---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-097177"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2025-07-21T23:59:59+00:00"
generated_at: "2026-05-18T05:22:44.545570+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-097177
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2025-07-21T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000095017025097177/0000950170-25-097177-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000095017025097177/sjt_july_2025_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-097177
- JSON: https://secwatch.observer/filing/0000950170-25-097177.json
- Plain text: https://secwatch.observer/filing/0000950170-25-097177.txt

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