##### Table of Contents





UNITED STATES SECURITIES AND
    EXCHANGE COMMISSIONWashington, D.C.
    20549
    Form 10-K
  þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE
    SECURITIES EXCHANGE ACT OF 1934For the Fiscal Year Ended
    December 31, 2009ORo

TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d)  OF
    THE SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to  Commission File
    No. 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(State or other jurisdiction
    of
    incorporation or organization)

75-6279898(I.R.S. Employer
    Identification No.)Compass Bank
    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 RegisteredUnits of Beneficial Interest

New York Stock Exchange   Securities registered pursuant to Section 12(g) of the
    Act:
 None
 (Title of Class)
  þ o
  o þ
  þ o
  o þ
  Regulation S-K Form 10-K Form 10-K. þ
  Rule 12b-2
  Large accelerated filer þ

Accelerated filer o

Non-accelerated filer o

Smaller reporting company o(Do not check if a smaller reporting company)   Rule 12b-2 o þ
      DOCUMENTS
    INCORPORATED BY REFERENCE




---





TABLE OF CONTENTS  PART IITEM 1. BUSINESSITEM 1A. RISK FACTORSITEM 1B. UNRESOLVED STAFF COMMENTSITEM 2. PROPERTIESITEM 3. LEGAL PROCEEDINGSITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSPART IIITEM 5. MARKET FOR REGISTRANTS UNITS, RELATED UNIT HOLDER MATTERS AND ISSUER PURCHASES OF UNITSITEM 6. SELECTED FINANCIAL DATAITEM 7. TRUSTEES DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAReport of Independent Registered Public Accounting FirmITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSUREITEM 9A. CONTROLS AND PROCEDURESReport of Independent Registered Public Accounting Firm on Internal Control Over Financial ReportingITEM 9A(T). CONTROLS AND PROCEDURESITEM 9B. OTHER INFORMATIONPART IIIITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANTSection 16(a) Beneficial Ownership Reporting ComplianceITEM 11. EXECUTIVE COMPENSATIONITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SECURITY HOLDER MATTERSITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONSITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICESPART IVITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULESEX-13.AEX-23EX-31EX-32EX-99.1    Table of Contents  
  PART I
  Form 10-K
 
  ITEM 1.
    BUSINESS  (866) 809-4553). www.sjbrt.com
         2




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(866) 809-4553, sjt@bbvacompass.com www.sjbrt.com
           3




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##### Table of Contents



ITEM 1A.
    RISK
    FACTORS  Form 10-K,
  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, including liquefied
    natural 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 BROG and other operators of the Underlying Properties
    can adversely affect Trust distributions.
   5




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None
    of the Trustee, the Trust nor the Unit Holders control the
    operation or development of the Underlying
    Properties.
    The
    Royalty can be sold and the Trust can be terminated in certain
    circumstances.
    Mineral
    properties, such as the Underlying Properties, 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 1B.
    UNRESOLVED
    STAFF COMMENTS  180-day Form 10-K
 
  ITEM 2.
    PROPERTIES      Producing
    Acreage, Wells and Drilling
   6




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7




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##### Table of Contents



80-acre 160-acre Eighty-acre and/or 40-acre
  Oil and
    Gas Production
    2009

2008

2007Gas

Oil

Gas

Oil

Gas

Oil(Mcf)

(Bbls)

(Mcf)

(Bbls)

(Mcf)

(Bbls)Production


9,823,255



15,961



19,529,046



28,221



20,116,806



35,129Average Price

$
3.48


$
53.45


$
8.28


$
99.32


$
6.11


$
63.14     2009


2008


2007Production (Mcf)


35,067,662



34,527,043



36,961,349Total Production Costs (including capital expenses)

$
77,490,462


$
86,919,736


$
77,932,758Average Production Costs per Unit of Production

$
2.2097


$
2.5174


$
2.1085Lease Operating Expenses

$
32,166,198


$
32,867,589


$
27,947,790Average Lifting Cost per Unit of Production

$
.9173


$
.9519


$
.7561   Pricing
    Information
     8




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##### Table of Contents



year-to-year
    inter alia month-to-month
    Oil and
    Gas Reserves
  Form 10-K:
  210.4-10(c)(4)(A). Form 10-K
       9




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##### Table of Contents



summa cum laude
    Crude


NaturalOil


Gas(Bbls)


(Mcf)Reserves as of December 31, 2006


400



220,461Revisions of previous estimates


3



(15,263
)Extensions, discoveries and other additions


20



9,774Production


(35
)


(20,117
)Reserves as of December 31, 2007


388



194,855Revisions of previous estimates


(117
)


(26,004
)Extensions, discoveries and other additions


6



7,012Production


(28
)


(19,529
)Reserves as of December 31, 2008


249



156,334Revisions of previous estimates


(30
)


(17,386
)Extensions, discoveries and other additions


4



4,711Production


(16
)


(9,823
)Reserves as of December 31, 2009


207



133,836  10




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##### Table of Contents



2009


2008


2007Crude Oil (Bbls)


197



207



333Natural Gas (Mcf)


127,771



139,770



171,165     Crude Oil


Natural GasReserves Category

Reserves


Reserves(Bbls)


(Mcf)Proved


207



133,836Developed:United States


197



127,771Other Countries


0



0Undeveloped:United States


10



6,065Other Countries


0



0Total Proved


207



133,836     and/or and/or
   11




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##### Table of Contents



2009


2008


2007Balance, January 1

$
435,730


$
750,758


$
746,327Revisions of prior-year estimates, change in prices and other


(178,977
)


(264,176
)


7,282Extensions, discoveries and other additions


9,596



18,660



36,319Accretion of discount


43,573



75,076



74,633Royalty Income


(31,889
)


(144,588
)


(113,803
)Balance, December 31

$
278,033


$
435,730


$
750,758     12-month first-day-of-the-month
        2009


2008


2007Estimated


Present


Estimated


Present


Estimated


PresentFuture


Value


Future


Value


Future


ValueNet


at


Net


at


Net


atRevenue


10%


Revenue


10%


Revenue


10%Total Proved

$
462,467


$
278,033


$
737,736


$
435,730


$
1,329,974


$
750,758Proved Developed

$
441,932


$
268,469


$
657,035


$
398,870


$
1,167,273


$
670,144Total Proved Per Unit

$
9.92


$
5.97


$
15.83


$
9.35


$
28.53


$
16.11    12




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Regulation
      Federal
    Natural Gas Regulation
          Section 45
    Tax Credit
   13




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##### Table of Contents



Passive
    Loss Rules
    Climate
    Change Regulation
    Other
    Regulation
   
  ITEM 3.
    LEGAL
    PROCEEDINGS  Form 10-K
  San Juan Basin Royalty Trust vs. Burlington
    Resources Oil & Gas Company, L.P. No. D1329-CV-08-751,
       14




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Jicarilla Apache Nation v. Department of
    Interior
  Form 10-Q United States of America ex rel. Harrold E.
    (Gene) Wright v. AGIP Petroleum Co. et al.
   
  ITEM 4.
    SUBMISSION
    OF MATTERS TO A VOTE OF SECURITY HOLDERS   15




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##### Table of Contents



PART II
 
  ITEM 5.
    MARKET
    FOR REGISTRANTS UNITS, RELATED UNIT HOLDER MATTERS AND
    ISSUER PURCHASES OF UNITS   
  ITEM 6.
    SELECTED
    FINANCIAL DATA  2009

2008

2007

2006

2005Royalty Income

$
31,888,681


$
144,588,156


$
113,803,339


$
136,311,892


$
153,858,264Distributable income


30,173,056



143,081,245



113,221,235



135,867,325



151,560,081Distributable income per Unit


.647367



3.069833



2.429184



2.915055



3.251747Distributions per Unit


.647367



3.069833



2.429184



2.915055



3.251747Total assets, December 31


22,185,213



25,377,265



28,923,416



26,481,276



43,054,656  
  ITEM 7.
    TRUSTEES
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATION    Gas and
    Oil Production
    2009

2008

2007

2006

2005Gas  Mcf


35,067,662



34,527,043



36,961,349



40,900,570



42,867,162Mcf per Day


96,076



94,336



101,264



112,056



117,444Oil-Bbls


58,603



50,323



65,755



74,438



69,558Bbls per Day


161



137



180



204



191     2009

2008

2007

2006

2005Gas  Mcf


9,823,255



19,529,046



20,116,806



22,475,405



26,600,644Average Price (per Mcf)

$
3.48


$
8.28


$
6.11


$
6.55


$
6.27Oil  Bbls


15,961



28,221



35,129



40,702



43,142Average Price (per Bbl)

$
53.45


$
99.32


$
63.14


$
61.30


$
49.62      16




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year-to-year
    inter alia month-to-month
   17




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Royalty
    Income
    2009


2008


2007


2006


2005Gross Proceeds FromThe Underlying Properties:Gas

$
117,091,623


$
274,759,523


$
225,276,909


$
264,428,021


$
267,895,460Oil


2,917,081



4,944,422



4,114,534



4,561,342



3,451,115Other


-0-



-0-



279,101
(1)


1,384,848
(2)


2,405,486
(3)Total

$
120,008,704


$
279,703,945


$
229,670,544


$
270,374,211


$
273,752,061Less Production Costs:Capital Expenditures

$
33,596,883


$
26,992,650


$
27,354,003


$
39,195,168


$
19,127,698Severance tax  Gas


10,526,019



25,500,279



21,213,310



25,652,907



26,717,315Severance Tax  Oil


283,744



483,725



406,776



460,702



362,023Other


1,020



-0-



-0-



42,968



273,766Lease Operating Expenses and Property Taxes


33,082,796



33,943,082



28,958,669



23,273,276



22,126,907Total

$
77,490,462


$
86,919,736


$
77,932,758


$
88,625,021


$
68,607,709Net Profits

$
42,518,242


$
192,784,209


$
151,737,786


$
181,749,190


$
205,144,352Net Overriding Royalty Interest


75
%


75
%


75
%


75
%


75
%Royalty Income

$
31,888,681


$
144,588,156


$
113,803,339


$
136,311,892


$
153,858,264     (1)

    
    Represents funds allocated to the Trust as part of the
    ongoing negotiation of joint interest audit exceptions.(2)

    
    Represents funds allocated to the Trust as part of the
    ongoing negotiation of joint interest audit exceptions, and a
    portion of the arbitration award issued November 11, 2005
    in favor of the Trust, and interest thereon.(3)

    
    Represents funds allocated to the Trust as part of the
    ongoing negotiation of joint interest audit exceptions, interest
    received for resolved audit exceptions, and insurance proceeds
    for a business interruption claim.  Distributable
    Income
       18




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Operating
    Expenses
    Settlements
    Capital
    Expenditures
      Results
    of the 4th Quarters of 2009 and 2008
   19




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##### Table of Contents



2009

2008Underlying PropertiesGas-Mcf


9,081,518



9,393,367Mcf per Day


98,712



102,102Average Price (per Mcf)

$
3.52


$
6.62Oil  Bbls


14,914



14,155Bbls per Day


162



154Average Price (per Bbl)

$
62.79


$
88.98Attributable to the RoyaltyGas  Mcf


3,788,793



4,949,220Oil  Bbls


6,141



7,434     per-Unit
  2009


2008October

$
.101011


$
.291008November


.054282



.210922December


.111260



.156494Quarter Total

$
0.266553


$
0.658424  
  ITEM 7A.
    QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  and/or
 20




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ITEM 8.
    FINANCIAL
    STATEMENTS AND SUPPLEMENTARY DATA  Statements
    of Assets, Liabilities, and Trust Corpus
  December 31,
    2009 and 2008
  2009


2008ASSETSCash and Short-Term Investments

$
5,341,482


$
7,449,767Net Overriding Royalty Interests in Producing Oil and Gas
    Properties  Net


16,843,731



17,927,498TOTAL

$
22,185,213


$
25,377,265LIABILITIES & TRUST CORPUSDistribution Payable to Unit holders

$
5,185,693


$
7,293,978Cash Reserves


155,789



155,789Trust Corpus  46,608,796 Units of Beneficial
    Interest Authorized and Outstanding


16,843,731



17,927,498TOTAL

$
22,185,213


$
25,377,265   Statements
    of Distributable Income
  For
    each of the years ended December 31
  2009


2008


2007Royalty Income

$
31,888,681


$
144,588,156


$
113,803,339Interest Income


303,206



388,454



1,401,84932,191,887



144,976,610



115,205,188Expenditures  General and Administrative


2,018,831



1,895,365



1,983,953Distributable Income

$
30,173,056


$
143,081,245


$
113,221,235Distributable Income per Unit (46,608,796 Units)

$
0.647367


$
3.069833


$
2.429184   Statements
    of Changes in Trust Corpus
  For
    each of the years ended December 31
  2009


2008


2007Trust Corpus, Beginning of Period

$
17,927,498


$
19,880,888


$
21,823,390Amortization of Net Overriding Royalty Interest


(1,083,767
)


(1,953,390
)


(1,942,502
)Distributable Income


30,173,056



143,081,245



113,221,235Distributions Declared


(30,173,056
)


(143,081,245
)


(113,221,235
)Trust Corpus, End of Period

$
16,843,731


$
17,927,498


$
19,880,888   These Financial Statements should be read in conjunction with
    the accompanying Notes to Financial Statements included
    herein.
 21




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##### Table of Contents



San Juan
    Basin Royalty Trust
  Notes to
    Financial Statements
  1.
    Trust Organization
    and Provisions        
    The Trust shall not engage in any business or commercial
    activity of any kind or acquire any assets other than those
    initially conveyed to the Trust;
    The Trustee may sell up to one percent (1%) of the value (based
    on prior year engineering reports) of the Royalty in any
    12 month period, but otherwise may not sell all or any part
    of the Royalty unless approved by holders of 75% of all Units
    outstanding. In either case, the sale must be for cash and the
    proceeds promptly distributed;
    The Trustee may establish a cash reserve for the payment of any
    liability which is contingent or uncertain in amount;
    The Trustee is authorized to borrow funds to pay liabilities of
    the Trust; and
    The Trustee will make monthly cash distributions to Unit holders
    (see Note 2).  2.
    Net
    Overriding Royalty Interest and Distribution to Unit
    Holders       22




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##### Table of Contents



San Juan
    Basin Royalty Trust
  Notes to
    Financial Statements  (Continued)
   3.
    Basis of
    Accounting    
    Royalty Income (as defined in the Glossary of Terms) recorded
    for a month is the amount computed and paid by the owner of the
    Underlying Properties, Burlington Resources Oil & Gas
    Company LP (BROG), the present owner of the
    Underlying Properties, to the Trustee for the Trust. Royalty
    Income consists of the proceeds received by BROG from the sale
    of production less accrued production costs, development and
    drilling costs, applicable taxes, operating charges, and other
    costs and deductions, multiplied by 75%. The calculation of net
    proceeds by BROG for any month includes adjustments to proceeds
    and costs for prior months and impacts the Royalty Income paid
    to the Trust and the distribution to Unit holders for that month.
    Trust expenses recorded are based on liabilities paid and cash
    reserves established from Royalty Income for liabilities and
    contingencies.
    Distributions to Unit holders are recorded when declared by the
    Trustee.
    The conveyance which transferred the Royalty to the Trust
    provides that any excess of production costs applicable to the
    Underlying Properties over gross proceeds from such properties
    must be recovered from future net proceeds before Royalty Income
    is again paid to the Trust.  unit-of-production
    4.
    Federal
    Income Taxes         23




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##### Table of Contents



San Juan
    Basin Royalty Trust
  Notes to
    Financial Statements  (Continued)
        5.
    Certain
    Contracts    year-to-year
    inter alia month-to-month
 24




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##### Table of Contents



San Juan
    Basin Royalty Trust
  Notes to
    Financial Statements  (Continued)
    6.
    Significant
    Customers  Form 10-K.
  7.
    Settlements
    and Litigation          San Juan Basin Royalty Trust vs. Burlington
    Resources Oil & Gas Company, L.P. No. D1329-CV-08-751,
     25




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##### Table of Contents



San Juan
    Basin Royalty Trust
  Notes to
    Financial Statements  (Continued)
      Jicarilla Apache
    Nation v. Department of Interior
  Form 10-Q United States of America ex rel. Harrold E.
    (Gene) Wright v. AGIP Petroleum Co. et al.
  8.
    Proved
    Oil and Gas Reserves (Unaudited)  Form 10-K.
 26




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##### Table of Contents



San Juan
    Basin Royalty Trust
  Notes to
    Financial Statements  (Continued)
   9.  Quarterly
    Schedule of Distributable Income (Unaudited)
    DistributableIncome andRoyalty


Distributable


Distribution2009

Income


Income


per UnitFirst Quarter

$
9,551


$
8,969


$
.192440Second Quarter


2,474



1,788



.038367Third Quarter


7,233



6,992



.150007Fourth Quarter


12,631



12,424



.266553Total

$
31,889


$
30,173


$
0.647367   DistributableIncome andRoyalty


Distributable


Distribution2008

Income


Income


per UnitFirst Quarter

$
25,576


$
25,131


$
.539184Second Quarter


35,612



35,039



.751770Third Quarter


52,542



52,223



1.120455Fourth Quarter


30,858



30,688



.658424Total

$
144,588


$
143,081


$
3.069833  27




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Report of
    Independent Registered Public Accounting Firm
             Internal Control  Integrated Framework
  
      28




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##### Table of Contents



ITEM 9.
    CHANGES
    IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
    FINANCIAL DISCLOSURE   
  ITEM 9A.
    CONTROLS
    AND PROCEDURES  Form 10-K
    Form 10-K
  Rule 13a-15(f) Rule 13a-15(f)
  Trustees
    Report on Internal Control Over Financial Reporting
     29




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Form 10-K,
 30




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##### Table of Contents



Report of
    Independent Registered Public
    Accounting Firm on Internal Control Over Financial
    Reporting
  Internal Control  Integrated Framework
            
      31




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##### Table of Contents



ITEM 9A(T).
    CONTROLS
    AND PROCEDURES   
  ITEM 9B.
    OTHER
    INFORMATION  Form 8-K Form 8-K.
 
  PART III
 
  ITEM 10.
    DIRECTORS
    AND EXECUTIVE OFFICERS OF THE REGISTRANT   
  Section 16(a)
    Beneficial Ownership Reporting Compliance
   
  ITEM 11.
    EXECUTIVE
    COMPENSATION    Name of Individual



Capacities in

Cashor Entity

Year

Which Served

Compensation(1)Compass Bank


2009


Trustee

$
258,477Compass Bank


2008


Trustee

$
319,733Compass Bank


2007


Trustee

$
304,668     (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). 
  ITEM 12.
    SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
    RELATED SECURITY HOLDER MATTERS   32




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##### Table of Contents



Security Ownership of Certain Beneficial
    Owners.
  Number of Units

Percent ofName and Address of Beneficial Owner

Beneficially Owned

ClassFirst Eagle Investment Management, LLC
    1345 Avenue of the Americas 
    New York, NY 10105(1)


4,643,894



9.96
%       Security Ownership of Trustee.
 
  ITEM 13.
    CERTAIN
    RELATIONSHIPS AND RELATED TRANSACTIONS   
  ITEM 14.
    PRINCIPAL
    ACCOUNTANT FEES AND SERVICES    2009


2008Audit Fees

$
83,595


$
75,650Audit-Related Fees


-0-



-0-Tax Fees


4,705



3,950All Other Fees


-0-



-0-Total

$
88,300


$
79,600            33




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##### Table of Contents



PART IV
 
  ITEM 15.
    EXHIBITS AND
    FINANCIAL STATEMENT SCHEDULES  Form 10-K:
  Financial
    Statements
  Form 10-K:
  
 34




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##### Table of Contents



Financial
    Statement Schedules
    Exhibits
  ExhibitNumber

Description4(a)


San Juan Basin Amended and Restated Royalty
    Trust Indenture, dated December 12, 2007 (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, which was amended and
    restated effective September 30, 2002), heretofore filed as
    Exhibit 99.2 to the Trusts Current Report on
    Form 8-K
    filed with the SEC on December 14, 2007, is incorporated
    herein by reference.*4(b)


Net Overriding Royalty Conveyance from Southland Royalty Company
    to the Fort 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 on March 1, 2007, 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(a)


Registrants Annual Report to Unit Holders for the fiscal
    year ended December 31, 2009.**13(b)


Registrants Quarterly Report on
    Form 10-Q
    filed with the SEC for the quarter ended March 31, 2009, is
    incorporated herein by reference.*23


Consent of Cawley, Gillespie & Associates, Inc.,
    reservoir engineer.**31


Certification required by
    Rule 13a-14(a),
    dated March 1, 2010, by Lee Ann Anderson, Vice President
    and Senior Trust Officer of Compass Bank, the Trustee of
    the Trust.**32


Certification required by
    Rule 13a-14(b),
    dated March 1, 2010, by Lee Ann Anderson, Vice President
    and Senior Trust Officer of Compass Bank on behalf of
    Compass Bank, the Trustee of the Trust.***99
.1

Independent Petroleum Engineers Report prepared by Cawley,
    Gillespie & Associates, Inc., dated February 22,
    2010.**     *
    
    A copy of this Exhibit is available to any Unit Holder (free of
    charge) upon written request to the Trustee, Compass Bank, 2525
    Ridgmar Boulevard, Suite 100, Fort Worth, Texas 76116.**
    
    Filed herewith.***
    
    Furnished herewith. 35




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##### Table of Contents



SIGNATURE
       By:
    COMPASS BANK, AS TRUSTEE OF THE
    SAN JUAN BASIN ROYALTY TRUST  By:
    /s/  Lee
    Ann Anderson        36




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##### Table of Contents



EXHIBIT INDEX
  ExhibitNumber

Description4(a)


San Juan Basin Amended and Restated Royalty
    Trust Indenture, dated December 12, 2007 (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, which was amended and
    restated effective September 30, 2002), heretofore filed as
    Exhibit 99.2 to the Trusts Current Report on
    Form 8-K
    filed with the SEC on December 14, 2007, is incorporated
    herein by reference.*4(b)


Net Overriding Royalty Conveyance from Southland Royalty Company
    to the Fort 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 on March 1, 2007, 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(a)


Registrants Annual Report to Unit Holders for the fiscal
    year ended December 31, 2009.**13(b)


Registrants Quarterly Report on
    Form 10-Q
    filed with the SEC for the quarter ended March 31, 2009, is
    incorporated herein by reference.*23


Consent of Cawley, Gillespie & Associates, Inc.,
    reservoir engineer.**31


Certification required by
    Rule 13a-14(a),
    dated March 1, 2010, by Lee Ann Anderson, Vice President
    and Senior Trust Officer of Compass Bank, the Trustee of
    the Trust.**32


Certification required by
    Rule 13a-14(b),
    dated March 1, 2010, by Lee Ann Anderson, Vice President
    and Senior Trust Officer of Compass Bank, on behalf of
    Compass Bank, the Trustee of the Trust.***99
.1

Independent Petroleum Engineers Report prepared by Cawley,
    Gillespie & Associates, Inc., dated February 22,
    2010.**     *
    
    A copy of this Exhibit is available to any Unit Holder (free of
    charge) upon written request to the Trustee, Compass Bank, 2525
    Ridgmar Boulevard, Suite 100, Fort Worth, Texas 76116.**
    
    Filed herewith.***
    
    Furnished herewith. 37