- San Juan Basin Royalty Trust (SJT) will **not declare a monthly cash distribution for September 2025** due to **excess production costs** from prior periods and **continued low natural gas pricing**.  **[319655_0001193125-25-208859_sjt_september_2025_8-k.htm:0]** **[319655_0001193125-25-208859_sjt-ex99_1.htm:1]** 
- The cumulative balance of excess production costs is approximately **$10,195,300 net to the Trust**, representing a decrease of **$1,589,766 net** from the previous month.  **[319655_0001193125-25-208859_sjt-ex99_1.htm:1]** 
- Cash distributions will not resume until the excess production costs are fully repaid, a **$2,000,000 reserve** is replenished, and the principal and interest on the Trust's **Line of Credit** are repaid.  **[319655_0001193125-25-208859_sjt-ex99_1.htm:1]** 
- For the production month of July 2025, total revenue from the Subject Interests was **$5,826,227**, with production costs (excluding excess production costs) totaling **$3,706,539**.  **[319655_0001193125-25-208859_sjt-ex99_1.htm:1]**

SAN JUAN BASIN ROYALTY TRUST (SJT)