<SEC-DOCUMENT>0001193125-25-244549.txt : 20251021
<SEC-HEADER>0001193125-25-244549.hdr.sgml : 20251021
<ACCEPTANCE-DATETIME>20251021113657
ACCESSION NUMBER:		0001193125-25-244549
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251021
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251021
DATE AS OF CHANGE:		20251021

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:		251405840

	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_october_2025_8-k.htm
<DESCRIPTION>8-K
<TEXT>
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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="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;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;">Units</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>
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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-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 October 21, 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 October due to excess production costs for the Trust&#x2019;s subject interests (&#x201c;Subject Interests&#x201d;) during prior periods, as well as continued low natural gas pricing.</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-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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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><a href="sjt-ex99_1.htm"><font style="color:#0000ff;white-space:pre-wrap;text-decoration:underline solid;font-kerning:none;min-width:fit-content;">Press Release dated October 21, 2025</font></a></p></td>
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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="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>
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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;">October 21, 2025</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: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;">By:</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </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;margin-left:0;margin-right:0;"><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:'Aptos',sans-serif;font-style:italic;font-kerning:none;min-width:fit-content;">News Release</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-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 October 2025</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:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">DALLAS, Texas, October 21, 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 excess production costs for the Trust&#x2019;s subject interests (&#x201c;Subject Interests&#x201d;) incurred during prior periods, as well as continued low natural gas pricing. 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 $11,630,625 gross ($8,722,969 net to the Trust), a decrease in the deficit of $1,963,109 gross ($1,472,331 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 (a) repay 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, (b) replenish a reserve in the amount of $2,000,000, and (c) repay the principal and interest on the Trust&#x2019;s line of credit at Texas Bank (&#x201c;Line of Credit&#x201d;), after which time, the Trust will resume distributions of the royalty income to the holders of the Trust&#x2019;s units of beneficial interest.</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 $5,384,015 of total revenue from the Subject Interests for the production month of August 2025, consisting of $5,225,259 of gas revenues and $158,756 of oil revenues.  For the Subject Interests, Hilcorp reported $3,420,906 of production costs (excluding the balance of excess production costs) for the production month of August 2025, consisting of $2,946,406 of lease operating expenses, $479,939 of severance taxes, and ($5,439) of capital costs credits.</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:8pt;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 August 2025 totaled 2,283,656 Mcf (2,537,396 MMBtu), as compared to 2,297,364 Mcf (2,552,627 MMBtu) for July 2025. Dividing gas revenues by production volume yielded an average gas price for August 2025 of $2.29 per Mcf ($2.06 per MMBtu), a decrease of $0.19 per Mcf ($0.17 per MMBtu) as compared to the average gas price for July 2025 of $2.48 per Mcf ($2.23 per MMBtu).</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 $21,200. The decrease in administrative expenses was attributable to differences in timing of the receipt and payment of certain expenses by the Trust.  Interest income in the amount of $97 and a draw of $19,305 from the Line of Credit will be used to pay the balance of Trust administrative expenses for the month of October, which will bring the outstanding principal balance on the Line of Credit to $293,440.</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;">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. Cash reserves were utilized to pay interest accrued on the Line of Credit for the months of July, August, and September.  In October 2025, cash reserves in the amount of $1,798 will be utilized to pay interest on the Line of Credit, which will bring the balance of cash reserves maintained by the Trust to $27,243.</font></p><p style="font-size:10pt;margin-top:4pt;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;">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 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</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:10pt;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;">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: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;">As of July 21, 2025, the Trust self-publishes monthly press releases on its website, </font><font style="color:#467886;white-space:pre-wrap;text-decoration:underline solid;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">www.sjbrt.com</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;">, and the release will not be included in any wire distribution.  The self-publication is due to the depletion of the Trust&#x2019;s cash reserves and conservation of the Line of Credit resources.  The Trust will continue to furnish unitholders with information through its website and Form 8-K filings with the Securities and Exchange Commission, which are available at </font><font style="color:#467886;white-space:pre-wrap;text-decoration:underline solid;font-size:11pt;font-family:'Calibri Light',sans-serif;font-kerning:none;min-width:fit-content;">www.sec.gov</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;">.  If anyone would like to receive the press release via email, please contact the Trustee to be placed on the monthly press release email list.</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:left;"><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:left;"><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:left;"><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:left;"><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:left;"><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:left;"><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;text-decoration:underline solid;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:left;"><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: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></div></div>
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