<p>/PRNewswire/ -- Argent Trust Company，作為聖胡安盆地特許權信託（&#34;信託&#34;）（NYSE: SJT）的受託人（&#34;受託人&#34;），今天報告稱，由於應用淨收益$3,435,269，該金額本應作為特許權收入支付給信託，因此不會向其受益單位持有人（&#34;單位持有人&#34;）宣佈每月現金分配。該淨收益將用於支付因 Hilcorp San Juan L.P.（&#34;Hilcorp&#34;）在 2024 年鑽探的兩口新水平井而產生的超額生產成本。超額生產成本發生在生產成本和資本支出超過某一時期的總收益時。目前累計的超額生產成本餘額約為$17,159,588（總額），$12,869,691（淨額）支付給信託，較上個月報告期減少了$4,580,359（總額）和$3,435,269（淨額）。Hilcorp 將繼續每月向信託的淨收益收取超額生產成本餘額。在餘額全額支付之前，信託將不會收到特許權收入，因為所有淨收益將用於支付超額生產成本餘額。信託在未來的淨收益足夠支付信託負債和補充現金儲備之前，將不會進行現金分配。</p>
<p>Hilcorp 報告稱，2025 年 2 月的相關權益總收入為$7,869,451，其中包括$7,685,519 的天然氣收入和$183,932 的石油收入。對於相關權益，Hilcorp 報告稱 2025 年 2 月的生產成本為$3,289,092（不包括超額生產成本餘額），其中包括$2,628,926 的租賃運營費用、$278,026 的分離税和$382,140 的資本成本。</p>
<p>本月信託的管理費用總計為$142,466。管理費用的減少歸因於信託某些費用的收取和支付時間差異。信託收到的利息收入$1,742 將用於覆蓋本月信託管理費用的一部分，現金儲備將用於支付剩餘的管理費用。</p>
<p>根據 Hilcorp 提供給信託的信息，2025 年 2 月相關權益的天然氣總量為 2,287,310 Mcf（2,541,456 MMBtu），相比 2025 年 1 月的 2,689,216 Mcf（2,988,018 MMBtu）有所減少。將天然氣收入除以生產量，得出 2025 年 2 月的平均天然氣價格為每 Mcf $3.36（每 MMBtu $3.02），較 2025 年 1 月的平均天然氣價格每 Mcf $3.74（每 MMBtu $3.37）下降了$0.38（每 Mcf）和$0.35（每 MMBtu）。</p>
<p>根據 2007 年 12 月 12 日簽署的修訂和重述的特許權信託契約（於 2024 年 2 月 15 日通過修訂的第一次修訂進行修訂），受託人被授權自行決定保留現金儲備，以支付信託的負債，這些負債是或不確定的，或當前不應支付。為了覆蓋在收入短缺期間的信託費用，這種短缺是由於商品價格下跌和 Hilcorp 在 2024 年相關權益的資本項目計劃下增加的資本支出和租賃運營費用所導致的，受託人在 2024 年 3 月和 4 月增加了現金儲備，使得截至 2024 年 4 月 30 日的總現金儲備為$1.8 百萬。利息收入和現金儲備在 2024 年 5 月至 2025 年 3 月期間每月用於支付信託管理費用。本月，$140,724 的現金儲備將用於覆蓋信託管理費用的餘額，這將使受託人保持的現金儲備餘額達到$117,797。在未來向單位持有人進行任何分配之前，受託人計劃補充現金儲備，並繼續將現金儲備增加到$2.0 百萬。受託人目前正在代表信託評估信貸選項，這些資金將用於支付信託的管理費用，直到超額生產成本償還並且信託再次開始收到特許權收入。</p>
<p>相關權益的生產繼續在市場敏感和慣例協議下進行收集、處理和銷售，按照信託顧問的建議進行批准。受託人繼續與 Hilcorp 就其對信託的持續會計和報告進行溝通，信託的第三方合規審計師繼續審計 Hilcorp 向信託支付的款項，包括銷售收入、生產成本、資本支出、調整、實際化和回收。信託的審計過程還包括對 Hilcorp 定價和收費的詳細分析。正如信託在其文件中之前披露的，這些收入和成本（以及所有成本）是信託的專業顧問和外部法律顧問正在進行的全面審計過程的主題，以分析與所有基礎操作信託協議的合規性，並評估在懷疑不合規的情況下的潛在補救措施。</p>
<p><strong>前瞻性聲明。</strong> 除本新聞稿中包含的歷史信息外，本新聞稿中的聲明為根據 1995 年《私人證券訴訟改革法》的安全港條款所作的前瞻性聲明。這些前瞻性聲明通常伴隨着諸如 “估計”、“預期”、“可能”、“計劃” 或其他傳達未來事件或結果不確定性的詞語。前瞻性聲明及 San Juan Basin Royalty Trust 的商業前景受到多種風險和不確定性的影響，這些因素可能導致未來期間的實際結果與前瞻性聲明存在重大差異。這些風險和不確定性包括但不限於 Hilcorp 向信託提供的某些信息、油氣價格的波動、政府監管或行動、訴訟以及對儲量估計的不確定性。這些風險和其他風險在信託向證券交易委員會提交的報告和其他文件中進行了描述。</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>聯繫人：</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 總監</td>
<td></td>
</tr>
<tr>
<td></td>
<td>免費電話: (855) 588-7839</td>
<td></td>
</tr>
<tr>
<td></td>
<td>傳真: (214) 559-7010</td>
<td></td>
</tr>
<tr>
<td></td>
<td>網站：www.sjbrt.com</td>
<td></td>
</tr>
<tr>
<td></td>
<td>電子郵件: trustee@sjbrt.com</td>
<td></td>
</tr>
</tbody>
</table>
<p>來源：San Juan Basin Royalty Trust</p>

<p>聖胡安盆地特許權信託（NYSE: SJT）宣佈，由於 Hilcorp 的鑽探活動導致生產成本過高，將不會在 2025 年 4 月宣佈現金分配。該信託的累計超額生產成本約為 1716 萬美元，將繼續從淨收益中扣除。Hilcorp 在 2025 年 2 月報告的總收入為 787 萬美元，生產成本為 329 萬美元。受託人計劃在未來向單位持有人分配之前補充現金儲備</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，作為聖胡安盆地特許權信託（&#34;信託&#34;）（NYSE: SJT）的受託人（&#34;受託人&#34;），今天報告稱，由於應用淨收益$3,435,269，該金額本應作為特許權收入支付給信託，因此不會向其受益單位持有人（&#34;單位持有人&#34;）宣佈每月現金分配。該淨收益將用於支付因 Hilcorp San Juan L.P.（&#34;Hilcorp&#34;）在 2024 年鑽探的兩口新水平井而產生的超額生產成本。超額生產成本發生在生產成本和資本支出超過某一時期的總收益時。目前累計的超額生產成本餘額約為$17,159,588（總額），$12,869,691（淨額）支付給信託，較上個月報告期減少了$4,580,359（總額）和$3,435,269（淨額）。Hilcorp 將繼續每月向信託的淨收益收取超額生產成本餘額。在餘額全額支付之前，信託將不會收到特許權收入，因為所有淨收益將用於支付超額生產成本餘額。信託在未來的淨收益足夠支付信託負債和補充現金儲備之前，將不會進行現金分配。</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 報告稱，2025 年 2 月的相關權益總收入為$7,869,451，其中包括$7,685,519 的天然氣收入和$183,932 的石油收入。對於相關權益，Hilcorp 報告稱 2025 年 2 月的生產成本為$3,289,092（不包括超額生產成本餘額），其中包括$2,628,926 的租賃運營費用、$278,026 的分離税和$382,140 的資本成本。</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>本月信託的管理費用總計為$142,466。管理費用的減少歸因於信託某些費用的收取和支付時間差異。信託收到的利息收入$1,742 將用於覆蓋本月信託管理費用的一部分，現金儲備將用於支付剩餘的管理費用。</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>根據 Hilcorp 提供給信託的信息，2025 年 2 月相關權益的天然氣總量為 2,287,310 Mcf（2,541,456 MMBtu），相比 2025 年 1 月的 2,689,216 Mcf（2,988,018 MMBtu）有所減少。將天然氣收入除以生產量，得出 2025 年 2 月的平均天然氣價格為每 Mcf $3.36（每 MMBtu $3.02），較 2025 年 1 月的平均天然氣價格每 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>根據 2007 年 12 月 12 日簽署的修訂和重述的特許權信託契約（於 2024 年 2 月 15 日通過修訂的第一次修訂進行修訂），受託人被授權自行決定保留現金儲備，以支付信託的負債，這些負債是或不確定的，或當前不應支付。為了覆蓋在收入短缺期間的信託費用，這種短缺是由於商品價格下跌和 Hilcorp 在 2024 年相關權益的資本項目計劃下增加的資本支出和租賃運營費用所導致的，受託人在 2024 年 3 月和 4 月增加了現金儲備，使得截至 2024 年 4 月 30 日的總現金儲備為$1.8 百萬。利息收入和現金儲備在 2024 年 5 月至 2025 年 3 月期間每月用於支付信託管理費用。本月，$140,724 的現金儲備將用於覆蓋信託管理費用的餘額，這將使受託人保持的現金儲備餘額達到$117,797。在未來向單位持有人進行任何分配之前，受託人計劃補充現金儲備，並繼續將現金儲備增加到$2.0 百萬。受託人目前正在代表信託評估信貸選項，這些資金將用於支付信託的管理費用，直到超額生產成本償還並且信託再次開始收到特許權收入。</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>相關權益的生產繼續在市場敏感和慣例協議下進行收集、處理和銷售，按照信託顧問的建議進行批准。受託人繼續與 Hilcorp 就其對信託的持續會計和報告進行溝通，信託的第三方合規審計師繼續審計 Hilcorp 向信託支付的款項，包括銷售收入、生產成本、資本支出、調整、實際化和回收。信託的審計過程還包括對 Hilcorp 定價和收費的詳細分析。正如信託在其文件中之前披露的，這些收入和成本（以及所有成本）是信託的專業顧問和外部法律顧問正在進行的全面審計過程的主題，以分析與所有基礎操作信託協議的合規性，並評估在懷疑不合規的情況下的潛在補救措施。</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>前瞻性聲明。</strong> 除本新聞稿中包含的歷史信息外，本新聞稿中的聲明為根據 1995 年《私人證券訴訟改革法》的安全港條款所作的前瞻性聲明。這些前瞻性聲明通常伴隨着諸如 “估計”、“預期”、“可能”、“計劃” 或其他傳達未來事件或結果不確定性的詞語。前瞻性聲明及 San Juan Basin Royalty Trust 的商業前景受到多種風險和不確定性的影響，這些因素可能導致未來期間的實際結果與前瞻性聲明存在重大差異。這些風險和不確定性包括但不限於 Hilcorp 向信託提供的某些信息、油氣價格的波動、政府監管或行動、訴訟以及對儲量估計的不確定性。這些風險和其他風險在信託向證券交易委員會提交的報告和其他文件中進行了描述。</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>聯繫人：</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 總監</td>
<td></td>
</tr>
<tr>
<td></td>
<td>免費電話: (855) 588-7839</td>
<td></td>
</tr>
<tr>
<td></td>
<td>傳真: (214) 559-7010</td>
<td></td>
</tr>
<tr>
<td></td>
<td>網站：www.sjbrt.com</td>
<td></td>
</tr>
<tr>
<td></td>
<td>電子郵件: trustee@sjbrt.com</td>
<td></td>
</tr>
</tbody>
</table>
</div><p>SOURCE San Juan Basin Royalty Trust</p>
<div class="lb-trans"><p>來源：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 宣佈 2025 年 4 月不進行現金分配 | SJT 股票新聞