San Juan Basin Royalty Trust is an express trust. The principal asset of the Trust is Royalty. Its underlying properties include the working, royalty and other oil and natural gas interests owned by Southland Royalty Company in properties located in the San Juan Basin of northwestern New Mexico. The Trust does not operate the Underlying Properties and does not carry on any business activity. The Trust is a widely held fixed investment trust (WHFIT) and is classified as a non-mortgage widely held fixed investment trust (NMWHFIT) for federal income tax purposes. Burlington Resources Oil & Gas Company LP is the principal operator of the Underlying Properties. The Trustee of the Trust is Compass Bank, which is a subsidiary of Banco Bilbao Vizcaya Argentaria, S.A.