secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2025-05-19T23:59:59+00:00
Accession:  0000950170-25-074077
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000095017025074077/0000950170-25-074077-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000095017025074077/sjt_may_2025_8-k.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-074077

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