San Juan Basin Royalty Trust declares no May 2025 distribution due to excess costs

SAN JUAN BASIN ROYALTY TRUST

No cash distribution for May 2025; net proceeds of $1,499,498 applied to excess production costs from two new horizontal wells drilled in 2024.
Cumulative excess production costs balance stands at ~$15.16M gross ($11.37M net to Trust), down $1.5M net from prior month.
March 2025 total revenue $6.98M (gas $6.90M, oil $79,973); production costs $4.99M; avg gas price $2.82/Mcf, down $0.54/Mcf from Feb.
Trust admin expenses $85,694; cash reserves will be reduced to $32,959; Trustee exploring credit options to pay future expenses.
No future distributions until excess production costs fully repaid and cash reserves replenished to $2.0M.

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