San Juan Basin Royalty Trust (the Trust) is an express trust created by the San Juan Basin Royalty Trust Indenture, between Southland Royalty Company (Southland Royalty) and The Fort Worth National Bank. The Trustee of the Trust is Compass Bank. The function of the Trustee is to collect the net proceeds attributable to the Royalty (Royalty Income), to pay all expenses and charges of the Trust and distribute the remaining available income to the Unit Holders. The Royalty conveyed to the Trust was carved out of Burlington Resources Oil & Gas Company LP�s (Burlington) working interests and royalty interests in certain properties situated in the San Juan Basin in northwestern New Mexico.Burlington is the principal operator of the Underlying Properties. A percentage of the Royalty Income is attributable to the production and sale by Burlington of natural gas from the Underlying Properties. The Underlying Properties are primarily gas producing properties.