<SEC-DOCUMENT>0001140361-23-055773.txt : 20231201
<SEC-HEADER>0001140361-23-055773.hdr.sgml : 20231201
<ACCEPTANCE-DATETIME>20231201162357
ACCESSION NUMBER:		0001140361-23-055773
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20231201
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20231201
DATE AS OF CHANGE:		20231201

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		231459880

	BUSINESS ADDRESS:	
		STREET 1:		BBVA, TRUST DEPARTMENT
		STREET 2:		2200 POST OAK BLVD. FLOOR 18
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-831-5878

	MAIL ADDRESS:	
		STREET 1:		BBVA, TRUST DEPARTMENT
		STREET 2:		2200 POST OAK BLVD. FLOOR 18
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ny20015652x1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
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         Document created using Broadridge PROfile 23.9.1.5178
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      <hr style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;" align="center">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Washington, DC 20549</div>
    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">
      <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 25%; color: #000000;" align="center" noshade="noshade"> </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
    <div style="font-weight: bold; text-align: center;"> <br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">
      <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 25%; color: #000000;" align="center" noshade="noshade"></div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Date of Report (Date of earliest event reported): December 1, 2023</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">
      <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 25%; color: #000000;" align="center" noshade="noshade"></div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-weight: bold;">San Juan Basin Royalty Trust</div>
    <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc98ff2c8b5024d5cb9724f0e5f9ccdb9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Texas</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">001-08032</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">75-6279898</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center;">(State or other jurisdiction of<br>
              incorporation)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center;">(Commission File Number)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center;">(IRS Employer<br>
              Identification No.)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">PNC BANK, NATIONAL ASSOCIATION</div>
    <div style="text-align: center;">PNC Asset Management Group</div>
    <div style="text-align: center;">2200 Post Oak Blvd., Floor 18</div>
    <div style="text-align: center;">Houston, TX 77056</div>
    <div style="text-align: center;">(Address of principal executive offices, including zip code)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">(Registrant&#8217;s telephone number, including area code): (866) 809-4553</div>
    <div><br>
    </div>
    <div style="text-align: center;">N/A</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Former name or former address, if changed since last report)</div>
    <div><br>
    </div>
    <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</div>
    <div><br>
    </div>
    <div style="text-indent: 0.3pt;">&#9744;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" class="TRGRRTFtoHTMLTab">&#160;</font>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
    <div><br>
    </div>
    <div style="text-indent: 0.3pt;">&#9744;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" class="TRGRRTFtoHTMLTab">&#160;</font>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div><br>
    </div>
    <div>&#9744;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.3pt" class="TRGRRTFtoHTMLTab">&#160;</font>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div><br>
    </div>
    <div>&#9744;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.3pt" class="TRGRRTFtoHTMLTab">&#160;</font>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div style="margin-top: 9pt; margin-bottom: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div style="margin-top: 9pt; margin-bottom: 10pt;">
      <table id="zedef42934bd945d7b6378d474b5d8ab2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 33.33%; text-align: center;"><u>Title of each class<br>
              </u></td>
            <td style="width: 33.33%; text-align: center;"><u>Trading Symbol(s)<br>
              </u></td>
            <td style="width: 33.33%; text-align: center;"><u>Name of each exchange on which registered<br>
              </u></td>
          </tr>
          <tr>
            <td style="width: 33.33%; text-align: center;">Units<br>
            </td>
            <td style="width: 33.33%; text-align: center;">SJT&#160;&#160;&#160; <br>
            </td>
            <td style="width: 33.33%; text-align: center;">NYSE<br>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%;">
              <div>&#160;</div>
            </td>
            <td style="width: 33.33%;">
              <div>&#160;</div>
            </td>
            <td style="width: 33.33%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: center; margin-top: 9pt;">
      <div style="margin: 0px; text-align: left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;&#8201;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of
        1934 (&#167;&#8201;240.12b-2 of this chapter).</div>
      <div style="margin-top: 9pt; margin-bottom: 10pt; text-align: left;">Emerging growth company &#9744;</div>
      <div style="margin-top: 9pt; margin-bottom: 10pt; text-align: left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
        accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;
        <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center"></div>
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      </div>
      <div>
        <table class="DSPFListTable" id="za5b272752e7a4c719580ed6f010e46b0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="margin: 0px 0px 0px; text-align: left;"><font style="font-weight: bold;">Item 8.01.<br>
                  </font></div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="margin: 0px 0px 0px;"><font style="font-weight: bold;">Other Events.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On December 1, 2023, at 10:00 a.m. Central Time, a special meeting (the &#8220;Special Meeting&#8221;) of unit holders (&#8220;Unit Holders&#8221;) of the San Juan Basin Royalty Trust (the &#8220;Trust&#8221;)
        was convened for the purpose of soliciting Unit Holder approval of (i) the appointment of Argent Trust Company, a Tennessee chartered trust company (&#8220;Argent&#8221;), as successor trustee to PNC Bank, National Association, as current trustee (the
        &#8220;Trustee&#8221;) of the Trust and (ii) amendments to the Indenture, as amended and restated, of the Trust that are necessary to permit Argent to serve as successor trustee and otherwise in connection with the resignation of the Trustee and appointment of
        Argent, each as further described in the <a href="https://www.sec.gov/Archives/edgar/data/319655/000114036123046303/ny20010117x2_def14a.htm">definitive proxy statement on Schedule 14A</a> filed with the Securities and Exchange Commission (&#8220;SEC&#8221;)
        on October 2, 2023 (the &#8220;Proxy Statement&#8221;), as supplemented by the <a href="https://www.sec.gov/Archives/edgar/data/319655/000114036123049179/ny20013001x1_defa14a.htm">additional proxy materials</a> filed with the SEC on October 23, 2023 (the
        &#8220;Special Meeting Proposals&#8221;).</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">At the time of the Special Meeting, there were not sufficient units present or represented by proxy to constitute a quorum. Accordingly, the Special Meeting was adjourned
        without any business being conducted. The adjourned meeting will reconvene, in person at 2200 Post Oak Blvd., Floor 19, Houston, Texas 77056 and virtually via webcast at www.virtualshareholdermeeting.com/SJT2023SM, on January 16, 2024, at 10:00
        Central Time, to vote on the Special Meeting Proposals. The record date for determining Unit Holders&#8217; eligibility to vote at the reconvened Special Meeting will remain the close of business on October 2, 2023.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">During the period of the adjournment, the Trust will continue to solicit proxies with respect to the proposals set forth in the Proxy Statement. Proxies previously submitted in
        respect of the Special Meeting will be voted at the reconvened meeting unless properly revoked, and Unit Holders who have already submitted a proxy to vote their Units need not take any action unless they wish to change or revoke their votes.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">No changes have been made in the proposals to be voted on by Unit Holders at the Special Meeting. The Proxy Statement and other materials filed by the Trust with the SEC remain
        unchanged and can be obtained free of charge at the SEC&#8217;s website at www.sec.gov.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A copy of the press release issued by the Trust relating to the foregoing is attached as Exhibit 99.1 and is incorporated by reference into this Item 8.01.</div>
      <div>
        <table class="DSPFListTable" id="z9360f4a9e67e4257a80b0a920de8f64c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Item 9.01.<br>
                  </font></div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Financial Statements and Exhibits.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;&#160;</div>
      <div style="text-align: left;">(d) Exhibits.</div>
      <div style="text-align: left;"> <br>
      </div>
      <div style="text-align: left;">
        <table id="zd66d962ac35f400e976be6cdd4db8b1d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">Exhibit No.</font></td>
              <td colspan="1" style="width: 1%; padding-bottom: 2px;">&#160;</td>
              <td style="width: 90%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">Description</font></td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 10%;">&#160;</td>
              <td colspan="1" rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 90%;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 10%;"><a href="ny20015652x1_ex99-1.htm">99.1<br>
                </a> </td>
              <td colspan="1" style="width: 1%;">&#160;</td>
              <td style="width: 90%;">
                <div>Press Release, dated December 1, 2023.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"></font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="font-weight: bold;">SIGNATURES</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0a5ab220f6bb486db57bc1317f2ca9d4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 48.97%; vertical-align: top;">&#160;</td>
            <td style="width: 3.08%; vertical-align: top;" nowrap="nowrap">&#160;</td>
            <td style="width: 47.96%; vertical-align: top;">
              <div style="font-weight: bold;">PNC BANK, NATIONAL ASSOCIATION,</div>
              <div style="font-weight: bold;">AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST</div>
              <div>(Registrant)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.97%; vertical-align: top;">&#160;</td>
            <td style="width: 3.08%; vertical-align: top;" nowrap="nowrap">&#160;</td>
            <td style="width: 47.96%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 48.97%; vertical-align: top;">&#160;</td>
            <td style="width: 3.08%; vertical-align: top;" nowrap="nowrap">&#160;</td>
            <td style="width: 47.96%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 48.97%; vertical-align: top;">
              <div>Date: December 1, 2023</div>
            </td>
            <td style="width: 3.08%; vertical-align: top;" nowrap="nowrap">
              <div>By:</div>
            </td>
            <td style="width: 47.96%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; text-indent: 4.5pt;">/s/ Ross C. Durr, RPL</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.97%; vertical-align: top;">&#160;</td>
            <td style="width: 3.08%; vertical-align: top;" nowrap="nowrap">&#160;</td>
            <td style="width: 47.96%; vertical-align: top;">
              <div style="text-align: justify; text-indent: 4.5pt;">Ross C. Durr, RPL</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.97%; vertical-align: top;">&#160;</td>
            <td style="width: 3.08%; vertical-align: top;" nowrap="nowrap">&#160;</td>
            <td style="width: 47.96%; vertical-align: top;">
              <div style="text-align: justify; text-indent: 4.5pt;">Senior Vice President</div>
              <div style="text-align: justify; text-indent: 4.5pt;">Mineral Interest Director</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="margin-bottom: 10pt;">
        <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ny20015652x1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="font-size: 24pt; font-style: italic;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
      <div style="text-align: right;"><font style="font-style: normal; font-weight: bold; font-size: 10pt;">Exhibit 99.1</font><br>
      </div>
      <div style="text-align: right;"><font style="font-style: normal; font-weight: bold; font-size: 10pt;"> <br>
        </font></div>
    </div>
    <div style="font-size: 24pt; font-style: italic;">News Release</div>
    <div><br>
    </div>
    <div style="margin-bottom: 10pt; font-size: 14pt; font-weight: bold;">San Juan Basin Royalty Trust Announces Adjournment of Special Meeting</div>
    <div style="margin-bottom: 10pt;"><font style="font-weight: bold;">HOUSTON, Texas, December 1, 2023</font> &#8211;
      San Juan Basin Royalty Trust (NYSE: SJT) (the &#8220;Trust&#8221;) today announced that the Special Meeting of the Trust&#8217;s Unit Holders held on December 1, 2023, for the purpose
      of obtaining Unit Holder approval of the appointment of Argent Trust Company, a Tennessee chartered trust company (&#8220;Argent&#8221;), as successor trustee to PNC Bank, National Association, the trustee of the Trust (the &#8220;Trustee&#8221;), together with two
      additional proposed amendments to the San Juan Basin Royalty Trust Indenture, was adjourned due to the lack of the requisite quorum. The Special Meeting has been adjourned until January 16, 2024 at 10:00 a.m. Central Time, to be held in person at
      2200 Post Oak Blvd., Floor 19, Houston, Texas 77056 and virtually via webcast at www.virtualshareholdermeeting.com/SJT2023SM.</div>
    <div style="margin-bottom: 10pt;">The record date for Unit Holders entitled to vote at the Special Meeting remains the close of business on October 2, 2023. The Trust&#8217;s
      proxy materials, which were previously filed and mailed to the Unit Holders commencing October 4, 2023 and October 25, 2023, remain unchanged. Unit Holders who have already voted on the proposals do not need to take any further action. Unit Holders
      who have not yet voted are strongly encouraged to submit their votes.</div>
    <div style="margin-bottom: 10pt; font-weight: bold;">Forward-Looking Statements</div>
    <div style="margin-bottom: 10pt;">Any statements in this news release about plans for the Trust, the expected timing of the completion of the resignation of the Trustee or
      appointment of Argent as successor trustee, and other statements containing the words &#8220;estimates,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;plans,&#8221; &#8220;expects,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;intends&#8221; and similar expressions, other than historical facts, constitute
      forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause
      actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors or risks that could cause or contribute to such differences include, but are not limited to, the
      inability of the Trustee to resign or Argent to assume duties as successor trustee due to the failure to obtain necessary Unit Holder approval or the failure to satisfy other conditions to the Trustee&#8217;s resignation set forth in the Agreement of
      Conditional Resignation with Argent and in the definitive proxy statement.</div>
    <div style="margin-bottom: 10pt;">Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements
      included in this news release represent the Trustee&#8217;s views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking
      statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee&#8217;s views as of any date subsequent to the date hereof.</div>
    <div>
      <table class="DSPFListTable" id="zab731b921bfe4831902bd205c3dd3710" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="text-align: right; vertical-align: top; width: 54pt;">
              <div style="margin: 0px 0px 0px; text-align: left;">Contact:</div>
            </td>
            <td style="text-align: left; vertical-align: top; width: auto;">
              <div style="margin: 0px 0px 0px;">San Juan Basin Royalty Trust</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table class="DSPFListTable" id="zc11c70b0c3ca4b27a0be3caaab3ed530" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="text-align: right; vertical-align: top; width: 54pt;"><br>
            </td>
            <td style="text-align: left; vertical-align: top; width: auto;">
              <div style="text-indent: 72pt; margin-bottom: 10pt;">
                <div style="margin: 0px 0px 0px; text-indent: 0px;">PNC Bank, National Association</div>
                <div style="margin: 0px 0px 0px; text-indent: 0px;">PNC Asset Management Group</div>
                <div style="margin: 0px 0px 10pt; text-indent: 0px;">
                  <div style="text-indent: 72pt; margin-bottom: 10pt;">
                    <div style="margin: 0px 0px 0px; text-indent: 0px;">2200 Post Oak Blvd., Floor 18</div>
                    <div style="text-indent: 72pt; margin-bottom: 10pt;">
                      <div style="margin: 0px 0px 0px; text-indent: 0px;">Houston, TX&#160; 77056</div>
                      <div style="text-indent: 72pt; margin-bottom: 10pt;">
                        <div style="margin: 0px 0px 0px; text-indent: 0px;">website: www.sjbrt.com</div>
                        <div style="text-indent: 72pt; margin-bottom: 10pt;">
                          <div style="margin: 0px 0px 0px; text-indent: 0px;">e-mail: sjt@pnc.com</div>
                          <div style="margin: 0px 0px 0px; text-indent: 0px;"> <br>
                          </div>
                          <div style="margin: 0px 0px 0px; text-indent: 0px;">
                            <div style="margin: 0px; text-indent: 0px;">Ross Durr, RPL, Senior Vice President &amp; Mineral Interest Director</div>
                            <div style="margin: 0px 0px 10pt 0px; text-indent: 0px;">Kaye Wilke, Investor Relations, toll-free: (866) 809-4553</div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
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