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 $3,846,885.25 or $0.082536 per unit, based principally upon production during the month of February 2012. The distribution is payable May 14, 2012, to unit holders of record as of April 30, 2012.Gas production for the properties from which the royalty was carved (the “Underlying Properties”) totaled approximately 2,758,948 Mcf (3,021,112 MMBtu). Dividing revenues by production volume yielded an average gas price for February 2012 of $3.49 per Mcf ($3.19 per MMBtu) as compared to $4.07 per Mcf ($3.70 per MMBtu) for January 2012. 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. Capital costs for the month were $1,034,196. Lease operating expenses were $2,329,630 and taxes were $879,211.
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