secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2025-03-21T23:59:59+00:00
Accession:  0000950170-25-043109
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000095017025043109/0000950170-25-043109-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000095017025043109/sjt_march_2025_8-k.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-043109

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