San Juan Basin Royalty Trust Declares Cash Distribution for March 2020

BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the "Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the "Unit Holders”) of $1,498,536.63 or $0.032151 per Unit, based primarily upon production during the month of January 2020, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. ("Hilcorp”), for prior months. The distribution is payable April 14, 2020, to Unit Holders of record as of March 31, 2020.

Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 1,888,856 Mcf (2,098,729 MMBtu) for January 2020, as compared to 2,469,963 Mcf (2,744,404 MMBtu) for December 2019. Dividing revenues by production volume yielded an average gas price for January 2020 of $2.34 per Mcf ($2.11 per MMBtu), as compared to an average gas price for December 2019 of $2.08 per Mcf ($1.87 per MMBtu).

Hilcorp has advised the Trust that the January 2020 reporting month included additional profits of $250,108 gross ($187,581 net to the Trust) based on true-ups and adjustments for the January 2019, February 2019, and September 2019 production months.

Hilcorp also reported that for the reporting month of January 2020, revenue included an estimated $73,803 for non-operated revenue. For the month ended January 2020, Hilcorp reported to the Trust capital costs of $1,786, lease operating expenses and property taxes of $2,179,202, and severance taxes of $166,769.

Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as "estimates,” "anticipates,” "could,” "plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.

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