- San Juan Basin Royalty Trust (NYSE:SJT -7.1%) slides to within a few pennies of its 52-week low after its trustee confirmed the company will not pay a monthly cash distribution for August, after June production costs and capital spending exceeded gross proceeds.
- SJT says it does not expect to pay cash distributions in the future until gross proceeds can cover its liabilities and replenish its cash reserves after falling to below $785K on July 31.
- The company says the excess production costs for the latest reporting period were due mostly to planned capital spending associated with the Fruitland Coal well drill and multiple well recompletions.