San Juan Basin Royalty Trust is an express trust. The Trust was created between Southland Royalty Company (Southland) and The Fort Worth National Bank. The principal asset of the Trust is Royalty. The interests in the Royalty are divided into number of Units of Beneficial Interest (Units) of the Trust. The Trustee of the Trust is Compass Bank. The function of the Trustee is to collect the net proceeds attributable to the Royalty, to pay all expenses and charges of the Trust and distribute the remaining available income to the Unit Holders. The Trust does not operate the Underlying Properties and does not carry on any business activity. The Trust conducts no research activities. The Trust is a widely held fixed investment trust and is classified as a non-mortgage widely held fixed investment trust. Burlington Resources Oil & Gas Company LP (Burlington) is the principal operator of the Underlying Properties.