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 $2,428,473.24 or $0.052103 per unit, based
principally upon production during the month of January 2009, but also
including $180,750 of revenue allocated to the Trust as part of the
ongoing negotiation of joint interest audit exceptions. The distribution
is payable April 14, 2009, to unit holders of record as of March 31,
2009.
Gas production for the properties from which the royalty was carved (the
“Underlying Properties”) totaled approximately 2,689,413 Mcf (2,918,228
MMBtu). Dividing revenues by production volume yielded an average gas
price for January 2009 of $4.67 per Mcf ($4.30 per MMBtu) as compared to
$4.38 per Mcf ($4.07 per MMBtu) for December 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 $4,390,521. Lease operating expenses
were $3,367,656 and taxes were $1,219,691.
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
www.sjbrt.com
sjt@compassbank.com
