San Juan Basin Royalty Trust (NYSE: SJT) announced on Friday its October monthly distribution of $0.094625 per unit, based principally upon production during July.

The board of directors said the dividend is payable on Oct. 15 to the holders of record at the close of business on Sept. 30. The trust reported that gas production for the properties from which the royalty was carved totaled approximately 2,949,189 million cubic feet, or 3,255,683 million BTUs.

Dividing revenues by production volume yielded an average gas price for July of $3.45 per Mcf ($3.12 per MMBtu) as compared with $3.72 per Mcf ($3.37 per MMBtu) for June. 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 an approximately $1.14-per-unit annual dividend, yielding 6.9% based on the closing price of San Juan Realty Trust's stock on Sept. 20.

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