-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Noc18zhwwvam3dG80hhyZy5qRAtKk3zUaJ0ATOHxsvJKDmeATMrIIfnivmjqWBdY lAkHv167wWxtr6OTcdeYOg== 0000919297-96-000028.txt : 19960517 0000919297-96-000028.hdr.sgml : 19960517 ACCESSION NUMBER: 0000919297-96-000028 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAN JUAN BASIN ROYALTY TRUST CENTRAL INDEX KEY: 0000319655 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 756279898 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08032 FILM NUMBER: 96566948 BUSINESS ADDRESS: STREET 1: BANK ONE TEXAS N A TRUST CITY: FT WORTH STATE: TX ZIP: 76113 BUSINESS PHONE: 8178844630 MAIL ADDRESS: STREET 1: 1600 BANK ONE TOWER STREET 2: 500 THROCKMORTON CITY: FORT WORTH STATE: TX ZIP: 76102-3899 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 1996 Commission File No. 1-8032 SAN JUAN BASIN ROYALTY TRUST Texas I.R.S. No. 75-6279898 Bank One, Texas, N.A., Trust Department P. O. Box 2604 Fort Worth, Texas 76113 Telephone Number 817/884-4630 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- Number of units of beneficial interest outstanding at May 15, 1996: 46,608,796 - ---------- Page 1 of 14 SAN JUAN BASIN ROYALTY TRUST PART I - FINANCIAL INFORMATION Item 1. Financial Statements The condensed financial statements included herein have been prepared by Bank One, Texas, N.A. as Trustee for the San Juan Basin Royalty Trust, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to such rules and regulations, although the Trustee believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Trust's latest annual report on Form 10-K. In the opinion of the Trustee, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the assets, liabilities and trust corpus of the San Juan Basin Royalty Trust at March 31, 1996, and the distributable income and changes in trust corpus for the three-month periods ended March 31, 1996 and 1995 have been included. The distributable income for such interim periods is not necessarily indicative of the distributable income for the full year. Deloitte & Touche LLP, independent certified public accountants, has made a review of the condensed financial statements as of March 31, 1996 and for the three-month periods ended March 31, 1996 and 1995 included herein. -2- INDEPENDENT ACCOUNTANTS' REPORT Bank One, Texas, N.A. as Trustee for the San Juan Basin Royalty Trust: We have reviewed the accompanying condensed statement of assets, liabilities and trust corpus of the San Juan Basin Royalty Trust as of March 31, 1996 and the related condensed statements of distributable income and changes in trust corpus for the three-month periods ended March 31, 1996 and 1995. These financial statements are the responsibility of the Trustee. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. The accompanying condensed financial statements are prepared on a modified cash basis as described in Note 1, which is a comprehensive basis of accounting other than generally accepted accounting principles. Based on our review, we are not aware of any material modifications that should be made to such condensed financial statements for them to be in conformity with the basis of accounting described in Note 1. We have previously audited, in accordance with generally accepted auditing standards, the statement of assets, liabilities and trust corpus of the San Juan Basin Royalty Trust as of December 31, 1995, and the related statements of distributable income and changes in trust corpus for the year then ended (not presented herein); and in our report dated April 11, 1996, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed statement of assets, liabilities and trust corpus as of December 31, 1995 is fairly stated in all material respects in relation to the statement of assets, liabilities and trust corpus from which it has been derived. DELOITTE & TOUCHE LLP May 10, 1996 -3-
SAN JUAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS March 31 December 31, ASSETS 1996 1995 (Unaudited) Cash and short-term investments $ 1,166,161 $ 421,446 Net overriding royalty interests in producing oil and gas properties (net of accumulated amortization of $64,784,149 and $63,141,992 at March 31, 1996 and December 31, 1995, respectively) 68,491,379 70,133,536 ----------- ----------- $69,657,540 $70,554,982 =========== =========== LIABILITIES AND TRUST CORPUS Distribution payable to Unit holders (Note 3) $ 1,166,161 $ 421,446 Commitments and contingencies (Note 3) Trust corpus - 46,608,796 Units of beneficial interest authorized and outstanding 68,491,379 70,133,536 ----------- ----------- $69,657,540 $70,554,982 =========== ===========
CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED) Three Months Ended March 31, ------------------------------- 1996 1995 Royalty income $ 4,707,617 $ 4,476,479 Interest income 6,507 7,785 ----------- ----------- 4,714,124 4,484,264 General and administrative expenditures 787,774 261,756 ----------- ----------- Distributable income $ 3,926,350 $ 4,222,508 =========== =========== Distributable income per Unit (46,608,796 Units) $ .084239 $ .090595 =========== ===========
The accompanying notes to condensed financial statements are an integral part of these statements. -4-
SAN JUAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED) Three Months Ended March 31, ----------------------------------- 1996 1995 Trust corpus, beginning of period $70,133,536 $74,942,040 Amortization of net overriding royalty interest (1,642,157) (1,063,369) Distributable income 3,926,350 4,222,508 Distributions declared (3,926,350) (4,222,508) ----------- ----------- Trust corpus, end of period $68,491,379 $73,878,671 ============ ===========
The accompanying notes to condensed financial statements are an integral part of this statement. -5- SAN JUAN BASIN ROYALTY TRUST NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 1. BASIS OF ACCOUNTING The San Juan Basin Royalty Trust ("Trust") was established as of November 1, 1980. The financial statements of the Trust are prepared on the following basis: - Royalty income recorded for a month is the amount computed and paid by the working interest owner, Meridian Oil Inc. ("MOI"), to the Trustee for the Trust. Royalty income consists of the amounts received by the owner of the interest burdened by the net overriding royalty interest ("Royalty") from the sale of production less accrued production costs, development and drilling costs, applicable taxes, operating charges, and other costs and deductions, multiplied by 75%. - Trust expenses recorded are based on liabilities paid and cash reserves established from royalty income for liabilities and contingencies. - Distributions to Unit holders are recorded when declared by the Trustee. - The conveyance which transferred the overriding royalty interest to the Trust provides that any excess of production costs over gross proceeds must be recovered from future net profits. The financial statements of the Trust differ from financial statements prepared in accordance with generally accepted accounting principles ("GAAP") because revenues are not accrued in the month of production; certain cash reserves may be established for contingencies which would not be accrued in financial statements prepared in accordance with GAAP; and amortization of the Royalty calculated on a unit-of-production basis is charged directly to trust corpus. 2. FEDERAL INCOME TAXES For Federal income tax purposes, the Trust constitutes a fixed investment trust which is taxed as a grantor trust. A grantor trust is not subject to tax at the trust level. The Unit holders are considered to own the Trust's income and principal as though no trust were in existence. The income of the Trust is deemed to have been received or accrued by each Unit holder at the time such income is received or accrued by the Trust rather than when distributed by the Trust. The Royalty constitutes an "economic interest" in oil and gas properties for Federal income tax purposes. Unit holders must report their share of the revenues of the Trust as ordinary income from oil and gas royalties and are entitled to claim depletion with respect to such income. The Royalty is treated as a single property for depletion purposes. The Trust has on file technical advice memoranda confirming the tax treatment described above. The Trust began receiving royalty income from coal seam wells beginning in 1989. Under Section 29 of the Internal Revenue Code, production from coal seam gas wells drilled prior to January 1, 1993, qualifies for the federal income tax credit for producing non-conventional fuels. This tax credit was approximately $1.01 per MMBtu for the year 1995 and is adjusted for inflation annually. The credit currently applies to production through the year 2002. Each Unit holder must determine his pro rata share of such production based upon the number of Units owned during each month of the year and -6- apply the tax credit against his own income tax liability, but such credit may not reduce his regular tax liability (after the foreign tax credit and certain other nonrefundable credits) below his tentative minimum tax. Section 29 also provides that any amount of Section 29 credit disallowed for the tax year solely because of this limitation will increase his credit for prior year minimum tax liability, which may be carried forward indefinitely as a credit against the taxpayer's regular tax liability, subject, however, to the limitations described in the preceding sentence. There is no provision for the carryback or carryforward of the Section 29 credit in any other circumstances. The classification of the Trust's income for purposes of the passive loss rules may be important to a Unit holder. As a result of the Tax Reform Act of 1986, royalty income will generally be treated as portfolio income and will not reduce passive losses. 3. COMMITMENTS AND CONTINGENCIES On June 4, 1992, the Trustee filed suit against MOI and Southland Royalty Company ("Southland")in state district court in Rio Arriba County, New Mexico. In a decision filed August 8, 1994, the Supreme Court of New Mexico ruled that venue was not proper in Rio Arriba County and remanded the case for dismissal without prejudice to its refiling. In its ruling, the Supreme Court of New Mexico also ruled that venue was proper in Santa Fe County, New Mexico. Such decision did not relate to merits of the Trust's claims. The Trustee refiled the lawsuit in Santa Fe County, New Mexico on August 31, 1994. Effective January 1, 1996, Southland, a wholly-owned subsidiary of MOI, was merged with and into MOI, by which action the separate corporate existence of Southland ceased and MOI survived and succeeded to the ownership of all the assets, has the rights, powers and privileges and assumed all of the liabilities and obligations of Southland. MOI is the operator of the Trust Properties. The principal asset of the Trust consists of a 75% net overriding royalty carved out of certain of MOI's oil and gas leasehold and royalty interests in the San Juan Basin located in San Juan, Rio Arriba and Sandoval counties of northwestern New Mexico (the "Trust Properties"). The claims asserted on behalf of the Trust in the Santa Fe County, New Mexico, lawsuit now include breach of contract, breach of the covenant of good faith and fair dealing, breach of express good faith duty, constructive fraud, unjust enrichment, prima facie tort, intentional interference with contract and conspiracy. The relief sought includes compensatory and punitive damages, an accounting and a permanent injunction relating to the operation of the Trust Properties. In response to the Trustee's lawsuit, Southland, now MOI, filed suit on August 7, 1992, against the Trustee in probate court in Tarrant County, Texas. The lawsuit seeks declaratory relief that: (I) the rights and duties of the Trustee be governed in accordance with and by the terms and provisions of the trust instruments which establish the Trust as well as the Texas Trust Code, (II) the Trustee cannot object to MOI's reports or audits after 180 days, (III) the interests held by the Trust are not subject to partition, and (IV) the Trust is without standing to remove MOI as operator of the Trust properties. The lawsuit also seeks to remove Bank One, Texas, N.A. as Trustee. MOI has filed a counterclaim in the Santa Fe County lawsuit, seeking declaratory relief that (I) Southland's remitting payment to the Trustee constitutes good faith compliance with its obligation and duties to the Trust; (II) the profits realized by the subsidiaries of MOI on the resale or treatment of gas is immaterial; (III) MOI, or its subsidiaries, are not required to grant the Trust a discounted fee or rate for gathering and processing services; (IV) the Trustee does not have the power or authority to take exception to the quarterly or annual reports and audits by Southland, and such reports and audits are correct as rendered; and (V) Southland is entitled to its costs, attorneys' fees and such other relief as the Court deems just and proper. -7- On June 5, 1995, the Trustee announced that non-binding mediation, which had been ongoing with regard to the lawsuit filed in Santa Fe County, New Mexico, was not successful in resolving the claims asserted by the Trust. Trial is currently set in the Santa Fe County, New Mexico, lawsuit for July 15, 1996. A resolution of the Santa Fe County, New Mexico, lawsuit favorable to the Trust could possibly have a material effect on distributable income depending upon the nature and terms of the resolution. ****** -8- Item 2.Trustee's Discussion and Analysis Three Months Ended March 31, 1996 and 1995 During the first quarter of 1996 the San Juan Basin Royalty Trust received royalty income of $4,707,617. Distributable income consists of royalty income plus interest income less administrative expenses. Interest income for the quarter was $6,507 and administrative expenses were $787,774. Thus, distributable income totaled $3,926,350. Based on 46,608,796 Units outstanding, the per Unit distributions were as follows: January $ .028138 February .031081 March .025020 --------- Quarter Total $ .084239 The amount distributed to Unit holders in the first quarter of 1996 was less than the $.090595 distributed in the first quarter of 1995. The decrease was primarily attributable to a decrease in the average gas price from $1.50 per Mcf for the first quarter of 1995 to $1.17 per Mcf for the first quarter of 1996 and higher administrative expenses. The tax credit relating to production from coal seam wells totaled approximately $.04 per Unit for the first quarter of 1996 compared to $.03 per Unit for the first quarter of 1995. Interest income for the first quarter of 1996 was less than the $7,785 in the first quarter of 1995 due to decreased funds available for investment and lower interest rates. Administrative expenses of $787,774 were higher in the first three months of 1996 as compared to $261,756 in the first quarter of 1995, primarily as the result of differences in the timing of payment of certain expenses and increases for legal consulting, accounting and financial services relating to litigation involving Bank One, Texas, N.A., as Trustee, Meridian Oil Inc. ("MOI") and Southland Royalty Company ("Southland"). (See Note 5 to Financial Statements in the Trust's 1995 Annual Report for further information on such litigation.) Capital expenditures incurred by MOI, attributable to the properties from which the Royalty was carved, for the first quarter of 1996 amounted to $1,374,090. Capital expenditures were $2,294,638 for the first quarter of 1995. The decease in 1996 was primarily due to a decrease in drilling activities. Lease operating expenses and property taxes totaled approximately $2,660,000 for the first quarter of 1996 compared to approximately $2,340,000 for the first quarter of 1995. The increase in lease operating expense was due primarily to normal inflation and an increase in overall activity. In the first quarter of 1996, 1 gross (.5 net) coal seam well was completed on the properties from which the Royalty was carved. There were 3 gross (.81 net) coal seam wells in progress on March 31, 1996. Two gross (1.59 net) coal seam wells were recavitated, and 4 gross (.17 net) coal seam well recavitations were in progress through March 31, 1996. There were 7 gross (1.14 net) conventional wells completed and 7 gross (1.15 net) conventional wells in progress. Six gross (3.88 net) conventional wells were recompleted, and 2 gross (.75 net) conventional recompletions were in progress through March 31, 1996. In the first quarter of 1995, 3 gross (1.04 net) coal seam wells and 14 gross (2.46 net) conventional gas wells were completed on the properties from which the Royalty was carved. Three gross (3.00 net) coal seam wells were recavitated and 16 gross (4.74 net) conventional wells were recompleted through March 31, 1995. There were 4 gross (2.39 net) coal seam wells and 11 gross (5.85 net) conventional wells in progress on March 31, 1995. Unit holders are referred to "Description of the Properties" in the Trust's 1995 Annual Report for further information concerning MOI's coal seam well drilling program in the San Juan Basin. This program includes properties in which the Trust owns an interest. -9- Royalty income for the Trust for the quarter ended March 31, 1996 is associated with actual gas and oil production during November 1995 through January 1996 from the properties from which the Royalty was carved. Gas and oil sales for the quarters ended March 31, 1996 and 1995 were as follows:
1996 1995 PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED: Gas: Total sales (Mcf) 9,661,249 7,799,765 Mcf per day 105,014 84,780 Average price (per Mcf) $1.17 $1.50 Oil: Total sales (Bbls) 20,079 16,054 Bbls per day 218 175 Average price (per Bbl) $18.10 $13.96 ROYALTIES: Gas sales (Mcf) 4,439,622 3,266,783 Oil sales (Bbls) 9,116 7,017
Coal seam gas production increased from 3,310,457 Mcf in the first quarter of 1995 to 3,984,792 Mcf in the first quarter of 1996. The price received for gas production decreased during the first quarter of 1996 primarily due to lower prices being paid by Meridian Oil Trading, Inc., a subsidiary of MOI that markets a substantial portion of the Trust's gas. The price received per barrel of oil in the first quarter of 1996 was higher than that received in the first quarter of 1995 due to increases in the posted prices. Since the gas and oil sales attributable to the Royalty are based on an allocation formula that is dependent on such factors as price and cost (including capital expenditures), those production volumes do not provide a meaningful comparison. -10- CALCULATION OF ROYALTY INCOME Royalty income received by the Trust for the three months ended March 31, 1996 and 1995 was computed as shown in the following table:
1996 1995 Gross proceeds of sales from the properties from which the net overriding royalty was carved: Gas proceeds $11,264,797 $11,671,158 Oil proceeds 363,515 224,177 ----------- ----------- Total 11,628,312 11,895,335 ----------- ----------- Less production costs: Severance tax - Gas 1,274,815 1,271,066 Severance tax - Oil 43,035 21,115 Lease operating expense and property tax 2,659,548 2,339,878 Capital expenditures 1,374,091 2,294,638 ---------- ---------- Total 5,351,489 5,926,697 ---------- ---------- Net profits 6,276,823 5,968,638 Net overriding royalty interest 75% 75% ---------- ---------- Royalty income $4,707,617 $4,476,479 ========== ==========
-11- PART II - OTHER INFORMATION Item 1. Legal Proceedings On June 4, 1992, the Trustee of the San Juan Basin Royalty Trust (the "Trust"), filed suit against Meridian Oil Inc. ("MOI") and Southland Royalty Company ("Southland") in state district court in Rio Arriba County, New Mexico, Cause No. RA 92-1211(C). In a decision filed August 8, 1994, the Supreme Court of New Mexico ruled that venue was not proper in Rio Arriba County and remanded the case for dismissal without prejudice to its refiling. In its ruling, the Supreme Court of New Mexico also ruled that venue was proper in Santa Fe County, New Mexico. Such decision did not relate to merits of the Trust's claims. The Trustee refiled the lawsuit in Santa Fe County, New Mexico on August 31, 1994, in Cause No. SF 94-1982(C). Effective January 1, 1996, Southland, a wholly-owned subsidiary of MOI, was merged with and into MOI, by which action the separate corporate existence of Southland ceased and MOI survived and succeeded to the ownership of all the assets, has the rights, powers and privileges and assumed all of the liabilities and obligations of Southland. The principal asset of the Trust consists of a seventy-five percent (75%) net overriding royalty interest carved out of certain of MOI's oil and gas leasehold and royalty interests in the San Juan Basin located in San Juan, Rio Arriba and Sandoval counties of northwestern New Mexico (the "Trust Properties"). MOI is the operator of the Trust Properties. The claims asserted on behalf of the Trust in the Santa Fe County, New Mexico, lawsuit now include breach of contract, breach of the covenant of good faith and fair dealing, breach of express good faith duty, constructive fraud, unjust enrichment, prima facie tort, intentional interference with contract and conspiracy. The relief sought includes compensatory and punitive damages, an accounting and a permanent injunction relating to the operation of the Trust Properties. In response, Southland, now MOI, filed suit on August 7, 1992 against the Trustee in probate court in Tarrant County, Texas, Cause No. 92-1927-2. The lawsuit seeks declaratory relief that: (i) the rights and duties of the Trustee be governed in accordance with and by the terms and provisions of the trust instruments which established the Trust as well as the Texas Trust Code, (ii) the Trustee cannot object to MOI's reports or audits after 180 days, (iii) the interests held by the Trust are not subject to partition, and (iv) the Trust is without standing to remove MOI as operator of the Trust properties. The lawsuit also seeks to remove Bank One, Texas, N.A. as Trustee. MOI has filed a counterclaim in the Santa Fe County lawsuit, seeking declaratory relief that (i) Southland's remitting payment to the Trustee constitutes good faith compliance with its obligation and duties to the Trust; (ii) the profits realized by the subsidiaries of MOI on the resale or treatment of gas is immaterial; (iii) MOI, or its subsidiaries, are not required to grant the Trust a discounted fee or rate for gathering and processing services; (iv) the Trustee does not have the power or authority to take exception to the quarterly or annual reports and audits by Southland, and such reports and audits are correct as rendered; and (v) Southland is entitled to its costs, attorneys' fees and such other relief as the Court deems just and proper. On June 5, 1995, the Trustee announced that non-binding mediation, which had been ongoing with regard to the lawsuit filed in Santa Fe County, New Mexico, was not successful in resolving the claims asserted by the Trust. Trial is currently set in the Santa Fe County, New Mexico, lawsuit for July 15, 1996. -12- A resolution of this matter favorable to the Trust could possibly have a material effect on distributable income depending upon the nature and terms of the resolution. Items 2-5 Not Applicable Item 6. Exhibits and Reports on Form 8-K (a) Exhibits (4)(a) San Juan Basin Royalty Trust Indenture dated November 3, 1980, between Southland Royalty Company and The Fort Worth National Bank (now Bank One, Texas, N.A.), as Trustee, heretofore filed as Exhibit (4)(a) to the Trust's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference. (4)(b) Net Overriding Royalty Conveyance from Southland Royalty Company to The Fort Worth National bank (now Bank One, Texas, N.A.), as Trustee, dated November 3, 1980 (without Schedules), heretofore filed as Exhibit (4)(b) to the Trust's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference. (27) Financial Data Schedule (b) No reports on Form 8-K have been filed during the quarter for which this report is filed. -13- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. BANK ONE, TEXAS, N.A. AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST By /s/ LEE ANN ANDERSON ------------------------------------------ Lee Ann Anderson Vice President Dated as of May 15, 1996 (The Trust has no directors or executive officers.) -14-
INDEX TO EXHIBITS Sequentially Exhibit Numbered Number Exhibit Page (4)(a) San Juan Basin Royalty Trust Indenture dated November 3, 1980, between Southland Royalty Company and The Fort Worth National Bank (now Bank One, Texas, N.A.), as Trustee, heretofore filed as Exhibit (4)(a) to the Trust's Annual Report on Form 10 K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference.* (4)(b) Net Overriding Royalty Conveyance from Southland Royalty Company to The Fort Worth National bank (now Bank One, Texas, N.A.), as Trustee, dated November 3, 1980 (without Schedules), heretofore filed as Exhibit (4)(b) to the Trust's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference.* (27) Financial Data Schedule ** * A copy of this Exhibit is available to any Unit holder, at the actual cost of reproduction, upon written request to the Trustee, Bank One, Texas, N.A., P.O. Box 2604, Fort Worth, Texas 76113. ** Filed herewith. -15-
EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE UNAUDITED CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS OF SAN JUAN BASIN ROYALTY TRUST AS OF MARCH 31, 1996, AND THE RELATED CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME AND CHANGES IN THE TRUST CORPUS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 1996. 1 3-MOS DEC-31-1996 MAR-31-1996 1,166,161 0 0 0 0 1,166,161 133,275,528 64,784,149 69,657,540 1,166,161 0 0 0 0 68,491,379 69,657,540 0 4,714,124 0 0 787,774 0 0 3,926,350 0 3,926,350 0 0 0 3,926,350 0 0
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