EXHIBIT 99.1
San Juan Basin Royalty Trust
TexasBank, Trustee
2525 Ridgmar Boulevard Suite 100
Fort Worth, Texas 76116
NEWS RELEASE
San Juan Basin Royalty Trust
Declares Monthly Cash Distribution
FORT WORTH, Texas, October 19, 2004 — TexasBank, as Trustee of the San Juan Basin Royalty Trust, today declared a monthly cash distribution to the holders of its units of beneficial interest of $9,980,007.04 or $0.214123 per unit, based principally upon production during the month of August 2004. The distribution is payable November 15, 2004, to unit holders of record as of October 29, 2004. Gas production for the properties from which the royalty was carved (the “Underlying Properties”) totaled approximately 3,865,388 Mcf (4,056,255 MMBtu). Dividing revenues by production volume yielded an average gas price for August 2004 of $5.23 per Mcf ($4.99 per MMBtu) as compared to $5.29 per Mcf ($4.92 per MMBtu) for July 2004. The average gas price may vary significantly 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. Capital costs for the month were $2,065,153. Lease operating expense was $3,072,733 and taxes were $1,906,115. The increase in lease operating expense is due to approximately $1.3 million in added abandonment costs in addition to the normal lease operating expense costs for the month.
| Contact: | Lee Ann Anderson, Vice President and Trust Officer | |
| Kaye Wilke, Investor Relations, toll-free: (866) 809-4553 | ||
| Fax: (817) 735-0936 | ||
| Website: www.sjbrt.com | ||
| e-mail: sjt@texasbank.com | ||
| NYSE Symbol: SJT |