San Juan Basin Royalty Trust
Compass Bank, Trustee
2525 Ridgmar Boulevard Suite 100
Fort Worth, Texas 76116
San Juan Basin Royalty Trust Declares Monthly Cash Distribution
FORT WORTH, Texas, July 19, 2011 — 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 $6,050,621.83 or $0.129817 per unit, based principally upon production during the month of May 2011. The distribution is payable August 12, 2011, to unit holders of record as of July 29, 2011.
Gas production for the properties from which the royalty was carved (the "Underlying Properties") totaled approximately 2,820,965 Mcf (3,095,537 MMBtu). Dividing revenues by production volume yielded an average gas price for May 2011 of $5.02 per Mcf ($4.58 per MMBtu) as compared to $5.00 per Mcf ($4.56 per MMBtu) for April 2011. 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. Capital costs for the month were $1,980,971. Lease operating expenses were $3,045,951 and taxes were $1,395,029.
Contact: San Juan Basin Royalty Trust
Lee Ann Anderson, Vice President & Senior Trust Officer
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
Fax: (817) 735-0936
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