secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2025-06-20T23:59:59+00:00
Accession:  0000950170-25-088268
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000095017025088268/0000950170-25-088268-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000095017025088268/sjt_june_2025_8-k.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-088268

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