Exhibit 13.A
 
 SAN JUAN BASIN ROYALTY TRUST
2009SA N JUA N BA SIN ROYA LT Y TRUST
2009 Annual Report } 09
An




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Annnual Report o09
Units of Beneficial Interest:
At February 19, 2010, the closing price of a Unit was $21.54. From January 1,
2008, to December 31, 2009, the quarterly high and low sales prices and the
aggregate amount of monthly distributions per Unit paid each quarter were
as follows:
2009 High Low
Distributions
Paid
First Quarter $32.6500 $13.1100 $ .192440
Second Quarter 18.3400 13.6600 .038367
Third Quarter 19.3900 12.2800 .150007
Fourth Quarter 19.8600 16.5500 .266553
Total for 2009 $0.647367
2008 High Low
Distributions
Paid
First Quarter $39.9900 $31.9500 $ .539184
Second Quarter 47.2500 36.4400 .751770
Third Quarter 46.7100 35.1100 1.120455
Fourth Quarter 38.8500 21.9900 .658424
Total for 2008 $3.069833
TYPE OF UNIT HOLDER
Number of
Unit Holders Units Held
Individuals, Joint Holders and Minors 1,283 1,662,642
Fiduciaries 132 793,047
Clubs, Associations or Societies 5 3,117
Depositary (for all benefi cial holders) 1 42,211,377
Corporations 35 1,938,613
Total 1,456 46,608,796




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At February 19, 2010, there were 46,608,796 Units outstanding held by 1,456 Unit holders
of record. The following table presents information relating to the distribution of record
ownership of Units:
THE TRUST
The units of beneficial interest of the Trust (the Units) are traded on the
for gas. As the sales price increases, the producer can justify
expending higher lifting costs and therefore reasonably expect
to recover more of the known reserves. Accordingly, as gas
prices rise, the production index increases and vice versa.
In addition to gas from conventional wells, the Underlying
Properties also produce gas from coal seam wells completed
to the Fruitland Coal formation. The process of removing coal
seam gas is often referred to as degasification or desorption.
Millions of years ago, natural gas was generated in the process
of coal formation and absorbed into the coal. Water later filled
the natural fracture system. When the water is removed from
the natural fracture system, reservoir pressure is lowered and
the gas desorbs from the coal. The desorbed gas then flows
through the fracture system and is produced at the well bore.
The volume of formation water production typically declines
with time and the gas production may increase for a period
of time before starting to decline. In order to dispose of the
formation water, surface facilities including pumping units are
required. The price of coal seam gas is typically lower than the
price of conventional gas. This is because the heating value of
coal seam gas is much lower than that of conventional gas due
to (a) ever increasing percentages of carbon dioxide in coal
seam gas (carbon dioxide has no heating value), and (b) the
absence of heavier hydrocarbons such as ethanes, propanes,
and butanes which are present in conventional gas. Furthermore,
the processing fees for coal seam gas are typically higher than
The principal asset of the Trust is a 75% net overriding royalty
interest (the Royalty) carved out of certain working, royalty
and other leasehold interests (the Underlying Properties)
owned by Burlington Resources Oil & Gas Company LP (BROG)
in oil and gas properties located in the San Juan Basin, and more
particularly in San Juan, Rio Arriba and Sandoval Counties of
northwestern New Mexico. The Underlying Properties consist
of working interests, royalty interests, overriding royalty interests
and other contractual rights in 151,900 gross (119,000 net) acres
and 3,967 gross (1,163 net) wells, calculated on a well bore basis
and not including multiple completions as separate wells.
The Underlying Properties have historically produced gas primarily
from conventional wells drilled to three major formations:
the Pictured Cliffs, the Mesaverde and the Dakota, ranging in
depth from 1,500 to 8,000 feet. The characteristics of these
reservoirs result in the wells having very long productive lives.
A production index for oil and gas properties is derived by
dividing remaining reserves by current production. Based upon
the reserve report prepared by the Trusts independent petroleum
engineers as of December 31, 2009, the production index
for the Underlying Properties is estimated to be approximately
13.62 years. The production index is subject to change from year
to year based on reserve revisions and production levels and is
not presented as an estimate of the life expectancy of the Trust.
Among the factors considered by engineers in estimating
remaining reserves of natural gas is the applicable sales price
DESCRIPTION OF THE PROPERTIE{ S} The principal asset of the San Juan
Basin Royalty Trust consists of a
75% net overriding royalty interest
carved out of certain oil and gas
leasehold and royalty interests in
properties located in the San Juan
Basin of northwestern New Mexico.




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the processing fees for conventional gas due to the cost of
extracting the carbon dioxide.
In February 2002, BROG informed the Trust that the New Mexico
Oil Conservation Division (the OCD) had approved plans for
80-acre infill drilling of the Dakota formation in the San Juan
Basin. In July 2003, the OCD approved 160-acre spacing in the
Fruitland Coal formation. Eighty-acre spacing has been permitted
in the Mesaverde formation since 1997. In 2008, BROG
participated in a study involving a total of 15 test wells completed
to the Mesaverde and/or Dakota formations, with some
of the test wells drilled on a 40-acre spacing basis. BROG also
participated in a pilot project for the drilling of two horizontal
wells to the Dakota formation, neither of which were drilled on
acreage burdened by the Royalty. In 2009, BROG drilled and
completed a horizontal well in the Fruitland Coal formation on
acreage that is burdened by the Royalty. BROG indicates that
it will continue its program of horizontal drilling in 2010 as
improved technology makes these wells more efficient and
anticipated increases in production outweigh the increased
costs incurred in the drilling and completion of horizontal wells
as compared to more traditional vertical wells.
The Federal Energy Regulatory Commission is primarily responsible
for federal regulation of natural gas. For a further discussion
of gas pricing, gas purchasers, gas production and regulatory
matters affecting gas production, see Item 2, Properties, in
the accompanying Form 10-K.
COLORADO
NEW MEXICO
Montezuma
San Juan
La Plata Archuleta
Durango
Farmington
Rio Arriba
SandovMcKinley al
Map Key:
San Juan Basin
Gas Fields
Oil Fields
Leasehold Acreage




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We are pleased to present the 2009 Annual Report of the San Juan Basin Royalty Trust. The report
includes a copy of
the Trusts Annual Report on Form 10-K filed with the Securities and Exchange Commission (the
Commission) for
the year ended December 31, 2009, without exhibits. The Form 10-K contains important information
concerning the
Underlying Properties, as defined below, including the oil and gas reserves attributable to the 75%
net overriding royalty
interest owned by the Trust. Production figures provided in this letter and in the Trustees
Discussion and Analysis are
based on information provided by Burlington Resources Oil & Gas Company LP (BROG), the current
owner of the
Underlying Properties and the successor, through a series of assignments and mergers, to Southland
Royalty Company
(Southland). The Trust was established in November 1980 by Southland. Pursuant to the Indenture
that governs the
operations of the Trust, Southland conveyed to the Trust a 75% net overriding royalty interest
(equivalent to a net profits
interest) (the Royalty), carved out of Southland Royaltys oil and gas leasehold and royalty
interests (the Underlying
Properties) in properties in the San Juan Basin of northwestern New Mexico.
The Royalty constitutes the principal asset of the Trust. Under the Indenture governing the Trust,
the function of
Compass Bank, as Trustee, is to collect the net proceeds attributable to the Royalty (Royalty
Income), to pay all
expenses and charges of the Trust, and then distribute the remaining available income to the Unit
holders. Income distributed
to Unit holders in 2009 was $30,173,056 or $0.647367 per Unit. Distributable income for 2009
consisted of
Royalty Income of $31,888,681 plus interest income of $303,206, less administrative expenses of
$2,018,831. Information
about the Trusts estimated proved reserves of gas, including coal seam gas, and of oil as well as
the present value of net
revenues discounted at 10% can be found in Item 2 of the accompanying Form 10-K.
Certain Royalty Income is generally considered portfolio income under the passive loss rules of the
Internal Revenue
Code of 1986, as amended. Therefore, Unit holders should generally not consider the taxable income
from the Trust to
be passive income in determining net passive income or loss. Unit holders should consult their tax
advisors for further
information. Unit holders of record will continue to receive an individualized tax information
letter for each of the
quarters ending March 31, June 30 and September 30, 2010, and both an individualized tax
information letter and
Forms 1099 for the year ending December 31, 2010. Unit holders owning Units in nominee name may
obtain monthly
tax information from the Trusts Web site or from the Trustee upon request. For the readers
convenience, a glossary of
definitions used in this report can be found on the inside back cover. Please visit our Web site at
www.sjbrt.com to
access news releases, reports, Commission filings and tax information.
Compass Bank, Trustee
By: Lee Ann Anderson
Lee Ann Anderson, Vice President and Senior Trust Officer
To Unit Holders:
NYSE: SJT




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Aggregate Monthly DistributionAn amount paid to Unit holders equal to the
Royalty Income received by the Trustee during a calendar month plus interest,
less the general and administrative expenses of the Trust, adjusted by any changes
in cash reserves.
BBLBarrel, generally 42 U.S. gallons measured at 60°F.
BCFBillion cubic feet.
BROGBurlington Resources Oil & Gas Company LP.
BTUBritish thermal unit; the amount of heat necessary to raise the temperature
of one pound of water one degree Fahrenheit.
Coal Seam WellA well completed to a coal deposit found to contain and emit
natural gas.
Commingled WellA well which produces from two or more formations through
a common well casing and a single tubing string.
Conventional WellA well completed to a formation historically found to contain
deposits of oil or gas (for example, in the San Juan Basin, the Pictured Cliffs,
Dakota and Mesaverde formations) and operated in the conventional manner.
DepletionThe exhaustion of a petroleum reservoir; the reduction in value of a
wasting asset by removing minerals; for tax purposes, the removal and sale of
minerals from a mineral deposit.
Distributable IncomeAn amount paid to Unit holders equal to the Royalty
Income received by the Trustee during a given period plus interest, less the
general and administrative expenses of the Trust, adjusted by any changes in
cash reserves.
Dual CompletionThe completion of a well into two separate producing formations
at different depths, generally through one string of pipe producing from
one of the formations, inside of which is a smaller string of pipe producing from
the other formation.
Grantor TrustA trust (or portion thereof) with respect to which the grantor or
an assignee of the grantor, rather than the trust, is treated as the owner of the
trust properties and is taxed directly on the trust income for Federal income tax
purposes under Sections 671 through 679 of the Internal Revenue Code of 1986,
as amended.
Gross Acres or WellsThe interests of all persons owning interests in such acres
or wells.
Gross ProceedsThe amount received by BROG (or any subsequent owner of
the Underlying Properties) from the sale of the production attributable to such
interests.
Horizontal WellA well that begins as a vertical or inclined linear bore, which
extends from the surface to a subsurface location just above the target oil or gas
reservoir, then bears off to intersect the reservoir and, thereafter, continues at a
near-horizontal attitude to substantially or entirely remain within the reservoir
until the desired bottom hole location is reached.
IndentureThe 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).
GLOSSARY OF TERM{ S}
Infill DrillingThe drilling of wells intended to be completed to proven reservoirs
or formations, sometimes occurring in conjunction with regulatory approval for
increased density in the spacing of wells.
Lease Operating ExpensesExpenses incurred in the operation of a producing
property as apportioned among the several parties in interest.
MCF1,000 cubic feet; the standard unit for measuring the volume of natural gas.
MMBTUOne million British thermal units.
Multiple Completion WellA well which produces simultaneously, with or without
separate tubing strings, from two or more producing horizons or alternatively
from each.
Net Acres or WellsThe interests of BROG in such acres or wells.
Net Overriding Royalty InterestA share of gross production from a property,
measured by net profits from operation of the property and carved out of the
working interest, i.e., a net profits interest.
Net ProceedsThe excess of Gross Proceeds received by BROG during a particular
period over Prod
uction Costs for such period
PayaddCompletion in an existing well of additional productive zone(s) within a
producing formation.
Production CostsCosts incurred on an accrual basis by BROG in operating the
Underlying Properties, including both capital and non-capital costs and including,
for example, development drilling, production and processing costs, applicable
taxes and operating charges.
Recavitated WellA coal seam well, the production from which has been enhanced
or extended by the enlargement of the cavity within the coal deposit to which
the well has been completed.
Recompleted WellA well completed by drilling a separate well bore from an
existing casing in order to reach the same reservoir, or re-drilling the same well
bore to reach a new reservoir after production from the original reservoir has
been abandoned.
RoyaltyThe principal asset of the Trust; the 75% net overriding royalty interest
conveyed to the Trust on November 3, 1980, by Southland Royalty Company, the
predecessor to BROG, which was carved out of the Underlying Properties.
Royalty IncomeThe monthly Net Proceeds attributable to the Royalty.
Spot PriceThe price paid for gas, oil or oil products sold under contracts for the
purchase and sale of such minerals on a short-term basis.
Underlying PropertiesThe working, royalty and other interests owned by
Southland Royalty Company, the predecessor to BROG, in properties located in
the San Juan Basin of northwestern New Mexico, out of which the Royalty was
carved.
Units of Beneficial InterestThe units of ownership of the Trust, equal to the
number of shares of common stock of Southland Royalty Company outstanding
at the close of business on November 3, 1980.
Working InterestThe operating interest under an oil and gas lease.




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SAN JUAN BASIN ROYALTY TRUST
Compass Bank, Trustee
2525 Ridgmar Boulevard, Suite 100
Fort Worth, TX 76116
Toll-free telephone: 866.809.4553
www.sjbrt.com
sjt@bbvacompass.com
AUDITORS
Weaver and Tidwell, L.L.P.
Fort Worth, Texas
LEGAL COUNSEL
Greenberg Traurig, LLP
Dallas, Texas
TRANSFER AGENT
Computershare Investor Services
P.O. Box 43078
Providence, RI 02940-3078
www.computershare.com
For questions about distribution checks, address
changes, and transfer procedures, call 312.360.5154