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San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution to holders of its units of beneficial interest for August. The Trust explained that excess production costs related to its subject interests during the June 2025 production month, combined with continued low natural gas pricing, meant there was no cash available to distribute. The announcement was made through a press release dated August 19, 2025, which is included as an exhibit to this report.
San Juan Basin Royalty Trust (SJT) reported no royalty income to the Trust for each month from May 2024 through June 2025, resulting in no monthly cash distributions for the reporting periods. The Trust's cash and short-term investments fell to $32,968 at June 30, 2025 from $760,920 at year-end 2024, and the Trustee drew on a newly established $2,000,000 line of credit, with an outstanding balance of $162,783 at June 30, 2025. Cumulative Excess Production Costs of approximately $14,767,940 gross ($11,075,955 net to the Trust) absorbed net proceeds that otherwise would have funded the Trust, and $6,972,006 of net proceeds for the quarter were applied to that balance. Distributable income was a $162,783 loss for the period (≈ $(0.00349) per unit) and trust corpus declined to $2,514,834. The Trustee states these conditions raise substantial doubt about the Trust's ability to continue as a going concern within one year. The Trustee continues audits of operator payments and has engaged a line of credit to cover administrative expenses until royalty receipts replenish reserves.