San Juan Basin Royalty Trust declares no October distribution; excess costs $8.7M net

SAN JUAN BASIN ROYALTY TRUST

No October 2025 cash distribution due to cumulative excess production costs of $11,630,625 gross ($8,722,969 net to Trust); deficit decreased $1,963,109 gross from last month.
August 2025 production: gas volumes 2,283,656 Mcf at average price $2.29/Mcf ($2.06/MMBtu), down $0.19/Mcf from July.
Total revenue from Subject Interests $5,384,015; production costs $3,420,906 (excluding excess cost balance).
Trust admin expenses $21,200; $19,305 drawn from line of credit, bringing principal to $293,440; cash reserves $27,243.
Distributions suspended until excess costs repaid, $2M reserve replenished, and line of credit repaid.

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