<SEC-DOCUMENT>0000950123-10-096705.txt : 20110404
<SEC-HEADER>0000950123-10-096705.hdr.sgml : 20110404
<ACCEPTANCE-DATETIME>20101027170321
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-096705
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20101027

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>
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<TYPE>CORRESP
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<DIV align="left" style="font-size: 8pt; 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">October 27, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>VIA EDGAR AND FAX NO. (202)&nbsp;772-9368</B></U>
</DIV>


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

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
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    <TD align="left" valign="top">San Juan Basin Royalty Trust</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">Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2009</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">Filed March&nbsp;1, 2010</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">File No.&nbsp;1-08032</TD>
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<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">This firm serves as legal counsel to Compass Bank in its capacity as the Trustee of the San
Juan Basin Royalty Trust (the &#147;Trust&#148;). In regard to the comments of the staff of the
Securities and Exchange Commission set forth in the comment letter dated September&nbsp;28, 2010,
the Trust respectfully submits the following responses. For your convenience, we have repeated
each comment of the Staff exactly as it appears in the comment letter and provided a response
below each comment. Capitalized terms used and not otherwise defined in this letter have the
meaning as set forth in the Trust&#146;s Form 10-K for fiscal year-ended December&nbsp;31, 2009.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is some background information concerning the Trust that you may find helpful in
reviewing the Trust&#146;s responses to the comment letter.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust is an express trust created under the laws of the state of Texas by the San Juan
Basin Royalty Trust Indenture entered into on November&nbsp;3, 1980, between Southland Royalty
Company and The Fort Worth National Bank.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;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 in properties located in the San Juan
Basin of northwestern New Mexico. Subsequent to the conveyance of the</DIV>


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<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">October
27, 2010
</DIV></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Royalty, through a series of assignments and mergers, Southland Royalty&#146;s successor became
Burlington Resources Oil &#038; Gas Company LP (&#147;BROG&#148;). BROG is the principal owner and operator
of the underlying properties. It is our understanding that ConocoPhillips is the parent of
Burlington Resources, Inc., which in turn is the parent of BROG.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The function of the Trustee is to collect the net proceeds attributable to the Royalty, to pay
all expenses and charges of the Trust, and then distribute the remaining available income to
the unit holders of the Trust. The Trust is not empowered to carry on any business activity
and has no employees. Neither does it have a board of directors nor an audit committee. All
administrative functions are performed by the Trustee.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to the pass-through nature of the Trust, BROG provides much of the information disclosed in
the periodic reports filed by the Trust with the Commission. 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.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 that information to
the Trust. BROG is contractually obligated to deliver some but not all of the information
required by the Trust to complete its periodic reports.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B><I>Responses to Staff&#146;s Comments</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;10-K for Fiscal Year-Ended December&nbsp;31, 2009</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Properties, page 6</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Oil and Gas Production, page 8</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Please tell us how you considered the guidance in Item 1204(a) of Regulation&nbsp;S-K to disclose
production for the last three fiscal years at the field level.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Response</I>:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust respectfully advises the Staff that all of the production giving rise to the Royalty
is from properties located in the San Juan Basin of northwestern New Mexico. The Trust
understands that the intent of the guidance in Item 1204(a) is to identify the applicable
production area and to disclose the production therefrom. The Trust is of the opinion that
reference to the &#147;San Juan Basin&#148; adequately informs the secondary market of the applicable
production area. Further, the Trust is unaware of any commonly used field designations within
the San Juan Basin.</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Oil and Gas Reserves, page 9</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. We note your disclosure stating, &#147;Based on information provided by BROG, there were 193 PUDs
identified as of December&nbsp;31, 2008, as compared to 139 as of December&nbsp;31 , 2009. Due to
changes in applicable federal regulations, the current estimate no longer includes 59 PUDs
identified but not drilled within five years from date of booking. The current estimate has
also been adjusted to take into account the elimination of PUDs no longer deemed commercial due
to declines in the market price of natural gas, as well as new PUDs identified during the year
and those converted to proved developed...&#148; Please expand your disclosure to quantify the
number of proved undeveloped reserves converted to proved developed reserves during 2009 in
compliance with Item 1203(b) of Regulation&nbsp;S-K.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Response</I>:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust supplementally advises Staff and submits that for the year ended December&nbsp;31, 2009,
an aggregate of 9.4 Mbbls of oil and 3,717 MMcf of gas were converted from proved undeveloped
reserves to proved developed reserves. The Trust also respectfully submits that it not be
required to revise its filed disclosures and will make this clarification in the Trust&#146;s next
Annual Report on Form 10-K.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Controls and Procedures, page 29</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. We note your disclosure that the Trustee has evaluated the Trust&#146;s disclosure controls and
procedures as of December&nbsp;31, 2009, and has concluded that such disclosure controls and
procedures are effective at the reasonable assurance level to ensure that material information
related to the Trust &#147;is gathered on a timely basis to be included in the Trust&#146;s periodic
reports.&#148; Please revise your disclosure to clarify whether the Trustee has also concluded that
your disclosure controls and procedures are effective to ensure that information required to be
disclosed by you in the reports that you file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the Commission&#146;s rules
and forms. See Exchange Act Rule&nbsp;13a-15(e). This comment also applies to your quarterly
reports on Form 10-Q for the quarters ended March&nbsp;31 and June&nbsp;30, 2010.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Response</I>:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust notes Staff&#146;s comment and respectfully submits that the Trustee has also concluded
that its disclosure controls and procedures are effective to ensure that information required
to be disclosed by the Trustee in the reports that it files or submits under the Exchange Act
is recorded, processed, summarized and reported within the timeframes specified in the
Commission&#146;s rules and forms. The Trust also respectfully submits that it not be required to
revise its filed disclosures and will make this clarification in the Trust&#146;s next Quarterly
Report on Form 10-Q.</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;31</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. We note your modifications to paragraph 5 of the certification required by Item&nbsp;60l(b)(31)
of Regulation&nbsp;S-K. Please tell us what consideration you gave to the guidance set forth in
Question 161.10 of the Exchange Act Rules&nbsp;Compliance and Disclosure Interpretations, available
at</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">http://sec.gov/divisions/corpfin/guidance/exchangeactrules-interps.htm.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Response</I>:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust respectfully submits that the Trustee, acting through Lee Ann Anderson, Vice
President and Senior Trust Officer, is responsible for engaging the external auditor and for
pre-approving audit and non-audit services, and is the party to whom the registered public
accounting firm is reporting critical accounting policies and practices. The Trust has no
executive or financial officers, but the Trustee monitors for potential significant
deficiencies and material weaknesses in the design or operation of internal control over
financial reporting, or fraud involving those who have a significant role in the registrant&#146;s
internal control over financial reporting. As a grantor royalty trust, there is no corporation
or individual serving as the general partner of a limited partner in the chain of ownership of
the registrant.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;99.1</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. Please obtain a revised report from Cawley, Gillespie &#038; Associates, Inc. that includes all
of the disclosure required by Item&nbsp;1202(a)(8) of Regulation&nbsp;S-L. For example, the current
report does not address the portion of the Registrant&#146;s reserves covered by the report and
geographic area, assumptions, methods and procedures used in connection with the preparation of
the report, the primary economic assumptions, the inherent uncertainties of reserves estimates,
or the possible effects of regulation on the ability of the registrant to recover the estimated
reserves.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Response</I>:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust supplementally advises Staff and submits that it has obtained a revised report from
Cawley, Gillespie &#038; Associates (please see the attached revised report from Cawley, Gillespie &#038;
Associates) and will file this revised report with the Trust&#146;s next Annual Report on Form 10-K.
The Trust also calls your particular attention to the first paragraph of the report as the
100% portion of reserves and to the geographic area. Please also see the first two paragraphs
on page two of the report as related to the assumptions, methods and procedures utilized in the
preparation of the report and paragraph three, below that, as to the inherent uncertainties.</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. The closing paragraph states in part that the report &#147;was prepared for the exclusive use and
sole benefit of San Juan Royalty Trust. Third parties should not rely on it without the
written consent of the above and Cawley, Gillespie &#038; Associates, Inc.&#148; As item 1202(a)(8) of
Regulation&nbsp;S-K requires the report, please obtain and file a revised version which retains no
language that could suggest either a limited audience or a limit on potential investor
reliance.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Response</I>:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the Trust respectfully submits that item 1202(a)(8) does not expressly prohibit such
statements in a filed reserve report, we have, nevertheless, obtained and attached hereto a
revised version of the Cawley, Gillespie &#038; Associates, Inc. letter with the noted limiting
language omitted, and will obtain and file a report letter in this format with the Trust&#146;s next
Annual Report on Form 10-K.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In submitting the above responses, the Trust acknowledges 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 is responsible for the adequacy and accuracy of the disclosure in filing;</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>Staff comments or changes to disclosure in response to Staff comments do not foreclose
the Commission from taking any action with respect to the filing; 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 Trust may not assert Staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we can be of any further assistance, please do not hesitate to contact me at 214-665-3691.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/
Michael L. Malone<BR><BR>Michael L. Malone
</DIV>

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</DIV></TD>
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    <TD align="left" valign="top">Lee Ann Anderson, Compass Bank</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John Dickey &#091;Firm&#093;</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">Tracey McNeil, Securities and Exchange Commission</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">Laura Nicholson, Securities and Exchange Commission</TD>
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