Compass Bank, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), today declared a monthly cash distribution to the holders of its units of beneficial interest of $9,830,841.52 or $0.210922 per unit, based principally upon production during the month of September 2008. The distribution is payable December 12, 2008, to unit holders of record as of November 28, 2008.

Gas production for the properties from which the royalty was carved (the “Underlying Properties”) totaled approximately 2,989,313 Mcf (3,237,913 MMBtu). Dividing revenues by production volume yielded an average gas price for September 2008 of $6.98 per Mcf ($6.45 per MMBtu) as compared to $8.32 per Mcf ($7.69 per MMBtu) for August 2008. The average gas price may vary significantly from the posted index price for the San Juan Basin. The index price is a gross sales price, and the revenues used in the calculation of average gas prices are net of transportation, processing and gathering costs. Furthermore, the distribution to the Trust in any given month may include significant volume adjustments for sales in prior months that reflect pricing for those prior months. Capital costs for the month were $2,820,519. Lease operating expenses were $3,338,996 and taxes were $2,035,949.

San Juan Basin Royalty Trust
Compass Bank
Lee Ann Anderson, 866-809-4553
Vice President & Senior Trust Officer
or
Kaye Wilke, 866-809-4553
Investor Relations
Fax: (817) 735-0936
Website: www.sjbrt.com
e-mail: sjt@compassbank.com