Market Overview

San Juan Basin Royalty Trust Declares August Cash Distribution


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
$1,474,734.99 or $0.031641 per Unit, based primarily upon gas production
during the month of June 2018, subject to certain adjustments for prior
months. The distribution is payable September 17, 2018, to Unit Holders
of record as of August 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 2,541,236 Mcf (2,823,595 MMBtu) for June 2018, as
compared to 3,010,038 Mcf (3,344,487 MMBtu) for May 2018. Dividing
revenues by production volume yielded an average gas price for June 2018
of $1.84 per Mcf ($1.65 per MMBtu), as compared to an average gas price
for May 2018 of $1.68 per Mcf ($1.51 per MMBtu).

For the month ended June 2018, Hilcorp reported to the Trust zero
capital costs, lease operating expenses and property taxes of
$2,297,411, and severance taxes of $672,292.

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