<p>/PRNewswire/ -- Argent Trust Company，作为圣胡安盆地特许权信托（&#34;信托&#34;）（NYSE: SJT）的受托人（&#34;受托人&#34;），今天报告称，由于应用净收益$3,435,269，该金额本应作为特许权收入支付给信托，因此不会向其受益单位持有人（&#34;单位持有人&#34;）宣布每月现金分配。该净收益将用于支付因 Hilcorp San Juan L.P.（&#34;Hilcorp&#34;）在 2024 年钻探的两口新水平井而产生的超额生产成本。超额生产成本发生在生产成本和资本支出超过某一时期的总收益时。目前累计的超额生产成本余额约为$17,159,588（总额），$12,869,691（净额）支付给信托，较上个月报告期减少了$4,580,359（总额）和$3,435,269（净额）。Hilcorp 将继续每月向信托的净收益收取超额生产成本余额。在余额全额支付之前，信托将不会收到特许权收入，因为所有净收益将用于支付超额生产成本余额。信托在未来的净收益足够支付信托负债和补充现金储备之前，将不会进行现金分配。</p>
<p>Hilcorp 报告称，2025 年 2 月的相关权益总收入为$7,869,451，其中包括$7,685,519 的天然气收入和$183,932 的石油收入。对于相关权益，Hilcorp 报告称 2025 年 2 月的生产成本为$3,289,092（不包括超额生产成本余额），其中包括$2,628,926 的租赁运营费用、$278,026 的分离税和$382,140 的资本成本。</p>
<p>本月信托的管理费用总计为$142,466。管理费用的减少归因于信托某些费用的收取和支付时间差异。信托收到的利息收入$1,742 将用于覆盖本月信托管理费用的一部分，现金储备将用于支付剩余的管理费用。</p>
<p>根据 Hilcorp 提供给信托的信息，2025 年 2 月相关权益的天然气总量为 2,287,310 Mcf（2,541,456 MMBtu），相比 2025 年 1 月的 2,689,216 Mcf（2,988,018 MMBtu）有所减少。将天然气收入除以生产量，得出 2025 年 2 月的平均天然气价格为每 Mcf $3.36（每 MMBtu $3.02），较 2025 年 1 月的平均天然气价格每 Mcf $3.74（每 MMBtu $3.37）下降了$0.38（每 Mcf）和$0.35（每 MMBtu）。</p>
<p>根据 2007 年 12 月 12 日签署的修订和重述的特许权信托契约（于 2024 年 2 月 15 日通过修订的第一次修订进行修订），受托人被授权自行决定保留现金储备，以支付信托的负债，这些负债是或不确定的，或当前不应支付。为了覆盖在收入短缺期间的信托费用，这种短缺是由于商品价格下跌和 Hilcorp 在 2024 年相关权益的资本项目计划下增加的资本支出和租赁运营费用所导致的，受托人在 2024 年 3 月和 4 月增加了现金储备，使得截至 2024 年 4 月 30 日的总现金储备为$1.8 百万。利息收入和现金储备在 2024 年 5 月至 2025 年 3 月期间每月用于支付信托管理费用。本月，$140,724 的现金储备将用于覆盖信托管理费用的余额，这将使受托人保持的现金储备余额达到$117,797。在未来向单位持有人进行任何分配之前，受托人计划补充现金储备，并继续将现金储备增加到$2.0 百万。受托人目前正在代表信托评估信贷选项，这些资金将用于支付信托的管理费用，直到超额生产成本偿还并且信托再次开始收到特许权收入。</p>
<p>相关权益的生产继续在市场敏感和惯例协议下进行收集、处理和销售，按照信托顾问的建议进行批准。受托人继续与 Hilcorp 就其对信托的持续会计和报告进行沟通，信托的第三方合规审计师继续审计 Hilcorp 向信托支付的款项，包括销售收入、生产成本、资本支出、调整、实际化和回收。信托的审计过程还包括对 Hilcorp 定价和收费的详细分析。正如信托在其文件中之前披露的，这些收入和成本（以及所有成本）是信托的专业顾问和外部法律顾问正在进行的全面审计过程的主题，以分析与所有基础操作信托协议的合规性，并评估在怀疑不合规的情况下的潜在补救措施。</p>
<p><strong>前瞻性声明。</strong> 除本新闻稿中包含的历史信息外，本新闻稿中的声明为根据 1995 年《私人证券诉讼改革法》的安全港条款所作的前瞻性声明。这些前瞻性声明通常伴随着诸如 “估计”、“预期”、“可能”、“计划” 或其他传达未来事件或结果不确定性的词语。前瞻性声明及 San Juan Basin Royalty Trust 的商业前景受到多种风险和不确定性的影响，这些因素可能导致未来期间的实际结果与前瞻性声明存在重大差异。这些风险和不确定性包括但不限于 Hilcorp 向信托提供的某些信息、油气价格的波动、政府监管或行动、诉讼以及对储量估计的不确定性。这些风险和其他风险在信托向证券交易委员会提交的报告和其他文件中进行了描述。</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>联系人：</td>
<td>San Juan Basin Royalty Trust</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Argent Trust Company, Trustee</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Nancy Willis, Royalty Trust Services 总监</td>
<td></td>
</tr>
<tr>
<td></td>
<td>免费电话: (855) 588-7839</td>
<td></td>
</tr>
<tr>
<td></td>
<td>传真: (214) 559-7010</td>
<td></td>
</tr>
<tr>
<td></td>
<td>网站：www.sjbrt.com</td>
<td></td>
</tr>
<tr>
<td></td>
<td>电子邮件: trustee@sjbrt.com</td>
<td></td>
</tr>
</tbody>
</table>
<p>来源：San Juan Basin Royalty Trust</p>

<p>圣胡安盆地特许权信托（NYSE: SJT）宣布，由于 Hilcorp 的钻探活动导致生产成本过高，将不会在 2025 年 4 月宣布现金分配。该信托的累计超额生产成本约为 1716 万美元，将继续从净收益中扣除。Hilcorp 在 2025 年 2 月报告的总收入为 787 万美元，生产成本为 329 万美元。受托人计划在未来向单位持有人分配之前补充现金储备</p>

<p>, /PRNewswire/ -- Argent Trust Company, as the trustee (the &#34;Trustee&#34;) of the San Juan Basin Royalty Trust (the &#34;Trust&#34;) (NYSE: SJT), today reported that it will not declare a monthly cash distribution to the holders of its Units of beneficial interest (the &#34;Unit Holders&#34;) due to the application of net proceeds of $3,435,269, which amount would otherwise be payable to the Trust as royalty income, to the balance of excess production costs accrued as a result of Hilcorp San Juan L.P.'s (&#34;Hilcorp&#34;) drilling of two new horizonal wells in 2024. Excess production costs occur when production costs and capital expenditures exceed the gross proceeds for a certain period. The balance of cumulative excess production costs is currently approximately $17,159,588 gross ($12,869,691 net to the Trust), a decrease in the deficit of $4,580,359 gross ($3,435,269 net to the trust) from last month's reporting period. Hilcorp will continue to charge the balance of excess production costs to the Trust's net proceeds each month. Until the balance is paid in full, the Trust will not receive royalty income as all net proceeds will be applied to the balance of excess production costs. No cash distributions will be made by the Trust until future net proceeds are sufficient to pay Trust liabilities and replenish cash reserves.</p>
<div class="lb-trans"><p>/PRNewswire/ -- Argent Trust Company，作为圣胡安盆地特许权信托（&#34;信托&#34;）（NYSE: SJT）的受托人（&#34;受托人&#34;），今天报告称，由于应用净收益$3,435,269，该金额本应作为特许权收入支付给信托，因此不会向其受益单位持有人（&#34;单位持有人&#34;）宣布每月现金分配。该净收益将用于支付因 Hilcorp San Juan L.P.（&#34;Hilcorp&#34;）在 2024 年钻探的两口新水平井而产生的超额生产成本。超额生产成本发生在生产成本和资本支出超过某一时期的总收益时。目前累计的超额生产成本余额约为$17,159,588（总额），$12,869,691（净额）支付给信托，较上个月报告期减少了$4,580,359（总额）和$3,435,269（净额）。Hilcorp 将继续每月向信托的净收益收取超额生产成本余额。在余额全额支付之前，信托将不会收到特许权收入，因为所有净收益将用于支付超额生产成本余额。信托在未来的净收益足够支付信托负债和补充现金储备之前，将不会进行现金分配。</p>
</div><p>Hilcorp reported $7,869,451 of total revenue from the Subject Interests for the production month of February 2025, consisting of $7,685,519 of gas revenues and $183,932 of oil revenues. For the Subject Interests, Hilcorp reported $3,289,092 of production costs (excluding the balance of excess production costs) for the production month of February 2025, consisting of $2,628,926 of lease operating expenses, $278,026 of severance taxes, and $382,140 of capital costs.</p>
<div class="lb-trans"><p>Hilcorp 报告称，2025 年 2 月的相关权益总收入为$7,869,451，其中包括$7,685,519 的天然气收入和$183,932 的石油收入。对于相关权益，Hilcorp 报告称 2025 年 2 月的生产成本为$3,289,092（不包括超额生产成本余额），其中包括$2,628,926 的租赁运营费用、$278,026 的分离税和$382,140 的资本成本。</p>
</div><p>This month's Trust administrative expenses totaled $142,466. The decrease in administrative expenses was attributable to differences in timing of the receipt and payment of certain expenses by the Trust. Interest income received by the Trust in the amount of $1,742 will be applied to cover a portion of this month's Trust administrative expenses, with cash reserves utilized to pay the remaining administrative expenses.</p>
<div class="lb-trans"><p>本月信托的管理费用总计为$142,466。管理费用的减少归因于信托某些费用的收取和支付时间差异。信托收到的利息收入$1,742 将用于覆盖本月信托管理费用的一部分，现金储备将用于支付剩余的管理费用。</p>
</div><p>Based upon information provided to the Trust by Hilcorp, gas volumes for the Subject Interests for February 2025 totaled 2,287,310 Mcf (2,541,456 MMBtu), as compared to 2,689,216 Mcf (2,988,018 MMBtu) for January 2025. Dividing gas revenues by production volume yielded an average gas price for February 2025 of $3.36 per Mcf ($3.02 per MMBtu), a decrease of $0.38 per Mcf ($0.35 per MMBtu) as compared to the average gas price for January 2025 of $3.74 per Mcf ($3.37) per MMBtu.</p>
<div class="lb-trans"><p>根据 Hilcorp 提供给信托的信息，2025 年 2 月相关权益的天然气总量为 2,287,310 Mcf（2,541,456 MMBtu），相比 2025 年 1 月的 2,689,216 Mcf（2,988,018 MMBtu）有所减少。将天然气收入除以生产量，得出 2025 年 2 月的平均天然气价格为每 Mcf $3.36（每 MMBtu $3.02），较 2025 年 1 月的平均天然气价格每 Mcf $3.74（每 MMBtu $3.37）下降了$0.38（每 Mcf）和$0.35（每 MMBtu）。</p>
</div><p>Pursuant to the Amended and Restated Royalty Trust Indenture, dated December 12, 2007 (as amended on February 15, 2024, by the First Amendment to the Amended and Restated Royalty Trust Indenture), the Trustee is authorized to retain, in its sole discretion, a cash reserve for payment of Trust liabilities that are contingent or uncertain or otherwise not currently due and payable. To cover Trust expenses during any period of revenue shortfall, which has resulted and may continue to result from lower commodity prices and increased capital expenditures and lease operating expenses under Hilcorp's 2024 capital project plan for the Subject Interests, the Trustee increased the cash reserves in March and April of 2024, such that total cash reserves were $1.8 million as of April 30, 2024. Interest income and cash reserves were utilized to pay Trust administrative expenses each month from May 2024 through March of 2025. This month, cash reserves in the amount of $140,724 will be utilized to cover the balance of Trust administrative expenses which will bring the balance of cash reserves maintained by the Trustee to $117,797. Prior to any future distributions to Unit Holders, the Trustee plans to replenish the cash reserves and continue to increase the cash reserves to $2.0 million. The Trustee is currently evaluating credit options on behalf of the Trust, the funds from which would be utilized to pay the Trust's administrative expenses until such time as the excess production costs are repaid and the Trust begins receiving royalty income again.</p>
<div class="lb-trans"><p>根据 2007 年 12 月 12 日签署的修订和重述的特许权信托契约（于 2024 年 2 月 15 日通过修订的第一次修订进行修订），受托人被授权自行决定保留现金储备，以支付信托的负债，这些负债是或不确定的，或当前不应支付。为了覆盖在收入短缺期间的信托费用，这种短缺是由于商品价格下跌和 Hilcorp 在 2024 年相关权益的资本项目计划下增加的资本支出和租赁运营费用所导致的，受托人在 2024 年 3 月和 4 月增加了现金储备，使得截至 2024 年 4 月 30 日的总现金储备为$1.8 百万。利息收入和现金储备在 2024 年 5 月至 2025 年 3 月期间每月用于支付信托管理费用。本月，$140,724 的现金储备将用于覆盖信托管理费用的余额，这将使受托人保持的现金储备余额达到$117,797。在未来向单位持有人进行任何分配之前，受托人计划补充现金储备，并继续将现金储备增加到$2.0 百万。受托人目前正在代表信托评估信贷选项，这些资金将用于支付信托的管理费用，直到超额生产成本偿还并且信托再次开始收到特许权收入。</p>
</div><p>Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements, as recommended for approval by the Trust's Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust's 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 Trust's auditing process has also included detailed analysis of Hilcorp's pricing and rates charged. As previously disclosed in the Trust's filings, these revenues and costs (along with all costs) are the subject of the Trust's ongoing comprehensive audit process by the Trust's professional consultants and outside counsel to analyze compliance with all the underlying operative Trust agreements and evaluate potential remedies in the event there is suspected non-compliance.</p>
<div class="lb-trans"><p>相关权益的生产继续在市场敏感和惯例协议下进行收集、处理和销售，按照信托顾问的建议进行批准。受托人继续与 Hilcorp 就其对信托的持续会计和报告进行沟通，信托的第三方合规审计师继续审计 Hilcorp 向信托支付的款项，包括销售收入、生产成本、资本支出、调整、实际化和回收。信托的审计过程还包括对 Hilcorp 定价和收费的详细分析。正如信托在其文件中之前披露的，这些收入和成本（以及所有成本）是信托的专业顾问和外部法律顾问正在进行的全面审计过程的主题，以分析与所有基础操作信托协议的合规性，并评估在怀疑不合规的情况下的潜在补救措施。</p>
</div><p><strong>Forward Looking Statements.</strong> 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 &#34;estimates,&#34; &#34;anticipates,&#34; &#34;could,&#34; &#34;plan,&#34; 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.</p>
<div class="lb-trans"><p><strong>前瞻性声明。</strong> 除本新闻稿中包含的历史信息外，本新闻稿中的声明为根据 1995 年《私人证券诉讼改革法》的安全港条款所作的前瞻性声明。这些前瞻性声明通常伴随着诸如 “估计”、“预期”、“可能”、“计划” 或其他传达未来事件或结果不确定性的词语。前瞻性声明及 San Juan Basin Royalty Trust 的商业前景受到多种风险和不确定性的影响，这些因素可能导致未来期间的实际结果与前瞻性声明存在重大差异。这些风险和不确定性包括但不限于 Hilcorp 向信托提供的某些信息、油气价格的波动、政府监管或行动、诉讼以及对储量估计的不确定性。这些风险和其他风险在信托向证券交易委员会提交的报告和其他文件中进行了描述。</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Contact:</td>
<td>San Juan Basin Royalty Trust</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Argent Trust Company, Trustee</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Nancy Willis, Director of Royalty Trust Services</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Toll-free: (855) 588-7839</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Fax: (214) 559-7010</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Website:www.sjbrt.com</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Email:trustee@sjbrt.com</td>
<td></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>联系人：</td>
<td>San Juan Basin Royalty Trust</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Argent Trust Company, Trustee</td>
<td></td>
</tr>
<tr>
<td></td>
<td>Nancy Willis, Royalty Trust Services 总监</td>
<td></td>
</tr>
<tr>
<td></td>
<td>免费电话: (855) 588-7839</td>
<td></td>
</tr>
<tr>
<td></td>
<td>传真: (214) 559-7010</td>
<td></td>
</tr>
<tr>
<td></td>
<td>网站：www.sjbrt.com</td>
<td></td>
</tr>
<tr>
<td></td>
<td>电子邮件: trustee@sjbrt.com</td>
<td></td>
</tr>
</tbody>
</table>
</div><p>SOURCE San Juan Basin Royalty Trust</p>
<div class="lb-trans"><p>来源：San Juan Basin Royalty Trust</p>
</div>

San Juan Basin Royalty Trust Declares No Cash Distribution for April 2025 | SJT Stock News

San Juan Basin Royalty Trust 宣布 2025 年 4 月不进行现金分配 | SJT 股票新闻