San Juan Basin Royalty Trust Declares Monthly Cash Distribution

Business Wire, May 18, 2009

FORT WORTH, Texas -- Compass Bank, 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 $1,224,461.72 or $0.026271 per unit, based principally upon production during the month of March 2009. The distribution is payable June 12, 2009, to unit holders of record as of May 29, 2009.

Gas production for the properties from which the royalty was carved (the “Underlying Properties”) totaled approximately 3,076,126 Mcf (3,325,116 MMBtu). Dividing revenues by production volume yielded an average gas price for March 2009 of $2.75 per Mcf ($2.54 per MMBtu) as compared to $3.10 per Mcf ($2.88 per MMBtu) for February 2009. 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 $3,428,930. Lease operating expenses were $2,450,472 and taxes were $850,123.