<SEC-DOCUMENT>0001193125-24-009298.txt : 20240221
<SEC-HEADER>0001193125-24-009298.hdr.sgml : 20240221
<ACCEPTANCE-DATETIME>20240117164700
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-009298
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAN JUAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319655
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				756279898
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			3112

	FILING VALUES:
		FORM TYPE:		CORRESP

	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>
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;17, 2024</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>BY CERTIFIED MAIL</U></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Real Estate&nbsp;&amp;
Construction</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey Lewis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Kristina Marrone</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Mayer Brown LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">700 Louisiana Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Suite 3400</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Houston, Texas 77002-2730</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Main Tel +1 713 238 3000</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Main Fax +1
713 238 4888</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">www.mayerbrown.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Robert F. Gray</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Direct Tel
(713) <FONT STYLE="white-space:nowrap">238-2600</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Direct Fax (713) <FONT STYLE="white-space:nowrap">238-4600</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">rgray@mayerbrown.com</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">Re:&#8194;&#8202;San Juan
Basin Royalty Trust</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2022</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K/A</FONT> for the fiscal year ended December&nbsp;31, 2022</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;001-08032</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is submitted on behalf of San Juan Basin Royalty Trust (the &#147;Trust&#148;) in response to comments raised by the Staff (the
&#147;Staff&#148;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#147;SEC&#148;) in the Staff&#146;s letter to Mr.&nbsp;Ross Durr with the Trust, dated January&nbsp;4, 2024. The responses to the Staff&#146;s
comments are set forth below, with each paragraph numbered to correspond to the numbered comments set forth in the letter. For your convenience, your comments have been reproduced below, together with the responses of the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K/A</FONT> for the fiscal year ended December&nbsp;31, 2022 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 32, page 1 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>1. We note your response to our
prior comment and revised certification that was filed in the Form <FONT STYLE="white-space:nowrap">10-K/A</FONT> on December&nbsp;11, 2023. As previously requested, please file a full amendment with certifications that are currently dated and refer
to the Form <FONT STYLE="white-space:nowrap">10-K/A.</FONT> </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response, the Company will file a full amendment with the corrected certifications. The amendment will include the following explanatory
note: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">San Juan Basin Royalty Trust (the &#147;Trust&#148;) filed its Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT>
for the fiscal year ended December&nbsp;31, 2022 (the &#147;Original <FONT STYLE="white-space:nowrap">10-K&#148;)</FONT> with the Securities and Exchange Commission (&#147;SEC&#148;) on March&nbsp;31, 2023. The Trust filed the Amendment No.&nbsp;1
to the Original <FONT STYLE="white-space:nowrap">10-K</FONT> solely for the purpose of filing a revised certification required by Rule <FONT STYLE="white-space:nowrap">13a-14(b)</FONT> with the SEC on December&nbsp;11, 2023. The Trust is now filing
this Amendment No.&nbsp;2 to the Original <FONT STYLE="white-space:nowrap">10-K</FONT> for the purpose of filing a full amendment with certifications that are currently dated. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please direct your questions or additional comments to me by phone at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">713-238-2600</FONT></FONT> or via email at rgray@mayerbrown.com. In addition, please provide via facsimile transmission any additional written comments you may have to me at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">713-238-4600.</FONT></FONT> Thank you for your assistance. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Robert F. Gray</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">RFG</P></TD></TR>
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