Market Overview

San Juan Basin Royalty Trust Declares September 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 $10,099,162.81 or $0.216679 per unit, based
principally upon production during the month of July 2017. The
distribution is payable October 16, 2017, to unit holders of record as
of September 29, 2017.

This month's distribution includes $7.5 million that Burlington
Resources Oil & Gas Company LP ("Burlington") paid to the Trust in
settlement of the lawsuit the Trust filed against Burlington on July 31,

Gas production for the properties from which the royalty was carved (the
"Subject Interests") totaled approximately 2,155,437 Mcf (2,410,091
MMBtu) for July 2017. Dividing revenues by production volume yielded an
average gas price for July 2017 of $2.59 per Mcf ($2.32 per MMBtu) which
is the same as the $2.59 per Mcf ($2.32 per MMBtu) for June 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 August 2017, capital costs were $5,056, lease
operating expenses were $1,429,175, and property taxes were $34,451.
Severance taxes for the July production month were $595,048.

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