited quarterly schedule of Distributable Income for the
two years ended December&nbsp;31, 2006 (in thousands, except unit amounts):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>DISTRIBUTABLE</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt; font-weight: bold" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">ROYALTY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">DISTRIBUTABLE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">INCOME AND</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt; font-weight: bold" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">INCOME</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">INCOME</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">DISTRIBUTION PER UNIT</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.083276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.599299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.666989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.565491</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt; font-weight: bold" valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TOTAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">136,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">135,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.915055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.831092</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.740612</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.692829</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.987214</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt; font-weight: bold" valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TOTAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">153,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">151,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.251747</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Report of Independent Registered Public Accounting Firm</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WE HAVE AUDITED THE ACCOMPANYING STATEMENTS</B> of assets, liabilities and trust corpus of the San
Juan Basin Royalty Trust as of December&nbsp;31, 2006 and 2005 and the related statements of
distributable income and changes in trust corpus for each of the three years in the period ended
December&nbsp;31, 2006. These financial statements are the responsibility of the Trustee. Our
responsibility is to express an opinion on these financial statements based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Trustee, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As described in Note 3 to the financial statements, these financial statements were prepared on a
modified cash basis of accounting, which is a comprehensive basis of accounting other than U.S.
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, the financial statements referred to above present fairly, in all material
respects, the assets, liabilities and trust corpus of the San Juan Basin Royalty Trust as of
December&nbsp;31, 2006 and 2005 and the distributable income and changes in trust corpus for each of
the three years in the period ended December&nbsp;31, 2006, on the basis of accounting described in
Note 3 to the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have also audited in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of the Trust&#146;s internal control over financial reporting
as of December&nbsp;31, 2006, based on criteria established in <I>Internal Control &#151; Integrated Framework</I>
issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report
dated February&nbsp;28, 2007, expressed an unqualified opinion thereon.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
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<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Weaver and Tidwell, </FONT>L.L.P.</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Fort Worth, Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">February&nbsp;28, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="d44062d4406208.gif" alt="(WEAVER&nbsp;AND&nbsp;TIDWELL,&nbsp;L.L.P.)"></TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->N<U>o</U> 17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Glossary of Terms</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Aggregate Monthly Distribution</B></U><B>: </B></FONT>An amount paid to Unit
holders equal to the Royalty Income received by the Trustee during a calendar month plus interest,
less the general and administrative expenses of the Trust, adjusted by any changes in cash
reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>BBL</B></U><B>:
</B>Barrel, generally 42 U.S. gallons measured at 60&#176;F.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>BCF:</B></U> Billion cubic feet.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>BROG:</B></U> Burlington Resources Oil &#038; Gas Company LP.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>BTU:</B></U> British thermal unit; the amount of heat necessary to raise the temperature of one pound of
water one degree Fahrenheit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Coal Seam Well:</B></U> </FONT>A well completed to a coal deposit found to contain and emit natural gas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Commingled Well:</B></U> </FONT>A well which produces from two or more formations through a common well
casing and a single tubing string.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Conventional Well:</B></U> </FONT>A well completed to a formation historically found to contain deposits
of oil or gas (for example, in the San Juan Basin, the Pictured Cliffs, Dakota and Mesaverde
formations) and operated in the conventional manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Depletion:</B></U> </FONT>The exhaustion of a petroleum reservoir; the reduction in value of a wasting
asset by removing minerals; for tax purposes, the removal and sale of minerals from a mineral
deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Distributable Income:</B></U> </FONT>An amount paid to Unit holders equal to the Royalty Income received
by the Trustee during a given period plus interest, less the general and administrative expenses
of the Trust, adjusted by any changes in cash reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Dual Completion: </B></U></FONT>The completion of a well into two separate producing formations at
different depths, generally through one string of pipe producing from one of the formations,
inside of which is a smaller string of pipe producing from the other formation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Estimated Future Net Revenues:</B></U> </FONT>An estimate computed by applying current prices of oil and
gas (with consideration of price changes only to the extent provided by contractual arrangements
and allowed by Federal regulation) to estimated future production of proved oil and gas reserves
as of the date of the latest balance sheet presented, less estimated future expenditures (based on
current costs) to be incurred in developing and producing the proved reserves,and assuming
continuation of existing economic conditions; sometimes referred to as &#147;estimated future net cash
flows.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Grantor Trust: </B></U></FONT>A trust (or portion thereof) with respect to which the grantor or an
assignee of the grantor, rather than the trust, is treated as the owner of the trust properties and
is taxed directly on the trust income for federal income tax purposes under Sections&nbsp;671 through
679 of the Internal Revenue Code of 1986, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Gross Acres or Wells: </B></U></FONT>The interests of all persons owning interests in such acres or
wells.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Gross Proceeds:</B></U> </FONT>The amount received by BROG (or any subsequent owner of the Underlying
Properties) from the sale of the production attributable to such interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Infill Drilling: </B></U></FONT>The drilling of wells intended to be completed to proven reservoirs or
formations, sometimes occurring in conjunction with regulatory approval for increased density in
the spacing of wells.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Lease Operating Expenses: </B></U></FONT>Expenses incurred in the operation of a producing property as
apportioned among the several parties in interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>MCF: </B></U>1,000 cubic feet; the standard unit for measuring the volume of natural gas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>MMBTU: </B></U>One million British thermal units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Multiple Completion Well: </B></U></FONT>A well which produces simultaneously through separate tubing
strings from two or more producing horizons or alternatively from each.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Net Acres or Wells: </B></U></FONT>The interests of BROG in such acres or wells.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Net Overriding Royalty Interest: </B></U></FONT>A share of gross production from a property, measured by
net profits from operation of the property and carved out of the working interest, i.e., a net
profits interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Net Proceeds: </B></U></FONT>The excess of Gross Proceeds received by BROG during a particular period
over Production Costs for such period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Payadd: </B></U></FONT>Completion in an existing well of additional productive zone(s) within a
producing formation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Present Value Of Estimated Future Net Revenues: </B></U></FONT>The present value of the Estimated Future
Net Revenues computed using a discount rate of 10%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Production Costs: </B></U></FONT>Costs incurred on an accrual basis by BROG in operating the Underlying
Properties, including both capital and non-capital costs and including, for example, development
drilling, production and processing costs, applicable taxes and operating charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Proved Developed Reserves:</B></U></FONT> Those Proved Reserves which can be expected to be recovered
through existing wells with existing equipment and operating methods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Proved Reserves: </B></U></FONT>Those estimated quantities of crude oil, natural gas and natural gas
liquids, which, upon analysis of geological and engineering data, appear with reasonable certainty
to be recoverable in the future from known oil and gas reservoirs under existing economic and
operating conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Proved Undeveloped Reserves:</B></U></FONT> Those Proved Reserves which are expected to be recovered from new
wells on undrilled acreage, or from existing wells where a relatively major expenditure is
required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Recavitated Well: </B></U></FONT>A coal seam well, the production from which has been enhanced or
extended by the enlargement of the cavity within the coal deposit to which the well has been
completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Recompleted Well:</B></U> </FONT>A well completed by drilling a separate well bore from an existing
casing in order to reach the same reservoir, or re-drilling the same well bore to reach a new
reservoir after production from the original reservoir has been abandoned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Royalty: </B></U></FONT>The principal asset of the Trust; the 75% net overriding royalty interest
conveyed to the Trust on November&nbsp;3,1980, by Southland Royalty Company, the predecessor to BROG,
which was carved out of the Underlying Properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Royalty Income: </B></U></FONT>The monthly Net Proceeds attributable to the Royalty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Section </B></U></FONT><U><B>45K </B></U><FONT style="font-variant: SMALL-CAPS"><U><B>tax credit:</B></U> </FONT>A Federal income tax credit available under Section&nbsp;45K
of the Internal Revenue Code of 1986, as amended, for coal seam gas (and certain other
nonconventional fuels) that was (i)&nbsp;sold prior to January&nbsp;1, 2003 and (ii)&nbsp;produced from wells
drilled (or certain later recompletions treated as wells drilled) after December&nbsp;31,1979, but
prior to January&nbsp;1, 1993.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Spot Price: </B></U></FONT>The price paid for gas, oil or oil products sold under contracts for the
purchase and sale of such minerals on a short-term basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Underlying Properties: </B></U></FONT>The working, royalty and other interests owned by Southland
Royalty Company, the predecessor to BROG, in properties located in the San Juan Basin of
northwestern New Mexico, out of which the Royalty was carved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Units of Beneficial Interest: </B></U></FONT>The units of ownership of the Trust, equal to the number of
shares of common stock of Southland Royalty Company outstanding at the close of business on
November&nbsp;3,1980.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U><B>Working Interest: </B></U></FONT>The operating interest under an oil and gas lease.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d44062d4406209.gif" alt="(GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><FONT style="font-variant: SMALL-CAPS"><U>san juan royalty trust</U></FONT></TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">Campass Bank, Trustee</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">2525 Ridgmar Boulevard, Suite&nbsp;100 ~S.CONT
Fort Worth, Texas 76116
Toll-free telephone: 966.809.4553
www.sjbrt.com
sjt@compassbank.com</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><FONT style="font-variant: SMALL-CAPS"><u>auditors</u></FONT>
Weaver and Tidwell, L.L.P.
Dallas, Texas</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF"><FONT style="font-variant: SMALL-CAPS"><u>transfer Agent</u></FONT>
Computershare Investor Services
P.O. Box 43078
Providence, RI 02940-43078
www.computershare.com</TD>
</TR>
</TABLE>


<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">for question about distribution checks, address
change, and transfer providers call 312-360-5154</TD>
</TR>
</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>4
<FILENAME>d44062exv23.htm
<DESCRIPTION>CONSENT OF CAWLEY, GILLESPIE & ASSOCIATES, INC.
<TEXT>
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<HEAD>
<TITLE>exv23</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;23</FONT></U></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>[Cawley, Gillespie&#160;&#38; Associates, Inc.,
    letterhead]</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    March&#160;1, 2007
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    San Juan Basin Royalty Trust<BR>
    &#160;Compass Bank, Trustee<BR>
    2525 Ridgmar Boulevard, Suite&#160;100<BR>
    Fort&#160;Worth, Texas 76116
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cawley, Gillespie&#160;&#38; Associates, Inc. hereby consents to
    the use of the oil and gas reserve information in the
    San&#160;Juan Basin Royalty Trust&#160;Securities&#160;&#38;
    Exchange Commission
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006 and in the
    San&#160;Juan Basin Royalty Trust&#160;Annual Report for the
    year ended December&#160;31, 2006 based on reserve reports
    prepared by Cawley, Gillespie&#160;&#38; Associates, Inc. and
    dated March&#160;1, 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sincerely,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Cawley,
    Gillespie&#160;&#38; Associates, Inc.</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CAWLEY, GILLESPIE&#160;&#38; ASSOCIATES, INC.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>5
<FILENAME>d44062exv31.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY RULE 13A-14(A)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;31</FONT></U></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTIFICATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I, Lee Ann Anderson, certify that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;I have reviewed this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of San&#160;Juan Basin Royalty Trust, for which Compass Bank
    acts as Trustee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;Based on my knowledge, this report does not contain any
    untrue statement of a material fact or omit to state a material
    fact necessary to make the statements made, in light of the
    circumstances under which such statements were made, not
    misleading with respect to the period covered by this report;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;Based on my knowledge, the financial statements, and
    other financial information included in this report, fairly
    present in all material respects the financial condition,
    distributable income and changes in trust corpus of the
    registrant as of, and for, the periods presented in this report;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;I am responsible for establishing and maintaining
    disclosure controls and procedures (as defined in Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;13a-15(e)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(e))</FONT>
    and internal control over financial reporting (as defined in
    Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;13a-15(f)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(f))</FONT>
    for the registrant and I have:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a)&#160;Designed such disclosure controls and procedures, or
    caused such disclosure controls and procedures to be designed
    under my supervision, to ensure that material information
    relating to the registrant, including its consolidated
    subsidiaries, is made known to me by others within those
    entities, particularly during the period in which this report is
    being prepared;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b)&#160;Designed such internal control over financial reporting,
    or caused such internal control over financial reporting to be
    designed under my supervision, to provide reasonable assurance
    regarding the reliability of financial reporting and the
    preparation of financial statements for external purposes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    c)&#160;Evaluated the effectiveness of the registrant&#146;s
    disclosure controls and procedures and presented in this report
    my conclusions about the effectiveness of the disclosure
    controls and procedures, as of the end of the period covered by
    this report based on such evaluation;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    d)&#160;Disclosed in this report any change in the
    registrant&#146;s internal control over financial reporting that
    occurred during the registrant&#146;s most recent fiscal quarter
    (the registrant&#146;s fourth fiscal quarter in the case of an
    annual report) that has materially affected, or is reasonably
    likely to materially affect, the registrant&#146;s internal
    control over financial reporting;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;I have disclosed, based on my most recent evaluation of
    internal control over financial reporting, to the
    registrant&#146;s auditors:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a)&#160;All significant deficiencies and material weaknesses in
    the design or operation of internal control over financial
    reporting which are reasonably likely to adversely affect the
    registrant&#146;s ability to record, process, summarize and
    report financial information; and b)&#160;Any fraud, whether or
    not material, that involves persons who have a significant role
    in the registrant&#146;s internal control over financial
    reporting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In giving the certifications in paragraphs&#160;4 and 5 above, I
    have relied to the extent I consider reasonable on information
    provided to me by Burlington Resources Oil&#160;&#38; Gas
    Company LP.
</DIV>

<DIV style="margin-top: 40pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
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<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Lee
    Ann Anderson</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lee Ann Anderson
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Vice President and Senior Trust&#160;Officer,
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Compass Bank
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Date: March&#160;1, 2007
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>6
<FILENAME>d44062exv32.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY RULE 13A-14(B)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;32</FONT></U></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTIFICATION
    OF<BR>
    THE TRUSTEE*<BR>
    OF THE SAN JUAN BASIN ROYALTY TRUST<BR>
    PURSUANT TO 18&#160;U.S.C. &#167;&#160;1350</FONT></B>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the accompanying report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006, and filed with the
    Securities and Exchange Commission on the date hereof (the
    &#147;Report&#148;),&#160;I, Lee Ann Anderson,
    Vice&#160;President and Senior Trust&#160;Officer of Compass
    Bank, on behalf of Compass Bank, the Trustee of the
    San&#160;Juan Basin Royalty Trust (the &#147;Trust&#148;), not
    in its individual capacity but solely as Trustee of the Trust,
    hereby certify that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;The Report fully complies in all material respects with
    the requirements of Section&#160;13(a) or 15(d) of the
    Securities Exchange Act of 1934 (as explained in Note&#160;3 to
    the Trust&#146;s financial statements contained in the
    Trust&#146;s Annual Report to Unit Holders for the year ended
    December&#160;31, 2006, attached as Exhibit&#160;13 to the
    Report, in accordance with Securities and Exchange Commission
    Staff Accounting Bulletin&#160;No.&#160;47, released
    September&#160;16, 1982, the Trust prepares its financial
    statements in a manner that differs from generally accepted
    accounting principles; such presentation is customary to other
    royalty trusts);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;The information contained in the Report fairly presents,
    in all material respects, the financial condition and results of
    operations of the Trust.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    COMPASS BANK, AS TRUSTEE OF THE
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    SAN JUAN BASIN ROYALTY TRUST
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
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<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
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    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Lee
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<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name: Lee Ann Anderson
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Vice President and Senior Trust&#160;Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Date: March&#160;1, 2007
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="text-align:justify; margin-left: 2%; margin-right: 0%; text-indent: -2%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    *&#160;The Trust has no executive officers.
</DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
