San Juan Basin Royalty Trust Declares No March Distribution; Excess Production Costs Continue

SAN JUAN BASIN ROYALTY TRUST

No March 2025 cash distribution; $4,153,693 net proceeds applied to excess production costs from Hilcorp's two new horizontal wells in 2024.
Cumulative excess production costs balance is approximately $16,304,960 net to Trust; distributions suspended until fully repaid.
Hilcorp reported Jan 2025 total revenue of $10,152,016; gas volumes 2,689,216 Mcf at avg price $3.74/Mcf, up from $3.14/Mcf in Dec 2024.
Trust administrative expenses for Jan were $255,657; cash reserves now ~$258,521; Trustee evaluating credit options to cover expenses.
Hilcorp's 2025 capital plan for Subject Interests estimated at $9.0M, including 7 new vertical wells ($4.0M) and 22 recompletions/workovers ($4.5M).

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