SJT $ 5.98 -0.05 -0.83% Volume: 89,185 NYSE SINCE 1980 July 20, 2018

News Release

San Juan Basin Royalty Trust Declares September Cash Distribution


FORT WORTH, Texas--(BUSINESS WIRE)-- Compass Bank, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), today declared a monthly cash distribution to the holders of its units of beneficial interest of $10,099,162.81 or $0.216679 per unit, based principally upon production during the month of July 2017. The distribution is payable October 16, 2017, to unit holders of record as of September 29, 2017.

This month’s distribution includes $7.5 million that Burlington Resources Oil & Gas Company LP (“Burlington”) paid to the Trust in settlement of the lawsuit the Trust filed against Burlington on July 31, 2014.

Gas production for the properties from which the royalty was carved (the “Subject Interests”) totaled approximately 2,155,437 Mcf (2,410,091 MMBtu) for July 2017. Dividing revenues by production volume yielded an average gas price for July 2017 of $2.59 per Mcf ($2.32 per MMBtu) which is the same as the $2.59 per Mcf ($2.32 per MMBtu) for June 2017.

The average monthly gas price Burlington reports to the Trust is a calculated price. It is determined by dividing gross monthly revenue by production volume, and therefore, it does not represent an average of actual sales prices. The average gas price may vary from the posted index price for the San Juan Basin. The index price is a gross sales price, and the revenues used in the calculation of average gas prices are net of transportation, processing and gathering costs. Furthermore, the distribution to the Trust in any given month may include significant volume adjustments for sales in prior months that reflect pricing for those prior months.

For the month ended August 2017, capital costs were $5,056, lease operating expenses were $1,429,175, and property taxes were $34,451. Severance taxes for the July production month were $595,048.

Source: San Juan Basin Royalty Trust

San Juan Basin Royalty Trust

Compass Bank, Trustee

Joshua R. Peterson, Vice President & Senior Trust Officer

Kaye Wilke, Investor Relations, toll-free: 866-809-4553