---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-244549"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2025-10-21T23:59:59+00:00"
generated_at: "2026-05-17T03:07:31.622479+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-244549
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2025-10-21T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000119312525244549/0001193125-25-244549-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312525244549/sjt_october_2025_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-244549
- JSON: https://secwatch.observer/filing/0001193125-25-244549.json
- Plain text: https://secwatch.observer/filing/0001193125-25-244549.txt

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