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 17, 2004

___________________

San Juan Basin Royalty Trust

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

Texas	1-8032	75-6279898
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)
TexasBank, Trust Department		76116
2525 Ridgmar Boulevard, Suite 100		(Zip code)
Fort Worth, Texas
(Address of principal 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 7. Financial Statements and Exhibits.
	Item 12. Results of Operations and Financial Condition.
SIGNATURES
INDEX TO EXHIBITS
Press Release

Item 7. Financial Statements and Exhibits.

     (c) Exhibits.

     99.1 Press release, dated February 17, 2004.

Item 12. Results of Operations and Financial Condition.

     On February 17, 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 $6,178,833.99, or $0.132568 per unit, based principally upon production during the month of December 2003.

     In accordance with general instruction B.6 to Form 8-K, the information in this Form 8-K 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 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 18, 2004

(The Trust has no directors or executive officers.)

INDEX TO EXHIBITS

EXHIBIT
NUMBER	DESCRIPTION
99.1	Press release, dated February 17, 2004.

EX-99.1

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, February 17, 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 $6,178,833.99 or $0.132568 per unit, based principally upon production during the month of December 2003. The distribution is payable March 12, 2004, to unit holders of record as of February 27, 2004. Gas production for the properties from which the royalty was carved (the “Underlying Properties”) totaled approximately 3,610,185 Mcf (3,829,733 MMBtu). Dividing revenues by production volume yielded an average gas price for December 2003 of $3.95 per Mcf ($3.73 per MMBtu) as compared to $3.71 per Mcf ($3.41 per MMBtu) for November 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 $3,364,576. Lease operating expense was $1,311,672 and taxes were $1,368,372.

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 Symbol: SJT