---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-088268"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2025-06-20T23:59:59+00:00"
generated_at: "2026-05-19T02:06:41.209962+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-088268
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2025-06-20T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000095017025088268/0000950170-25-088268-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000095017025088268/sjt_june_2025_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-088268
- JSON: https://secwatch.observer/filing/0000950170-25-088268.json
- Plain text: https://secwatch.observer/filing/0000950170-25-088268.txt

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