319655--3/15/2006--SAN_JUAN_BASIN_ROYALTY_TRUST

related topics

{interest, director, officer}

{loss, insurance, financial}

{gas, price, oil}

{cost, contract, operation}

Increased costs of production and development will result in decreased Trust distributions. Trust reserve estimates depend on many assumptions that may prove to be inaccurate, which could cause both estimated reserves and estimated future revenues to be too high. The operators of the Underlying Properties are subject to extensive governmental regulation. Operating risks for BROG and other operators of the Underlying Properties can adversely affect Trust distributions. None of the Trustee, the Trust nor the Unit Holders control the operation or development of the Underlying Properties.

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