San Juan Basin Royalty Trust Declares Monthly Distribution

Compass Bank, as Trustee of the San Juan Basin Royalty Trust , has declared a monthly cash distribution to the holders of its units of beneficial interest of $6,432,209.81 or $0.138004 per unit, based principally upon production during the month of November 2009. The distribution for January also includes $205,085 in granted audit exceptions and interest on late payment of gross proceeds. The distribution is payable February 12, 2010, to Unit holders of record as of January 29, 2010.

Gas production for the properties from which the royalty was carved (the “Underlying Properties”) totaled approximately 2,990,370 Mcf (3,259,714 MMBtu). Dividing revenues by production volume yielded an average gas price for November 2009 of $4.62 per Mcf ($4.24 per MMBtu) as compared to $4.10 per Mcf ($3.76 per MMBtu) for October 2009. 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. Capital costs for the month were $1,576,908. Lease operating expenses were $2,808,537 and taxes were $1,361,687.



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