SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

ALPINE CAPITAL LP

(Last)

(First)

(Middle)

201 MAIN ST STE 3100

(Street)

FORT WORTH

76102

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SAN JUAN BASIN ROYALTY TRUST [ SJT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Units of Beneficial Interest	11/18/2003		S		21,900	D	$18.8	4,360,000	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		9,000	D	$18.81	4,351,000	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		6,000	D	$18.82	4,345,000	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		3,000	D	$18.83	4,342,000	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		3,000	D	$18.84	4,339,000	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		8,600	D	$18.85	4,330,400	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		6,000	D	$18.86	4,324,400	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		8,000	D	$18.87	4,316,400	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		3,700	D	$18.88	4,312,700	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		3,000	D	$18.89	4,309,700	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		29,400	D	$18.9	4,280,300	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		7,400	D	$18.91	4,272,900	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		14,000	D	$18.92	4,258,900	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		8,000	D	$18.93	4,250,900	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/18/2003		S		600	D	$18.95	4,250,300	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		12,000	D	$19	4,238,300	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		2,500	D	$19.01	4,235,800	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		4,000	D	$19.02	4,231,800	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		2,500	D	$19.03	4,229,300	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		500	D	$19.04	4,228,800	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		3,300	D	$19.05	4,225,500	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		200	D	$19.06	4,225,300	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		500	D	$19.07	4,224,800	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		1,500	D	$19.08	4,223,300	D⁽¹⁾⁽²⁾
Units of Beneficial Interest	11/19/2003		S		2,000	D	$19.09	4,221,300	D⁽¹⁾⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

ALPINE CAPITAL LP

(Last)

(First)

(Middle)

201 MAIN ST STE 3100

(Street)

FORT WORTH

76102

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ALGENPAR INC

(Last)

(First)

(Middle)

201 MAIN ST STE 3100

(Street)

FORT WORTH

76102

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

CRANDALL J TAYLOR

(Last)

(First)

(Middle)

2775 SAND HILL RD

SUITE 220

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BRUCE ROBERT W III

(Last)

(First)

(Middle)

201 MAIN STREET SUITE 2500

(Street)

FORTWORTH

76102

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

1. J. Taylor Crandall ("Crandall") is the President and sole stockholder of Algenpar, Inc., a Texas corporation ("Algenpar"), which is one of two general partners of Alpine Capital, L.P., a Texas limited partnership ("Alpine"), which is the direct beneficial owner of certain of the securities reported herein. Robert W. Bruce III ("Bruce") is the other general partner of Alpine.

2. Pursuant to Rule 16a-1(a)(2)(ii)(B) under the Securities Exchange Act of 1934, as amended (the "Act"), 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.

	Robert W. Bruce III, Manager - Alpine Capital, L.P.	11/20/2003
	J. Taylor Crandall, Algenpar, Inc.	11/20/2003
	Robert W. Bruce III	11/20/2003
	J. Taylor Crandall	11/20/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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