<SEC-DOCUMENT>0001140361-23-056362.txt : 20231205
<SEC-HEADER>0001140361-23-056362.hdr.sgml : 20231205
<ACCEPTANCE-DATETIME>20231205161522
ACCESSION NUMBER:		0001140361-23-056362
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20231205
DATE AS OF CHANGE:		20231205

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		231466761

	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>DEFA14A
<SEQUENCE>1
<FILENAME>ny20016043x1_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">WASHINGTON, DC 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Proxy Statement Pursuant to</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Section 14(a) of the</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Securities Exchange Act of 1934</div>
      <br>
      <div>&#9746;
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;">Filed by the Registrant</div>
      </div>
      <div>&#9744;
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;">Filed by a Party other than the Registrant</div>
        <div style="color: #000000;"> <br>
        </div>
      </div>
      <div>
        <div style="color: #000000;">Check the appropriate box:</div>
      </div>
      <div>&#9744;
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;">Preliminary Proxy Statement</div>
      </div>
      <div>&#9744;
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
      </div>
      <div>&#9744;
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;">Definitive Proxy Statement</div>
      </div>
      <div> &#9746;
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;">Definitive Additional Materials</div>
      </div>
      <div>&#9744;
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;">Soliciting Material Pursuant to Sec. 240.14a-12</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-weight: bold;">SAN JUAN BASIN ROYALTY TRUST</div>
      <div style="text-align: center; color: #000000;">(Name of Registrant as Specified in its Charter)</div>
      <div style="text-align: center; color: #000000;">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-style: italic;">Copies to:</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zca28132cdb2544e687bd2649f6d850b0" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div><font style="color: #000000;"> </font>&#160;</div>
              <div>&#8203;</div>
              <div>&#8203;</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;">Robert F. Gray, Jr.</div>
              <div style="color: #000000;">Mayer Brown LLP</div>
              <div style="color: #000000;">700 Louisiana Street, Suite 3400</div>
              <div style="color: #000000;">Houston, Texas 77002</div>
              <div style="color: #000000;">(713) 238-2600</div>
            </td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">San Juan Basin Royalty Trust</div>
              <div style="color: #000000;">c/o PNC Bank, National Association</div>
              <div style="color: #000000;">2200 Post Oak Blvd., Floor 18</div>
              <div style="color: #000000;">Houston, TX 77056</div>
              <div style="color: #000000;">Attn: Laura Long</div>
              <div style="color: #000000;">(412) 762-4283</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>Payment of Filing Fee (check the appropriate box): <br>
      </div>
      <div><font style="font-family: 'Segoe UI Symbol', sans-serif; color: #000000;">&#9746;</font><font style="color: #000000;"></font></div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;"><font style="color: #000000;">No fee required.</font></div>
      <div><font style="font-family: 'Segoe UI Symbol', sans-serif; color: #000000;">&#9744;</font>
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;"><font style="color: #000000;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></div>
        <div style="text-indent: 18pt;"><font style="color: #000000;"><font style="color: #000000;">(1)</font></font></div>
      </div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;">Title of each class of securities to which transaction applies:</font></div>
      <div style="text-indent: 18pt;"><font style="color: #000000;">(2)</font></div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;">Aggregate number of securities to which transaction applies:</font></div>
      <div style="text-indent: 18pt;"><font style="color: #000000;">(3)</font>&#8203;<font style="color: #000000;"></font></div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;">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):</font></div>
      <div style="text-indent: 18pt;">(<font style="color: #000000;">4)</font></div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;">Proposed maximum aggregate value of transaction:</font></div>
      <div style="text-indent: 18pt;"><font style="color: #000000;">(5)</font>&#8203;<font style="color: #000000;"></font></div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;">Total fee paid:</font></div>
      <div><font style="font-family: 'Segoe UI Symbol', sans-serif; color: #000000;">&#9744;</font>
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;"><font style="color: #000000;">Fee paid previously with preliminary materials.</font></div>
      </div>
      <div><font style="font-family: 'Segoe UI Symbol', sans-serif; color: #000000;">&#9744;</font>
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 18pt;"><font style="color: #000000;">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.</font></div>
      </div>
      <div>
        <div style="text-indent: 18pt;"><font style="color: #000000;">(1)</font></div>
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;">Amount Previously Paid:</font></div>
      </div>
      <div style="text-indent: 18pt;"><font style="color: #000000;">(2)</font>&#8203;</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;">Form, Schedule or Registration Statement No.:</font></div>
      <div style="text-indent: 18pt;"><font style="color: #000000;">(3)</font></div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;"></font> <font style="color: #000000;">Filing Party:</font></div>
      <div style="text-indent: 18pt;"><font style="color: #000000;">(4)</font>&#8203;</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;">Date Filed:</font></div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt;"><font style="color: #000000;"> <br>
        </font></div>
      <font style="color: #000000;"> <br>
      </font></div>
    <div><font style="color: #000000;"> </font>
      <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">
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      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">SAN JUAN BASIN ROYALTY TRUST</div>
      <div style="text-align: center; font-weight: bold;">c/o PNC BANK, NATIONAL ASSOCIATION</div>
      <div style="text-align: center; font-weight: bold;">2200 POST OAK BLVD., FLOOR 18</div>
      <div style="text-align: center; font-weight: bold;">HOUSTON, TEXAS 77056</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">NOTICE OF ADJOURNMENT AND</div>
      <div style="text-align: center; font-weight: bold;">ADJOURNED SPECIAL MEETING TO BE</div>
      <div style="text-align: center; font-weight: bold;">HELD ON JANUARY 16, 2024</div>
      <div><br>
      </div>
      <div style="text-align: right;">December 5, 2023</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Dear Unit Holder:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">You previously received proxy materials relating to a special meeting of unit holders (the &#8220;<font style="font-weight: bold;">Unit Holders</font>&#8221;) of The San Juan Basin Royalty Trust (the &#8220;<font style="font-weight: bold;">Trust</font>&#8221;), an express trust formed under the laws of the State of Texas and governed by the terms of the Amended and Restated Royalty Trust Indenture made effective as of December 12, 2007 (the &#8220;<font style="font-weight: bold;">Indenture</font>&#8221;),






        which was held in person at 2200 Post Oak Blvd., Floor 19, Houston, Texas 77056 and virtually via webcast at www.virtualshareholdermeeting.com/SJT2023SM on December 1, 2023, at 10:00 a.m., Central Time (the &#8220;<font style="font-weight: bold;">Special
          Meeting</font>&#8221;). The Trust previously filed a proxy statement describing the business to be transacted at the Special Meeting, and a proxy card for use in voting, with the Securities and Exchange Commission on <a href="https://www.sec.gov/Archives/edgar/data/319655/000114036123046303/ny20010117x2_def14a.htm">October 2, 2023</a>, as supplemented on <a href="https://www.sec.gov/Archives/edgar/data/319655/000114036123049179/ny20013001x1_defa14a.htm">
          October 23, 2023</a> (together, the &#8220;<font style="font-weight: bold;">Proxy Statement</font>&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify;">In order to constitute a quorum for the conduct of business at the Special Meeting, Unit Holders holding a majority of the Units at the time outstanding must have been present, in person or virtually, or represented
        by proxy at the Special Meeting. At the Special Meeting, the inspector of elections advised that approximately thirty-three and one-tenth percent (33.1%) of the outstanding units held by Unit Holders were present, in person or virtually, or
        represented by proxy. As such, a quorum of the Unit Holders was not reached at the Special Meeting, and the Special Meeting was adjourned until January 16, 2024 (the &#8220;<font style="font-weight: bold;">Adjourned Special Meeting</font>&#8221;), in order to
        allow Unit Holders additional time to exercise their voting rights. The record date for determining Unit Holders&#8217; eligibility to vote at the Adjourned Special Meeting will remain the close of business on October 2, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">This important notice is to inform you that the Adjourned Special Meeting will be held in person at 2200 Post Oak Blvd., Floor 19, Houston, Texas 77056 and virtually via webcast at
        www.virtualshareholdermeeting.com/SJT2023SM at 10:00 a.m., Central Time on January 16, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">At the Special Meeting, the Unit Holders were asked to vote on the following matters as set forth in the Proxy Statement:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd93f0707aa0e4d20817e1697c6016d2b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>to approve the appointment of Argent Trust Company, a Tennessee chartered trust company (&#8220;<font style="font-weight: bold;">Argent</font>&#8221;), as the successor trustee of the Trust in accordance with the Agreement of Conditional
                Resignation;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc96f8eaa0b2d410f814667615dc07191" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>to approve an amendment to the Indenture that would permit a bank or trust company with capital, surplus, and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $15,000,000 to serve as
                successor trustee of the Trust;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb40d7ec0e6b34d8d8350e4d7a520660a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(3)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>to approve an amendment to the Indenture that would clarify the meaning of &#8220;Trustee&#8221; in Section 6.02 to include former trustees for indemnification purposes; and</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za30da805c60a4d04844c568816c6fdf7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(4)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>to approve an adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional proxies in favor of the above proposals (collectively, the &#8220;<font style="font-weight: bold;">Proposals</font>&#8221;).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">During the period of the adjournment, the Trust will continue to solicit proxies with respect to the Proposals. 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><br>
      </div>
      <div style="text-align: justify;">PNC Bank, National Association (&#8220;<font style="font-weight: bold;">PNC</font>&#8221;), as current trustee of the Trust (the &#8220;<font style="font-weight: bold;">Trustee</font>&#8221;), previously provided to each of the Unit
        Holders, by first-class United States mail, a Conditional Notice of Intent to Resign by the Trustee of the San Juan Basin Royalty Trust, which provides that the Trustee&#8217;s resignation is to be effective on February 15, 2024, conditioned on the Unit
        Holders&#8217; appointment of Argent<font style="font-weight: bold;">&#160;</font>as successor trustee of the Trust and approval of any amendments to the Indenture necessary to permit Argent to serve as successor trustee of the Trust at a meeting of the Unit
        Holders.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; font-weight: bold;">In order to avoid further delay of the Special Meeting, please vote your units today. Your vote is extremely important, regardless of the number of Units you own.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">If a quorum is not reached for the Adjourned Special Meeting, PNC, as Trustee, will consider all available options for resignation as Trustee and appointment of Argent as successor trustee of the Trust, including,
        but not limited to, (i) adjourning the Adjourned Special Meeting or (ii) calling a new special meeting. In addition, PNC, as Trustee, has the option of applying for a judicial settlement to completely resolve all matters and potential controversies
        regarding its administration of the Trust, followed by resigning. If after PNC resigns and a vacancy in the position of trustee of the Trust continues for sixty (60) days, a successor trustee of the Trust may be appointed by any State or Federal
        District Court holding terms in Tarrant County, Texas, upon the application of any Unit Holder. As a reminder to the Unit Holders, all costs relating to a judicial settlement regarding the Trustee&#8217;s administration of the Trust and the appointment
        of a successor trustee of the Trust by a court will be borne by the assets of the Trust.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">For the reasons described in the Proxy Statement, the Trustee recommends that you vote FOR the approval of Argent as successor trustee and the amendments to the Indenture necessary to permit Argent to serve as
        successor trustee.</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="z54fc85989e9f4d19b7064363fe7a8539" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="2" rowspan="1" style="width: 15.1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">YOUR VOTE IS IMPORTANT!</div>
              <div><br>
              </div>
              <div style="text-align: justify;">You may use one of the following methods to promptly vote your Units:</div>
              <div style="text-align: justify;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); text-align: center;">
              <div><img src="ny20016043x1_online.jpg" border="0" width="63" height="39"></div>
            </td>
            <td style="width: 84.9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div><u><font style="font-weight: bold;">Online</font></u>. You may vote your Units online prior to the Adjourned Special Meeting by visiting www.proxyvote.com and entering the 16-digit control number printed on your proxy card.</div>
              <div>&#160;</div>
              <div>You may also attend the Adjourned Special Meeting virtually by visiting www.virtualshareholdermeeting.com/SJT2023SM. Online check in will begin at 9:45 a.m., Central Time, and you should allow approximately 15 minutes for the online
                check-in procedure. Please have the information on your proxy card (including the 16-digit control number printed thereon) available for check in and voting.</div>
              <div> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); text-align: center;">
              <div><img src="ny20016043x1_telephone.jpg" border="0" width="57" height="43"></div>
            </td>
            <td style="width: 84.9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div><u><font style="font-weight: bold;">Telephone</font></u>. You may vote your Units by calling toll-free at 1-800-690-6903. Please have the 16-digit control number printed on your proxy card available.</div>
              <div> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); text-align: center;">
              <div><img src="ny20016043x1_mail.jpg" border="0" width="49" height="46"></div>
            </td>
            <td style="width: 84.9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div><u><font style="font-weight: bold;">Mail</font></u>. You may also vote by completing, signing, dating and returning the enclosed proxy card in the enclosed postage paid envelope or return it to Vote Processing, c/o Broadridge, 51
                Mercedes Way, Edgewood, NY 11717.</div>
              <div><br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div><img src="ny20016043x1_inperson.jpg" border="0" width="58" height="58"></div>
            </td>
            <td style="width: 84.9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div><u><font style="font-weight: bold;">In Person</font></u>. Instructions and ballots will be distributed at the Adjourned Special Meeting for those who attend in person; if your Units are held in the name of a bank, broker, or other holder
                of record, then you must present the legal proxy card mailed to you by your bank or broker. If you have voted prior to the Adjourned Special Meeting, you may still attend the Adjourned Special Meeting.</div>
              <div> <br>
              </div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">Please consult your proxy card for additional information regarding these alternative methods. If your units are held in &#8220;street name,&#8221; you should instruct your bank, broker, or other nominee to vote your units in
        accordance with the voting instruction form that you will receive from your bank, broker, or other nominee.&#160; You may revoke your proxy card before the Adjourned Special Meeting as described in the Proxy Statement under the heading &#8220;Solicitation and
        Revocability of Proxies.&#8221;</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; color: #000000;">If you have any questions, please contact D.F. King &amp; Co., Inc., our Proxy Solicitor, at (800) 817-5468.</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="zeec20bb6a97b42bface38b1978ff4f1d" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: bottom;">
              <div style="color: #000000;">Sincerely yours,</div>
              <div style="color: #000000;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: bottom;">
              <div style="color: #000000;">PNC BANK, NATIONAL ASSOCIATION,</div>
              <div style="color: #000000;">AS TRUSTEE OF THE SAN JUAN BASIN</div>
              <div style="color: #000000;">ROYALTY TRUST</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;<img src="signature_rcdurr.jpg" width="128" height="52"></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: bottom;">
              <div style="color: #000000;">Ross C. Durr, RPL</div>
              <div style="color: #000000;">Senior Vice President</div>
              <div style="color: #000000;">Mineral Interest Director</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
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end
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</SEC-DOCUMENT>
