Exhibit 99.1
News Release
San Juan Basin Royalty Trust
Declares Cash Distribution for September 2023
HOUSTON, Texas, September 19, 2023 PNC Bank, National Association, as
the trustee (the Trustee) of the San Juan Basin Royalty Trust (the Trust) (NYSE: SJT), today declared a monthly cash distribution to the holders (the Unit Holders) of its units of beneficial interest (the
Units) of $2,507,212.89 or $0.053793 per Unit, based primarily upon the reported production of the Trusts subject interests (the Subject Interests) during the month of July 2023. The distribution is payable
October 16, 2023, to the Unit Holders of record as of September 29, 2023.
For the production month of July 2023, the owner of the Subject
Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, Hilcorp), reported to the Trust net profits of $3,586,018 ($2,689,513 net royalty amount to the Trust).
Hilcorp reported $6,757,633 of total revenue from the Subject Interests for the production month of July 2023, consisting of $5,027,418 of gas revenues,
$347,424 of oil revenues and $1,382,791 of other revenues. The other revenues amount is comprised of an audit settlement payment and related interest for the 2017 through 2020 disputed expenses audit. For the Subject Interests, Hilcorp reported
$3,171,614 of production costs for the production month of July 2023, consisting of $2,197,901 of lease operating expense, $784,494 of severance taxes and $189,219 of capital costs.
Based upon the information that Hilcorp provided to the Trust, gas volumes for the Subject Interests for July 2023 totaled 1,986,071 Mcf (2,206,745 MMBtu), as
compared to 2,006,122 Mcf (2,229,024 MMBtu) for June 2023. Dividing gas revenues by production volume yielded an average gas price for July 2023 of $2.53 per Mcf ($2.28 per MMBtu), as compared to an average gas price for June 2023 of $1.88 per Mcf
($1.69 per MMBtu).
Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements,
as recommended for approval by the Trusts Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trusts third-party compliance auditors continue to audit payments
made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital expenditures, adjustments, actualizations, and recoupments. The Trusts auditing process has also included detailed analysis of Hilcorps pricing and
rates charged. As previously disclosed in the Trusts filings, these revenues and costs (along with all costs) are the subject of the Trusts ongoing comprehensive audit process by our professional consultants and outside counsel to ensure
full compliance with all the underlying operative Trust agreements and evaluating all available potential remedies in the event there is evidence of non-compliance.
Contact: San Juan Basin Royalty Trust
PNC Bank, National Association
PNC Asset Management Group
2200
Post Oak Blvd., Floor 18
Houston, TX 77056
website: www.sjbrt.com
e-mail: sjt@pnc.com
Ross Durr, RPL, Senior Vice President & Mineral Interest Director
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553