secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2025-07-21T23:59:59+00:00
Accession:  0000950170-25-097177
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000095017025097177/0000950170-25-097177-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000095017025097177/sjt_july_2025_8-k.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-097177

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