---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-208859"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2025-09-19T23:59:59+00:00"
generated_at: "2026-05-17T06:10:05.274012+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust declares no September distribution due to $10.2M net excess costs

## Summary
- No monthly cash distribution for September; cumulative excess production costs $13.6M gross ($10.2M net to trust).
- Hilcorp will apply all net proceeds to excess costs; no distributions until balance repaid, $2M reserve replenished, and line of credit cleared.
- July 2025 revenue $5.83M ($5.70M gas, $0.13M oil); production costs $3.71M (excluding excess).
- Average gas price $2.48/Mcf, up $0.24 from June; gas volumes largely flat at 2.3M Mcf.
- Trust self-publishes monthly releases on website due to depleted cash reserves; line of credit balance $274k.

## SEC filing metadata
- accession: 0001193125-25-208859
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2025-09-19T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000119312525208859/0001193125-25-208859-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312525208859/sjt_september_2025_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-208859
- JSON: https://secwatch.observer/filing/0001193125-25-208859.json
- Plain text: https://secwatch.observer/filing/0001193125-25-208859.txt

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