UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 19, 2004

San Juan Basin Royalty Trust

Registrant’s telephone number, including area code: (866) 809-4553

N/A
(Former name or former address, if changed since last report.)

Table of Contents

Item 7. Financial Statements and Exhibits.

     (c) Exhibits.

     99.1 Press release, dated March 19, 2004.

Item 12. Results of Operations and Financial Condition.

     On March 19, 2004, the San Juan Basin Royalty Trust issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing a monthly cash distribution to the holders of its units of beneficial interest of $9,144,318.59, or $0.196193 per unit, based principally upon production during the month of January 2004.

     In accordance with general instruction B.6 to Form 8-K, the information in this Form 8-K shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.

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.

(The Trust has no directors or executive officers.)