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San Juan Basin Royalty Trust Supplements Prior Release Concerning Monthly Cash Distribution

Stocks in this article: SJT

Compass Bank (the "Trustee") as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT) (the "Trust"), today announced that it has received additional information from Burlington Resources Oil & Gas Company LP ("Burlington") regarding the content of the Trust’s news release issued on November 18, 2013.

For the months of April 2013 to October 2013, Burlington caused production volumes to be overstated by a total of 1,314,555 Mcf (1,608,598 MMBtu) due to a workpaper formulation error. The November distribution reflects a volume adjustment to correct the overstated production volumes. Burlington indicated this was a volume-only adjustment which did not impact the distribution amount. However, it did affect the volumes reported and therefore, the calculation of the average price per Mcf and MMBtu. Following the downward adjustment, the gas production volumes reported in November 2013 totaled 1,345,023 Mcf (1,300,953 MMBtu.)

The average monthly gas price Burlington reports to the Trust is a calculated price. It is determined by dividing gross monthly revenue by production volume, and it does not represent an average of actual sales prices. Because the production volume number used in the calculation reported in November was reduced by 1,314,555 Mcf, the resulting average sales price calculated to an inordinately high $7.62 per Mcf ($7.88 per MMBtu).

Burlington’s summary of the reported volumes and prices, as corrected, is as follows:

Distribution Month:
April - Reported 2,475,083 88,396 $3.26 2,726,397 97,371 $2.96
April - Corrected 2,304,419 82,301 $3.51 2,517,531 89,912 $3.21
May - Reported 2,955,797 95,348 $3.32 3,259,832 105,156 $3.01
May - Corrected 2,766,569 89,244 $3.55 3,028,013 97,678 $3.25
June - Reported 2,938,341 97,945 $3.66 3,229,404 107,647 $3.33
June - Corrected 2,749,985 91,666 $3.91 2,999,765 99,992 $3.59
July - Reported 2,983,789 96,251 $3.75 3,273,998 105,613 $3.42
July - Corrected 2,804,213 90,458 $3.99 3,054,370 98,528 $3.66
August - Reported 2,887,968 96,266 $3.72 3,186,342 106,211 $3.37
August - Corrected 2,696,032 89,868 $3.98 2,951,342 98,378 $3.64
September - Reported 2,949,189 95,135 $3.45 3,255,683 105,022 $3.12
September - Corrected 2,751,286 88,751 $3.70 3,013,334 97,204 $3.37
October - Reported 2,960,867 95,512 $3.46 3,258,224 105,104 $3.15
October - Corrected 2,763,975 89,160 $3.71 3,016,927 97,320 $3.40

Burlington indicates it has implemented additional procedures to their process to eliminate the possibility of a similar error occurring in the future. The Trust’s external compliance auditors have been consulted and will be reviewing Burlington’s revised calculations on behalf of the Trust.

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