Market Overview

San Juan Basin Royalty Trust Declares March Cash Distribution

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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 $3,310,291.74 or $0.071023 per unit, based
principally upon production during the month of January 2017. The
distribution is payable April 13, 2017, to unit holders of record as of
March 31, 2017.

Gas production for the properties from which the royalty was carved (the
"Subject Interests") totaled approximately 2,103,048 Mcf (2,359,182
MMBtu) for January 2017. Dividing revenues by production volume yielded
an average gas price for January 2017 of $3.42 per Mcf ($3.05 per MMBtu)
as compared to $3.05 per Mcf ($2.73 per MMBtu) for December 2016.

The average monthly gas price Burlington reports to the Trust is a
calculated price. It is determined by dividing gross monthly revenue by
production volume, and therefore, it does not represent an average of
actual sales prices. 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.

For the month ended February 2017, capital costs were $17,353 and lease
operating expenses were $2,018,853. A property tax credit was issued for
$79,440. Severance taxes for the January production month were $748,597.

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