San Juan Basin Royalty Trust Declares Monthly Cash Distribution

  San Juan Basin Royalty Trust Declares Monthly Cash Distribution

Business Wire

FORT WORTH, Texas -- February 15, 2013

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 $1,242,172.85 or $0.026651 per unit, based principally upon
production during the month of December 2012. The distribution is payable
March 14, 2013, to unit holders of record as of February 28, 2013.

Gas production for the properties from which the royalty was carved (the
“Underlying Properties”) totaled approximately 2,521,023 Mcf (2,758,720
MMBtu). Dividing revenues by production volume yielded an average gas price
for December 2012 of $3.74 per Mcf ($3.42 per MMBtu) as compared to $3.67 per
Mcf ($3.34 per MMBtu) for November 2012. The average gas price may vary 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 $3,658,515. Lease operating expenses
were $3,021,974 and taxes were $1,011,690.


San Juan Basin Royalty Trust
Compass Bank
Lee Ann Anderson, 866-809-4553
Vice President & Senior Trust Officer
Kaye Wilke, 866-809-4553
Investor Relations
Fax: 817-735-0936
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