8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 20, 2004

San Juan Basin Royalty Trust

(Exact name of registrant as specified in its charter)

Texas	1-8032	75-6279898
(State or other	(Commission File Number)	(I.R.S. Employer
jurisdiction of incorporation)		Identification Number)
TexasBank, Trust Department
2525 Ridgmar Boulevard, Suite 100
Fort Worth, Texas		76116
(Address of principal		(Zip code)
executive offices)

Registrant’s telephone number, including area code: (866) 809-4553

N/A
(Former name or former address, if changed since last report.)

TABLE OF CONTENTS

	Item 5. Other Events and Regulation FD Disclosure.
	Item 7. Financial Statements and Exhibits.
	Item 12. Results of Operations and Financial Condition.
SIGNATURES
INDEX TO EXHIBITS
EX-99.1 Press Release

Item 5. Other Events and Regulation FD Disclosure.

     On January 20, 2004, TexasBank, in its capacity as trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”), issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing, among other things, that the Trustee intends to conduct a meeting of unit holders in 2004 to amend the Trust’s Amended and Restated Royalty Trust Indenture.

Item 7. Financial Statements and Exhibits.

     (c) Exhibits.

     99.1 Press release, dated January 20, 2004.

Item 12. Results of Operations and Financial Condition.

     On January 20, 2004, the Trustee issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing a monthly cash distribution to the holders of its units of beneficial interest of $5,368,727.88, or $0.115187 per unit, based principally upon production during the month of November 2003.

     In accordance with general instruction B.6 to Form 8-K, the information in this Form 8-K furnished pursuant to Item 12 shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.

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 hereunto duly authorized.

TEXASBANK, AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST (Registrant)
By:	/s/ Lee Ann Anderson
	Lee Ann Anderson
	Vice President and Trust Officer

Date: January 21, 2004

(The Trust has no directors or executive officers.)

INDEX TO EXHIBITS

EXHIBIT
NUMBER	DESCRIPTION
99.1	Press release, dated January 20, 2004.

EX-99.1 3 d11998exv99w1.htm EX-99.1 PRESS RELEASE

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, January 20, 2004 — TexasBank, as Trustee of the San Juan Basin Royalty Trust, today declared a monthly cash distribution to the holders of its units of beneficial interest of $5,368,727.88 or $0.115187 per unit, based principally upon production during the month of November 2003. The distribution is payable February 13, 2004, to unit holders of record as of January 30, 2004. Gas production for the properties from which the royalty was carved (the “Underlying Properties”) totaled approximately 3,772,583 Mcf (4,097,320 MMBtu). Dividing revenues by production volume yielded an average gas price for November 2003 of $3.71 per Mcf ($3.41 per MMBtu) as compared to $3.68 per Mcf ($3.34 per MMBtu) for October 2003. 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 $3,798,962. Lease operating expense was $1,561,503 and taxes were $1,422,025.

Burlington Resources Oil & Gas Company LP, the principal operator of the properties subject to the Trust, has proposed the sale of a small percentage of the assets of the Trust. Burlington has made an analysis of the approximately 3,738 wells burdened by the Trust and recommended that some 109 be sold to other operators free of the Trust’s net overriding royalty interest. The analysis involved a comparison of operating the properties to the rate of return, estimated reserves and other factors. Burlington projects that, in addition to the proceeds of the sale, the transaction would benefit the Trust by reducing lease operating expenses and avoiding the costs of eventually plugging and abandoning the wells.

The San Juan Basin Amended and Restated Royalty Trust Indenture currently requires that any such sale be approved by the holders of 75% of the Trust units then outstanding. Burlington believes additional properties may be identified as candidates for disposition in the future and recommends the Trust Indenture be amended to permit the Trustee to approve such sales without the necessity of a meeting of the unit holders.

The Trust’s independent engineering consultants and joint interest auditors are considering the proposal. The Trustee intends to conduct a meeting of the unit holders later in 2004 to determine, among other things, whether the required percentage of unit holders approves amending the Trust Indenture to permit transactions in the future whereby relatively small percentages of the Trust assets could be sold without the necessity of a meeting of the unit holders or a 75% affirmative vote.

Contact:	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
	NYSE Ticker Symbol: SJT

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