UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 20, 2020

 

 

San Juan Basin Royalty Trust

(Exact name of registrant as specified in its charter)

 

 

 

Texas   1-8032   75-6279898

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

BBVA USA, Trust Department

2200 Post Oak Blvd., Floor 18

Houston, Texas 77056

(Address of principal executive offices, including zip code)

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

N/A

(Former name or former 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):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Units   SJT   NYSE

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.  ☐

 

 

 


Item 2.02.

Results of Operations and Financial Condition.

On March 20, 2020, 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 of $1,498,536.63 or $0.032151 per Unit per unit, based primarily upon production during the month of January 2020, subject to certain adjustments for prior months. The distribution is payable April 14, 2020, to unit holders of record as of March 31, 2020.

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.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

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

 

Exhibit No.

  

Description

99.1    Press Release, dated March 20, 2020.

 

2


EXHIBIT INDEX

 

Exhibit No.

  

Description

99.1    Press Release, dated March 20, 2020.

 

3


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.

 

     

BBVA USA, AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST

(Registrant)

Date: March 20, 2020     By:  

/s/ Joshua R. Peterson

      Joshua R. Peterson
      Head of Trust Real Assets & Mineral Resources and Senior Vice President    

 

4

EX-99.1

San Juan Basin Royalty Trust

News Release    

San Juan Basin Royalty Trust Declares Cash Distribution for March 2020

HOUSTON, Texas, March 20, 2020 – 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 $1,498,536.63 or $0.032151 per Unit, based primarily upon production during the month of January 2020, 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, 2020, to Unit Holders of record as of March 31, 2020.

Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 1,888,856 Mcf (2,098,729 MMBtu) for January 2020, as compared to 2,469,963 Mcf (2,744,404 MMBtu) for December 2019. Dividing revenues by production volume yielded an average gas price for January 2020 of $2.34 per Mcf ($2.11 per MMBtu), as compared to an average gas price for December 2019 of $2.08 per Mcf ($1.87 per MMBtu).

Hilcorp has advised the Trust that the January 2020 reporting month included additional profits of $250,108 gross ($187,581 net to the Trust) based on true-ups and adjustments for the January 2019, February 2019, and September 2019 production months.

Hilcorp also reported that for the reporting month of January 2020, revenue included an estimated $73,803 for non-operated revenue. For the month ended January 2020, Hilcorp reported to the Trust capital costs of $1,786, lease operating expenses and property taxes of $2,179,202, and severance taxes of $166,769.

 

Contact:   San Juan Basin Royalty Trust   
  BBVA USA, Trustee   
  2200 Post Oak Blvd., Floor 18   
  Houston, TX 77056   
  website: www.sjbrt.com    e-mail: sjt.us@bbva.com
  Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources   
  and Senior Vice President       
  Kaye Wilke, Investor Relations, toll-free: (866) 809-4553   

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.