---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-326039"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2025-12-19T23:59:59+00:00"
generated_at: "2026-05-16T12:39:37.955902+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-326039
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2025-12-19T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/0001193125-25-326039-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/sjt_december_2025_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-326039
- JSON: https://secwatch.observer/filing/0001193125-25-326039.json
- Plain text: https://secwatch.observer/filing/0001193125-25-326039.txt

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