0001193125-18-048566.txt : 20180216 0001193125-18-048566.hdr.sgml : 20180216 20180216160703 ACCESSION NUMBER: 0001193125-18-048566 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180216 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180216 DATE AS OF CHANGE: 20180216 FILER: 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 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08032 FILM NUMBER: 18621230 BUSINESS ADDRESS: STREET 1: COMPASS BANK, TRUST DEPARTMENT STREET 2: 300 W. 7TH STREET SUITE B CITY: FORT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: 8668094553 MAIL ADDRESS: STREET 1: COMPASS BANK, TRUST DEPARTMENT STREET 2: 300 W. 7TH STREET SUITE B CITY: FORT WORTH STATE: TX ZIP: 76102 8-K 1 d280644d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 16, 2018

 

 

San Juan Basin Royalty Trust

(Exact name of registrant as specified in its charter)

 

 

 

Texas   1-8032   75-6279898
(State or other jurisdiction of
incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

Compass Bank, Trust Department

300 W. 7th Street, Suite B

Fort Worth, Texas 76102

(Address of principal executive offices, including zip code)

(Registrant’s telephone number, including area code): (866) 809-4553

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On February 16, 2018, the San Juan Basin Royalty Trust (the “Trust”) 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 $1,676,280.17 or $0.035965 per unit, based principally upon production during the month of December 2017, as further described below. The distribution is payable March 14, 2018, to unit holders of record as of February 28, 2018.

The sale of San Juan Basin assets, including the oil and gas interests from which the Trust’s royalty interest was carved (“Subject Interests”), from Burlington Resources Oil & Gas Company LP (“Burlington”) to Hilcorp San Juan L.P. (“Hilcorp”) closed on July 31, 2017. Due to the transition from Burlington, Hilcorp estimated revenue for the August 2017 through November 2017 production months. Hilcorp informed the Trust that revenue decks have been finalized for the December 2017 production month and that the February 2018 declaration of cash distribution includes actual revenue and expenses for the month of December. Hilcorp will reconcile the actual revenue numbers versus the estimated numbers for prior months and true-up any distributions, as needed.

In accordance with general instruction B.2 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 liabilities of that section.

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed in accordance with the provisions of Item 601 of Regulation S-K:

 

Exhibit No.

  

Description

99.1    Press Release, dated February 16, 2018.

 

2


EXHIBIT INDEX

 

Exhibit No.

  

Description

99.1    Press Release, dated February 16, 2018.

 

3


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

     

COMPASS BANK, AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST

(Registrant)

Date: February 16, 2018     By:   /s/ Joshua R. Peterson
      Joshua R. Peterson
      Vice President and Senior Trust Officer

 

4

EX-99.1 2 d280644dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

San Juan Basin Royalty Trust

 

 

News Release

 

San Juan Basin Royalty Trust

Declares February Cash Distribution

FORT WORTH, Texas, February 16, 2018 – Compass Bank, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest of $1,676,280.17 or $0.035965 per unit, based principally upon production during the month of December 2017. The distribution is payable March 14, 2018, to Unit Holders of record as of February 28, 2018.    

The sale of San Juan Basin assets, including the oil and gas interests from which the Trust’s royalty interest was carved (“Subject Interests”), from Burlington Resources Oil & Gas Company LP (“Burlington”) to Hilcorp San Juan L.P. (“Hilcorp”) closed on July 31, 2017. Due to the transition from Burlington, Hilcorp estimated revenue for the August 2017 through November 2017 production months. Hilcorp informed the Trust that revenue decks have been finalized for the December 2017 production month and that the February 2018 declaration of cash distribution includes actual revenue and expenses for the month of December. Hilcorp will reconcile the actual revenue numbers versus the estimated numbers for prior months and true-up any distributions, as needed.

Gas production for the Subject Interests totaled 2,351,556 Mcf (2,612,841 MMBtu) for December 2017. Dividing revenues by production volume yielded an average gas price for December 2017 of $2.35 per Mcf ($2.11 per MMBtu) as compared to an average estimated gas price for November 2017 of $2.60 per Mcf ($2.34 MMBtu).

The average monthly gas price Hilcorp reports to the Trust is a calculated price. It is determined by dividing gross monthly revenue by production volume, and therefore, it does not represent an average of actual sales prices. The average gas price may vary 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.

For the month ended December 2017, capital costs were $227,982, lease operating expenses were $2,287,780 and property taxes were $26. Severance taxes were $771,410.

 

Contact: San Juan Basin Royalty Trust
     Compass Bank, Trustee
     300 West Seventh St., Suite B, Fort Worth, Texas 76102
     website: www.sjbrt.com    e-mail: sjt.us@bbva.com

 

     Joshua R. Peterson, Vice President & Senior Trust Officer    
     Kaye Wilke, Investor Relations, toll-free: (866) 809-4553