-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 Z6zUK73zc7+qTuLCJGwfAQ==

<SEC-DOCUMENT>0000950142-03-001085.txt : 20030625
<SEC-HEADER>0000950142-03-001085.hdr.sgml : 20030625
<ACCEPTANCE-DATETIME>20030625132810
ACCESSION NUMBER:		0000950142-03-001085
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030623
FILED AS OF DATE:		20030625

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BRUCE ROBERT W III
		CENTRAL INDEX KEY:			0000911379
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		03756338

	BUSINESS ADDRESS:	
		STREET 1:		201 MAIN STREET SUITE 2500
		CITY:			FORTWORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		817-390-8500

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ALGENPAR INC
		CENTRAL INDEX KEY:			0000911381
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		03756336

	BUSINESS ADDRESS:	
		STREET 1:		201 MAIN ST STE 3100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		817-390-8500

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ALPINE CAPITAL LP
		CENTRAL INDEX KEY:			0000911382
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		03756337

	BUSINESS ADDRESS:	
		STREET 1:		201 MAIN ST STE 3100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		817-390-8400

ISSUER:		

	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

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CRANDALL J TAYLOR
		CENTRAL INDEX KEY:			0000911380
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		03756335

	BUSINESS ADDRESS:	
		STREET 1:		2775 SAND HILL RD
		STREET 2:		SUITE 220
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		6502340517

	MAIL ADDRESS:	
		STREET 1:		2775 SAND HILL RD
		STREET 2:		SUITE 220
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-alp_sanjuan062503ex.xml
<TEXT>
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<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-06-23</periodOfReport>
    <issuer>
        <issuerCik>0000319655</issuerCik>
        <issuerName>SAN JUAN BASIN ROYALTY TRUST</issuerName>
        <issuerTradingSymbol>SJT</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0000911382</rptOwnerCik>
            <rptOwnerName>ALPINE CAPITAL LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
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   </reportingOwner>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0000911381</rptOwnerCik>
            <rptOwnerName>ALGENPAR INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
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         <isOther>0</isOther>
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            <rptOwnerName>CRANDALL J TAYLOR</rptOwnerName>
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            <rptOwnerStreet2>  </rptOwnerStreet2>
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            <rptOwnerZipCode>  </rptOwnerZipCode>
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         <isOfficer>0</isOfficer>
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   <reportingOwner>
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            <rptOwnerName>BRUCE ROBERT W III</rptOwnerName>
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            <rptOwnerStreet2>  </rptOwnerStreet2>
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            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
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            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
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   </reportingOwner>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Units of Beneficial Ownership</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-23</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5000</value>
         </transactionShares>
         <transactionValue>
           <value>18.30</value>
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         <transactionAcquiredDisposedCode>
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     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7580400</value>
         </sharesOwnedFollowingTransaction>
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      <ownershipNature>
         <directOrIndirectOwnership>
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            <footnoteId id="F2"/>
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   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Units of Beneficial Ownership</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-23</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5000</value>
         </transactionShares>
         <transactionValue>
           <value>18.35</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
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      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7575400</value>
         </sharesOwnedFollowingTransaction>
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      <ownershipNature>
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            <footnoteId id="F2"/>
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   <nonDerivativeSecurity>
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         <value>Units of Beneficial Ownership</value>
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         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>10400</value>
         </transactionShares>
         <transactionValue>
           <value>18.40</value>
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         <transactionAcquiredDisposedCode>
           <value>D</value>
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     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7565000</value>
         </sharesOwnedFollowingTransaction>
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      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
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   <nonDerivativeSecurity>
      <securityTitle>
         <value>Units of Beneficial Ownership</value>
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         <value>2003-06-23</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>3000</value>
         </transactionShares>
         <transactionValue>
           <value>18.42</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7562000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
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   <nonDerivativeSecurity>
      <securityTitle>
         <value>Units of Beneficial Ownership</value>
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      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>4900</value>
         </transactionShares>
         <transactionValue>
           <value>18.43</value>
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         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
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     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
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         </sharesOwnedFollowingTransaction>
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            <footnoteId id="F1"/>
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      <transactionAmounts>
         <transactionShares>
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      <transactionAmounts>
         <transactionShares>
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         </transactionShares>
         <transactionValue>
           <value>18.55</value>
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           <value>D</value>
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         <directOrIndirectOwnership>
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            <footnoteId id="F1"/>
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   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Units of Beneficial Ownership</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-24</value>
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         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>2500</value>
         </transactionShares>
         <transactionValue>
           <value>18.57</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7504000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Units of Beneficial Ownership</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-24</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>2500</value>
         </transactionShares>
         <transactionValue>
           <value>18.60</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7501500</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Units of Beneficial Ownership</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-24</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>50000</value>
         </transactionShares>
         <transactionValue>
           <value>18.45</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7451500</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Units of Beneficial Ownership</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-24</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>75000</value>
         </transactionShares>
         <transactionValue>
           <value>18.55</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7376500</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <footnotes>
<footnote id="F1"> J. Taylor Crandall (&quot;Crandall&quot;) is the President and sole stockholder of Algenpar, Inc., a Texas corporation (&quot;Algenpar&quot;), which is one of two general partners of Alpine Capital, L.P., a Texas limited partnership (&quot;Alpine&quot;), which is the direct beneficial owner of certain of the securities reported herein. Robert W. Bruce III (&quot;Bruce&quot;) is the other general partner of Alpine.</footnote>

<footnote id="F2"> Pursuant to Rule 16a-1(a)(2)(ii)(B) under the Securities Exchange Act of 1934, as amended (the &quot;Act&quot;), Crandall, Algenpar and Bruce are deemed to be beneficial owners of the shares beneficially owned by Alpine only to the extent of the greater of his or its respective direct or indirect interest in the profits or capital account of Alpine. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that Bruce, Crandall or Algenpar is, for purposes of Section 16 or the Act or otherwise, the beneficial owner of any securities owned by Alpine in excess of such amount.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Robert W. Bruce III, Manager - Alpine Capital, L.P.</signatureName>
      <signatureDate>2003-06-25</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>J. Taylor Crandall, Algenpar, Inc.</signatureName>
      <signatureDate>2003-06-25</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Robert W. Bruce III</signatureName>
      <signatureDate>2003-06-25</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>J. Taylor Crandall</signatureName>
      <signatureDate>2003-06-25</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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