---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-405498"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2026-09-28T21:04:26+00:00"
generated_at: "2026-10-12T13:37:52.769746+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-405498
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2026-09-28T21:04:26+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000119312526405498/0001193125-26-405498-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312526405498/sjt_-9.28_2026_8-k_ops.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-405498
- JSON: https://secwatch.observer/filing/0001193125-26-405498.json
- Plain text: https://secwatch.observer/filing/0001193125-26-405498.txt

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