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): February 6, 2004

San Juan Basin Royalty Trust

(Exact name of registrant as specified in the Amended and Restated San Juan Basin Royalty Trust Indenture)

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

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.
SIGNATURES
Press Release

Item 5. Other Events and Regulation FD Disclosure.

     On February 6, 2004, TexasBank, in its capacity as 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 the capital project plan for 2004 as delivered to it by Burlington Resources Oil & Gas Company LP as well as revisions to the 2003 capital budget estimate. The press release states, among other things, that capital expenditures for 2004 for properties subject to the Trust’s royalty interest are estimated to be $18.4 million.

Item 7. Financial Statements and Exhibits.

     (c) Exhibits.

     99.1 Press release, dated February 6, 2004.

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.

	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: February 9, 2004

(The Trust has no directors or executive officers.)

EX-99.1 3 d12471exv99w1.htm PRESS RELEASE

		EXHIBIT 99.1
San Juan Basin Royalty Trust
TexasBank, Trustee
2525 Ridgmar Blvd., Suite #100
Fort Worth, Texas 76116
	NEWS RELEASE
SAN JUAN BASIN ROYALTY TRUST
ANNOUNCES 2004 CAPITAL PLAN

     FORT WORTH, Texas, February 6, 2004 — TexasBank (the “Trustee”) as Trustee of the San Juan Basin Royalty Trust (the “Trust”), today announced the capital project plan for 2004 as delivered to it by Burlington Resources Oil & Gas Company LP (“Burlington”). Capital expenditures for 2004 for properties subject to the Trust’s royalty interest are estimated to be $18.4 million. Thirty-two percent of the planned expenditures will be on Fruitland Coal projects with the remainder being spent on conventional projects.

     The principal asset of the Trust consists of a seventy-five (75%) net overriding royalty interest carved out of certain oil and gas leasehold and royalty interests now owned by Burlington in properties located in the San Juan Basin and more particularly in San Juan, Rio Arriba and Sandoval counties of northwestern New Mexico (the “Underlying Properties”). Burlington is the operator of the majority of the Underlying Properties.

     Burlington reported that the final capital budget for 2003 was approximately $21.1 million. Capital expenditures of approximately $14.6 million for 2003 budgeted projects were used in calculating distributable income in calendar year 2003, and approximately $3.2 million in capital expenditures was used in calculating distributions for January of 2004. Therefore, an additional approximately $3.3 million in capital expenditures for 2003 projects remains to be spent.

     Burlington’s capital expenditures for the Underlying Properties for 2003 covered 509 projects, including the drilling of 58 new wells operated by Burlington as well as 10 other wells operated by third parties. New drilling activity was at an aggregate cost of approximately $7.9 million. The balance of the expenditures were attributable to the workover of existing wells and the maintenance and improvement of production facilities.

     The aggregate capital expenditures reported by Burlington in calculating distributable income for 2003 include approximately $6.5 million attributable to the capital budgets for prior years. This occurs because projects within a given year’s budget may extend into subsequent years, with capital expenditures attributable to those projects used in calculating distributable income to the Trust in those subsequent years. Further, Burlington’s accounting period for capital expenditures runs through November 30 of each calendar year, such that capital expenditures incurred in December of each year are actually accounted for as part of the following year’s capital expenditures. Also, for wells not operated by Burlington, Burlington’s share of capital expenditures may not actually be paid by it until the year or years after those expenses were incurred by the operator.

     For 2004, Burlington’s announced plan for the Underlying Properties includes 441 projects at an aggregate cost of $18.5 million. Approximately $11.7 million of that budget is allocable to new wells, with approximately 61% of those wells projected to be drilled to formations producing coal seam gas as distinguished from conventional gas. Burlington reports that based on its actual capital requirements, its mix of projects and swings in the price of natural gas, the actual capital expenditures for 2004 could range from $15 million to $25 million.

     In August 2002, the New Mexico Oil Conservation Division approved reduced, 160-acre spacing in selected portions of the Fruitland Coal formation. Burlington has indicated that, principally as a result of that decision, its budget for 2004 reflects a continued focus on the Fruitland Coal formation.

     Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.

Contact:	Lee Ann Anderson, Vice President & Trust Officer
	Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
	Phone: (817) 735-0938
	Fax: (817) 735-0936
	Website: www.sjbrt.com
	e-mail: sjt@texasbank.com
	NYSE Symbol: SJT

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