San Juan Basin Royalty Trust Announces 2018 Capital Plan

FORT WORTH, Texas–(BUSINESS WIRE)–The San Juan Basin Royalty Trust (NYSE:SJT) (the "Trust") announced
today the capital project plan for 2018 (the “2018 Plan”) as delivered
to it by Hilcorp San Juan L.P. (“Hilcorp”). Capital expenditures for
2018 for properties subject to the Trust’s royalty interest are
estimated to be $547,800.

The principal asset of the Trust is a 75% net overriding royalty
interest carved out of certain oil and gas leasehold and royalty
interests in properties owned by Hilcorp (the “Subject Interests”)
located in the San Juan Basin and more particularly in San Juan, Rio
Arriba and Sandoval counties of northwestern New Mexico. Hilcorp is the
operator of the majority of the Subject Interests.

Hilcorp’s 2018 Plan for the Subject Interests includes two facilities
projects and seven well recompletions. While no new drilling activity is
planned on the Subject Interests for 2018, existing wells will continue
to be operated and Hilcorp will be the operator of all the projects
included in the 2018 Plan.

The sale of San Juan Basin assets, including the Subject Interests, from
Burlington Resources Oil & Gas Company LP to Hilcorp closed on July 31,
2017. Capital expenditures of approximately $0.4 million, which were
primarily attributable to the purchase, refurbishment, and installation
of gas compressors, were included in calculating royalty income paid to
the Trust in calendar year 2017.

Over the past several months, Hilcorp has worked on integrating systems,
stabilizing operations and identifying viable project opportunities in
the San Juan Basin. As such, Hilcorp recompleted one well on the Subject
Interests in December 2017 incurring a cost of $105,500.

Except for historical information contained in this news release, the
statements in this news release are forward-looking statements that are
made pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements and the
business prospects of San Juan Basin Royalty Trust are subject to a
number of risks and uncertainties that may cause actual results in
future periods to differ materially from the forward-looking statements.
These risks and uncertainties include, among other things, volatility of
oil and gas prices, governmental regulation or action, litigation, and
uncertainties about estimates of reserves. These and other risks are
described in the Trust’s reports and other filings with the Securities
and Exchange Commission.

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
Fax: 817-735-0936
www.sjbrt.com
sjt.us@bbva.com