##### 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, 2010ORo

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 o
  Regulation S-K Form 10-K Form 10-K. þ
  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. Reserved.PART 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 DATAITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSUREITEM 9A. CONTROLS AND PROCEDURESITEM 9A(T). CONTROLS AND PROCEDURESITEM 9B. OTHER INFORMATIONPART IIIITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANTITEM 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 SCHEDULESSIGNATUREEXHIBIT INDEXEX-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 and climate change
    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 80-acre
  Oil and
    Gas Production
    2010

2009

2008Gas

Oil

Gas

Oil

Gas

Oil(Mcf)

(Bbls)

(Mcf)

(Bbls)

(Mcf)

(Bbls)Production


17,102,939



31,808



9,823,255



15,961



19,529,046



28,221Average Price

$
4.86


$
67.08


$
3.48


$
53.45


$
8.28


$
99.32     2010

2009

2008Production (Mcf)


33,378,855



35,067,662



34,527,043Total Production Costs (including capital expenses)

$
61,766,699


$
77,490,462


$
86,919,736Average Production Costs per Unit of Production

$
1.8505


$
2.2097


$
2.5174Lease Operating Expenses

$
32,416,413


$
32,166,198


$
32,867,589Average Lifting Cost per Unit of Production

$
.9712


$
.9173


$
.9519   Pricing
    Information
    year-to-year
   8




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##### Table of Contents



inter alia month-to-month
    Oil and
    Gas Reserves
  Form 10-K:
  Form 10-K
         9




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##### Table of Contents



summa cum laude
    Crude


NaturalOil


Gas(Bbls)


(Mcf)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



133,836Revisions of previous estimates


87



21,223Extensions, discoveries and other additions


6



4,150Production


(32
)


(17,103
)Reserves as of December 31, 2010


268



142,106  10




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##### Table of Contents



2010

2009

2008Crude Oil (Bbls)


253



197



207Natural Gas (Mcf)


135,170



127,771



139,770     Crude Oil


Natural GasReserves Category

Reserves


Reserves(Bbls)


(Mcf)Developed:United States


253



135,170Other Countries


0



0Undeveloped:United States


15



6,936Other Countries


0



0Total Proved


268



142,106       and/or and/or
   11




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2010


2009


2008Balance, January 1

$
278,033



$435,730



$750,758Revisions of prior-year estimates, change in prices and other


146,577



(178,977
)


(264,176
)Extensions, discoveries and other additions


9,567



9,596



18,660Accretion of discount


27,803



43,573



75,076Royalty Income


(79,972
)


(31,889
)


(144,588
)Balance, December 31

$
382,008



$278,033



$435,730     12-month first-day-of-the-month
  12-month first-day-of-the-month
      2010

2009

2008Estimated

Present

Estimated

Present

Estimated

PresentFuture

Value

Future

Value

Future

ValueNet

at

Net

at

Net

atRevenue

10%

Revenue

10%

Revenue

10%Total Proved

$
655,347


$
382,008


$
462,467


$
278,033


$
737,736


$
435,730Proved Developed

$
626,106


$
367,835


$
441,932


$
268,469


$
657,035


$
398,870Total Proved Per Unit

$
14.06


$
8.20


$
9.92


$
5.97


$
15.83


$
9.35    12




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Regulation
      Federal
    Natural Gas Regulation
          Section 45
    Tax Credit
   13




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Passive
    Loss Rules
    Climate
    Change Regulation
    Other
    Regulation
   
  ITEM 3.
    LEGAL
    PROCEEDINGS  Form 10-K
  United States of America ex rel. Harrold E.
    (Gene) Wright v. AGIP Petroleum Co. et al.
  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
   
  ITEM 4.
    Reserved. 15




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PART II
 
  ITEM 5.
    MARKET
    FOR REGISTRANTS UNITS, RELATED UNIT HOLDER MATTERS AND
    ISSUER PURCHASES OF UNITS   
  ITEM 6.
    SELECTED
    FINANCIAL DATA  2010

2009

2008

2007

2006Royalty Income

$
79,971,751


$
31,888,681


$
144,588,156


$
113,803,339


$
136,311,892Distributable income


78,355,835



30,173,056



143,081,245



113,221,235



135,867,325Distributable income per Unit


1.681139



.647367



3.069833



2.429184



2.915055Distributions per Unit


1.681139



.647367



3.069833



2.429184



2.915055Total assets, December 31


19,969,007



22,185,213



25,377,265



28,923,416



26,481,276  
  ITEM 7.
    TRUSTEES
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATION    Gas and
    Oil Production
    2010

2009

2008

2007

2006Gas  Mcf


33,378,855



35,067,662



34,527,043



36,961,349



40,900,570Mcf per Day


91,449



96,076



94,336



101,264



112,056Oil-Bbls


62,675



58,603



50,323



65,755



74,438Bbls per Day


172



161



137



180



204     2010

2009

2008

2007

2006Gas  Mcf


17,102,939



9,823,255



19,529,046



20,116,806



22,475,405Average Price (per Mcf)

$
4.86


$
3.48


$
8.28


$
6.11


$
6.55Oil  Bbls


31,808



15,961



28,221



35,129



40,702Average Price (per Bbl)

$
67.08


$
53.45


$
99.32


$
63.14


$
61.30      16




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




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Royalty
    Income
    2010


2009


2008


2007


2006Gross Proceeds FromThe Underlying Properties:Gas

$
164,194,440
(1)

$
117,091,623


$
274,759,523


$
225,276,909


$
264,428,021Oil


4,201,260



2,917,081



4,944,422



4,114,534



4,561,342Other


-0-



-0-



-0-



279,101
(2)


1,384,848
(3)Total

$
168,395,700


$
120,008,704


$
279,703,945


$
229,670,544


$
270,374,211Less Production Costs:Capital Expenditures

$
13,101,962


$
33,596,883


$
26,992,650


$
27,354,003


$
39,195,168Severance tax  Gas


14,816,771



10,526,019



25,500,279



21,213,310



25,652,907Severance Tax  Oil


407,627



283,744



483,725



406,776



460,702Other


-0-



1,020



-0-



-0-



42,968Lease Operating Expenses and Property Taxes


33,440,339



33,082,796



33,943,082



28,958,669



23,273,276Total

$
61,766,699


$
77,490,462


$
86,919,736


$
77,932,758


$
88,625,021Net Profits

$
106,629,001


$
42,518,242


$
192,784,209


$
151,737,786


$
181,749,190Net Overriding Royalty Interest


75
%


75
%


75
%


75
%


75
%Royalty Income

$
79,971,751


$
31,888,681


$
144,588,156


$
113,803,339


$
136,311,892     (1)

    
    In May 2010, gas proceeds included $2,600,000 received in
    settlement of litigation.(2)

    
    Represents funds allocated to the Trust as part of the
    ongoing negotiation of compliance audit exceptions.(3)

    
    Represents funds allocated to the Trust as part of the
    ongoing negotiation of compliance audit exceptions, and a
    portion of the arbitration award issued November 11, 2005
    in favor of the Trust, and interest thereon.  Distributable
    Income
         18




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Operating
    Expenses
    Settlements
    San Juan Basin Royalty Trust vs. Burlington
    Resources Oil & Gas Company, L.P. No. D1329-CV08-751,
  Capital
    Expenditures
        Results
    of the 4th Quarters of 2010 and 2009
   19




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2010

2009Underlying PropertiesGas-Mcf


8,781,621



9,081,518Mcf per Day


95.452



98,712Average Price (per Mcf)

$
4.30


$
3.52Oil  Bbls


17,290



14,914Bbls per Day


188



162Average Price (per Bbl)

$
66.31


$
62.79Attributable to the RoyaltyGas  Mcf


4,095,973



3,788,793Oil  Bbls


8,009



6,141     per-Unit
  2010


2009October

$
.132684


$
.101011November


.108485



.054282December


.108721



.111260Quarter Total

$
0.349890


$
0.266553  
  ITEM 7A.
    QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  and/or
 20




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##### Table of Contents



ITEM 8.
    FINANCIAL
    STATEMENTS AND SUPPLEMENTARY DATA  Statements
    of Assets, Liabilities, and Trust Corpus
  December 31,
    2010 and 2009
  2010


2009ASSETSCash and Short-Term Investments

$
5,223,123


$
5,341,482Net Overriding Royalty Interests in Producing Oil and Gas
    Properties  Net


14,745,884



16,843,731TOTAL

$
19,969,007


$
22,185,213LIABILITIES & TRUST CORPUSDistribution Payable to Unit holders

$
5,067,334


$
5,185,693Cash Reserves


155,789



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


14,745,884



16,843,731TOTAL

$
19,969,007


$
22,185,213   Statements
    Of Distributable Income
  For
    each of the years ended December 31
  2010


2009


2008Royalty Income

$
79,971,751


$
31,888,681


$
144,588,156Interest Income


309,437



303,206



388,45480,281,188



32,191,887



144,976,610Expenditures  General and Administrative


1,925,353



2,018,831



1,895,365Distributable Income

$
78,355,835


$
30,173,056


$
143,081,245Distributable Income per Unit (46,608,796 Units)

$
1.681139


$
0.647367


$
3.069833   Statements
    Of Changes In Trust Corpus
  For
    each of the years ended December 31
  2010


2009


2008Trust Corpus, Beginning of Period

$
16,843,731


$
17,927,498


$
19,880,888Amortization of Net Overriding Royalty Interest


(2,097,847
)


(1,083,767
)


(1,953,390
)Distributable Income


78,355,835



30,173,056



143,081,245Distributions Declared


( 78,355,835
)


( 30,173,056
)


(143,081,245
)Trust Corpus, End of Period

$
14,745,884


$
16,843,731


$
17,927,498   These Financial Statements should be read in conjunction with
    the accompanying Notes to Financial Statements included
    herein.
 21




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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



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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Notes to
    Financial Statements  (Continued)
        5.
    Certain
    Contracts  year-to-year
      inter alia month-to-month
   24




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##### Table of Contents



Notes to
    Financial Statements  (Continued)
  6.
    Significant
    Customers    7.
    Settlements
    and Litigation          United States of America ex rel. Harrold E.
    (Gene) Wright v. AGIP Petroleum Co. et al.
  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



Notes to
    Financial Statements  (Continued)
  Jicarilla Apache
    Nation v. Department of Interior
  8.
    Proved
    Oil and Gas Reserves (Unaudited)  Form 10-K.
  9.
    Quarterly
    Schedule of Distributable Income (Unaudited)    DistributableIncome andRoyalty


Distributable


Distribution2010

Income


Income


Per UnitFirst Quarter

$
22,003


$
21,529


$
.461915Second Quarter


22,450



21,681



.465161Third Quarter


19,033



18,838



.404173Fourth Quarter


16,486



16,308



.349890Total

$
79,972


$
78,356


$
1.681139   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  26




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Report of
    Independent Registered Public Accounting Firm
             Internal Control  Integrated Framework
  
      27




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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
   28




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Form 10-K,
 29




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##### Table of Contents



Report of
    Independent Registered Public
    Accounting Firm on Internal Control Over Financial
    Reporting
  Internal Control  Integrated Framework
            
      30




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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


2010



Trustee


$
310,324Compass Bank


2009



Trustee


$
258,477Compass Bank


2008



Trustee


$
319,733     (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   31




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Number of Units

Percent ofName and Address of Beneficial Owner

Beneficially Owned

ClassFirst Eagle Investment Management, LLC


4,652,087



9.98
%1345 Avenue of the Americas
    New York, NY 10105(1)     (1)
    
    This information was provided to the SEC and to the Trustee in a
    Schedule 13G/A filed with the SEC on February 11,
    2011, on behalf of First Eagle Investment Management, LLC.   
  ITEM 13.
    CERTAIN
    RELATIONSHIPS AND RELATED TRANSACTIONS   
  ITEM 14.
    PRINCIPAL
    ACCOUNTANT FEES AND SERVICES    2010


2009Audit Fees

$
86,300


$
83,595Audit-Related Fees


-0-



-0-Tax Fees


2,750



4,705All Other Fees


-0-



-0-Total

$
89,050


$
88,300            32




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##### Table of Contents



PART IV
 
  ITEM 15.
    EXHIBITS AND
    FINANCIAL STATEMENT SCHEDULES  Form 10-K:
  Financial
    Statements
  Form 10-K:
  
 33




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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, 2010.**13(b)


Registrants Quarterly Report on
    Form 10-Q
    filed with the SEC for the quarter ended March 31, 2010, 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, 2011, 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, 2011, 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 March 1,
    2011.**     *
    
    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. 34




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##### Table of Contents



SIGNATURE
       By:
    COMPASS BANK, AS TRUSTEE OF THE   By:
    /s/  Lee
    Ann Anderson       (The Trust
    has no directors or executive officers)
 35




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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, 2010.**13(b)


Registrants Quarterly Report on
    Form 10-Q
    filed with the SEC for the quarter ended March 31, 2010, 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, 2011, 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, 2011, 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 March 1,
    2011.**     *
    
    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. 36