Exhibit 99.1
News Release
San Juan Basin Royalty Trust
Declares Cash Distribution for August 2023
HOUSTON, Texas, August 21, 2023 PNC Bank, National Association, as the
trustee (the Trustee) of the San Juan Basin Royalty Trust (the Trust) (NYSE: SJT), today declared a monthly cash distribution to the holders (the Unit Holders) of its units of beneficial interest (the
Units) of $964,360.23 or $0.020691 per Unit, based primarily upon the reported production of the Trusts subject interests (the Subject Interests) during the month of June 2023. The distribution is payable
September 15, 2023, to the Unit Holders of record as of August 31, 2023.
For the production month of June 2023, the owner of the Subject
Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, Hilcorp), reported to the Trust net profits of $1,442,222 ($1,081,666 net royalty amount to the Trust).
Hilcorp reported $4,104,013 of total revenue from the Subject Interests for the production month of June 2023, consisting of $3,774,490 of gas revenues and
$329,523 of oil revenues. For the Subject Interests, Hilcorp reported $2,661,792 of production costs for the production month of June 2023, consisting of $1,913,752 of lease operating expense, $611,222 of severance taxes and $136,818 of capital
costs.
Based upon the information that Hilcorp provided to the Trust, gas volumes for the Subject Interests for June 2023 totaled 2,006,122 Mcf
(2,229,024 MMBtu), as compared to 1,997,433 Mcf (2,219,370 MMBtu) for May 2023.
Dividing gas revenues by production volume yielded an average gas price
for June 2023 of $1.88 per Mcf ($1.69 per MMBtu), as compared to an average gas price for May 2023 of $1.71 per Mcf ($1.54 per MMBtu).
Production from
the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements, as recommended for approval by the Trusts Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing
accounting and reporting to the Trust, and the Trusts third-party compliance auditors continue to audit payments made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital expenditures, adjustments, actualizations,
and recoupments. The Trusts auditing process has also included detailed analysis of Hilcorps pricing and rates charged. As previously disclosed in the Trusts filings, these revenues and costs (along with all costs) are the subject
of the Trusts ongoing comprehensive audit process by our professional consultants and outside counsel to ensure full compliance with all the underlying operative Trust agreements and evaluating all available potential remedies in the event
there is evidence of non-compliance.
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Contact: |
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San Juan Basin Royalty Trust |
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PNC Bank, National Association |
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PNC Asset Management Group 2200 Post Oak Blvd.,
Floor 18 |
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Houston, TX 77056 website:
www.sjbrt.com e-mail: sjt@pnc.com |
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Ross Durr, RPL, Senior Vice President & Mineral Interest Director |
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Kaye Wilke, Investor Relations, toll-free: (866) 809-4553 |