{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-074077","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-05-19T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.930494+00:00","generated_at":"2026-05-21T02:18:59.951557+00:00","sec_items":["2.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"San Juan Basin Royalty Trust declares no May 2025 distribution due to excess costs","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-074077","json":"https://secwatch.observer/filing/0000950170-25-074077.json","markdown":"https://secwatch.observer/filing/0000950170-25-074077.md","text":"https://secwatch.observer/filing/0000950170-25-074077.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000095017025074077/0000950170-25-074077-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000095017025074077/sjt_may_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-21T02:18:59.951557+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}