---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-043109"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2025-03-21T23:59:59+00:00"
generated_at: "2026-05-24T09:25:26.746561+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0000950170-25-043109
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2025-03-21T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000095017025043109/0000950170-25-043109-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000095017025043109/sjt_march_2025_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-043109
- JSON: https://secwatch.observer/filing/0000950170-25-043109.json
- Plain text: https://secwatch.observer/filing/0000950170-25-043109.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.