San Juan Basin Royalty Trust declares no December distribution; $6.3M net excess production costs remain

SAN JUAN BASIN ROYALTY TRUST

No monthly cash distribution declared for December due to $6,328,902 net excess production costs and low gas pricing.
October 2025 revenue $5.3M ($5.12M gas, $181K oil); production costs $3.3M excluding excess balance.
Gas volumes 2,297,504 Mcf at avg price $2.23/Mcf (up $0.14 from Sept); trust admin expenses $83,250.
Line of credit principal now $387,808; cash reserves drawn to $23,175 after interest payment.
Distributions will resume only after excess costs repaid, $2M reserve replenished, and credit line cleared.

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