San Juan Basin Royalty Trust Declares March Cash Distribution

Compass Bank, 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 of $1,435,596.57 or
$0.030801 per unit, based principally upon production during the month
of January 2018. The distribution is payable April 12, 2018, to Unit
Holders of record as of March 29, 2018.

The sale of San Juan Basin assets, including the oil and gas interests
from which the Trust’s royalty interest was carved (“Subject
Interests”), from Burlington Resources Oil & Gas Company LP
(“Burlington”) to Hilcorp San Juan L.P. (“Hilcorp”) closed on July 31,
2017. Due to the transition from Burlington, Hilcorp estimated revenue
for the August 2017 through November 2017 production months. Hilcorp
will reconcile the actual revenue numbers versus the estimated numbers
for those months and true-up any distributions, as needed. The March
2018 declaration of cash distribution reflects actual revenue and
expenses for the month of January.

Gas production for the Subject Interests totaled 3,153,960 Mcf
(3,504,400 MMBtu) for January 2018. Dividing revenues by production
volume yielded an average gas price for January 2018 of $1.40 per Mcf
($1.26 per MMBtu) as compared to an average gas price for December 2017
of $2.35 per Mcf ($2.11 MMBtu).

The average monthly gas price Hilcorp reports to the Trust is a
calculated price. It is determined by dividing gross monthly revenue by
production volume, and therefore, it does not represent an average of
actual sales prices. The average gas price may vary from the posted
index price for the San Juan Basin. The index price is a gross sales
price, and the revenues used in the calculation of average gas prices
are net of transportation, processing and gathering costs. Furthermore,
the distribution to the Trust in any given month may include significant
volume adjustments for sales in prior months that reflect pricing for
those prior months.

For the month ended January 2018, capital costs were $39,925, lease
operating expenses were $2,133,895 and property taxes were $26.
Severance taxes were $440,705.

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