San Juan Basin Royalty Trust updates G&A savings, Hilcorp audit, $2M credit facility maturity

SAN JUAN BASIN ROYALTY TRUST

Trustee reports G&A expenses fell about $976,000 year-over-year, mainly because 2024 trustee transition costs from PNC Bank to Argent Trust Company did not recur.
On the 2017-2020 joint interest audit with Hilcorp, Argent concluded further dispute/recovery cost outweighed likely recovery; the royalty auditor continues review.
Liquidity: $2,000,000 Texas Bank credit facility matures May 21, 2027; principal balance was about $1,075,400 as of September 18, 2026, and Trustee is in talks on renewal.
Hilcorp controls pace and scope of development under the Conveyance; Trustee lacks authority to veto and only monitors capital spending and natural gas prices.
Trustee will restore national newswire distribution of monthly press releases starting with October 2026, adding to website, email list, and public filings.

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