---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-055071"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2025-04-17T23:59:59+00:00"
generated_at: "2026-05-23T12:31:06.246499+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-055071
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2025-04-17T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000095017025055071/0000950170-25-055071-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000095017025055071/sjt_april_2025_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-055071
- JSON: https://secwatch.observer/filing/0000950170-25-055071.json
- Plain text: https://secwatch.observer/filing/0000950170-25-055071.txt

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