secwatch.observer — SEC 8-K summary
======================================

Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2026-04-20T23:59:59+00:00
Accession:  0001193125-26-163687
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

San Juan Basin Royalty Trust declares no cash distribution for April 2026 due to excess costs, low gas prices
--------------------------------------------------------------------------------

- Cumulative excess production costs $6.63M gross ($4.97M net to Trust), up $445K from prior month.
- No distributions until excess costs, $2M reserve, and line of credit ($872K balance) are fully repaid.
- Feb 2026 gas volumes 1.89M Mcf, avg price $2.70/Mcf, down $0.26/Mcf from Jan.
- Total revenue $5.24M vs. production costs $5.68M (excl. excess), resulting in net deficit.
- Trust drew $122K from line of credit for admin expenses; line balance now $872K.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312526163687/0001193125-26-163687-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312526163687/sjt_april_2026_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-163687

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer