<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 1997
Commission File No. 1-8032
SAN JUAN BASIN ROYALTY TRUST
Texas I.R.S. No. 75-6279898
Bank One, Texas, NA, Trust Department
P. O. Box 2604
Fort Worth, Texas 76113
Telephone Number 817/884-4630
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
----- -----
Number of units of beneficial interest outstanding at August 14, 1997:
46,608,796
Page 1 of 13
<PAGE>
SAN JUAN BASIN ROYALTY TRUST
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The condensed financial statements included herein have been prepared by Bank
One, Texas, NA as Trustee for the San Juan Basin Royalty Trust, without audit,
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in annual
financial statements have been condensed or omitted pursuant to such rules and
regulations, although the Trustee believes that the disclosures are adequate to
make the information presented not misleading. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and the notes thereto included in the Trust's latest annual report on
Form 10-K. In the opinion of the Trustee, all adjustments, consisting only of
normal recurring adjustments, necessary to present fairly the assets,
liabilities and trust corpus of the San Juan Basin Royalty Trust at June 30,
1997, and the distributable income and changes in trust corpus for the three-
month and six-month periods ended June 30, 1996 and 1997 have been included.
The distributable income for such interim periods is not necessarily indicative
of the distributable income for the full year.
Deloitte & Touche LLP, independent certified public accountants, has made a
limited review of the condensed financial statements as of June 30, 1997 and for
the three-month and six-month periods ended June 30, 1997 and 1996 included
herein.
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<PAGE>
INDEPENDENT ACCOUNTANTS' REPORT
Bank One, Texas, NA as Trustee
for the San Juan Basin Royalty Trust:
We have reviewed the accompanying condensed statement of assets, liabilities and
trust corpus of the San Juan Basin Royalty Trust as of June 30, 1997 and the
related condensed statements of distributable income and changes in trust corpus
for the three-month and six-month periods ended June 30, 1997 and 1996. These
financial statements are the responsibility of the Trustee.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of which
is the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
The accompanying condensed financial statements are prepared on a modified cash
basis as described in Note 1, which is a comprehensive basis of accounting other
than generally accepted accounting principles.
Based on our reviews, we are not aware of any material modifications that should
be made to such condensed financial statements for them to be in conformity with
the basis of accounting described in Note 1.
We have previously audited, in accordance with generally accepted auditing
standards, the statement of assets, liabilities and trust corpus of the San Juan
Basin Royalty Trust as of December 31, 1996, and the related statements of
distributable income and changes in trust corpus for the year then ended (not
presented herein); and in our report dated March 25, 1997, we expressed an
unqualified opinion on those financial statements. In our opinion, the
information set forth in the accompanying condensed statement of assets,
liabilities and trust corpus as of December 31, 1996 is fairly stated, in all
material respects, in relation to the statement of assets, liabilities and trust
corpus from which it has been derived.
DELOITTE & TOUCHE LLP
August 8, 1997
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<PAGE>
SAN JUAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
<S> <C> <C>
ASSETS 1997 1996
(Unaudited)
Cash and short-term investments $ 2,893,637 $ 3,127,828
Net overriding royalty interest in producing
oil and gas properties (net of accumulated
amortization of $74,048,424 and $70,467,380
at June 30, 1997 and December 31, 1996, respectively) 59,227,104 62,808,148
----------- ------------
$62,120,741 $ 65,935,976
=========== ============
LIABILITIES AND TRUST CORPUS
Distribution payable to Unit holders $ 2,893,637 $ 3,127,828
Trust corpus - 46,608,796 Units of beneficial
interest authorized and outstanding 59,227,104 62,808,148
----------- ------------
$62,120,741 $ 65,935,976
=========== ============
</TABLE>
CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- ------------------------
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Royalty income $8,899,973 $4,047,512 $27,371,235 $8,755,129
Interest income 26,888 7,325 54,545 13,832
---------- ---------- ----------- ----------
8,926,861 4,054,837 27,425,780 8,768,961
General and administrative
expenditures 361,751 1,111,813 593,253 1,899,587
---------- ---------- ----------- ----------
Distributable income $8,565,110 $2,943,024 $26,832,527 $6,869,374
========== ========== =========== ==========
Distributable income per Unit
(46,608,796 Units) $ .183766 $ .063143 $ .575696 $ .147382
========== ========== =========== ==========
</TABLE>
The accompanying notes to condensed financial statements are an integral part of
this statement.
-4-
<PAGE>
SAN JUAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
--------------------------- ---------------------------
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Trust corpus, beginning of period $ 60,637,211 $ 68,491,379 $ 62,808,148 $ 70,133,536
Amortization of net overriding
royalty interest (1,410,107) (1,712,545) (3,581,044) (3,354,702)
Distributable income 8,565,110 2,943,024 26,832,527 6,869,374
Distributions declared (8,565,110) (2,943,024) (26,832,527) (6,869,374)
------------ ------------ ------------ ------------
Trust corpus, end of period $ 59,227,104 $ 66,778,834 $ 59,227,104 $ 66,778,834
============ ============ ============ ============
</TABLE>
The accompanying notes to condensed financial statements
are an integral part of this statement.
-5-
<PAGE>
SAN JUAN BASIN ROYALTY TRUST
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. BASIS OF ACCOUNTING
The San Juan Basin Royalty Trust ("Trust") was established as of November 1,
1980. The financial statements of the Trust are prepared on the following
basis:
. Royalty income recorded for a month is the amount computed and paid by the
interest owner, Burlington Resources Oil & Gas Company ("BROG"), to the
Trustee for the Trust. Royalty income consists of the amounts received by
the owner of the interest burdened by the net overriding royalty interest
("Royalty") 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%.
. 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 overriding royalty interest to the
Trust provides that any excess of production costs over gross proceeds
must be recovered from future net profits.
The financial statements of the Trust differ from financial statements
prepared in accordance with generally accepted accounting principles ("GAAP")
because revenues are not accrued in the month of production and certain cash
reserves may be established for contingencies which would not be accrued in
financial statements prepared in accordance with GAAP. Amortization of the
Royalty calculated on a unit-of-production basis is charged directly to trust
corpus.
2. FEDERAL INCOME TAXES
For Federal income tax purposes, the Trust constitutes a fixed investment
trust which is taxed as a grantor trust. A grantor trust is not subject to
tax at the trust level. The Unit holders are considered to own the Trust's
income and principal as though no trust were in existence. The income of the
Trust is deemed to have been received or accrued by each Unit holder at the
time such income is received or accrued by the Trust rather than when
distributed by the Trust.
The Royalty constitutes an "economic interest" in oil and gas properties for
Federal income tax purposes. Unit holders must report their share of the
revenues of the Trust as ordinary income from oil and gas royalties and are
entitled to claim depletion with respect to such income. The Royalty is
treated as a single property for depletion purposes.
The Trust has on file technical advice memoranda confirming the tax treatment
described above.
The Trust began receiving royalty income from coal seam wells beginning in
1989. Under Section 29 of the Internal Revenue Code, production from coal
seam gas wells drilled prior to January 1, 1993, qualifies for the federal
income tax credit for producing non-conventional fuels. This tax credit was
approximately $1.03 per MMBtu for the year 1996 and is adjusted for inflation
annually. The credit currently applies to production through the year 2002.
Each Unit holder must determine his pro rata share of such production based
upon the number of Units owned during each month of the year and apply the
tax credit against his own income tax liability, but such credit may not
reduce his regular tax
-6-
<PAGE>
liability (after the foreign tax credit and certain other nonrefundable
credits) below his tentative minimum tax. Section 29 also provides that any
amount of Section 29 credit disallowed for the tax year solely because of
this limitation will increase his credit for prior year minimum tax
liability, which may be carried forward indefinitely as a credit against the
taxpayer's regular tax liability, subject, however, to the limitations
described in the preceding sentence. There is no provision for the carryback
or carryforward of the Section 29 credit in any other circumstances.
The classification of the Trust's income for purposes of the passive loss
rules may be important to a Unit holder. As a result of the Tax Reform Act
of 1986, royalty income will generally be treated as portfolio income and
will not reduce passive losses.
******
-7-
<PAGE>
Item 2. Trustee's Discussion and Analysis
Forward Looking Information
Certain information included in this report contains, and other materials filed
or to be filed by the Trust with the Securities and Exchange Commission (as well
as information included in oral statements or other written statements made or
to be made by the Trust) may contain or include, forward looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended. Such forward
looking statements may be or may concern, among other things, capital
expenditures, drilling activity, development activities, production efforts and
volumes, hydrocarbon prices and the results thereof, and regulatory matters.
Such forward looking statements generally are accompanied by words such as
"estimate," "expect," "predict," "anticipate," "goal," "should," "assume,"
"believe," or other words that convey the uncertainty of future events or
outcomes.
THREE MONTHS ENDED JUNE 30, 1997 AND JUNE 30, 1996:
The San Juan Basin Royalty Trust received royalty income of $8,899,973 and
interest income of $26,888 during the second quarter of 1997. After deducting
administrative expenses of $361,751, distributable income for the quarter was
$8,565,110 ($.183766 Unit). In the second quarter of 1996, royalty income was
$4,047,512, interest income was $7,325, administrative expenses were $1,111,813
and distributable income was $2,943,024 ($.063143 Unit). The tax credit relating
to production from coal seam wells totaled approximately $.04 per Unit for the
second quarter of 1997 and $.04 per Unit for the second quarter of 1996. Based
on 46,608,796 Units outstanding, the per Unit distributions during the second
quarter of 1997 were as follows:
April $ .076326
May .045357
June .062083
---------
Quarter Total $ .183766
=========
The royalty income distributed in the second quarter of 1997 was higher than
that distributed in the second quarter of 1996 primarily due to an increase in
the average gas price from $1.09 per Mcf for the second quarter of 1996 to $1.75
per Mcf for the second quarter of 1997. Interest earnings for the quarter ended
June 30, 1997, as compared to the quarter ended June 30, 1996, were higher
primarily due to increased funds available for investment and higher interest
rates. Administrative expenses decreased, primarily as a result of decreased
expenses relating to the settlement of litigation between the Trust and
Burlington Resources Oil & Gas Company ("BROG"). Unit holders are referred to
"Trustee's Discussion and Analysis" in the Trust's 1996 Annual Report for
additional information regarding the settlement.
The capital costs attributable to the properties from which the Trust's 75% net
overriding royalty ("Royalty") was carved for the second quarter of 1997 were
reported by BROG as $1,793,762 versus $1,288,864 for the second quarter of 1996.
BROG has informed the Trust that they have revised the estimate for the 1997
capital plan from $1.7 million reported in the Trust's 1996 Annual Report to
$4.5 million. The revision is due to $1.0 million for facilities expenditures
and an additional $1.8 million for 1997 projects, both of which were not
included in the original estimate. Additionally, approximately $2.0 million has
been or will be spent in 1997 for projects planned or begun in 1996. Lease
operating expenses and property taxes were $2,767,104 for the second quarter of
1997 as compared to $3,108,603 for the second quarter of 1996.
-8-
<PAGE>
BROG has informed the Trustee that during the second quarter of 1997, 16 gross
(1.55 net) conventional wells were completed on the properties from which the
Royalty was carved. There was 1 gross (.05 net) coal seam and 18 gross (.81 net)
conventional wells in progress at June 30, 1997. One gross (.87 net)
conventional well recompletion and 4 gross (.16 net) coal seam recompletions
were in progress at June 30, 1997. One gross (.004 net) conventional well was
completed on the properties from which the Royalty was carved in the second
quarter of 1996. There were 2 gross (.25 net) coal seam and 8 gross (1.32 net)
conventional wells in progress at June 30, 1996. Four gross (3.08 net) coal seam
wells were recavitated in the second quarter of 1996. Two gross (.66 net)
conventional well recompletions and 6 gross (.16 net) coal seam well
recavitations were in progress at June 30, 1996.
Unit holders are referred to "Description of the Properties" in the Trust's 1996
Annual Report for further information concerning BROG's coal seam gas well
drilling program in the San Juan Basin. This program includes properties in
which the Trust owns an interest.
Gas and oil sales from the properties from which the Royalty was carved and
sales attributable to the Royalty for the quarters ended June 30, 1997 and 1996
were as follows:
<TABLE>
<CAPTION>
1997 1996
PROPERTIES FROM WHICH THE ROYALTY WAS CARVED:
Gas:
<S> <C> <C>
Total sales (Mcf) 10,213,566 9,885,383
Mcf per day 114,759 109,838
Average price (per Mcf) $1.75 $1.09
Oil:
Total sales (Bbls) 27,524 19,475
Bbls per day 309 216
Average price (per Bbl) $19.06 $20.13
ROYALTY:
Gas sales (Mcf) 5,522,845 4,064,427
Oil sales (Bbls) 14,550 8,128
</TABLE>
During the second quarter of 1997, gas prices were higher than during the second
quarter of 1996. Gas production increased slightly in 1997 as compared to 1996.
The price per barrel of oil during the second quarter of 1997 was lower than
that received for the second quarter of 1996.
The second quarter sales figures are associated with actual oil and gas
production during February through April from the properties from which the
Royalty was carved. Since the oil and gas production attributable to the Royalty
is based on an allocation formula that is dependent on such factors as price and
cost, including capital expenditures, the production amounts do not provide a
meaningful comparison.
BROG's contract with a third-party purchaser as it pertains to baseload gas
volumes in the firm amount of 45,000 MMBtu per day has been extended through
December 31, 1997. Negotiations for the sale of these volumes after December 31,
1997, will be entered into prior to the expiration of the extended term of that
contract. The remaining volumes of Trust gas continue to be marketed by El Paso
Energy Marketing Company. Unit holders are referred to "Trustee's Discussion and
Analysis" in the Trust's 1996 Annual Report for further information concerning
the marketing of Trust gas.
SIX MONTHS ENDED JUNE 30, 1997 AND JUNE 30, 1996:
For the six months ended June 30, 1997 distributable income was $26,832,527
($.575696 per Unit) which was greater than the $6,869,374 ($.147382 per Unit) of
income distributed during the same period in 1996. The increase resulted
primarily from an increase in gas prices. Interest income for the six months
ended June 30, 1997 was $54,545 compared to $13,832 during the first six months
of 1996. This increase is due to an increase in funds available for investment.
General and administrative expenses decreased to $593,253
-9-
<PAGE>
from $1,899,587 during the 1996 period primarily due to the settlement of
litigation between the Trust and BROG. Unit holders are referred to "Trustee's
Discussion and Analysis" in the Trust's 1996 Annual Report for additional
information regarding the settlement.
Capital expenditures incurred by BROG, attributable to the properties from which
the Royalty was carved, for the first six months of 1997 amounted to $4,113,968.
Capital expenditures were $2,662,955 for the first six months of 1996.
Lease operating expenses and property taxes totaled $5,654,117 for the first
six months of 1997 compared to $5,768,151 for the first six months of 1996.
BROG advised the Trustee that during the six months ended June 30, 1997, 29
gross (2.06 net) conventional gas wells were completed on the properties from
which the Royalty was carved. One gross (.83 net) conventional well and 1 gross
(.84 net) coal seam well were recompleted, and 4 gross (.55 net) coal seam wells
were recavitated during the first six months of 1997. During the six months
ended June 30, 1996, 8 gross (1.144 net) conventional gas wells and 1 gross (.5
net) coal seam gas well were completed on the properties from which the Royalty
was carved. Six gross (4.67 net) coal seam and 8 gross (4.54 net) conventional
wells were recompleted during the first six months of 1996.
For the six months ended June 30, 1997 and 1996 comparative gas and oil sales
are as follows:
<TABLE>
<CAPTION>
1997 1996
PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Gas:
<S> <C> <C>
Total sales (Mcf) 20,827,086 19,546,632
Mcf per day 115,067 107,399
Average price (per Mcf) $ 2.41 $ 1.13
Oil:
Total sales (Bbls) 48,486 39,554
Bbls per day 268 217
Average price (per Bbl) $ 20.61 $ 18.94
ROYALTY:
Gas sales (Mcf) 12,064,934 8,504,049
Oil sales (Bbls) 27,213 17,244
</TABLE>
The first six months sales figures are associated with actual oil and gas
production during November 1996 through April 1997 from the properties from
which the Royalties were carved. During the first six months of 1997, gas prices
were higher than during the first six months of 1996. The average oil price for
the first six months of 1997 was higher than that for the first six months of
1996. Since the oil and gas production attributable to the Royalty is based on
an allocation formula that is dependent on such factors as price and cost,
including capital expenditures, the production amounts do not provide a
meaningful comparison.
-10-
<PAGE>
ROYALTY CALCULATION:
Royalty income received by the Trust for the three months and six months ended
June 30, 1997 and 1996, respectively, was computed as shown in the following
table:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------------------ -----------------------------
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Gross proceeds of sales from the
properties from which the net
overriding royalty was carved:
Gas proceeds $ 17,840,045 $ 10,781,798 $ 50,244,916 $ 22,046,595
Oil proceeds 524,649 395,525 999,186 759,040
------------- ------------- ------------- -------------
Total 18,364,694 11,177,323 51,244,102 22,805,635
------------- ------------- ------------- -------------
Less production costs:
Severance tax - Gas 1,890,896 1,342,394 4,885,760 2,617,209
Severance tax - Oil 46,302 40,779 95,277 83,814
Lease operating expenses and
property tax 2,767,104 3,108,603 5,654,117 5,768,151
Capital expenditures 1,793,762 1,288,864 4,113,968 2,662,955
------------- ------------- ------------- -------------
Total 6,498,064 5,780,640 14,749,122 11,132,129
------------- ------------- ------------- -------------
Net profits 11,866,630 5,396,683 36,494,980 11,673,506
------------- ------------- ------------- -------------
Net overriding royalty interest 75% 75% 75% 75%
------------- ------------ ------------- -------------
Royalty income $ 8,899,973 $ 4,047,512 $ 27,371,235 $ 8,755,129
============= ============ ============= =============
</TABLE>
-11-
<PAGE>
PART II - OTHER INFORMATION
Items 2-5 Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(4)(a) San Juan Basin Royalty Trust Indenture dated November 3,
1980, between Southland Royalty Company (now Burlington
Resources Oil & Gas Company) and The Fort Worth National
Bank (now Bank One, Texas, NA), as Trustee, heretofore
filed as Exhibit (4)(a) to the Trust's Annual Report on
Form 10-K to the Securities and Exchange Commission for
the fiscal year ended December 31, 1980 is incorporated
herein by reference.
(4)(b) Net Overriding Royalty Conveyance from Southland Royalty
Company (now Burlington Resources Oil & Gas Company) to
The Fort Worth National Bank (now Bank One, Texas, NA),
as Trustee, dated November 3, 1980 (without Schedules),
heretofore filed as Exhibit (4)(b) to the Trust's Annual
Report on Form 10-K to the Securities and Exchange
Commission for the fiscal year ended December 31, 1980 is
incorporated herein by reference.
(27) Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended June
30, 1997.
-12-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
BANK ONE, TEXAS, NA, AS TRUSTEE FOR
THE SAN JUAN BASIN ROYALTY TRUST
By /s/ LEE ANN ANDERSON
----------------------------------
Lee Ann Anderson
Vice President
Date: August 14, 1997
(The Trust has no directors or executive officers.)
-13-
<PAGE>
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
(4)(a) San Juan Basin Royalty Trust Indenture dated
November 3, 1980, between Southland Royalty
Company (now Burlington Resources Oil & Gas
Company) and The Fort Worth National Bank
(now Bank One, Texas, N.A.), as Trustee,
heretofore filed as Exhibit (4)(a) to the
Trust's Annual Report on Form 10 K to the
Securities and Exchange Commission for the
fiscal year ended December 31, 1980 is
incorporated herein by reference.*
(4)(b) Net Overriding Royalty Conveyance from Southland
Royalty Company (now Burlington Resources Oil &
Gas Company) to The Fort Worth National Bank
(now Bank One, Texas, N.A.), as Trustee, dated
November 3, 1980 (without Schedules), heretofore
filed as Exhibit (4)(b) to the Trust's Annual
Report on Form 10-K to the Securities and
Exchange Commission for the fiscal year ended
December 31, 1980 is incorporated herein by
reference.*
(27) Financial Data Schedule **
* A copy of this Exhibit is available to any Unit holder, at the actual cost
of reproduction, upon written request to the Trustee, Bank One, Texas, N.A.,
P.O. Box 2604, Fort Worth, Texas 76113.
** Filed herewith.
-14-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS OF SAN
JUAN BASIN ROYALTY TRUST AS OF JUNE 30, 1997, AND THE RELATED CONDENSED
STATEMENTS OF DISTRIBUTABLE INCOME AND CHANGES IN TRUST CORPUS FOR THE
THREE-MONTH PERIOD ENDED JUNE 30, 1997.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 2,893,637
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,893,637
<PP&E> 133,275,528
<DEPRECIATION> 74,048,424
<TOTAL-ASSETS> 62,120,741
<CURRENT-LIABILITIES> 2,893,637
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 59,227,104
<TOTAL-LIABILITY-AND-EQUITY> 62,120,741
<SALES> 0
<TOTAL-REVENUES> 8,899,973
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 361,751
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 8,565,110
<INCOME-TAX> 0
<INCOME-CONTINUING> 8,565,110
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,565,110
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
