<SEC-DOCUMENT>0001571049-16-019904.txt : 20161115
<SEC-HEADER>0001571049-16-019904.hdr.sgml : 20161115
<ACCEPTANCE-DATETIME>20161115135844
ACCESSION NUMBER:		0001571049-16-019904
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161115
DATE AS OF CHANGE:		20161115
EFFECTIVENESS DATE:		20161115

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:		161999054

	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>t1600739_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: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><B>&nbsp;</B></P>

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101)</B></P>

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Confidential, for Use of the Commission Only (as Permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material Pursuant to &sect;240.14a-12</TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>
<B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.65pt"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">No fee required.</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(4)
and 0-11.</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Title of each class of securities to which transaction
applies:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Aggregate number of securities to which transaction applies:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">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></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Total fee paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Amount Previously Paid:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Form, Schedule or Registration Statement No.:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Filing Party:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Date Filed:</TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 12pt 0"></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 proxy
statement and an accompanying WHITE proxy card in connection with the solicitation of proxies for a special meeting of the unitholders
of San Juan Basin Royalty Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 12pt 0">On November 15, 2016, the Southwest Bank Participants
distributed the following letter to unitholders of San Juan Basin Royalty Trust.</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 0.7pt 8pt 0; text-align: center">November 15, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 8pt 0; text-align: center"><B>CALL TO ACTION TO SAN JUAN BASIN
ROYALTY TRUST UNIT HOLDERS!!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 6pt 0; text-align: justify">We are gratified that many of you
who have material investments in San Juan Basin Royalty Trust (the &ldquo;<B><I>Trust</I></B>&rdquo;) have endorsed the proposals
of Southwest Bank to remove Compass Bank as trustee and appoint Southwest Bank as successor trustee. Our proposals have also received
support from industry experts who have in-depth knowledge of royalty trusts including the Trust and the issues at stake. In particular,
we have received the following statement of support from Jon Brumley, veteran of the oil and gas industry and creator of several
royalty trusts including the Trust:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 6pt 0.5in; text-align: justify"><B><I>&ldquo;As a unitholder
familiar with the San Juan Basin Royalty Trust, I support Southwest Bank as trustee for the Trust.&nbsp; I believe Southwest Bank
is doing a good job on the royalty trusts they currently administer.&rdquo;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 6pt 0; text-align: justify">But even with the support to date,
these important initiatives could fail because many unit holders may fail to vote at all, and those units which are not voted count
as votes against these important proposals. The November 21, 2016 special meeting is rapidly approaching. <B>We urge you to take
a few moments to <U>cast just one more important ballot this November</U> and submit your <U>WHITE</U> proxy card to support our
proposals and protect your investment.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.7pt"><B><I>Compass Bank Downplays the Trustee Role</I></B>. Compass Bank states
that the trustee has only a limited role. Downplaying the trustee role is key to Compass Bank&rsquo;s strategy because it betrays
the fact that Compass wants to take the Trust out of a proactive administration, put it on a shelf and let it run itself. The proactive
approach taken by Ms. Anderson since remedies were won in the settlement of operator litigation in 1996 have netted the Trust over
$42 million in royalty income. We maintain that this proactive approach is critical to the unit holders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.7pt"><B><I>Real Cost-Savings Strategy</I></B>. Southwest Bank&rsquo;s cost-savings
proposals are not &ldquo;hypothetical&rdquo; or &ldquo;immaterial.&rdquo; Adding the Trust to Southwest Bank&rsquo;s portfolio
of seven other royalty trusts will absolutely result in economies of scale and LOWER administrative costs. Areas for cost savings
include: efficiency of SOX compliance maintenance program and management review and audit; reduced audit costs relating to the
entity-level controls, IT, and shared vendor reviews; legal cost efficiencies due to shared tax advice on and drafting of disclosures
pertaining to all of the royalty trusts in our portfolio; larger quantities of materials to encourage competitive bids from printers
and other third-parties; shared compliance audit costs, especially between trusts where the operator is the same; and decreased
investor relations expenses resulting from coverage of multiple trusts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 6pt 0; text-align: center"><B>CHOOSE SOUTHWEST BANK&mdash;VOTE
THE <U>WHITE</U> PROXY CARD TODAY!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 6pt 0; text-align: justify">Every vote and every unit is important.
<B>Remember, any failure to vote at all is a vote against the proposals to put the administration of the Trust back into the leadership
of those who know the history of the Trust with the experience and resources to run it.</B> Please return your <U>WHITE</U> proxy
card for the special meeting. If you need another one, call us and we&rsquo;ll get it to you. If you&rsquo;ve sent in a blue card
supporting Compass Bank, it&rsquo;s not too late to change your vote by sending in the <U>WHITE</U> proxy card TODAY. You can
also vote by telephone or through the Internet if you prefer by following the enclosed instructions. If you have any questions,
or need assistance with your vote, please contact our proxy solicitor, Okapi Partners, at (212) 297-0720 or toll-free at (877)
279-2311 or by email at <U>info@okapipartners.com</U>. Thank you in advance for your support!</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: 50%"><FONT STYLE="font-size: 10pt">Vernon Bryant</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Robert Lansford</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>Chairman and Chief Executive Officer</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>San Juan Basin Royalty Trust Unitholder</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>Southwest Bank</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
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