8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENTREPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 19, 2021

San Juan Basin Royalty Trust

(Exact name of registrant as specified in its charter)

BBVA USA, Trust Department

2200 Post Oak Blvd., Floor 18

Houston, TX 77056

(Address of principal executive offices, including zip code)

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

N/A

(Former name orformer 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):

Securities registered pursuant to Section 12(b) of the Act:

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.  ☐

On March 19, 2021, 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 (the “Unit Holders”) of $2,472,277.06 or $0.053043 per Unit, based primarily upon estimated production during the month of January 2021, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (Hilcorp”), for prior months. The distribution is payable April 14, 2021, to Unit Holders of record as of March 31, 2021.

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.

(d) Exhibits.

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

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EXHIBIT INDEX

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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.

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EX-99.1

Exhibit 99.1

San Juan Basin Royalty Trust

NewsRelease

San Juan Basin Royalty Trust Declares Cash Distribution for March 2021

HOUSTON, Texas, March 19, 2021 – BBVA USA, 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 (the “Unit Holders”) of $2,472,277.06 or $0.053043 per Unit, based primarily upon estimated production during the month of January 2021, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (Hilcorp”), for prior months. The distribution is payable April 14, 2021, to Unit Holders of record as of March 31, 2021.

Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 2,631,464 Mcf (2,923,849 MMBtu) for January 2021, as compared to 1,643,882 Mcf (1,826,535 MMBtu) for December 2020. Dividing revenues by production volume yielded an average gas price for January 2021 of $2.36 per Mcf ($2.12 per MMBtu), as compared to an average gas price for December 2020 of $2.66 per Mcf ($2.39 per MMBtu).

Hilcorp has advised the Trust that the January 2021 reporting month included a negative adjustment of $68,164 gross ($51,123 net to the Trust) based on true-ups for the August 2020, September 2020 and October 2020 production months.

Hilcorp informed the Trust that due to Hilcorp’s transition to a new accounting system, the January 2021 reporting month is based on estimated production, actual realized prices and estimated costs.

Hilcorp also reported that for the reporting month of January 2021, revenue included an estimated $100,000 for non-operated revenue. For the month ended January 2021, Hilcorp reported to the Trust capital costs of $19,057, lease operating expenses and property taxes of $1,554,770, and severance taxes of $1,187,100.

Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.