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UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





Form 10-K


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|          
|           |  | For the fiscal year ended December 31, 2004                                                 
|          
|or        
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
|          
|           |  | For the transition period
    from           to                                             

Commission file number 1-8032


San Juan Basin Royalty Trust


(Exact name of registrant as specified in the


Amended and Restated San Juan Basin Royalty Trust
Indenture)


|                                                                                                                                |  |                                         
|------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------
|Texas                                                                                                                           |  | 75-6279898                              
|(State or other jurisdiction of
    incorporation or organization)                                                              |  | (I.R.S. Employer
    Identification No.)
|TexasBank, Trust Department
    2525 Ridgmar Boulevard, Suite 100
    Fort Worth, Texas(Address of principal executive offices) |  | 76116(Zip Code)                         

(866) 809-4553


(Registrants telephone number, including area code)


Securities registered pursuant to Section 12(b) of the
Act:


|                             |  |                                          
|---------------------------- |  | -----------------------------------------
|Title of Each Class          |  | Name of Each Exchange on Which Registered
|                             |  |                                          
|Units of Beneficial Interest |  | New York Stock Exchange                  

Securities registered pursuant to Section 12(g) of the
Act:


None


(Title of Class)


þ o


þ


þ o






DOCUMENTS INCORPORATED BY REFERENCE












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TABLE OF CONTENTS



|                                                |                                                                                                             |  |  |  |  |  |  | 
|----------------------------------------------- | ----------------------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I                                         
|                                                | Item 1. Business                                                                                           
|                                                | Item 2. Properties                                                                                         
|                                                | Item 3. Legal Proceedings                                                                                  
|                                                | Item 4. Submission of Matters to a Vote of Security Holders                                                
|PART II                                        
|                                                | Item 5. Market For Registrants Units, Related Unit Holder Matters and Issuer Purchases of Units           
|                                                | Item 6. Selected Financial Data                                                                            
|                                                | Item 7. Trustees Discussion and Analysis of Financial Condition and Results of Operation                  
|                                                | Item 7A. Quantitative and Qualitative Disclosures About Market Risk                                        
|                                                | Item 8. Financial Statements and Supplementary Data                                                        
|                                                | Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure               
|                                                | Item 9A. Controls and Procedures                                                                           
|                                                | Item 9B. Other Information                                                                                 
|PART III                                       
|                                                | Item 10. Directors and Executive Officers of the Registrant                                                
|                                                | Item 11. Executive Compensation                                                                            
|                                                | Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Security Holder Matters
|                                                | Item 13. Certain Relationships and Related Transactions                                                    
|                                                | Item 14. Principal Accountant Fees and Services                                                            
|PART IV                                        
|                                                | Item 15. Exhibits, Financial Statement Schedules                                                           
|Registrant's Annual Report to Unit Holders     
|Consent of Cawley, Gillespie & Associates, Inc.
|Certification Required by Rule 13a-14(a)       
|Certification Required by Rule 13a-14(b)       



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PART I









|        |         
|------- | --------
|Item 1. | Business

www.sjbrt.com.










2



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3



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Principal Trust Risk Factors






| |                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| | Oil and gas prices fluctuate due to a number of factors,
    and lower prices will reduce net proceeds to the Trust and
    distributions to Unit Holders.





| |   |                                                                                                                                   
| | - | ----------------------------------------------------------------------------------------------------------------------------------
| |  | political conditions worldwide, in particular political
    disruption, war or other armed conflicts in oil producing
    regions;
|
| |  | worldwide economic conditions;                                                                                                    
|
| |  | weather conditions;                                                                                                               
|
| |  | the supply and price of foreign oil and gas;                                                                                      
|
| |  | the level of consumer demand;                                                                                                     
|
| |  | the price and availability of alternative fuels;                                                                                  
|
| |  | the proximity to, and capacity of, transportation
    facilities; and                                                             
|
| |  | the effect of worldwide energy conservation measures.                                                                             





4



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| |                                                                                                
| | -----------------------------------------------------------------------------------------------
| | 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.





| |   |                                                                                                                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------
| |  | historical production from the area compared with production
    rates from similar producing areas;                                      
|
| |  | the assumed effect of governmental regulation; and                                                                                        
|
| |  | assumptions about future commodity prices, production and
    development costs, severance and excise taxes, and capital
    expenditures.





| |                                                                                                 
| | ------------------------------------------------------------------------------------------------
| | The operators of the Underlying Properties are subject to
    extensive governmental regulation.





| |                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------
| | Operating risks for the working interest owners 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.



5



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| |                                                             
| | ------------------------------------------------------------
| | The Royalty can be sold and the Trust can be
    terminated.





| |                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Trust assets are depleting assets and, if BROG or other
    operators of the Underlying Properties do not perform additional
    development projects, the assets may deplete faster than
    expected.





| |                                         
| | ----------------------------------------
| | Unit Holders have limited voting rights.








|        |           
|------- | ----------
|Item 2. | Properties





Producing Acreage, Wells and Drilling








6



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7



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Oil and Gas Production




|              |  |       |            |        |  |       |        |        |  |       |            |        |  |   |        |  |  |   |            |  |  |   |        | 
|------------- |  | ----- | ---------- | ------ |  | ----- | ------ | ------ |  | ----- | ---------- | ------ |  | - | ------ |  |  | - | ---------- |  |  | - | ------ | 
|              |  | 2004  |            | 2003   |  | 2002 
|              |  |       |            |        |  |      
|              |  | Gas   |            | Oil    |  | Gas   |        | Oil    |  | Gas   |            | Oil   
|              |  | (Mcf) |            | (Bbls) |  | (Mcf) |        | (Bbls) |  | (Mcf) |            | (Bbls)
|              |  |       |            |        |  |       |        |        |  |       |            |       
|Production    |  |       | 25,324,435 |        |  |       | 44,832 |        |  |       | 25,922,650 |        |  |   | 43,123 |  |  |   | 19,584,056 |  |  |   | 40,215 | 
|Average Price |  | $     | 4.68       |        |  | $     | 34.81  |        |  | $     | 3.93       |        |  | $ | 26.11  |  |  | $ | 2.32       |  |  | $ | 20.90  | 

Pricing Information








| |                                                                                                                                                                                                                                                                                                                                                                                                              
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) BROG agreed that all subsequent contracts for the sale
    of gas from the Underlying Properties would require the written
    approval of an independent gas marketing consultant acceptable
    to the Trust;                                                                                                                                                                                          
|
| | (ii) BROG will continue to market the oil and natural gas
    liquids from the Underlying Properties but will make payments to
    the Trust based on actual proceeds from such sales, and BROG
    will no longer use posted prices as the basis for calculating
    proceeds to the Trust nor make a deduction for marketing fees
    associated with sales of oil or natural gas liquids
    products; and
|
| | (iii) The independent marketer of the gas from the
    Underlying Properties is entitled to use of BROGs current
    gas transportation, gathering, processing and treating
    agreements with third parties, at least through the remainder of
    their primary terms.                                                                                                                                   



8



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Oil and Gas Reserves






| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Estimated future net revenues are computed by
    applying current prices of oil and gas (with consideration of
    price changes only to the extent provided by contractual
    arrangements and allowed by federal regulation) to estimated
    future production of proved oil and gas reserves as of the date
    of the latest balance sheet presented, less estimated future
    expenditures (based on current costs) to be incurred in
    developing and producing the proved reserves, and assuming
    continuation of existing economic conditions. Estimated
    future net revenues are sometimes referred to in this
    Form 10-K as estimated future net cash flows.
|
| | Present value of estimated future net revenues is
    computed using the estimated future net revenues (as defined
    above) and a discount rate of 10%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| | Proved reserves are those estimated quantities of
    crude oil, natural gas and natural gas liquids, which, upon
    analysis of geological and engineering data, appear with
    reasonable certainty to be recoverable in the future from known
    oil and gas reservoirs under existing economic and operating
    conditions.                                                                                                                                                                                                                                                                                                                                                      
|
| | Proved developed reserves are those proved reserves
    which can be expected to be recovered through existing wells
    with existing equipment and operating methods.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | Proved undeveloped reserves are those proved
    reserves which are expected to be recovered from new wells on
    undrilled acreage, or from existing wells where a relatively
    major expenditure is required.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       



9



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|                                            |  |        |     |         |  |  |         |  
|------------------------------------------- |  | ------ | --- | ------- |  |  | ------- | -
|                                            |  | Crude  |     | Natural
|                                            |  | Oil    |     | Gas    
|                                            |  | (Bbls) |     | (Mcf)  
|                                            |  |        |     |        
|Reserves as of December 31, 2001            |  |        | 383 |         |  |  | 176,815 |  
|                                            |  |        |     |         |  |  |         |  
|Revisions of previous estimates             |  |        | 86  |         |  |  | 60,402  |  
|Extensions, discoveries and other additions |  |        | 19  |         |  |  | 17,833  |  
|Production                                  |  |        | (40 | )       |  |  | (19,584 | )
|                                            |  |        |     |         |  |  |         |  
|                                           
|Reserves as of December 31, 2002            |  |        | 448 |         |  |  | 235,466 |  
|                                            |  |        |     |         |  |  |         |  
|Revisions of previous estimates             |  |        | (31 | )       |  |  | 17,045  |  
|Extensions, discoveries and other additions |  |        | 8   |         |  |  | 14,021  |  
|Production                                  |  |        | (43 | )       |  |  | (25,923 | )
|                                            |  |        |     |         |  |  |         |  
|                                           
|Reserves as of December 31, 2003            |  |        | 382 |         |  |  | 240,609 |  
|                                            |  |        |     |         |  |  |         |  
|Revisions of previous estimates             |  |        | 102 |         |  |  | 26,415  |  
|Extensions, discoveries and other additions |  |        | 20  |         |  |  | 15,236  |  
|Production                                  |  |        | (45 | )       |  |  | (25,324 | )
|                                            |  |        |     |         |  |  |         |  
|                                           
|Reserves as of December 31, 2004            |  |        | 459 |         |  |  | 256,936 |  
|                                            |  |        |     |         |  |  |         |  



|                  |  |      |         |      |  |      |         |  |  |  |         | 
|----------------- |  | ---- | ------- | ---- |  | ---- | ------- |  |  |  | ------- | 
|                  |  | 2004 |         | 2003 |  | 2002
|                  |  |      |         |      |  |     
|Crude Oil (Bbls)  |  |      | 419     |      |  |      | 349     |  |  |  | 415     | 
|Natural Gas (Mcf) |  |      | 235,272 |      |  |      | 218,266 |  |  |  | 209,665 | 





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|                                                              |  |      |          |      |  |      |         |   |  |   |         |  
|------------------------------------------------------------- |  | ---- | -------- | ---- |  | ---- | ------- | - |  | - | ------- | -
|                                                              |  | 2004 |          | 2003 |  | 2002
|                                                              |  |      |          |      |  |     
|Balance, January 1                                            |  | $    | 497,701  |      |  | $    | 411,882 |   |  | $ | 173,846 |  
|Revisions of prior-year estimates, change in prices and other |  |      | 272,251  |      |  |      | 106,935 |   |  |   | 233,062 |  
|Extensions, discoveries and other additions                   |  |      | 47,338   |      |  |      | 29,693  |   |  |   | 25,642  |  
|Accretion of discount                                         |  |      | 49,770   |      |  |      | 41,188  |   |  |   | 17,385  |  
|Royalty income                                                |  |      | (111,043 | )    |  |      | (91,997 | ) |  |   | (38,053 | )
|                                                              |  |      |          |      |  |      |         |   |  |   |         |  
|Balance, December 31                                          |  | $    | 756,017  |      |  | $    | 497,701 |   |  | $ | 411,882 |  
|                                                              |  |      |          |      |  |      |         |   |  |   |         |  











|                      |  |           |           |          |  |           |         |          |  |           |         |          |  |   |         |  |  |   |         |  |  |   |         | 
|--------------------- |  | --------- | --------- | -------- |  | --------- | ------- | -------- |  | --------- | ------- | -------- |  | - | ------- |  |  | - | ------- |  |  | - | ------- | 
|                      |  | 2004      |           | 2003     |  | 2002     
|                      |  |           |           |          |  |          
|                      |  | Estimated |           |          |  | Estimated |         |          |  | Estimated |         |         
|                      |  | Future    |           | Present  |  | Future    |         | Present  |  | Future    |         | Present 
|                      |  | Net       |           | Value at |  | Net       |         | Value at |  | Net       |         | Value at
|                      |  | Revenue   |           | 10%      |  | Revenue   |         | 10%      |  | Revenue   |         | 10%     
|                      |  |           |           |          |  |           |         |          |  |           |         |         
|Total Proved          |  | $         | 1,382,108 |          |  | $         | 756,017 |          |  | $         | 899,477 |          |  | $ | 497,701 |  |  | $ | 737,639 |  |  | $ | 411,882 | 
|Proved Developed      |  | $         | 1,264,556 |          |  | $         | 696,430 |          |  | $         | 818,782 |          |  | $ | 458,224 |  |  | $ | 661,634 |  |  | $ | 378,285 | 
|Total Proved Per Unit |  | $         | 29.65     |          |  | $         | 16.22   |          |  | $         | 19.30   |          |  | $ | 10.68   |  |  | $ | 15.83   |  |  | $ | 8.84    | 



11



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Regulation








| |                               
| | ------------------------------
| | Federal Natural Gas Regulation











| |                      
| | ---------------------
| | Section 29 Tax Credit



12



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| |                   
| | ------------------
| | Passive Loss Rules





| |                 
| | ----------------
| | Other Regulation








|        |                  
|------- | -----------------
|Item 3. | Legal Proceedings










|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders






PART II







|        |                                                                                             
|------- | --------------------------------------------------------------------------------------------
|Item 5. | Market For Registrants Units, Related Unit Holder
    Matters and Issuer Purchases of Units








|        |                        
|------- | -----------------------
|Item 6. | Selected Financial Data

|                              |  |      |             |      |  |      |            |      |  |      |            |  |  |   |            |  |  |   |            | 
|----------------------------- |  | ---- | ----------- | ---- |  | ---- | ---------- | ---- |  | ---- | ---------- |  |  | - | ---------- |  |  | - | ---------- | 
|                              |  | 2004 |             | 2003 |  | 2002 |            | 2001 |  | 2000
|                              |  |      |             |      |  |      |            |      |  |     
|Royalty income                |  | $    | 111,042,767 |      |  | $    | 91,997,262 |      |  | $    | 38,053,281 |  |  | $ | 81,368,723 |  |  | $ | 60,044,773 | 
|Distributable income          |  |      | 109,390,735 |      |  |      | 90,357,837 |      |  |      | 36,417,967 |  |  |   | 80,126,202 |  |  |   | 59,188,932 | 
|Distributable income per Unit |  |      | 2.346998    |      |  |      | 1.938644   |      |  |      | 0.781354   |  |  |   | 1.719123   |  |  |   | 1.269909   | 
|Distributions per Unit        |  |      | 2.346998    |      |  |      | 1.938644   |      |  |      | 0.781354   |  |  |   | 1.719123   |  |  |   | 1.269909   | 
|Total assets, December 31     |  |      | 36,814,866  |      |  |      | 36,905,104 |      |  |      | 37,972,696 |  |  |   | 38,051,369 |  |  |   | 47,659,746 | 

13



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|        |                                                                                      
|------- | -------------------------------------------------------------------------------------
|Item 7. | Trustees Discussion and Analysis of Financial
    Condition and Results of Operation








|         |                                                               
|-------- | --------------------------------------------------------------
|Item 7A. | Quantitative and Qualitative Disclosures About Market
    Risk








|        |                                            
|------- | -------------------------------------------
|Item 8. | Financial Statements and Supplementary Data








|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | Changes in and Disagreements With Accountants on
    Accounting and Financial Disclosure








|         |                        
|-------- | -----------------------
|Item 9A. | Controls and Procedures







14



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Trustees Report on Internal Control Over Financial
Reporting








Report of Independent Registered Public


Accounting Firm on Internal Control Over Financial
Reporting






15



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| |                               
| | ------------------------------
| | /s/ Weaver and Tidwell, L.L.P.
|
| | Weaver and Tidwell, L.L.P.    










|         |                  
|-------- | -----------------
|Item 9B. | Other Information



16



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PART III







|         |                                                   
|-------- | --------------------------------------------------
|Item 10. | Directors and Executive Officers of the Registrant



Section 16(a) Beneficial Ownership Reporting
Compliance









|         |                       
|-------- | ----------------------
|Item 11. | Executive Compensation





|                             |  |      |      |               |  |              |         |  |  |   |         |    
|---------------------------- |  | ---- | ---- | ------------- |  | ------------ | ------- |  |  | - | ------- | ---
|                             |  |      |      | Capacities in |  |             
|                             |  |      |      | Which         |  | Cash        
|Name of Individual or Entity |  | Year |      | Served        |  | Compensation
|                             |  |      |      |               |  |             
|TexasBank                    |  |      | 2004 |               |  |              | Trustee |  |  | $ | 259,472 | (1)
|TexasBank                    |  |      | 2003 |               |  |              | Trustee |  |  | $ | 234,064 | (1)
|TexasBank(2)                 |  |      | 2002 |               |  |              | Trustee |  |  | $ | 44,316  |    
|Bank One, N.A.(3)            |  |      | 2002 |               |  |              | Trustee |  |  | $ | 148,399 |    






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Under the Indenture, the Trustee is entitled to an
    administrative fee for its administrative services and the
    preparation of quarterly and annual statements of: (i) 1/20
    of 1% of the first $100 million of the annual gross revenue
    of the Trust, and 1/30 of 1% of the annual gross revenue of the
    Trust in excess of $100 million and (ii) the
    Trustees standard hourly rates for time in excess of
    300 hours annually. As of January 1, 2003, the
    administrative fee due under items (i) and (ii) above
    will not be less than $36,000 per year (as adjusted
    annually to reflect the increase (if any) in the Producers Price
    Index as published by the U.S. Department of Labor, Bureau
    of Labor Statistics).
|   
|(2) | During 2002, TexasBank served as Trustee for the period
    September 30, 2002 through December 31, 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   
|(3) | During 2002, Bank One, N.A. served as Trustee for the period
    January 1, 2002 through September 30, 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       






|         |                                                                                                       
|-------- | ------------------------------------------------------------------------------------------------------
|Item 12. | Security Ownership of Certain Beneficial Owners and
    Management and Related Security Holder Matters



17



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Security Ownership of Certain Beneficial Owners.


|                                                                                          |  |            |                 |                  |  |  |       | 
|----------------------------------------------------------------------------------------- |  | ---------- | --------------- | ---------------- |  |  | ----- | 
|                                                                                          |  | Amount and |                 |                 
|                                                                                          |  | Nature of  |                 |                 
|                                                                                          |  | Beneficial |                 |                 
|Name and Address                                                                          |  | Ownership  |                 | Percent of Class
|                                                                                          |  |            |                 |                 
|Francis M. Reps, Investment Advisor(1)
    P.O. Box 5727
    Bellingham, Washington 98227 |  |            | 2,345,000 Units |                  |  |  | 5.03% | 






|    |                                                                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | This information was provided to the Trust in a Form 13F-HR
    for the quarter ended December 31, 2004, as filed with the
    SEC on January 6, 2005. Francis M. Reps, Investment Advisor
    has sole voting power over the Units it beneficially owns.

Security Ownership of Trustee.







|         |                                               
|-------- | ----------------------------------------------
|Item 13. | Certain Relationships and Related Transactions








|         |                                       
|-------- | --------------------------------------
|Item 14. | Principal Accountant Fees and Services



|                   |  |      |        |      |  |   |        | 
|------------------ |  | ---- | ------ | ---- |  | - | ------ | 
|                   |  | 2004 |        | 2003
|                   |  |      |        |     
|Audit Fees         |  | $    | 34,760 |      |  | $ | 29,730 | 
|Audit-Related Fees |  |      | -0-    |      |  |   | 0-    | 
|Tax Fees           |  |      | 8,690  |      |  |   | 6,470  | 
|All Other Fees     |  |      | -0-    |      |  |   | 0-    | 
|                   |  |      |        |      |  |   |        | 
|Total              |  | $    | 43,450 |      |  | $ | 36,200 | 
|                   |  |      |        |      |  |   |        | 











18



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PART IV







|         |                                        
|-------- | ---------------------------------------
|Item 15. | Exhibits, Financial Statement Schedules



Financial Statements




|                                                        |  |  |  | 
|------------------------------------------------------- |  |  |  | 
|Report of Independent Registered Public Accounting Firm |  |  |  | 
|Statements of Assets, Liabilities and Trust Corpus      |  |  |  | 
|Statements of Distributable Income                      |  |  |  | 
|Statements of Changes in Trust Corpus                   |  |  |  | 
|Notes to Financial Statements                           |  |  |  | 

Financial Statement Schedules




Exhibits


|        |      |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                               
|------- | ---- | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |      |            
|Number  |      | Description
|        |      |            
|        | 4(a) |             |  | Amended and Restated Royalty Trust Indenture, dated
    September 30, 2002 (the original Royalty Trust Indenture,
    dated November 1, 1980 having been entered into between
    Southland Royalty Company and The Fort Worth National Bank,
    as Trustee), heretofore filed as Exhibit 99.2 of the
    Trusts Current Report on Form 8-K filed with the SEC on
    October 1, 2002, is incorporated herein by reference.*
|        | 4(b) |             |  | Net Overriding Royalty Conveyance from Southland Royalty Company
    to the Forth Worth National Bank, as Trustee, dated
    November 3, 1980 (without Schedules), heretofore filed as
    Exhibit 4(b) to the Trusts Annual Report on Form 10-K
    filed with the SEC for the fiscal year ended December 31,
    1980, is incorporated herein by reference.*                                                               
|        | 4(c) |             |  | Assignment of Net Overriding Interest (San Juan Basin
    Royalty Trust), dated September 30, 2002, between Bank One,
    N.A. and TexasBank, heretofore filed as Exhibit 4(c) to the
    Trusts Quarterly Report on Form 10-Q filed with the SEC
    for the quarter ended September 30, 2002, is incorporated
    herein by reference.*                                                                                    
|        | 10   |             |  | Indemnification Agreement, dated May 13, 2003, with
    effectiveness as of July 30, 2002, by and between Lee Ann
    Anderson and San Juan Basin Royalty Trust, heretofore filed
    as Exhibit 10(a) to the Trusts Quarterly Report on
    Form 10-Q filed with the SEC for the quarter ended
    March 31, 2003, is incorporated herein by reference.                                                                     
|        | 13   |             |  | Registrants Annual Report to Unit Holders for the fiscal
    year ended December 31, 2004.**                                                                                                                                                                                                                                                                                                                                 
|        | 23   |             |  | Consent of Cawley, Gillespie & Associates, Inc.,
    reservoir engineer.**                                                                                                                                                                                                                                                                                                                                                    
|        | 31   |             |  | Certification required by Rule 13a-14(a), dated
    March 16, 2005, by Lee Ann Anderson, Vice President and
    Trust Officer of TexasBank, the Trustee for the Trust.**                                                                                                                                                                                                                                                      
|        | 32   |             |  | Certification required by Rule 13a-14(b), dated
    March 16, 2005, by Lee Ann Anderson, Vice President and
    Trust Officer of TexasBank on behalf of TexasBank, the Trustee
    of the Trust.***                                                                                                                                                                                                                           






|    |                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|*   | A copy of this Exhibit is available to any Unit Holder (free of
    charge) upon written request to the Trustee, TexasBank, 2525
    Ridgmar Boulevard, Suite 100, Fort Worth, Texas 76116.
|   
|**  | Filed herewith.                                                                                                                                                                            
|   
|*** | Furnished herewith.                                                                                                                                                                        

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##### Table of Contents



SIGNATURE






| |                                 
| | --------------------------------
| | SAN JUAN BASIN ROYALTY TRUST    
|
| | By: TEXASBANK, AS TRUSTEE OF THE
| | SAN JUAN BASIN ROYALTY TRUST    
|
| | /s/ Lee Ann Anderson            
| |                                 

| |     |                 
| | --- | ----------------
| | By: | Lee Ann Anderson

| |                                 
| | --------------------------------
| | Vice President and Trust Officer





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##### Table of Contents



EXHIBIT INDEX


|        |      |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                               
|------- | ---- | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |      |            
|Number  |      | Description
|        |      |            
|        | 4(a) |             |  | Amended and Restated Royalty Trust Indenture, dated
    September 30, 2002 (the original Royalty Trust Indenture,
    dated November 1, 1980 having been entered into between
    Southland Royalty Company and The Fort Worth National Bank,
    as Trustee), heretofore filed as Exhibit 99.2 of the
    Trusts Current Report on Form 8-K filed with the SEC on
    October 1, 2002, is incorporated herein by reference.*
|        | 4(b) |             |  | Net Overriding Royalty Conveyance from Southland Royalty Company
    to the Forth Worth National Bank, as Trustee, dated
    November 3, 1980 (without Schedules), heretofore filed as
    Exhibit 4(b) to the Trusts Annual Report on Form 10-K
    filed with the SEC for the fiscal year ended December 31,
    1980, is incorporated herein by reference.*                                                               
|        | 4(c) |             |  | Assignment of Net Overriding Interest (San Juan Basin
    Royalty Trust), dated September 30, 2002, between Bank One,
    N.A. and TexasBank, heretofore filed as Exhibit 4(c) to the
    Trusts Quarterly Report on Form 10-Q filed with the SEC
    for the quarter ended September 30, 2002, is incorporated
    herein by reference.*                                                                                    
|        | 10   |             |  | Indemnification Agreement, dated May 13, 2003, with
    effectiveness as of July 30, 2002, by and between Lee Ann
    Anderson and San Juan Basin Royalty Trust, heretofore filed
    as Exhibit 10(a) to the Trusts Quarterly Report on
    Form 10-Q filed with the SEC for the quarter ended
    March 31, 2003, is incorporated herein by reference.                                                                     
|        | 13   |             |  | Registrants Annual Report to Unit Holders for the fiscal
    year ended December 31, 2004.**                                                                                                                                                                                                                                                                                                                                 
|        | 23   |             |  | Consent of Cawley, Gillespie & Associates, Inc.,
    reservoir engineer.**                                                                                                                                                                                                                                                                                                                                                    
|        | 31   |             |  | Certification required by Rule 13a-14(a), dated
    March 16, 2005, by Lee Ann Anderson, Vice President and
    Trust Officer of TexasBank, the Trustee for the Trust.**                                                                                                                                                                                                                                                      
|        | 32   |             |  | Certification required by Rule 13a-14(b), dated
    March 16, 2005, by Lee Ann Anderson, Vice President and
    Trust Officer of TexasBank, on behalf of TexasBank, the Trustee
    of the Trust.***                                                                                                                                                                                                                          






|    |                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|*   | A copy of this Exhibit is available to any Unit Holder (free of
    charge) upon written request to the Trustee, TexasBank, 2525
    Ridgmar Boulevard, Suite 100, Fort Worth, Texas 76116.
|   
|**  | Filed herewith.                                                                                                                                                                            
|   
|*** | Furnished herewith.                                                                                                                                                                        

21