San Juan Basin Royalty Trust Declares No Cash Distribution for November 2025

SAN JUAN BASIN ROYALTY TRUST

Excess production costs balance is approx. $10,452,021 gross ($7,839,016 net to Trust), down $1,178,604 gross from prior month.
No distributions until excess costs repaid, $2M reserve replenished, and line of credit principal ($306,674 outstanding) and interest paid.
Gas volumes for September 2025 were 2,206,654 Mcf at avg price $2.09/Mcf, down from $2.29/Mcf in August 2025.
Hilcorp reported total revenue of $4,725,794 and production costs of $3,547,190 for the Subject Interests in September 2025.
Trust drew $13,234 from line of credit for administrative expenses, bringing outstanding balance to $306,674.

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