San Juan Basin Royalty Trust: No May distribution as deficit grows to $6.36M, gas price drops to $1.20/Mcf

SAN JUAN BASIN ROYALTY TRUST

Cumulative excess production costs net to Trust $6,363,112, up $1,389,243 from prior month.
March 2026 gas volumes 2,077,611 Mcf; avg price $1.20/Mcf vs $2.70/Mcf in Feb.
No distributions until deficit repaid, $2M reserve restored, and $895,689 line of credit cleared.
Admin expenses $28,959; line of credit draw $23,435; cash reserves at $3,891 after interest payment.
Excess costs from two Hilcorp horizontal wells in 2024; Trust continues audit of Hilcorp payments.

item 2.02item 9.01

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