San Juan Basin Royalty Trust Declares
Monthly Cash Distribution
San Juan Basin Royalty Trust
TexasBank, Trustee
2525 Ridgmar Boulevard Suite 100
Fort Worth, Texas 76116
FORT WORTH, Texas, November 18,
2005 - TexasBank, 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 $15,593,110.26 or $0.334553
per unit, based principally upon
production during the month of
September 2005. The distribution
is payable December 14, 2005, to
unit holders of record as of November
30, 2005.
Gas production for the properties
from which the royalty was carved
(the “Underlying Properties”) totaled
approximately 3,366,271 Mcf (3,602,684
MMBtu). Dividing revenues by production
volume yielded an average gas price
for September 2005 of $8.02 per
Mcf ($7.49 per MMBtu) as compared
to $5.94 per Mcf ($5.64 per MMBtu)
for August 2005. The average gas
price may vary significantly 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. Capital
costs for the month were $1,687,091.
Lease operating expense was $1,753,442
and taxes were $2,699,374.
As a result of arbitration undertaken
by the Trust and Burlington Resources
Oil & Gas Company, L.P. (“BROG”),
the present owner of the Underlying
Properties, to resolve a number
of revenue and expense audit issues,
an Arbitration Award was issued
on November 11, 2005, requiring
BROG to pay to the Trust an aggregate
of $7,683,699. On November 17,
2005, the Trust filed its Application
to Confirm Arbitration Award. No
assurance can be given at this
time as to when the award will
be paid.
Contact: San Juan Basin Royalty
Trust
Lee Ann Anderson, Vice President and Senior Trust Officer
Kaye Wilke, Investor Relations,
toll-free: (866) 809-4553
Fax: (817) 735-0936
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