---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-275535"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2026-06-18T17:59:23+00:00"
generated_at: "2026-06-18T18:00:07.891064+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 suspends June distribution; excess production costs rise to $9.3M

## Summary
- No cash distribution for June 2026; cumulative excess production costs $9,258,749 gross ($6,944,062 net), up $774,601 from prior month.
- Hilcorp's two new horizontal wells in 2024 caused excess costs; all net proceeds applied to deficit until fully repaid.
- April 2026 gas volumes 2,065,583 Mcf at avg $1.28/Mcf; total revenue $3.02M vs production costs $3.80M (excluding excess).
- Trust admin expenses $48,800; line of credit draw $48,781 brings outstanding to $944,470; cash reserves only $3,891.
- No distributions until deficit, $2M reserve, and line of credit are fully repaid; ongoing audit of Hilcorp's accounting.

## SEC filing metadata
- accession: 0001193125-26-275535
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2026-06-18T17:59:23+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/319655/000119312526275535/0001193125-26-275535-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312526275535/june_2026_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-275535
- JSON: https://secwatch.observer/filing/0001193125-26-275535.json
- Plain text: https://secwatch.observer/filing/0001193125-26-275535.txt

## Key facts
- Earnings Releases
  SAN JUAN BASIN ROYALTY TRUST reported April 2026 results: revenue $3,023,335.
  - Period: April 2026
  - Revenue: $3,023,335
  - Result: reported results
  source text: Hilcorp reported $3,023,335 of total revenue from the Subject Interests for the production month of April 2026, consisting of $2,646,258 of gas revenues, $377,077 of oil revenues.
  evidence_url: https://www.sec.gov/Archives/edgar/data/319655/000119312526275535/0001193125-26-275535-index.htm

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