<SEC-DOCUMENT>0000950170-25-074077.txt : 20250519
<SEC-HEADER>0000950170-25-074077.hdr.sgml : 20250519
<ACCEPTANCE-DATETIME>20250519120606
ACCESSION NUMBER:		0000950170-25-074077
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250519
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250519
DATE AS OF CHANGE:		20250519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAN JUAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319655
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		25962587

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARGENT TRUST COMPANY
		STREET 2:		3838 OAK LAWN AVE, STE 1720
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4518
		BUSINESS PHONE:		972-919-1353

	MAIL ADDRESS:	
		STREET 1:		C/O ARGENT TRUST COMPANY
		STREET 2:		3838 OAK LAWN AVE, STE 1720
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4518
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>sjt_may_2025_8-k.htm
<DESCRIPTION>8-K
<TEXT>
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  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><p style="border-top:2.25pt double #000000;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:5.75pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">WASHINGTON, D.C. 20549</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><h2 style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">FORM 8-K</font></h2><p style="margin-left:216pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">CURRENT REPORT</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:6pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.02986111111111111in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Date of Report May 19, 2025</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;"> </font></p></td>
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    </table><p style="margin-left:216pt;font-size:10pt;margin-top:5pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:5pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:24pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SAN JUAN BASIN ROYALTY TRUST</font></p><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(Exact name of Registrant as Specified in Its Charter)</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">001-08032</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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      <td colspan="5" style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Argent Trust Company, Trustee</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">3838 Oak Lawn Ave.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Suite 1720</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Dallas, Texas 75219</font></p></td>
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    </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(Former Name or Former Address, if Changed Since Last Report)</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:9.35pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:9.35pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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:</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:0;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Securities registered pursuant to Section 12(b) of the Act:</font></p>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.25pt solid;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;"><br>Title of each class</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.25pt solid;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;"><br>Name of each exchange on which registered</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">SJT</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">New York Stock Exchange</font></p></td>
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    </table><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;&#x202f;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;&#x202f;240.12b-2 of this chapter).</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Emerging growth company </font><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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. </font><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"><br></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
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  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;min-height:0.5in;position:relative;"></div></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><h2 style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 2.02 Results of Operations and Financial Condition.</font></h2><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On May 19, 2025, the San Juan Basin Royalty Trust (the &#34;Trust&#34;) issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing that it would not declare a monthly cash distribution to the holders of its units of beneficial interest (&#34;Units&#34;) for May due to the application of net proceeds of $1,499,498, which amount would otherwise be payable to the Trust as royalty income, to the balance of excess production costs accrued as a result of Hilcorp San Juan L.P.&#x2019;s drilling of two new horizontal wells in 2024.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall be deemed &#x201c;furnished&#x201d; and not &#x201c;filed&#x201d; with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.</font></p><h2 style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 9.01 Financial Statements and Exhibits.</font></h2>
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  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:9.35pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SIGNATURES</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:9.35pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">By:</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">ARGENT TRUST COMPANY,</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">AS TRUSTEE FOR THE SAN JUAN BASIN</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">ROYALTY TRUST</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(Registrant)</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">May 19, 2025</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Nancy Willis</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:9.35pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Director of Royalty Trust Services</font></p></td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>sjt-ex99_1.htm
<DESCRIPTION>EX-99.1
<TEXT>
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  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.6in;width:7.4in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="padding-top:0.5in;z-index:2;min-height:0.3in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.6in;width:7.4in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:28pt;font-family:'Calibri',sans-serif;font-style:italic;font-kerning:none;min-width:fit-content;">News Release</font></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:13pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">San Juan Basin Royalty Trust Declares No Cash Distribution for May 2025</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:13pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">DALLAS, Texas, May 19, 2025</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;"> Argent Trust Company, as the trustee (the &#x201c;Trustee&#x201d;) of the San Juan Basin Royalty Trust (the &#x201c;Trust&#x201d;) (NYSE: SJT), today reported that it will not declare a monthly cash distribution to the holders of its Units of beneficial interest (the &#x201c;Unit Holders&#x201d;) due to the application of net proceeds of $1,499,498, which amount would otherwise be payable to the Trust as royalty income, to the balance of excess production costs accrued as a result of Hilcorp San Juan L.P.&#x2019;s (&#x201c;Hilcorp&#x201d;) drilling of two new horizonal wells in 2024.  Excess production costs occur when production costs and capital expenditures exceed the gross proceeds for a certain period. The balance of cumulative excess production costs is currently approximately $15,160,257 gross ($11,370,193 net to the Trust), a decrease in the deficit of $1,999,331 gross ($1,499,498 net to the trust) from last month&#x2019;s reporting period.  Hilcorp will continue to charge the balance of excess production costs to the Trust&#x2019;s net proceeds each month. Until the balance is paid in full, the Trust will not receive royalty income as all net proceeds will be applied to the balance of excess production costs.  No cash distributions will be made by the Trust until future net proceeds are sufficient to pay Trust liabilities and replenish cash reserves.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">  </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Hilcorp reported $6,984,564 of total revenue from the Subject Interests for the production month of March 2025, consisting of $6,904,591 of gas revenues and $79,973 of oil revenues.  For the Subject Interests, Hilcorp reported $4,985,233 of production costs (excluding the balance of excess production costs) for the production month of March 2025, consisting of $3,193,460 of lease operating expenses, $786,589 of severance taxes, and $1,005,184 of capital costs.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">This month&#x2019;s Trust administrative expenses totaled $85,694. The decrease in administrative expenses was attributable to differences in timing of the receipt and payment of certain expenses by the Trust.  Interest income received by the Trust in the amount of $856 will be applied to cover a portion of this month&#x2019;s Trust administrative expenses, with cash reserves utilized to pay the remaining administrative expenses.</font></p><p style="font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Based upon information provided to the Trust by Hilcorp, gas volumes for the Subject Interests for March 2025 totaled 2,448,569 Mcf (2,720,632 MMBtu), as compared to 2,287,310 Mcf (2,541,456 MMBtu) for February 2025. Dividing gas revenues by production volume yielded an average gas price for March 2025 of $2.82 per Mcf ($2.54 per MMBtu), a decrease of $0.54 per Mcf ($0.48 per MMBtu) as compared to the average gas price for February 2025 of $3.36 per Mcf ($3.02) per MMBtu.</font></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Pursuant to the Amended and Restated Royalty Trust Indenture, dated December 12, 2007 (as amended on February 15, 2024, by the First Amendment to the Amended and Restated Royalty Trust Indenture), the Trustee is authorized to retain, in its sole discretion, a cash reserve for payment of Trust liabilities that are contingent or uncertain or otherwise not currently due and payable.  To cover Trust expenses during any period of revenue shortfall, which has resulted and may continue to result from lower commodity prices and increased capital expenditures and lease operating expenses under Hilcorp&#x2019;s 2024 capital project plan for the Subject Interests, the Trustee increased the cash reserves in March and April of 2024, such that total cash reserves were $1.8 million as of April 30, 2024.  Interest income and cash reserves were utilized to pay Trust administrative expenses each month from May 2024 through April of 2025.  This month, cash reserves in the amount of $84,838 will be utilized to cover the balance of Trust administrative expenses which will bring the balance of cash reserves maintained by the Trustee to $32,959.  Prior to any future distributions to Unit Holders, the Trustee plans to replenish the cash reserves and continue to increase the cash reserves to $2.0 million. The Trustee is currently evaluating credit options on behalf of the Trust, the funds from which would be utilized to pay the Trust&#x2019;s administrative expenses until such time as the excess production costs are repaid and the Trust begins receiving royalty income again.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements, as recommended for approval by the Trust&#x2019;s Consultant.  The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust&#x2019;s third-party compliance auditors continue to audit payments made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;"> </font></p></div></div>
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  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.6in;width:7.4in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">expenditures, adjustments, actualizations, and recoupments. </font><font style="color:#77206d;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">The Trust&#x2019;s auditing process has also included detailed analysis of Hilcorp&#x2019;s pricing and rates charged.  As previously disclosed in the Trust&#x2019;s filings, these revenues and costs (along with all costs) are the subject of the Trust&#x2019;s ongoing comprehensive audit process by the Trust&#x2019;s professional consultants and outside counsel to analyze compliance with all the underlying operative Trust agreements and evaluate potential remedies in the event there is suspected non-compliance.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Forward Looking Statements. </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as &#x201c;estimates,&#x201d; &#x201c;anticipates,&#x201d; &#x201c;could,&#x201d; &#x201c;plan,&#x201d; or other words that convey the uncertainty of future events or outcomes.  Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust&#x2019;s reports and other filings with the Securities and Exchange Commission.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Contact:</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">	</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">San Juan Basin Royalty Trust</font></p><p style="margin-left:36pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Argent Trust Company, Trustee</font></p><p style="margin-left:36pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Nancy Willis, Director of Royalty Trust Services</font></p><p style="margin-left:36pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Toll-free: (855) 588-7839</font></p><p style="margin-left:36pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Fax: (214) 559-7010</font></p><p style="margin-left:36pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Website: </font><font style="color:#0000ff;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">www.sjbrt.com</font><font style="color:#0000ff;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">  </font></p><p style="margin-left:36pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">Email: trustee@sjbrt.com</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
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