San Juan Basin Royalty Trust declares no April 2025 distribution; excess costs $12.9M net

SAN JUAN BASIN ROYALTY TRUST

No distribution for April 2025; $3.4M net proceeds applied to Hilcorp's excess production costs.
Cumulative excess production costs balance $17.2M gross ($12.9M net to Trust), down $3.4M from prior month.
Feb 2025 gas volumes 2.29M Mcf at avg $3.36/Mcf vs Jan volumes 2.69M Mcf at $3.74/Mcf.
Cash reserves for admin expenses now $117.8K; Trustee targets $2M reserve and evaluating credit options.
No distributions until excess costs fully repaid and cash reserves restored.

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