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, March 21, 2005 – TexasBank, 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 $13,918,331.63 or $0.298620 per unit, based principally upon production during the month of January 2005. The distribution is payable April 14, 2005, to unit holders of record as of March 31, 2005.
Gas production for the properties from which the royalty was carved (the “Underlying Properties”) totaled approximately 3,894,758 Mcf (4,263,587 MMBtu). Dividing revenues by production volume yielded an average gas price for January 2005 of $5.77 per Mcf ($5.27 per MMBtu) as compared to $5.67 per Mcf ($5.28 per MMBtu) for December 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 $1,482,698. Lease operating expense was $1,132,814 and taxes were $2,438,061.
The Trustee has been in ongoing negotiations with Burlington Resources Oil & Gas Company LP, the owner of the Underlying Properties, concerning a number of revenue and expense audit issues. This month’s distribution includes $833,851 in interest on late payment of gross proceeds and settlement of certain other audit exceptions.
| Contact: | San Juan Basin Royalty Trust 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 |