San Juan Basin Royalty Trust Declares No June Distribution; Excess Costs $14.8M

SAN JUAN BASIN ROYALTY TRUST

No monthly cash distribution for June 2025; net proceeds of $294,238 applied to excess production costs.
Cumulative excess production costs ~$14.8M gross ($11.1M net to trust) from Hilcorp drilling two horizontal wells in 2024.
April 2025 production: total revenue $4.56M, production costs $4.20M; avg gas price $1.87/Mcf, down from $2.82/Mcf.
Trust established $2M line of credit with Texas Bank to cover admin expenses; cash reserves only $32,959 as of May 31, 2025.
No distributions until excess costs repaid and reserves replenished to $2M; press releases to be self-published starting July 21.

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