The Trust was established in November 1980 by Trust Indenture between Southland Royalty Company and The Fort Worth National Bank. BBVA USA (formerly known as Compass Bank) is the successor to The Fort Worth National Bank as Trustee of the Trust.

On July 31, 2017 Hilcorp San Juan LP ("Hilcorp") completed its purchase of San Juan Basin assets from ConocoPhillips, which included the Subject Interests owned by Burlington Resources Oil & Gas Company LP, a subsidiary of ConocoPhillips. Therefore, Hilcorp is the current owner and operator of most of the Subject Interests and the successor, through a series of purchases, assignments and mergers, to Southland Royalty Company.

No. The Trust is a grantor trust.

No. Unlike actively managed trusts where a management team is empowered to grow the trust's assets through new acquisitions, the Trustee is not empowered to engage in any business or commercial activity, nor can the Trustee use any portion of the Trust Estate to acquire additional properties.

Hilcorp, as the owner of most of the working interests and other leasehold interests comprising the Subject Interests, receives revenue monthly from the natural gas purchasers. Hilcorp deducts its production and development costs (including applicable lease operating expenses, capital expenses and taxes) and wires the Trust 75% of the remaining net profits. The Trustee adds investment income, deducts administrative expenses, and then distributes all remaining funds, net of cash reserves.

Royalty distributions are paid monthly to Unit holders who hold Units on the Record Date, the last business day of the month. The distributions are paid ten business days following the Record Date.

The Trust does not use the term "Freedom Checks." Except in limited circumstances, the Trust pays monthly cash distributions to its Unit Holders. The Trust collects the revenue attributable to the Royalty from Hilcorp, pays expenses, then distributes the remaining proceeds to Unit Holders. Besides interest income, the revenue forwarded monthly to the Trust from Hilcorp is the only source of revenue for Unit Holders.

We are aware that certain non-affiliated third party publications may refer to such monthly distributions from royalty trusts as "Freedom Checks." However, other than the monthly distributions described above, there are no separate programs or affiliations associated with Trust revenue or distributions using the term “Freedom Checks” or otherwise. Please refer to the most recent Annual Report & 10-K filing posted to our website for more specific information regarding the Trust, its revenue, and distributions to Unit Holders.

We don't know. Independent petroleum engineers retained by the Trust estimate, conservatively, that the Trust is likely to run at least another 10-15 years. 

The Trust does not have a specific termination date. However, some events that could cause the Trust to terminate include:

* the Trust’s gross revenue for each of two successive years is less than $1,000,000 per year; or

* the holders of 75% or more of the Units vote to terminate.

Once the decision has been made to terminate the Trust, the properties will be sold for market value and the cash received from the sale less any applicable administrative costs will be distributed to the Unit holders of record at that time.

You can read the Original Prospectus by clicking here. You can also request a mailed copy by writing San Juan Basin Royalty Trust, Compass Bank, Trustee, 300 West Seventh Street, Suite B, Fort Worth, Texas 76102, or emailing sjt.us@bbva.com. 

You can read the Original Conveyance by clicking here and the corrections by clicking here. You can also request a mailed copy by writing San Juan Basin Royalty Trust, Compass Bank, Trustee, 300 West Seventh Street, Suite B, Fort Worth, Texas 76102, or emailing sjt.us@bbva.com. 

You can read the Original Trust Indenture by clicking here. You can also request a mailed copy by writing San Juan Basin Royalty Trust, Compass Bank, Trustee, 300 West Seventh Street, Suite B, Fort Worth, Texas 76102, or emailing sjt.us@bbva.com. 

Yes. An electronic version of a map showing the location of wells burdened by the Trust's interests is available to unit holders upon request and at no charge by emailing sjt.us@bbva.com.

The Underlying Properties are primarily gas producing properties, and well over 90% of production is natural gas.

Because Units of beneficial interest are not shares of stock and the legal rights of a royalty trust owner differ from those of a stockholder. However, the Units of the Trust are traded on the NYSE just like shares of stocks of other companies, and one Unit is in many ways comparable to one share of stock. 

No. The Trustee is not permitted to buy or sell Units. The purchase of Units is generally transacted through a stock broker or online trading service.

No. That is a decision you should make in conjunction with your financial advisor or broker.

No. If you wish to purchase additional Units, you will need to make arrangements with your broker. Note: You should review the tax information posted on the Trust's website prior to reinvesting. For example, if there are frequent changes in the number of Units held, the calculations at tax time would be more time-consuming.

No. The Trustee does not maintain any Unit holder records. You will want to contact your investment broker if you are a beneficial holder, or the Transfer Agent if you have a registered account, to make sure they have the correct address in their records.

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Computershare Investor Services, LLC. Customer Service: (312) 360-5154, Broker hotline: (781) 575-3839, Website: www.computershare.com.