Exhibit 99.1
News Release
San Juan Basin Royalty Trust
Declares Cash Distribution for October 2023
HOUSTON, Texas, October 20, 2023 PNC Bank, National Association, as the
trustee (the Trustee) of the San Juan Basin Royalty Trust (the Trust) (NYSE: SJT), today declared a monthly cash distribution to the holders (the Unit Holders) of its units of beneficial interest (the
Units) of $2,269,587.37 or $0.048694 per Unit, based primarily upon the reported production of the Trusts subject interests (the Subject Interests) during the month of August 2023. The distribution is payable
November 14, 2023, to the Unit Holders of record as of October 31, 2023.
For the production month of August 2023, the owner of the Subject
Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, Hilcorp), reported to the Trust net profits of $3,148,582 gross ($2,361,436 net royalty amount to the Trust).
Hilcorp reported $6,840,879 of total revenue from the Subject Interests for the production month of August 2023, consisting of $6,409,321 of gas revenues and
$431,558 of oil revenues. For the Subject Interests, Hilcorp reported $3,692,297 of production costs for the production month of August 2023, consisting of $2,185,003 of lease
operating expense, $1,051,132 of severance taxes and $456,162 of capital costs.
Based upon information provided to the Trust by Hilcorp, gas volumes for the subject interests for August 2023 totaled 2,076,932 Mcf (2,307,702 MMBtu), as
compared to 1,986,071 Mcf (2,206,745 MMBtu) for July 2023. Dividing gas revenues by production volume yielded an average gas price for August 2023 of $3.09 per Mcf ($2.78 per MMBtu), as compared to an average gas price for July 2023 of $2.53 per Mcf
($2.28 per MMBtu).
Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements,
as recommended for approval by the Trusts Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trusts third-party compliance auditors continue to audit payments
made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital expenditures, adjustments, actualizations, and recoupments. The Trusts auditing process has also included detailed analysis of Hilcorps pricing and
rates charged. As previously disclosed in the Trusts filings, these revenues and costs (along with all costs) are the subject of the Trusts ongoing comprehensive audit process by our professional consultants and outside counsel to ensure
full compliance with all the underlying operative Trust agreements and evaluating all available potential remedies in the event there is evidence of non-compliance.
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Contact: |
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San Juan Basin Royalty Trust |
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PNC Bank, National Association |
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PNC Asset Management Group 2200 Post Oak Blvd.,
Floor 18 |
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Houston, TX 77056 website:
www.sjbrt.com e-mail: sjt@pnc.com |
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Ross Durr, RPL, Senior Vice President & Mineral Interest Director |
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Kaye Wilke, Investor Relations, toll-free: (866) 809-4553 |