Market Overview

San Juan Basin Royalty Trust Declares July Cash Distribution


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 $2,833,692.50 or $0.060797 per unit, based
principally upon production during the month of May 2017. The
distribution is payable August 14, 2017, to unit holders of record as of
July 31, 2017.

Gas production for the properties from which the royalty was carved (the
"Subject Interests") totaled approximately 2,204,668 Mcf (2,468,309
MMBtu) for May 2017. Dividing revenues by production volume yielded an
average gas price for May 2017 of $2.46 per Mcf ($2.19 per MMBtu) as
compared to $2.54 per Mcf ($2.27 per MMBtu) for April 2017.

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 June 2017, capital costs were $63,538, lease
operating expenses were $2,173,651, and property taxes were $34,451.
Severance taxes for the May production month were $596,376.

Burlington Resources Oil & Gas Company, LP, the principal operator of
the Subject Interests, accrues and withholds funds it estimates will be
needed to cover capital expenses. The distribution for July includes a
$1,000,000 gross credit based on a reversal of accrued capital expenses.

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