<SEC-DOCUMENT>0001571049-16-018374.txt : 20160922
<SEC-HEADER>0001571049-16-018374.hdr.sgml : 20160922
<ACCEPTANCE-DATETIME>20160922161838
ACCESSION NUMBER:		0001571049-16-018374
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160922
DATE AS OF CHANGE:		20160922
EFFECTIVENESS DATE:		20160922

SUBJECT COMPANY:	

	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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		161897795

	BUSINESS ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		300 W. 7TH STREET SUITE B
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		8668094553

	MAIL ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		300 W. 7TH STREET SUITE B
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Southwest Bank
		CENTRAL INDEX KEY:			0001682358
		IRS NUMBER:				751105980
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		2200 WEST 7TH STREET, SUITE 210
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76107
		BUSINESS PHONE:		817.298.5587

	MAIL ADDRESS:	
		STREET 1:		2200 WEST 7TH STREET, SUITE 210
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76107
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>t1600596_dfan14a.htm
<DESCRIPTION>SCHEDULE 14A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>SCHEDULE
14A</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(Rule 14a-101)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: center"><B>Proxy Statement pursuant to Section
14(a) of the<BR>
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">___________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&yacute;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-size: 10pt">&#9;Preliminary Proxy Statement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-size: 10pt">&#9;Confidential, for Use of the Commission Only (as Permitted by Rule 14a-6(e)(2))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-size: 10pt">&#9;Definitive Proxy Statement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Wingdings">&yacute;</FONT><FONT STYLE="font-size: 10pt">&#9;Definitive Additional Materials</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-size: 10pt">&#9;Soliciting Material Pursuant to &sect;240.14a-12&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <FONT STYLE="font-size: 12pt"><B>SAN JUAN BASIN ROYALTY TRUST</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>(Name of Registrant as Specified In Its Charter)</B></FONT> <B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <FONT STYLE="font-size: 12pt"><B>Southwest Bank</B></FONT><BR> <FONT STYLE="font-size: 12pt"><B>Robert Lansford</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</B></FONT> <B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp; &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&yacute;</FONT></TD>
    <TD STYLE="width: 95%; font-size: 10pt">No fee required. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">(1)</TD>
    <TD STYLE="width: 89%">Title of each class of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(2)</TD>
    <TD>Aggregate number of securities to which transaction applies:&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(3)</TD>
    <TD STYLE="text-indent: 0in">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(4)</TD>
    <TD>Proposed maximum aggregate value of transaction: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(5)</TD>
    <TD>Total fee paid:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify">Fee paid previously with preliminary materials.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-indent: 0in">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">(1)</TD>
    <TD STYLE="width: 89%">Amount Previously Paid: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(2)</TD>
    <TD>Form, Schedule or Registration Statement No.:&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(3)</TD>
    <TD>Filing Party:&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(4)</TD>
    <TD>Date Filed: </TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 12pt 0">Southwest Bank and Robert Lansford (collectively, the
&ldquo;Southwest Bank Participants&rdquo;) have made a definitive filing with the Securities and Exchange Commission of a solicitation
statement and an accompanying WHITE request card to be used to solicit requests from unitholders of San Juan Basin Royalty Trust
(the &ldquo;Trust&rdquo;) to call a special meeting of unitholders to approve the removal of Compass Bank as trustee of the Trust
and the nomination and appointment of Southwest Bank as successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 12pt 0">On September 22, 2016, the Southwest Bank Participants
issued the following press release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 12pt 0; text-align: center">*******************************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Southwest Bank Delivers Written Requests
to Call a Special Meeting from Holders of<BR>
More Than 22% of San Juan Basin Royalty Trust&rsquo;s Outstanding Units </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><I>Requests from Unitholders Exceed
the Required 15%</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><I>Special Meeting Request Supported
by Glass Lewis &amp; Co.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">FORT WORTH, TEXAS, September 22, 2016&mdash;Southwest
Bank and Robert Lansford (collectively, the &ldquo;Southwest Bank Participants&rdquo;) announced today that they have delivered
by letter to Compass Bank, as trustee for San Juan Basin Royalty Trust (the &ldquo;Trust&rdquo;), written requests from the holders
of more than 22% of the Trust&rsquo;s outstanding units to compel Compass Bank to call a special meeting of the Trust&rsquo;s unitholders
(the &ldquo;Special Meeting&rdquo;). At the Special Meeting, the Trust&rsquo;s unitholders will have the opportunity to voice their
support for the removal of Compass Bank as trustee of the Trust and the appointment of Southwest Bank as the successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Vernon Bryant, Chairman and Chief Executive
Officer of Southwest Bank stated, &ldquo;We appreciate the strong support we have received from the Trust&rsquo;s unitholders during
the solicitation process. We are extremely pleased that the holders of more than 22% of the Trust&rsquo;s outstanding units, including
many of the Trust&rsquo;s longest-standing and largest unitholders, have joined in our request to call the Special Meeting well
ahead of the September 28<SUP>th</SUP> goal date. This show of support sends a clear message that a significant portion of the
unitholders believe a change is necessary.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On September 13, 2016, Glass Lewis &amp;
Co., LLC, a leading independent proxy voting advisory firm, recommended that the Trust&rsquo;s unitholders support the calling
of the Special Meeting. In its report, Glass Lewis* noted that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;[We] strongly support the right of unitholders to both call special meetings and effect
change by written consent.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;In general, we believe the common management refrain regarding potential abuse of such rights
is largely inadequate to mitigate the fundamental benefits associated with those rights.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.25in">*<I>Permission neither
sought nor obtained from Glass Lewis.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&ldquo;We are gratified that Glass Lewis,
a highly-respected independent proxy advisory firm, recognized the importance for unitholders to have the opportunity to convene
the Special Meeting and have their voices heard,&rdquo; said Mr. Bryant. &ldquo;The unitholders have taken action to demand the
opportunity to attend the Special Meeting where they may fully consider and exercise the right given to them to remove and replace
a trustee. We urge Compass Bank to promptly schedule the Special Meeting so that the unitholders can have an open forum in which
to express their views on this critical matter.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>About Southwest Bank</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Proudly serving North Texas for 50 years,
Southwest Bank is the largest locally owned, independent bank in Tarrant County. In addition to full-service banking centers in
Fort Worth, Dallas, Arlington, Burleson, Grapevine, Mansfield and Saginaw, Southwest Bank maintains mortgage offices in Fort Worth,
Dallas and Austin and a royalty trust management office in Dallas. Southwest Bank values its customers and believes in building
loyal, lasting relationships through personalized service, honesty and integrity. For more information, visit www.SouthwestBank.com.
Member FDIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Additional Information Regarding the
Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Southwest Bank and Robert Lansford intend
to make a preliminary filing with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) of a proxy statement and an accompanying
proxy card to be used to solicit votes from unitholders of San Juan Basin Royalty Trust (the &ldquo;Trust&rdquo;) for the special
meeting. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE SPECIAL MEETING AND THE PROXY SOLICITATION. Investors and
security holders may obtain free copies of the proxy materials, when they are available, at the SEC&rsquo;s web site at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Each of Southwest Bank and Robert Lansford
(the &ldquo;Southwest Bank Participants&rdquo;) are participants in the solicitation of proxies in connection with the special
meeting of unitholders of the Trust. Information regarding the Southwest Bank Participants and a description of their direct and
indirect interests, by security holdings or otherwise, to the extent applicable, is available in the definitive proxy statement
soliciting proxies for the calling of the special meeting filed by the Southwest Bank Participants with the SEC on August 29, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Contacts</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lee Ann Anderson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Senior Vice President and Senior Trust Administrator</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Southwest Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(817) 298-5587</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Okapi Partners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Toll-Free (877) 279-2311</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 12pt 0"></P>

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