San Juan Basin Royalty Trust declares no July distribution; excess production costs $15.9M

SAN JUAN BASIN ROYALTY TRUST

No monthly distribution declared for July 2025; total cumulative excess production costs $15.93M gross ($11.95M net to trust).
Excess production costs increased $1.16M gross ($0.87M net) from prior month; all net proceeds will be applied to deficit.
Average gas price $1.62/Mcf ($1.46/MMBtu) in May 2025, down from $1.87/Mcf in April.
Cash reserves nearly depleted at $31,688; $2M line of credit with Texas Bank drawn for admin expenses.
Trust will self-publish press releases on its website until cash reserves replenished to $2M.

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