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

Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2026-05-18T15:16:22+00:00
Accession:  0001193125-26-228303
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312526228303/0001193125-26-228303-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312526228303/may_2026_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-228303

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