The board of directors said the dividend is payable on June 14 to the holders of record at the close of business on May 31. The trust reported that gas production for the properties from which the royalty was carved totaled approximately 2,955,797 million cubic feet, or 3,259,832 million BTUs.
Dividing revenues by production volume yielded an average gas price for March 2013 of $3.32 per Mcf ($3.01 per MMBtu) as compared to $3.26 per Mcf ($2.96 per MMBtu) for February 2013. The distribution to the trust in any given month may include significant volume adjustments for sales in prior months that reflect pricing for those prior months.
The latest payment would equate to a $0.46-per-share annual dividend, yielding 3% based on the closing price of San Juan Realty Trust's stock on May 17.