Argent Trust Company, As The Trustee Of The San Juan Basin Royalty Trust Reported That It Will Not Declare A Monthly Cash Distribution To The Holders Of Its Units Of Beneficial Interest Due To Excess Production Costs For The Trust's Subject Interests During The Production Month Of November 2024, As Well As Continued Low Natural Gas Pricing

Argent Trust Company, as the trustee (the "Trustee") of the San Juan Basin Royalty Trust (the "Trust") (NYSE:SJT), today reported that it will not declare a monthly cash distribution to the holders of its Units of beneficial interest (the "Unit Holders") due to excess production costs for the Trust's subject interests ("Subject Interests") during the production month of November 2024, as well as continued low natural gas pricing.  Excess production costs occur when production costs and capital expenditures exceed the gross proceeds for a certain period. Excess production costs for this reporting period are due primarily to significant lease operating expenses and capital expenditures associated with Hilcorp San Juan L.P.'s ("Hilcorp") 2024 capital project plan.