San Juan Basin Royalty Trust Declares Cash Distribution for December 2019
December 20 2019 - 9:00AM
Business Wire
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 $79,420.35 or $0.001704 per Unit, based primarily upon
production during the month of October 2019, subject to certain
adjustments by the operator of the Trust’s subject interests,
Hilcorp San Juan L.P. (“Hilcorp”), for prior months. The
distribution is payable January 15, 2020, to Unit Holders of record
as of December 31, 2019.
After payment of the Trust’s administrative expenses for the
month, the Trustee will replenish the Trust’s cash reserves by the
net amount of $388,162 which will bring the cash reserve balance
back to the previously established amount of $1.0 million. As of
November 29, 2019, the Trust’s cash reserves were $611,838.
Based upon information provided to the Trust by Hilcorp, gas
production for the subject interests totaled 2,174,663 Mcf
(2,416,293 MMBtu) for October 2019, as compared to 3,227,134 Mcf
(3,585,705 MMBtu) for September 2019. Dividing revenues by
production volume yielded an average gas price for October 2019 of
$1.46 per Mcf ($1.32 per MMBtu), as compared to an average gas
price for September 2019 of $1.58 per Mcf ($1.42 per MMBtu).
Hilcorp has advised the Trust that the October 2019 reporting
month included additional profits of $229,128 gross ($171,846 net
to the Trust) based on true-ups and adjustments for the October
2017 production month. Hilcorp also reported that for the reporting
month of October 2019, revenue included an estimated $169,000 for
non-operated revenue. For the month ended October 2019, Hilcorp
reported to the Trust capital costs of $25,481, lease operating
expenses and property taxes of $2,393,163, and severance taxes of
$53,239.
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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version on businesswire.com: https://www.businesswire.com/news/home/20191220005093/en/
San Juan Basin Royalty Trust BBVA USA, Trustee 300 West Seventh
St., Suite B, Fort Worth, Texas 76102 website: www.sjbrt.com
e-mail: sjt.us@bbva.com Joshua R.
Peterson, Senior Vice President & Trust Officer Kaye Wilke,
Investor Relations, toll-free: (866) 809-4553
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