SAN JUAN BASIN ROYALTY TRUST

# San Juan Basin Royalty Trust

This Texas-incorporated express trust operates as an oil and natural gas royalty company focused on the San Juan Basin in northwestern New Mexico. The trust holds a 75% net overriding royalty interest in Southland's oil and natural gas properties across the region, alongside working interests, royalty interests, and other contractual rights spanning approximately 119,000 net-producing acres in San Juan, Rio Arriba, and Sandoval Counties.

Revenue derives from royalty payments on oil and natural gas production from the underlying properties. As a royalty trust structure, the company does not directly operate wells or conduct exploration and development activities; rather, it receives distributions based on production and commodity prices from the properties in which it holds interests.

The company maintains a Dallas, Texas headquarters and operates with a minimal employee base typical of royalty trusts. The San Juan Basin, a major U.S. natural gas-producing region, constitutes the geographic focus of its asset base. The trust was established in 1980 to hold these specific royalty and working interests in the basin.