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<SEC-DOCUMENT>0000950134-08-011014.txt : 20080804
<SEC-HEADER>0000950134-08-011014.hdr.sgml : 20080804
<ACCEPTANCE-DATETIME>20080610144149
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950134-08-011014
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20080610

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="d57558d5755800.gif" alt="(GREENBERG TRAURIG LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michael Malone<BR>
Tel. 214.665.3691<BR>
Fax. 214.665.5991<BR>
malonem@gtlaw.com

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">June&nbsp;10, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>VIA FACSIMILE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Mail Stop 7010 100 F St., N.E.<BR>
Washington, D.C. 20549<BR>
Attention: H. Roger Schwall

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>San Juan Basin Royalty Trust<br>
Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2006<br>
Filed March&nbsp;1, 2007<br>
File No.&nbsp;1-08032<br></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Schwall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This firm serves as legal counsel to Compass Bank in its capacity as the Trustee of the San
Juan Basin Royalty Trust (the &#147;<U>Trust</U>&#148;). Your letter to the Trustee dated February&nbsp;10,
2008, was apparently lost in transmission as it was not received until May&nbsp;13, 2008 following a
recirculation. On November&nbsp;29, 2007, you provided an original comment letter to the Trustee with
respect to the Trust&#146;s Form 10-K filing for fiscal year ended December&nbsp;31, 2006. The Trust replied
to all of the comments in your November&nbsp;29 letter by correspondence dated December&nbsp;13, 2007. Your
letter of February&nbsp;10, in response, reiterated a particular point raised by comment four of your
original comment letter. The Trust respectfully submits this response to your February&nbsp;10 letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In your February&nbsp;10 letter you provided the following comment in response to the Trustee&#146;s
letter of December&nbsp;13, 2007:
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><U><B>Engineering Comment</B></U><br>
<U><B>Properties, page 6</B></U><br>
<U><B>Oil and Gas Reserves, page 10</B></U></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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In comment four of our November&nbsp;29, 2007 letter, we asked that you use
&#147;market prices as of the last day of the year&#148; in the estimation of your proved
reserves and the associated standardization measure instead of the monthly
average. Your response appears to have equated the monthly average with the
year-end price required by FAS 69. It appears the December&nbsp;31, 2006 Henry Hub
gas price is $5.62/MMBTU compared to its December, 2006 average &#151; $7.15/MMBTU.
The year-end price is the one-day, spot price</B>
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d57558d5755801.gif" alt="(GREENBERG TRAURIG LETTERHEAD)">
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2008<BR>
Page 2

</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>applicable to production on the last day of the fiscal year. This is
discussed at our website... We repeat our comment four.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During a telephone conference on May&nbsp;22, 2008, among Ron Winfrey, Lee Ann Anderson, Zane
Meekins and the undersigned, Mr.&nbsp;Meekins as the representative of the petroleum reserve engineering
firm that has advised the Trust since 1991, reported that he had recalculated proved reserves for
2006 using the December&nbsp;31, 2006, &#147;spot&#148; price at Henry Hub (as adjusted to take into account the
sale of the gas at the San Juan Basin) as distinguished from the actual contract price on that
date. This resulted in a reduction in proved reserves of approximately 6% as of that date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust agrees that Financial Accounting Standard 69, paragraph 30(a), as interpreted by the
Commission, requires the use of the December&nbsp;31 Henry Hub gas price, as adjusted, in estimating
future net reserves. The Trust will ensure that its future periodic reports filed with the
Commission conform to this standard, understanding that it will not be necessary to restate prior
reports based upon the subject comment.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Michael L. Malone
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Michael L. Malone&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Lee Ann Anderson, Compass Bank<br>
John W. Madison, Securities and Exchange Commission<br>
Ronald Winfrey, Securities and Exchange Commission</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I></I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d57558d5755802.gif" alt="(GREENBERG TRAURIG LETTERHEAD)">
</DIV>


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




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