Exhibit 99.1

San Juan Basin Royalty Trust

Compass Bank, Trustee
2525 Ridgmar Boulevard, Suite 100
Fort Worth, Texas 76116

News Release

San Juan Basin Royalty Trust
Declares Monthly Cash Distribution

     FORT WORTH, Texas, March 20, 2007 — 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 $5,410,468.38 or $0.116083 per unit, based principally upon production during the month of January 2007. The distribution is payable April 16, 2007, to unit holders of record as of March 30, 2007.

     Gas production for the properties from which the royalty was carved (the “Underlying Properties”) totaled approximately 2,889,905 Mcf (3,115,510 MMBtu). Dividing revenues by production volume yielded an average gas price for January 2007 of $5.39 per Mcf ($5.00 per MMBtu) as compared to $6.39 per Mcf ($5.87 per MMBtu) for December 2006. 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 $4,363,244. Lease operating expenses were $2,377,726 and taxes were $1,512,031.

     This month’s distribution decreased from the prior month primarily due to lower gas pricing and lower production volumes. Capital costs and lease operating expenses increased significantly from the previous month. Market conditions continue to affect natural gas pricing. It is difficult to predict what effect these conditions will have on future distributions.

Contact:	San Juan Basin Royalty Trust
	Lee Ann Anderson, Vice President and Senior Trust Officer
	Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
	Fax: (817) 735-0936
	Website: www.sjbrt.com
	E-mail: sjt@compassbank.com