ConocoPhillips Completes Sale of San Juan Basin Assets to Hilcorp

FORT WORTH, Texas–(BUSINESS WIRE)–Compass Bank, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT)
(the “Trust”), has confirmed that, on July 31, 2017, Hilcorp San Juan,
L.P., an affiliate of Hilcorp Energy Co. (“Hilcorp”), acquired
ConocoPhillips’ assets in the San Juan Basin, including certain oil and
natural gas interests burdened by the Trust that were previously owned
by Burlington Resources Oil & Gas Company LP (“Burlington”), a
wholly-owned subsidiary of ConocoPhillips.

The Trust has been coordinating with Hilcorp to transition the processes
previously performed by Burlington, and looks forward to working with
Hilcorp and its affiliates as the new operator of the properties.

Contacts

San Juan Basin Royalty Trust
Compass Bank, Trustee
Joshua R.
Peterson, Vice President & Senior Trust Officer
Kaye Wilke,
Investor Relations, toll-free: (866) 809-4553
[email protected]
www.sjbrt.com