Market Overview

San Juan Basin Royalty Trust Declares July Cash Distribution

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Compass Bank, 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
$1,355,239.18 or $0.029077 per Unit, based primarily upon gas production
during the month of May 2018, subject to certain adjustments for prior
months. The distribution is payable August 14, 2018, to Unit Holders of
record as of July 31, 2018.

Based upon information provided to the Trust by the present owner of the
Subject Interests (as defined in the Net Overriding Royalty Conveyance),
Hilcorp San Juan L.P. ("Hilcorp"), gas production for the Subject
Interests totaled 3,010,038 Mcf (3,344,487 MMBtu) for May 2018, as
compared to 3,321,522 Mcf (3,690,580 MMBtu) for April 2018. Dividing
revenues by production volume yielded an average gas price for May 2018
of $1.68 per Mcf ($1.51 per MMBtu), as compared to an average gas price
for April 2018 of $1.12 per Mcf ($1.00 MMBtu).

For the month ended May 2018, Hilcorp reported to the Trust capital
costs of $89,695, lease operating expenses and property taxes of
$2,897,443, and severance taxes of $497,883.

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