---
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"
generated_at: "2026-05-21T02:18:59.951557+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-074077
- JSON: https://secwatch.observer/filing/0000950170-25-074077.json
- Plain text: https://secwatch.observer/filing/0000950170-25-074077.txt

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