San Juan Basin Royalty Trust announces Hilcorp's revised 2018 CapEx plan
Compass Bank, as Trustee of the San Juan Basin Royalty Trust, reported that Hilcorp San Juan L.P. has provided the Trust with its revised 2018 capital expenditures plan. Hilcorp's original 2018 capital expenditures plan delivered to the Trust in February 2018 reported estimated capital expenditures of $547,800 for the Trust's subject interests, which included two facility projects and seven well recompletions. The Revised Plan of $3,924,500 for the subject interests includes two facility projects, which is unchanged, and seventeen well recompletions. A senior representative from Hilcorp has informed the Trust that "The growth in production and increase in investment activity is due to Hilcorp finding high quality projects to pursue, even after the beginning of the year budget estimates were provided. These projects were not identified by the previous operator. As Hilcorp discovers these projects, we react quickly to implement them to maximize asset value."