U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number 1-8032
(Check One):
[x] Form 10-K and Form 10-KSB [ ] Form 11-F
[ ] Form 20-F [ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: December 31, 1995
[ ] Transition Report on Form 10-K and Form 10-KSB
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q and Form 10-QSB
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: N/A
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
The notification relates to the entire Form 10-K.
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PART I
REGISTRANT INFORMATION
Full Name of Registrant: SAN JUAN BASIN ROYALTY TRUST
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Former Name if Applicable: N/A
Address of Principal Executive Office (Street and Number)
Bank One, Texas, NA
Trust Department
500 Throckmorton Street
City, State and Zip Code:
Fort Worth, Texas 76102
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PART II
RULE 12b-25(b) AND (c)
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If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule 12b-25(b),
the following should be completed. (Check appropriate box.)
[x] (a) The reasons described in reasonable detail in Part III of
this form could not be eliminated without unreasonable
effort or expense;
[x] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, 10-QSB, 20-F, 11-K or Form N-SAR, or
portion thereof will be filed on or before the 15th
calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q,
10-QSB, or portion thereof will be filed on or before the
fifth calendar day following the prescribed due date; and
[x] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
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PART III
NARRATIVE
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State below in reasonable detail the reasons why the Form 10-K, 10-KSB,
20-F, 11-K, 10-Q, 10-QSB, or N-SAR, or the transition report or portion
thereof could not be filed within the prescribed period. (Attach
extra sheets if needed)
The delay in filing the Form 10-K was caused by incomplete
estimates of Proved Reserves for the San Juan Royalty Trust ("Trust")
as of December 31, 1995. These
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estimates have not been completed
because of the unavailability of certain data, such as the current
ownership interests, critical to the estimation of the reserves and
future net income to the Trust's interests. These data have not been
available from the conveyor of the royalty interests nor has the
information been available from public sources. Accordingly, such
estimates of Proved Reserves cannot be provided without unreasonable
effort or expense in order for such information to be utilized in the
Form 10-K and Annual Report.
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PART IV
OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to
this notification
Robert C. Donohoo (817) 336-9333
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(Name) (Area Code)(Telephone Number)
(2) Have all other periodic reports required under section 13 or
15(d) of the Securities Exchange Act of 1934 or section 30
of the Investment Company Act of 1940 during the preceding
12 months or for such shorter period that the registrant was
required to file such report(s) been filed? If the answer
is no, identify report(s).
[x] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal
year will be reflected by the earnings statements to be
included in the subject report or portion thereof?
[ ] Yes [x] No
If so: attach an explanation of the anticipated change,
both narratively and quantitatively, and, if appropriate,
state the reasons why a reasonable estimate of the results
can not be made.
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SAN JUAN BASIN ROYALTY TRUST
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(Name of Registrant as specified in charter)
Has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
BANK ONE, TEXAS, NA
Trustee of the San Juan Basin
Royalty Trust
Date: March 29, 1996 By: /s/Lee Ann Anderson
--------------------------
Lee Ann Anderson
Vice President and
Trust Officer
(The Trust has no directors or executive officers)
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ATTENTION
Intentional misstatements or omissions of fact constitute Federal
Criminal Violations (See 18 U.S.C. 1001).
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INDEX TO EXHIBITS
Sequentially
Exhibit Numbered
Number Exhibit Page
- -------- ------------------------------------------------- -----------
1 Letter to San Juan Basin Royalty Trust
from Cawley, Gillespie & Associates, Inc.
regarding late filing of 1995 Annual Report
Form 10-K and Annual Report.
2 Letter to San Juan Basin Royalty Trust
from Deloitte & Touche regarding late filing
of 1995 Annual Report Form 10-K
and Annual Report.
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March 28, 1996
San Juan Basin Royalty Trust
500 Throckmorton Street, Suite 704
P. O. Box 2604
Fort Worth, Texas 76113
Attention: Lee Ann Anderson, Assistant Vice President
and Trust Officer
Re: Late Filing of 1995 Annual Report Form 10-K
Gentlemen:
Please be advised that the firm of Cawley, Gillespie &
Associates, Inc. has been unable to complete its estimates of Proved
Reserves for the San Juan Basin Royalty Trust (the "Trust") as of
December 31, 1995 for use in connection with the Trust's Security and
Exchange Commission Form 10-K for the year ending December 31, 1995
and its Annual Report for the year ended December 31, 1995.
These estimates have not been completed because of the
unavailability of certain data, such as the current ownership interests,
critical to the estimation of the reserves and future net income to
the Trust's interests. These data have not been available from the
conveyor of the overriding royalty interest nor is the information
available from public sources. Accordingly, such estimates of Proved
Reserves for the Trust's interests cannot be provided without such
information.
Cawley, Gillespie & Associates, Inc. acknowledges its
understanding that this letter is to be utilized as an exhibit to the
Form 12b-25 Notification of Late Filing to be filed with the
Securities and Exchange Commission and with the New York Stock
Exchange in accordance with Rule 12b-25 of the Securities Exchange Act
of 1934. Cawley, Gillespie & Associates, Inc. consents to the use of
this letter as an exhibit to such Form 12b-25.
Yours very truly,
CAWLEY, GILLESPIE & ASSOCIATES, INC.
/s/ Aaron Cawley, P.E.
-------------------------------------
Aaron Cawley, P.E.
Senior Vice-President
EXHIBIT 2
March 29, 1996
Bank One, Texas, NA, Trust Department
San Juan Basin Royalty Trust
P. O. Box 2604
Fort Worth, Texas 76113
Attention: Lee Ann Anderson, Vice
President and Trust Officer
Re: Late Filing of 1995 Annual Report and Form 10-K
Gentlemen:
Please be advised Deloitte & Touche LLP, Independent Auditors for the
San Juan Basin Royalty Trust (the "Trust"), has been unable to
complete its audit for use in connection with the Trust's Securities
and Exchange Commission Form 10-K for the year ended December 31, 1995
and for its Annual Report for the year ended December 31, 1995. Such
audit is incomplete due to the fact that the estimates of Proved
Reserves of the Trust as of December 31, 1995 have not been received
from the firm of Cawley, Gillespie & Associates, Inc., the oil and gas
consultants retained by the Trust to prepare such estimates.
Accordingly, Deloitte & Touche LLP cannot provide the Independent
Auditors' Report or complete its other audit work in connection with
the preparation and filing of the Trust's Form 10-K and Annual Report
for the year ended December 31, 1995. Substantially all field work
for the audit has been completed; therefore, the completion of the
estimates of Proved Reserves of the Trust as of December 31, 1995 will
thereafter enable us to render our report.
Deloitte & Touche LLP acknowledges its understanding that this letter
is to be utilized as an exhibit to the Form 12b-25 Notification of
Late Filing to be filed with the Securities and Exchange Commission
and with the New York Stock Exchange in accordance with Rule 12b-25 of
the Securities Exchange Act of 1934. Deloitte & Touche LLP consents
to the use of this letter as an exhibit to such Form 12b-25.
Very truly yours,
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
