September 9, 2002; Vote Your Proxy

By now most owners should have received from the current trustee their Proxy Statement and Voting Instruction Form for the Special Meeting of Unit Holders of the San Juan Basin Royalty Trust to be held on September 30 in Fort Worth, Texas.  The main issue is to elect a successor trustee.  We are pleased that the only nominee for successor trustee is the candidate proposed by McDep Associates and certain Unit Holders.  Though the outcome of the election now seems more evident it is still necessary that a quorum of a majority of Unit Holders be represented at the meeting.   We urge you to vote.  At the same time we disclaim any role in proxy solicitation that may need to be covered by a filing with the Securities and Exchange Commission.