Exhibit 10.2

Rio Arriba County, New Mexico

When Recorded, Return To:

MURPHY MAHON KEFFLER FARRIER, LLP

500 E. 4th Street, Suite 225

Fort Worth, Texas 76102

Attn: Monica Siebald

MORTGAGE—COLLATERAL REAL ESTATE MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF PRODUCTION, AND FINANCING STATEMENT

FROM

ARGENT TRUST COMPANY,

TRUSTEE OF THE

SAN JUAN BASIN ROYALTY TRUST

(MORTGAGOR)

TO

TEXASBANK, a Texas state bank

(MORTGAGEE)

Effective as of May 21, 2025

THIS INSTRUMENT IS A MORTGAGE OF BOTH REAL AND PERSONAL PROPERTY AND IS, AMONG OTHER THINGS, A MORTGAGE OF CHATTELS, A SECURITY AGREEMENT, A FIXTURE FILING AND A FINANCING STATEMENT.

“THIS INSTRUMENT CONTAINS AFTER ACQUIRED PROPERTY PROVISIONS.”

For purposes of filing this Mortgage as a financing statement, the mailing address of Mortgagor is:

Argent Trust Company

3838 Oaklawn Avenue, Suite 1720

Dallas, Texas 75129;

the mailing address of Mortgagee is 4521 S. Hulen Street, Suite 200, Fort Worth, Texas 76109.

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ATTENTION OF RECORDING OFFICER: This instrument is a mortgage of both real and personal property and is, among other things, a Security Agreement and Financing Statement under the Uniform Commercial Code. This instrument creates a Lien on rights in or relating to lands of Mortgagor which are described in Exhibit “A” hereto.

MORTGAGE—COLLATERAL REAL ESTATE MORTGAGE, SECURITY AGREEMENT,

ASSIGNMENT OF

PRODUCTION AND FINANCING STATEMENT

KNOW ALL MEN BY THESE PRESENTS that the undersigned ARGENT TRUST COMPANY, TRUSTEE OF THE SAN JUAN BASIN ROYALTY TRUST, a grantor trust created under the laws of the State of Texas and under that certain Amended and Restated Royalty Trust Indenture dated December 12, 2007, as amended by First Amendment to the Amended and Restated Trust Indenture dated February 15, 2024, (“Mortgagor”), whose address is 3838 Oaklawn Avenue, Suite 1720, Dallas, Texas 75129, do hereby agree as follows:

GRANT

To secure the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Secured Indebtedness (as defined below), Mortgagor has granted, bargained, sold, warranted, conveyed, transferred, assigned and set over, and does hereby GRANT, BARGAIN, SELL, WARRANT, CONVEY, TRANSFER, ASSIGN and SET OVER, to TEXASBANK, a Texas state bank (the “Mortgagee”), whose address is 4521 S. Hulen Street, Suite 200, Fort Worth, Texas 76109, and does further grant to Mortgagee, its successors and assigns, a security interest in the following described property:

(a) Mineral, Royalty and Overriding Royalty Interests. All of Mortgagor’s right, title and interest (including, without limitation, mineral interests, net profits interests, royalty interests, overriding royalty interests, production payments and other rights in and to minerals and/or royalty), now owned or hereafter acquired, in and to all of the oil, gas and other minerals in and under the lands and/or leases described or referred to on Exhibit “A”, and all oil, gas and mineral interests in which Mortgagor now has or hereafter acquires an interest due to the pooling or unitization of the lands described or referred to on Exhibit “A” or portions of such lands or leases and any other interests in and to oil, gas and minerals in and to lands located in Rio Arriba County, New Mexico, event thought the description of such lands are not described or incorrectly described on Exhibit “A” (all of the above­ described oil, gas and mineral leases, interests and estates, including without limitation any unitized leases, are hereinafter collectively called the “Mineral Interests”);

(b) Hydrocarbons. All of Mortgagor’s right, title and interest, now owned or hereafter acquired, in and to all extracted and as-extracted oil, gas, casinghead gas, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined therefrom, and all other minerals (hereinafter referred to collectively as “Hydrocarbons”) in and under, and that may be produced and saved from, or allocated to, the Mineral Interests the lands covered thereby and/or extracted or severed therefrom, including Hydrocarbons produced from the wells described on Exhibit “A” attached hereto;

(c) Accounts, Payment Intangibles, General Intangibles, Books, Records. All of Mortgagor’s right, title and interest, now owned or hereafter acquired, in any and all (i) accounts, payment intangibles and general intangibles arising in connection with the sale or other disposition of the property described in (a) and (b) above, (ii) contract rights, payment intangibles and general intangibles arising from or in connection with the Mineral Interests and/or the lands described or Exhibit “A”, and (iii) books, records, files, computer software, documents and other information pertaining to the Mineral Interests and/or

the lands described or referred to on Exhibit “A”, together with all supporting obligations arising from or in connection with items (i), (ii) and (iii) above (the property described in this clause (c), the “Personal Property”); and

(d) Proceeds. All of the proceeds of the property described in (a) through (c) above whether presently existing or hereafter created or arising.

The Mortgagor’s interests in the Mineral Interests, Hydrocarbons and Personal Property and other properties described in (a) through (d) above, are all hereinafter sometimes collectively referred to as the “Mortgaged Properties.” Notwithstanding any provision in this Mortgage to the contrary, in no event is (a) any Building (as defined in the applicable Flood Insurance Regulation) or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Regulation), which is located within an area having special flood hazards and in which flood insurance is available under the National Flood Insurance Act of 1968 and (b) any interest held by Mortgagor in and to the surface of the lands underlying said Building or Manufactured (Mobile) Home, insofar and only insofar as such lands lie directly below said Building or Manufactured (Mobile) Home (such Buildings, Manufactured (Mobile) Homes and lands are collectively referred to herein as, the “Excluded Structures”), and none of the properties described in the preceding clauses (a) and (b) of this paragraph are encumbered by this Mortgage, provided that (i) the Mortgagor’s interests in all lands and Hydrocarbons situated under any Excluded Structure is included in the definition of Mortgaged Properties and is encumbered by this Mortgage and (ii) Mortgagor agrees not to permit to exist any Lien on any Excluded Structure. As used herein, “Flood Insurance Regulations” shall mean (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time, (iv) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder; and the Biggert-Waters Flood Reform Act of 2012.

TO HAVE AND TO HOLD the Mortgaged Properties, together with all of the rights, hereditaments and appurtenances in anyway appertaining or belonging thereto, unto the Mortgagee, its successors and assigns, subject to the uses and purposes hereinafter set forth.

A. In the event of an assignment of all or part of the Secured Indebtedness, the Liens and other rights hereunder, to the extent applicable to the part of the Secured Indebtedness so assigned, may be transferred therewith.

B. Unless and until Mortgagee shall have, by an instrument recorded in the appropriate records of the county or counties where the Mortgaged Properties are situated, assigned all of its rights, titles and interests arising under this instrument, Mortgagee shall have the exclusive right to exercise any and all rights in favor of Mortgagee hereunder, including, without limitation, conducting any foreclosure sales hereunder and executing full or partial releases hereof, amendments or modifications hereto, or consents or waivers hereunder.

ARTICLE I

SECURED INDEBTEDNESS

Section 1.1. This Mortgage is given to secure the payment of the following covenants indebtedness, liabilities and obligations, to-wit:

(a) Any and all indebtedness and obligations of Mortgagor to Mortgagee arising pursuant to the terms of that certain Promissory Note of even date herewith executed by Mortgagee and payable to the order of Mortgagor in the stated principal amount of $2,000,000.00 (as may be amended, supplemented, restated or otherwise modified, the “Note”), including all legal expenses and other expenses incurred in preparation, execution and/or enforcement of and any of the Note;

(b) Any and all indebtedness and obligations of Mortgagor to Mortgagee arising pursuant to the terms of this Mortgage; and

(c) Any and all renewals and extensions of the indebtedness and obligations described in (a) and (b) above.

The words “Secured Indebtedness”, as used herein, shall mean all the indebtedness, obligations and liabilities described or referred to immediately above in sub-paragraphs (a) through (c), inclusive, of this Section 1.1.

ARTICLE II

REPRESENTATIONS AND WARRANTIES

Section 2.1. Mortgagor represents, warrants and covenants to Mortgagee that, as of the date hereof:

(a) This Mortgage is the legal and binding obligation of Mortgagor, enforceable in accordance with its terms, except as limited by (i) bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights and (ii) general principles of equity;

(b) No event has occurred and is continuing which constitutes an Event of Default (hereinafter defined) or would, with the lapse of time or the giving of notice or both, constitute an Event of Default;

(c) No event known to Mortgagor has occurred which would adversely affect the anticipated future production of any producing wells located on the Mortgaged Properties which has not been previously disclosed by Mortgagor in writing and which would reasonably be expected to result in a Material Adverse Effect; and

(d) To Mortgagor’s knowledge, (x) all rentals, royalties and other amounts due and payable under the Mineral Interests have been duly paid (other than royalty payments and other amounts due which are suspended or delayed in the ordinary course of business) and (y) all obligations to be performed by Mortgagor under the Mineral Interests have been performed.

ARTICLE III

COVENANTS

Section 3.1. On behalf of Mortgagor and its successors and assigns, Mortgagor further covenants and hereby agrees as follows:

(a) That by agreement with the maker or makers of any instrument evidencing any indebtedness at any time secured hereby, Mortgagee, without notice to or consent of Mortgagor, may from time to time extend the time of payment of the whole or any part of such indebtedness, or may accept from said maker or makers one or more new instruments in the same or different form, in renewal of or by way of substitution for any instrument of indebtedness, without in any manner impairing or affecting the Liens of this Mortgage, or any of Mortgagee’s rights hereunder;

(b) To do all things reasonably necessary or proper to defend title to the Mortgaged Properties.

(c) To pay promptly Mortgagor’s share of all costs and expenses incurred under any joint operating agreement affecting the Mortgaged Properties, or any portion thereof, to furnish Mortgagee, as and when requested, full information as to the status of any joint account maintained with others under any such operating agreement, and not to take any action to incur any lien thereunder;

(d) At any time and from time to time, upon reasonable written request by Mortgagee and at Mortgagor’s expense, forthwith to execute and deliver to Mortgagee and to record, file or register, any and all additional instruments or further assurances as may be necessary or proper, in Mortgagee’s opinion, to effect the intent of these presents, in each case, as required by, or pursuant to, the Note;

(e) To protect, warrant and defend title to the Mortgaged Properties unto Mortgagee, it successors and permitted assigns, at Mortgagor’s expense against all persons whomsoever lawfully having or claiming an interest therein or a security interest or lien thereon;

(f) All covenants of Mortgagor contained in the Note are hereby ratified, adopted and confirmed by Mortgagor, as if set forth herein in their entirety and as they pertain to Mortgagor and the Mortgaged Properties; and

(g) All covenants and agreements herein contained shall constitute covenants running with the land.

Section 3.2. Any and all covenants contained in this instrument may from time to time, by instrument in writing signed by Mortgagee and delivered to Mortgagor, be waived to such extent and in such manner as Mortgagee may consider appropriate; but no such waiver shall at any time affect or impair Mortgagee’s Liens hereunder, except to the extent so specifically stated in such written instrument.

ARTICLE IV

DEFAULTS AND REMEDIES

Section 4.1. The term “Event of Default”, as used herein, shall mean the occurrence and continuation of any “Event of Default” specified in the Note.

Section 4.2. Upon the occurrence and during the continuance of an Event of Default beyond any applicable grace period:

(a) If an Event of Default has occurred and is continuing, Mortgagee shall have the right and option to proceed, with foreclosure and to sell, to the extent permitted by law, all or any portion of the Mortgaged Properties at one or more sales, as an entirety or in parcels, at such place or places in otherwise such manner and upon such notice as may be required by law, or, in the absence of any such requirement, as Mortgagee may deem appropriate, and to make conveyance to the purchaser or purchasers. Where the Mortgaged Properties are situated in more than one jurisdiction, notice as above provided shall be posted and filed in all such jurisdictions (if such notices are required by law), and all such Mortgaged Properties may be sold in any such jurisdiction and any such notice shall designate the jurisdiction where such Mortgaged Properties are to be sold.

(b) Nothing contained in this Section 4.2 shall be construed so as to limit in any way Mortgagee’s rights to sell the Mortgaged Properties, or any portion thereof, by private sale if, and to the extent that, such private sale is permitted under the laws of the applicable jurisdiction or by public or private sale after entry of a judgment by any court of competent jurisdiction so ordering. At any such sale: (i) whether made under the power herein contained or any other legal enactment, or by virtue of any judicial proceedings or any other legal right, remedy or recourse, it shall not be necessary for Mortgagee to have physically present, or to have constructive, possession of the Mortgaged Properties (Mortgagor hereby covenanting and agreeing to deliver to Mortgagee any portion of the Mortgaged Properties not actually or constructively possessed by Mortgagee immediately upon demand by Mortgagee) and the title to and right of possession of any such property shall pass to the purchaser thereof as completely as if the same had been actually present and delivered to purchaser at such sale, (ii) each instrument of conveyance executed by Mortgagee shall contain a special warranty of title (but in no event broader than the warranty of title received by Mortgagor as to such property), binding upon Mortgagor and its successors and assigns, (iii) each and every recital contained in any instrument of conveyance made by Mortgagee shall conclusively establish the truth and accuracy of the matters recited therein, including nonpayment of the Secured Indebtedness, advertisement and conduct of such sale in the manner provided herein and otherwise by law and appointment of any successor Mortgagee hereunder, (iv) any and all prerequisites to the validity thereof shall be conclusively presumed to have been performed, (v) the receipt of Mortgagee or of such other party or officer making the sale shall be a sufficient discharge to the purchaser or purchasers for its purchase money and no such purchaser or purchasers, or its assigns or personal representatives, shall thereafter be obligated to see to the application of such purchase money, or be in any way answerable for any loss, misapplication or nonapplication thereof, and (vi) to the fullest extent permitted by law, Mortgagor shall be completely and irrevocably divested of all of its right, title, interest, claim and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Mortgagor, and against any and all other persons claiming or to claim the property sold or any part thereof, by, through or under Mortgagor.

(c) Mortgagor hereby irrevocably appoints Mortgagee to be the attorney-in-fact of Mortgagor and in the name and on behalf of Mortgagor, to execute and deliver any deeds, transfers, conveyances, assignments, assurances and notices which Mortgagor ought to execute and deliver and do and perform any and all such acts and things which Mortgagor ought to do and perform under the covenants herein contained and generally, to use the name of Mortgagor in the exercise of all or any of the powers hereby conferred on Mortgagee; provided that, notwithstanding anything to the contrary, the power of attorney conferred by this Section 4.2(c) may only be exercised while an Event of Default has occurred and is continuing.

(d) On or at any time after the filing of judicial proceedings to protect or enforce the rights of Mortgagee hereunder, Mortgagee, as a matter of right and without regard to the sufficiency of the security, and without any showing of insolvency, fraud or mismanagement on the part of Mortgagor, shall be entitled, upon ten (10) days prior written notice to Mortgagor, to the appointment of a receiver or receivers of all or any portion of the Mortgaged Properties, and of the income, rents, issues and profits thereof.

(e) Mortgagor may, upon providing at least ten (10) days prior written notice to Mortgagee, elect to obtain such title documentation deemed necessary by Mortgagee or its attorneys in lieu of Mortgagee obtaining such documentation.

Section 4.3. Upon the occurrence and during the continuance of an Event of Default, with respect to any portion of the Mortgaged Properties which constitute Personal Property subject to a security interest herein granted under the provisions of the Uniform Commercial Code, the Mortgagee may sell such property in the manner above provided for real property, either together with or separately from any real property so sold, or the Mortgagee may proceed in any other manner authorized by the Uniform Commercial Code or other applicable law. In no event shall it be necessary to have present or to exhibit at any such sale any of the Personal Property subject to the Lien hereof. All rights herein granted are cumulative, and the exercise of the power of sale with respect to any portion of the Mortgaged Properties at one time and place shall not preclude the exercise of such power with respect to other of the Mortgaged Properties in any manner and at any time or place authorized hereby.

Section 4.4. Mortgagee is authorized to receive the proceeds of said sale or sales made pursuant to Section 4.2 and apply the same as follows: First, to the payment of all necessary costs and expenses incident to such sale or sales; second, to the payment of the Secured Indebtedness in the manner set forth in the Note; third, the balance, if any, remaining after the full and final payment of the Secured Indebtedness, to Mortgagor or its assigns or as otherwise required by law.

Section 4.5. It is agreed that in any deed or deeds, certificate or certificates, bill of sale or bills of sale, or assignment or assignments given by or on behalf of the Mortgagee or in connection with any sale or sales made pursuant to Section 4.2 or as otherwise provided herein, any and all statements of fact or other recitals therein made as to the identity of the holder of the Secured Indebtedness or as to the occurrence or existence of any Event of Default, or as to the acceleration of the maturity of the Secured Indebtedness or as to the request to sell, notice of sale, time, place, terms, and manner of sale, and receipt, distribution and application of the money realized therefrom, and, without being limited by the foregoing, as to any act or thing having been duly done by the holder of the Secured Indebtedness, shall be taken by all courts of law and equity as prima facie evidence that the said statements or recitals state facts and are without further question to be so accepted, and Mortgagor does hereby ratify and confirm any and all acts that the Mortgagee may lawfully do in the premises by virtue hereof.

Section 4.6. In case the Lien hereof shall be foreclosed by power of sale or by judicial action, the purchaser at any such sale shall receive, as an incident to his ownership, immediate possession of the property purchased, and Mortgagor agrees, for Mortgagor and for all persons claiming under Mortgagor, that if Mortgagor or any such person shall hold possession of said property, or any part thereof, subsequent to foreclosure, Mortgagor or the parties so holding possession shall be considered as tenants at sufferance of the purchaser at foreclosure sale, and anyone occupying the property after demand for possession thereof shall be subject to eviction and removal to the fullest extent allowed under applicable law.

Section 4.7. To the extent and under such circumstances as are permitted by applicable law, the Mortgagee may be the purchaser of the Mortgaged Properties, or of any part thereof, at any sale thereof, whether such sale be under the power of sale hereinabove vested in the Mortgagee, or upon any other foreclosure of the Lien hereof or otherwise.

Section 4.8. The rights and remedies hereinabove expressly conferred are cumulative of all other rights and remedies herein, or by law or in equity provided, and shall not be deemed to deprive the Mortgagee of any such other legal or equitable rights or remedies, by judicial proceedings or otherwise, appropriate to enforce the conditions, covenants and terms of this Mortgage and of said notes, and the employment of any remedy hereunder, or otherwise, shall not prevent the concurrent or subsequent employment of any other appropriate remedy or remedies.

Section 4.9. If Mortgagor should fail, refuse or be unable to pay any sum of money herein covenanted to be paid by Mortgagor, or fail, refuse or be unable to keep or perform any additional covenant or covenants whatsoever contained in this instrument, (in each of the preceding, subject to any applicable grace periods) Mortgagee may, but shall not be obligated to, pay said sums of money, or perform or attempt to perform any such covenant, and such payment so made or expense reasonably incurred in the performance or attempted performance of any such covenant shall be, and is hereby declared by Mortgagor to be, a part of the Secured Indebtedness, and Mortgagor promises upon demand, to pay to Mortgagee, at the office of Mortgagee in Tarrant County, Texas, all sums so advanced or paid by Mortgagee, with interest at the default rate set forth in the Note from the date paid or incurred by Mortgagee. No such payment by Mortgagee shall in any way be considered or constitute a waiver of any such default or of Mortgagee’s right to declare the Secured Indebtedness at once due and payable. In addition to the Lien hereof, Mortgagee shall be subrogated to all rights and Liens securing the payment of any debt, claim, tax or assessment for the payment of which it shall have made such advance.

ARTICLE V

ASSIGNMENT OF PRODUCTION

Section 5.1. In order further to secure the payment of the Secured Indebtedness, Mortgagor does hereby TRANSFER, ASSIGN and CONVEY unto and in favor of Mortgagee all of the interest of the Mortgagor in the Hydrocarbons, in and under, or which may be produced from, the Mortgaged Properties, or allocated thereto pursuant to pooling or unitization of the Leases or otherwise, together with all proceeds derived on and after the date of the execution of this Mortgage from the sale of such Hydrocarbons. Notwithstanding the foregoing, the Mortgagee hereby grants to the Mortgagor a license to sell, receive and receipt for proceeds from the sale of Hydrocarbons, subject to Section 5.2.

Section 5.2. The foregoing assignment is made upon, and subject to, the following terms and conditions:

(a) Mortgagee shall have the right, exercisable at any time after the occurrence and during the continuance of an Event of Default, at its sole option, to give written or telegraphic notice to all of the parties producing, purchasing, taking, possessing or receiving any Hydrocarbons produced or to be produced from or allocated to the Mortgaged Properties, or having in their possession any such Hydrocarbons belonging to Mortgagor or such proceeds for which they or others are accountable to Mortgagee by virtue of the provisions hereof, to hold and dispose of such Hydrocarbons for the account of Mortgagee and to make payment of such proceeds directly to Mortgagee at its principal office, and Mortgagee shall receive, collect and retain, as part of the Mortgaged Properties, all such Hydrocarbons, for the benefit and further security of the Secured Indebtedness during the continuation of an Event of Default.

(b) All parties producing, purchasing, taking, possessing, processing or receiving any such Hydrocarbons, or having in their possession any such Hydrocarbons or such proceeds for which they or others are accountable to Mortgagee by virtue of the provisions hereof, are authorized and directed by Mortgagor, upon receipt of notice by Mortgagee given pursuant to the above Section 5.2(a) to treat and regard Mortgagee as the assignee and transferee of Mortgagor and entitled in its place and stead to receive such Hydrocarbons and proceeds; and such parties and each of them shall be fully protected in so treating and regarding Mortgagee and shall be under no obligation to see to the application by Mortgagee of any such proceeds received by it. Without in any way limiting the effectiveness of the authorization and direction in the next preceding sentence, if Mortgagor shall receive any such proceeds which under this Section 5.2(b) are receivable by Mortgagee, Mortgagor will hold the same in trust and will remit such proceeds, or cause such proceeds to be remitted, immediately, to Mortgagee.

(c) Without limiting the foregoing provisions of this Article V, Mortgagor stipulates that this Article V is intended to grant to Mortgagee a security interest in Mortgagor’s interest in the Hydrocarbons to be extracted from or attributable to the Mortgaged Properties, and in and to the proceeds resulting from the sale thereof at the wellhead.

Section 5.3. To the extent Mortgagor has control over any Hydrocarbons, Mortgagor covenants and agrees and undertakes hereby, after Mortgagee shall have so requested during the continuance of an Event of Default, to use commercially reasonable efforts cause all pipeline companies or other purchasers of the Hydrocarbons produced from the Mortgaged Properties to pay promptly to Mortgagee at its principal office, Mortgagor’s interest in the proceeds derived from the sale thereof, in accordance with the terms of this assignment, and forthwith to execute, acknowledge and deliver to said pipeline companies and other purchasers such further and proper division orders, transfer orders, certificates and other documents as may be necessary or proper to effect the intent of these presents; and Mortgagee shall not be required at any time, as a condition to its right to obtain the proceeds of such Hydrocarbons, to warrant its title thereto or to make any guaranty whatsoever. In addition, and without limitation, Mortgagor covenants and agrees, and undertakes hereby, after Mortgagee shall have so requested during the continuance of an Event of Default, to provide to Mortgagee the name and address of every pipeline company or other purchaser of the oil, gas and other minerals produced from the Mortgaged Properties when determined and known to Mortgagor, together with a copy of the applicable sales contracts (subject to any applicable confidentiality obligations). All expenses incurred by Mortgagee in the collection of said proceeds shall be repaid promptly by Mortgagor; and prior to such repayment, such expenses shall be a part of the Secured Indebtedness. Notwithstanding anything to the contrary in this Section 5.3, the rights granted to Mortgagee and the covenants and agreements of Mortgagor set forth herein shall only be effective and exercisable at any time after the occurrence and during the continuation of an Event of Default.

Section 5.4. Without limitation upon any of the foregoing, Mortgagor hereby designates and appoints Mortgagee as Mortgagor’s true and lawful agent and attorney-in-fact (with full power of substitution, either generally or for such periods or purposes as Mortgagee may from time to time prescribe), with full power and authority, for and on behalf of and in the name of Mortgagor, to execute, acknowledge and deliver all such division orders, transfer orders, certificates and other documents of every nature, with such provisions as may from time to time, in the opinion of Mortgagee, be necessary or proper to effect the intent and purpose of this Article V; and Mortgagor shall be bound thereby as fully and effectively as if Mortgagor had personally executed, acknowledged and delivered any of the foregoing certificates or documents. The powers and authorities herein conferred on Mortgagee may be exercised by Mortgagee through any person who, at the time of exercise, is the president or a vice president of Mortgagee, or who holds a similar position with Mortgagee’s authorized representative. The power of attorney conferred by this Section 5.4 is granted for valuable consideration and coupled with an interest and is irrevocable so long as the Secured Indebtedness, or any portion thereof, shall remain unpaid but notwithstanding anything to the contrary in this Section 5.4, may only be exercised while an Event of Default has occurred and is continuing. All persons dealing with Mortgagee, or any substitute, shall be fully protected in treating the powers and authorities conferred herein as continuing in full force and effect until advised by Mortgagee that the Secured Indebtedness is fully and finally paid which Mortgagee agrees to do immediately upon full and final payment of the Secured Indebtedness. Notwithstanding anything to the contrary in this Section 5.4, the rights granted to Mortgagee herein shall only be exercisable at any time after the occurrence and during the continuation of an Event of Default.

Section 5.5. Mortgagee shall never be under any obligation to enforce the collection of the funds assigned to it hereunder, nor shall it ever be liable for failure to exercise diligence in the collection of such funds, but it shall only be accountable for the sums that it shall actually receive.

Section 5.6. The proceeds accruing to the Mortgaged Properties, received by Mortgagee shall be applied by it when so received toward payment of the Secured Indebtedness, in accordance with the Note.

Section 5.7. Notwithstanding such provision for application of proceeds, it is agreed that Mortgagee shall have the right at its election during the continuance of an Event of Default to apply any portion or all of said proceeds to the payment of any of the taxes levied and assessed against the Mortgaged Properties, insurance premiums, Liens, bills for labor and material furnished for use upon the Mortgaged Properties, costs, and expenses, including reasonable and documented out-of-pocket attorney fees incurred by Mortgagee in the defense of any action affecting the title to the Mortgaged Properties, or the production therefrom, or any judgment rendered against Mortgagee upon any claim arising out of the receipt, or application in accordance herewith, of any such proceeds in the event Mortgagor should fail to make such payments, or any of them, promptly after demand made by Mortgagee upon Mortgagor so to do. Mortgagee shall have the right, at its election, to release or deliver to Mortgagor all or any portion of such proceeds, received by it, to the end that Mortgagor may receive funds with which to pay for the operating, equipping and developing of the Mortgaged Properties, or any well or wells thereon. No funds so released or paid to Mortgagor shall, in any event, be considered to have been applied upon the Secured Indebtedness.

ARTICLE VI

SECURITY AGREEMENT AND FINANCING STATEMENT

Section 6.1. With respect to all Mineral Interests, Hydrocarbons and Personal Property constituting a part of the Mortgaged Properties, this Mortgage shall also be a security agreement and financing statement, and for a valuable consideration, the receipt and sufficiency of which are hereby

acknowledged, and for the purpose of further securing payment and performance of the Secured Indebtedness, Mortgagor hereby grants to Mortgagee a security interest in all such Mineral Interests, Hydrocarbons, and Personal Property.

THE ABOVE GOODS WHICH ARE TO BECOME FIXTURES WILL BE LOCATED ON THE REAL ESTATE IDENTIFIED ON EXHIBIT A HERETO. THE ABOVE MINERAL INTERESTS OR THE LIKE (INCLUDING OIL AND GAS) OR PERSONAL PROPERTY WILL BE FINANCED AT THE WELLHEAD(S) OR MINEHEAD(S) OF THE WELL(S) OR MINE(S) LOCATED ON THE REAL ESTATE IDENTIFIED ON EXHIBIT A HERETO.

Mortgagor hereby authorizes Mortgagee to file a financing statement describing the Mineral Interests, Hydrocarbons, and Personal Property and other collateral described herein.

Section 6.2. This instrument may be presented to a filing officer under the Uniform Commercial Code to be filed as a nonstandard financing statement covering all Personal Property of any kind or character defined in and subject to the provisions of the Uniform Commercial Code, including Mineral Interests and Hydrocarbons to the extent the foregoing constitute Personal Property. WHETHER OR NOT THIS INSTRUMENT IS SEPARATELY PRESENTED AS A FINANCING STATEMENT, THIS INSTRUMENT SHALL CONSTITUTE A FINANCING STATEMENT WHEN FILED OF RECORD IN THE REAL ESTATE RECORDS.

Section 6.3. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all goods that are or are to become fixtures included within the Mortgaged Property and is to be filed or filed for record in the real estate records of each jurisdiction where any part of the Mortgaged Property (including said fixtures) are situated. This Mortgage shall also be effective as a financing statement covering as-extracted collateral (including, without limitation, all Hydrocarbons and all other substances of value which may be extracted from the ground) and accounts financed at the wellhead or minehead of wells or mines located on the Mineral Interests and is to be filed for record in the real estate records of each jurisdiction where any part of the Mortgaged Property is situated. The Mortgagor hereby authorizes the Mortgagee to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Mortgaged Property as necessary to perfect the security interests of Mortgagee under this Mortgage without the signature of the Mortgagor at any time after the execution of this Mortgage, and hereby ratifies any thereof filed prior to the execution of this Mortgage. The Mortgagor shall pay all costs of filing such instruments in accordance with the Note. The following information is provided:

ARTICLE VII

MISCELLANEOUS

Section 7.1. Upon the full and final payment of the Secured Indebtedness and the termination of all of Mortgagee’s commitments to Mortgagor under the Note, the lien and security interest of this Mortgage shall be extinguished and be of no further force and effect; and the Mortgaged Properties shall become wholly free and clear hereof and all of the property as assigned hereby shall be automatically reassigned to Mortgagor without any further act being required; and Mortgagee shall promptly deliver to Mortgagor such instruments evidencing the Secured Indebtedness, marked “PAID”, and execute and deliver to Mortgagor and others a release of this instrument and such other instruments of satisfaction as may be appropriate.

Section 7.2. The rights, titles, interests, Liens and powers hereunder are cumulative of each other and of all other rights, titles, interests, Liens and powers which may now or hereafter exist to secure the payment of the Secured Indebtedness to Mortgagee, or any part thereof. The security herein and hereby provided shall not affect or be affected by any other or further security heretofore or hereafter taken for the indebtedness of Mortgagor to Mortgagee, or any part thereof. Mortgagor, for Mortgagor and Mortgagor’s successors, and for any and all persons ever claiming any interest in the Mortgaged Properties, hereby waives all rights of marshaling in event of foreclosure of the Lien hereby created. No failure to exercise and no delay in exercising on the part of Mortgagee any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right, power or privilege. Mortgagee shall, at all times, have the right to release any part of the property now or hereafter subject to the Lien hereof or any part of the proceeds of production or other income herein or hereafter assigned or pledged or any other security it now has or may hereafter have securing the Secured Indebtedness, without releasing any other part of said property, proceeds or income, and without affecting the Lien hereof as to the part or parts of the Mortgaged Property not so released, or the right to receive future proceeds and income.

Section 7.3. No provision herein or in any promissory note, instrument, or any other Loan Document executed by Mortgagor evidencing the Secured Indebtedness shall require the payment or permit the collection of interest in excess of the highest non-usurious rate permitted by applicable law. If any excess of interest in such respect is provided for herein or in any such promissory note, instrument, or any other Loan Document, the provisions of this paragraph shall govern, and Mortgagor shall not be obligated to pay the amount of such interest to the extent that it is in excess of the amount permitted by law. The intention of the parties being to conform strictly to the usury laws now in force, all promissory notes, instruments and other Loan Documents executed by Mortgagor evidencing the Secured Indebtedness shall be held subject to reduction to the amount allowed under said usury laws as now or hereafter construed by the courts having jurisdiction.

Section 7.4. For all purposes of this instrument, the post office or mailing addresses of Mortgagor and Mortgagee shall be as set forth in the preamble hereof.

Section 7.5. These presents shall be binding upon Mortgagor and Mortgagor’s successors, and shall inure to the benefit of Mortgagee, and Mortgagee’s successors and assigns, and shall be covenants running with the land. Neither this Mortgage nor any provision hereof may be waived, amended or modified unless in writing signed by Mortgagee and Mortgagor.

Section 7.6. In the event that any one or more of the provisions contained in this instrument shall be invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

Section 7.7. This instrument shall be governed by and construed in accordance with the laws of the State of New Mexico.

Section 7.8. The effective date of the assignment contained in Article V is the date of execution of this Mortgage at 7:00 o’clock a.m.

Section 7.9. The obligation secured by this Mortgage (exclusive of interest and the cost, expenses and all other obligations of Mortgagor to Mortgagee which are not required to be stated as part of the total principal amount of indebtedness secured) shall not exceed at any one time the total principal indebtedness of $4,000,000, which shall also be deemed the face amount of the Mortgage.

Section 7.10. By executing this Mortgage, Argent Trust Company is not acting in its individual capacity, but solely as Trustee of the San Juan Basin Royalty Trust.

Section 7.11. NOTICE: THIS DOCUMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

ARTICLE VIII

STATE SPECIFIC PROVISIONS

Section 8.1. The following special provisions apply to that portion of the mortgaged properties located in the State of New Mexico:

[REMAINDER OF PAGE INTENTIONALLY BLANK, SIGNATURE PAGE TO FOLLOW]

EXECUTED as of the 21st day of May, 2025.

The foregoing instrument was acknowledged before me this 20 day of May, 2025 by Nancy Willis, Director of Royalty Trust Services of Argent Trust Company, Trustee of the San Juan Basin Royalty Trust, in such capacity as Trustee.

Mortgagor’s Signature Page to Deed of Trust (Rio Arriba County, New Mexico)

Introduction to Exhibit “A” to

Mortgage, Security Agreement,

Assignment of Production and Financing Statement

This instrument covers all of Mortgagor’s interest now owned or hereafter acquired in the oil and gas (or oil, gas, and mineral) leases, land, unit declarations, and pooling orders described in Exhibit “A” (or described in the instruments referred to in Exhibit “A”), together with all amendments or ratifications affecting any of those leases, unit declarations, or pooling orders.

Reference herein to book and page, liber and page, file numbers, film code numbers, or other recording information refer to the recording location of each respective lease in the county where the land covered by the lease is located. Any reference herein to oil or gas wells or land covered is for warranty of interest, administrative convenience, and identification and is not intended to limit or restrict the rights, titles, interests, or properties covered by this instrument.

This instrument may be executed in counterparts. To facilitate recordation, the exhibits which describe properties in counties other than the county in which the counterpart is to be recorded may have been omitted. A complete copy of this instrument may be found at Mortgagee’s offices.

In some instances, the “Land Covered” column includes abbreviations indicating the township and range of the county in which the interests are located. For example: “T-27-N, R-10-W” is Township 27 North, Range 10 West. The following abbreviations, and various combinations of the abbreviations, may appear before or after the section number to designate a portion of a section:

If two or more of the above abbreviations appear in sequence, the first abbreviation is that specified portion of the next abbreviation. For example: “SW/4 SW/4 SE/4” is the Southwest Quarter of the Southwest Quarter of the Southeast Quarter of the particular section described.

The abbreviations “WI,” “NRI,” “ORRI,” “BPO,” and “APO” are defined as follows:

Exhibit “A”

Rio Arriba County

San Juan County, New Mexico

When Recorded, Return To:

MURPHY MAHON KEFFLER FARRIER, LLP

500 E. 4th Street, Suite 225

Fort Worth, Texas 76102

Attn: Monica Siebald

MORTGAGE—COLLATERAL REAL ESTATE MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF PRODUCTION, AND FINANCING STATEMENT

FROM

ARGENT TRUST COMPANY,

TRUSTEE OF THE

SAN JUAN BASIN ROYALTY TRUST

(MORTGAGOR)

TO

TEXASBANK, a Texas state bank

(MORTGAGEE)

Effective as of May 21, 2025

THIS INSTRUMENT IS A MORTGAGE OF BOTH REAL AND PERSONAL PROPERTY AND IS, AMONG OTHER THINGS, A MORTGAGE OF CHATTELS, A SECURITY AGREEMENT, A FIXTURE FILING AND A FINANCING STATEMENT.

“THIS INSTRUMENT CONTAINS AFTER ACQUIRED PROPERTY PROVISIONS.”

For purposes of filing this Mortgage as a financing statement, the mailing address of Mortgagor is:

Argent Trust Company

3838 Oaklawn Avenue, Suite 1720

Dallas, Texas 75129;

the mailing address of Mortgagee is 4521 S. Hulen Street, Suite 200, Fort Worth, Texas 76109.

******************************

ATTENTION OF RECORDING OFFICER: This instrument is a mortgage of both real and personal property and is, among other things, a Security Agreement and Financing Statement under the Uniform Commercial Code. This instrument creates a Lien on rights in or relating to lands of Mortgagor which are described in Exhibit “A” hereto.

MORTGAGE—COLLATERAL REAL ESTATE MORTGAGE, SECURITY AGREEMENT,

ASSIGNMENT OF

PRODUCTION AND FINANCING STATEMENT

KNOW ALL MEN BY THESE PRESENTS that the undersigned ARGENT TRUST COMPANY, TRUSTEE OF THE SAN JUAN BASIN ROYALTY TRUST, a grantor trust created under the laws of the State of Texas and under that certain Amended and Restated Royalty Trust Indenture dated December 12, 2007, as amended by First Amendment to the Amended and Restated Trust Indenture dated February 15, 2024, (“Mortgagor”), whose address is 3838 Oaklawn Avenue, Suite 1720, Dallas, Texas 75129, do hereby agree as follows:

GRANT

To secure the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Secured Indebtedness (as defined below), Mortgagor has granted, bargained, sold, warranted, conveyed, transferred, assigned and set over, and does hereby GRANT, BARGAIN, SELL, WARRANT, CONVEY, TRANSFER, ASSIGN and SET OVER, to TEXASBANK, a Texas state bank (the “Mortgagee”), whose address is 4521 S. Hulen Street, Suite 200, Fort Worth, Texas 76109, and does further grant to Mortgagee, its successors and assigns, a security interest in the following described property:

(a) Mineral, Royalty and Overriding Royalty Interests. All of Mortgagor’s right, title and interest (including, without limitation, mineral interests, net profits interests, royalty interests, overriding royalty interests, production payments and other rights in and to minerals and/or royalty), now owned or hereafter acquired, in and to all of the oil, gas and other minerals in and under the lands and/or leases described or referred to on Exhibit “A”, and all oil, gas and mineral interests in which Mortgagor now has or hereafter acquires an interest due to the pooling or unitization of the lands described or referred to on Exhibit “A” or portions of such lands or leases and any other interests in and to oil, gas and minerals in and to lands located in San Juan County, New Mexico, even though the descriptions of such lands are not described or incorrectly described on Exhibit “A” (all of the above-described oil, gas and mineral leases, interests and estates, including without limitation any unitized leases, are hereinafter collectively called the “Mineral Interests”);

(b) Hydrocarbons. All of Mortgagor’s right, title and interest, now owned or hereafter acquired, in and to all extracted and as-extracted oil, gas, casinghead gas, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined therefrom, and all other minerals (hereinafter referred to collectively as “Hydrocarbons”) in and under, and that may be produced and saved from, or allocated to, the Mineral Interests the lands covered thereby and/or extracted or severed therefrom, including Hydrocarbons produced from the wells described on Exhibit “A” attached hereto;

(c) Accounts, Payment Intangibles, General Intangibles, Books, Records. All of Mortgagor’s right, title and interest, now owned or hereafter acquired, in any and all (i) accounts, payment intangibles and general intangibles arising in connection with the sale or other disposition of the property described in (a) and (b) above, (ii) contract rights, payment intangibles and general intangibles arising from or in

connection with the Mineral Interests and/or the lands described or Exhibit “A”, and (iii) books, records, files, computer software, documents and other information pertaining to the Mineral Interests and/or the lands described or referred to on Exhibit “A”, together with all supporting obligations arising from or in connection with items (i), (ii) and (iii) above (the property described in this clause (c), the “Personal Property”); and

(d) Proceeds. All of the proceeds of the property described in (a) through (c) above whether presently existing or hereafter created or arising.

The Mortgagor’s interests in the Mineral Interests, Hydrocarbons and Personal Property and other properties described in (a) through (d) above, are all hereinafter sometimes collectively referred to as the “Mortgaged Properties.” Notwithstanding any provision in this Mortgage to the contrary, in no event is (a) any Building (as defined in the applicable Flood Insurance Regulation) or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Regulation), which is located within an area having special flood hazards and in which flood insurance is available under the National Flood Insurance Act of 1968 and (b) any interest held by Mortgagor in and to the surface of the lands underlying said Building or Manufactured (Mobile) Home, insofar and only insofar as such lands lie directly below said Building or Manufactured (Mobile) Home (such Buildings, Manufactured (Mobile) Homes and lands are collectively referred to herein as, the “Excluded Structures”), and none of the properties described in the preceding clauses (a) and (b) of this paragraph are encumbered by this Mortgage, provided that (i) the Mortgagor’s interests in all lands and Hydrocarbons situated under any Excluded Structure is included in the definition of Mortgaged Properties and is encumbered by this Mortgage and (ii) Mortgagor agrees not to permit to exist any Lien on any Excluded Structure. As used herein, “Flood Insurance Regulations” shall mean (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time, (iv) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder; and the Biggert-Waters Flood Reform Act of 2012.

TO HAVE AND TO HOLD the Mortgaged Properties, together with all of the rights, hereditaments and appurtenances in anyway appertaining or belonging thereto, unto the Mortgagee, its successors and assigns, subject to the uses and purposes hereinafter set forth.

A. In the event of an assignment of all or part of the Secured Indebtedness, the Liens and other rights hereunder, to the extent applicable to the part of the Secured Indebtedness so assigned, may be transferred therewith.

B. Unless and until Mortgagee shall have, by an instrument recorded in the appropriate records of the county or counties where the Mortgaged Properties are situated, assigned all of its rights, titles and interests arising under this instrument, Mortgagee shall have the exclusive right to exercise any and all rights in favor of Mortgagee hereunder, including, without limitation, conducting any foreclosure sales hereunder and executing full or partial releases hereof, amendments or modifications hereto, or consents or waivers hereunder.

ARTICLE I

SECURED INDEBTEDNSS

Section 1.1. This Mortgage is given to secure the payment of the following covenants indebtedness, liabilities and obligations, to-wit:

(a) Any and all indebtedness and obligations of Mortgagor to Mortgagee arising pursuant to the terms of that certain Promissory Note of even date herewith executed by Mortgagee and payable to the order of Mortgagor in the stated principal amount of $2,000,000.00 (as may be amended, supplemented, restated or otherwise modified, the “Note”), including all legal expenses and other expenses incurred in preparation, execution and/or enforcement of and any of the Note;

(b) Any and all indebtedness and obligations of Mortgagor to Mortgagee arising pursuant to the terms of this Mortgage; and

(c) Any and all renewals and extensions of the indebtedness and obligations described in (a) and (b) above.

The words “Secured Indebtedness”, as used herein, shall mean all the indebtedness, obligations and liabilities described or referred to immediately above in sub-paragraphs (a) through (c), inclusive, of this Section 1.1.

ARTICLE II

REPRESENTATIONS AND WARRANTIES

Section 2.1. Mortgagor represents, warrants and covenants to Mortgagee that, as of the date hereof:

(a) This Mortgage is the legal and binding obligation of Mortgagor, enforceable in accordance with its terms, except as limited by (i) bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights and (ii) general principles of equity; and

(b) No event has occurred and is continuing which constitutes an Event of Default (hereinafter defined) or would, with the lapse of time or the giving of notice or both, constitute an Event of Default.

ARTICLE III

COVENANTS

Section 3.1. On behalf of Mortgagor and its successors and assigns, Mortgagor further covenants and hereby agrees as follows:

(a) That by agreement with the maker or makers of any instrument evidencing any indebtedness at any time secured hereby, Mortgagee, without notice to or consent of Mortgagor, may from time to time extend the time of payment of the whole or any part of such indebtedness, or may accept from said maker or makers one or more new instruments in the same or different form, in renewal of or by way of substitution for any instrument of indebtedness, without in any manner impairing or affecting the Liens of this Mortgage, or any of Mortgagee’s rights hereunder;

(b) To do all things reasonably necessary or proper to defend title to the Mortgaged Properties.

(c) At any time and from time to time, upon reasonable written request by Mortgagee and at Mortgagor’s expense, forthwith to execute and deliver to Mortgagee and to record, file or register, any and all additional instruments or further assurances as may be necessary or proper, in Mortgagee’s opinion, to effect the intent of these presents, in each case, as required by, or pursuant to, the Note;

(d) To protect, warrant and defend title to the Mortgaged Properties unto Mortgagee, it successors and permitted assigns, at Mortgagor’s expense against all persons whomsoever lawfully having or claiming an interest therein or a security interest or lien thereon;

(e) All covenants of Mortgagor contained in the Note are hereby ratified, adopted and confirmed by Mortgagor, as if set forth herein in their entirety and as they pertain to Mortgagor and the Mortgaged Properties; and

(f) All covenants and agreements herein contained shall constitute covenants running with the land.

Section 3.2. Any and all covenants contained in this instrument may from time to time, by instrument in writing signed by Mortgagee and delivered to Mortgagor, be waived to such extent and in such manner as Mortgagee may consider appropriate; but no such waiver shall at any time affect or impair Mortgagee’s Liens hereunder, except to the extent so specifically stated in such written instrument.

ARTICLE IV

DEFAULTS AND REMEDIES

Section 4.1. The term “Event of Default”, as used herein, shall mean the occurrence and continuation of any “Event of Default” specified in the Note.

Section 4.2. Upon the occurrence and during the continuance of an Event of Default beyond any applicable grace period:

(a) If an Event of Default has occurred and is continuing, Mortgagee shall have the right and option to proceed, with foreclosure and to sell, to the extent permitted by law, all or any portion of the Mortgaged Properties at one or more sales, as an entirety or in parcels, at such place or places in otherwise such manner and upon such notice as may be required by law, or, in the absence of any such requirement, as Mortgagee may deem appropriate, and to make conveyance to the purchaser or purchasers. Where the Mortgaged Properties are situated in more than one jurisdiction, notice as above provided shall be posted and filed in all such jurisdictions (if such notices are required by law), and all such Mortgaged Properties may be sold in any such jurisdiction and any such notice shall designate the jurisdiction where such Mortgaged Properties are to be sold.

(b) Nothing contained in this Section 4.2 shall be construed so as to limit in any way Mortgagee’s rights to sell the Mortgaged Properties, or any portion thereof, by private sale if, and to the extent that, such private sale is permitted under the laws of the applicable jurisdiction or by public or private sale after entry of a judgment by any court of competent jurisdiction so ordering. At any such sale: (i) whether made under the power herein contained or any other legal enactment, or by virtue of any judicial proceedings or any other legal right, remedy or recourse, it shall not be necessary for

Mortgagee to have physically present, or to have constructive, possession of the Mortgaged Properties (Mortgagor hereby covenanting and agreeing to deliver to Mortgagee any portion of the Mortgaged Properties not actually or constructively possessed by Mortgagee immediately upon demand by Mortgagee) and the title to and right of possession of any such property shall pass to the purchaser thereof as completely as if the same had been actually present and delivered to purchaser at such sale, (ii) each instrument of conveyance executed by Mortgagee shall contain a special warranty of title (but in no event broader than the warranty of title received by Mortgagor as to such property), binding upon Mortgagor and its successors and assigns, (iii) each and every recital contained in any instrument of conveyance made by Mortgagee shall conclusively establish the truth and accuracy of the matters recited therein, including nonpayment of the Secured Indebtedness, advertisement and conduct of such sale in the manner provided herein and otherwise by law and appointment of any successor Mortgagee hereunder, (iv) any and all prerequisites to the validity thereof shall be conclusively presumed to have been performed, (v) the receipt of Mortgagee or of such other party or officer making the sale shall be a sufficient discharge to the purchaser or purchasers for its purchase money and no such purchaser or purchasers, or its assigns or personal representatives, shall thereafter be obligated to see to the application of such purchase money, or be in any way answerable for any loss, misapplication or nonapplication thereof, and (vi) to the fullest extent permitted by law, Mortgagor shall be completely and irrevocably divested of all of its right, title, interest, claim and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Mortgagor, and against any and all other persons claiming or to claim the property sold or any part thereof, by, through or under Mortgagor.

(c) Mortgagor hereby irrevocably appoints Mortgagee to be the attorney-in-fact of Mortgagor and in the name and on behalf of Mortgagor, to execute and deliver any deeds, transfers, conveyances, assignments, assurances and notices which Mortgagor ought to execute and deliver and do and perform any and all such acts and things which Mortgagor ought to do and perform under the covenants herein contained and generally, to use the name of Mortgagor in the exercise of all or any of the powers hereby conferred on Mortgagee; provided that, notwithstanding anything to the contrary, the power of attorney conferred by this Section 4.2(c) may only be exercised while an Event of Default has occurred and is continuing.

(d) On or at any time after the filing of judicial proceedings to protect or enforce the rights of Mortgagee hereunder, Mortgagee, as a matter of right and without regard to the sufficiency of the security, and without any showing of insolvency, fraud or mismanagement on the part of Mortgagor, shall be entitled, upon ten (10) days prior written notice to Mortgagor, to the appointment of a receiver or receivers of all or any portion of the Mortgaged Properties, and of the income, rents, issues and profits thereof.

(e) Mortgagor may, upon providing at least ten (10) days prior written notice to Mortgagee, elect to obtain such title documentation deemed necessary by Mortgagee or its attorneys in lieu of Mortgagee obtaining such documentation.

Section 4.3. Upon the occurrence and during the continuance of an Event of Default, with respect to any portion of the Mortgaged Properties which constitute Personal Property subject to a security interest herein granted under the provisions of the Uniform Commercial Code, the Mortgagee may sell such property in the manner above provided for real property, either together with or separately from any real property so sold, or the Mortgagee may proceed in any other manner authorized by the Uniform Commercial Code or other applicable law. In no event shall it be necessary to have present or to exhibit at any such sale any of the Personal Property subject to the Lien hereof. All rights herein granted are cumulative, and the exercise of the power of sale with respect to any portion of the

Mortgaged Properties at one time and place shall not preclude the exercise of such power with respect to other of the Mortgaged Properties in any manner and at any time or place authorized hereby.

Section 4.4. Mortgagee is authorized to receive the proceeds of said sale or sales made pursuant to Section 4.2 and apply the same as follows: First, to the payment of all necessary costs and expenses incident to such sale or sales; second, to the payment of the Secured Indebtedness in the manner set forth in the Note; third, the balance, if any, remaining after the full and final payment of the Secured Indebtedness, to Mortgagor or its assigns or as otherwise required by law.

Section 4.5. It is agreed that in any deed or deeds, certificate or certificates, bill of sale or bills of sale, or assignment or assignments given by or on behalf of the Mortgagee or in connection with any sale or sales made pursuant to Section 4.2 or as otherwise provided herein, any and all statements of fact or other recitals therein made as to the identity of the holder of the Secured Indebtedness or as to the occurrence or existence of any Event of Default, or as to the acceleration of the maturity of the Secured Indebtedness or as to the request to sell, notice of sale, time, place, terms, and manner of sale, and receipt, distribution and application of the money realized therefrom, and, without being limited by the foregoing, as to any act or thing having been duly done by the holder of the Secured Indebtedness, shall be taken by all courts of law and equity as prima facie evidence that the said statements or recitals state facts and are without further question to be so accepted, and Mortgagor does hereby ratify and confirm any and all acts that the Mortgagee may lawfully do in the premises by virtue hereof.

Section 4.6. In case the Lien hereof shall be foreclosed by power of sale or by judicial action, the purchaser at any such sale shall receive, as an incident to his ownership, immediate possession of the property purchased, and Mortgagor agrees, for Mortgagor and for all persons claiming under Mortgagor, that if Mortgagor or any such person shall hold possession of said property, or any part thereof, subsequent to foreclosure, Mortgagor or the parties so holding possession shall be considered as tenants at sufferance of the purchaser at foreclosure sale, and anyone occupying the property after demand for possession thereof shall be subject to eviction and removal to the fullest extent allowed under applicable law.

Section 4.7. To the extent and under such circumstances as are permitted by applicable law, the Mortgagee may be the purchaser of the Mortgaged Properties, or of any part thereof, at any sale thereof, whether such sale be under the power of sale hereinabove vested in the Mortgagee, or upon any other foreclosure of the Lien hereof or otherwise.

Section 4.8. The rights and remedies hereinabove expressly conferred are cumulative of all other rights and remedies herein, or by law or in equity provided, and shall not be deemed to deprive the Mortgagee of any such other legal or equitable rights or remedies, by judicial proceedings or otherwise, appropriate to enforce the conditions, covenants and terms of this Mortgage and of said notes, and the employment of any remedy hereunder, or otherwise, shall not prevent the concurrent or subsequent employment of any other appropriate remedy or remedies.

Section 4.9. If Mortgagor should fail, refuse or be unable to pay any sum of money herein covenanted to be paid by Mortgagor, or fail, refuse or be unable to keep or perform any additional covenant or covenants whatsoever contained in this instrument, (in each of the preceding, subject to any applicable grace periods) Mortgagee may, but shall not be obligated to, pay said sums of money, or perform or attempt to perform any such covenant, and such payment so made or expense reasonably incurred in the performance or attempted performance of any such covenant shall be, and is hereby declared by Mortgagor to be, a part of the Secured Indebtedness, and Mortgagor promises upon demand, to pay to Mortgagee, at the office of Mortgagee in Tarrant County, Texas, all sums so advanced or paid

by Mortgagee, with interest at the default rate set forth in the Note from the date paid or incurred by Mortgagee. No such payment by Mortgagee shall in any way be considered or constitute a waiver of any such default or of Mortgagee’s right to declare the Secured Indebtedness at once due and payable. In addition to the Lien hereof, Mortgagee shall be subrogated to all rights and Liens securing the payment of any debt, claim, tax or assessment for the payment of which it shall have made such advance.

ARTICLE V

ASSIGNMENT OF PRODUCTION

Section 5.1. In order further to secure the payment of the Secured Indebtedness, Mortgagor does hereby TRANSFER, ASSIGN and CONVEY unto and in favor of Mortgagee all of the interest of the Mortgagor in the Hydrocarbons, in and under, or which may be produced from, the Mortgaged Properties, or allocated thereto pursuant to pooling or unitization of the Leases or otherwise, together with all proceeds derived on and after the date of the execution of this Mortgage from the sale of such Hydrocarbons. Notwithstanding the foregoing, the Mortgagee hereby grants to the Mortgagor a license to sell, receive and receipt for proceeds from the sale of Hydrocarbons, subject to Section 5.2.

Section 5.2. The foregoing assignment is made upon, and subject to, the following terms and conditions:

(a) Mortgagee shall have the right, exercisable at any time after the occurrence and during the continuance of an Event of Default, at its sole option, to give written or telegraphic notice to all of the parties producing, purchasing, taking, possessing or receiving any Hydrocarbons produced or to be produced from or allocated to the Mortgaged Properties, or having in their possession any such Hydrocarbons belonging to Mortgagor or such proceeds for which they or others are accountable to Mortgagee by virtue of the provisions hereof, to hold and dispose of such Hydrocarbons for the account of Mortgagee and to make payment of such proceeds directly to Mortgagee at its principal office, and Mortgagee shall receive, collect and retain, as part of the Mortgaged Properties, all such Hydrocarbons, for the benefit and further security of the Secured Indebtedness during the continuation of an Event of Default.

(b) All parties producing, purchasing, taking, possessing, processing or receiving any such Hydrocarbons, or having in their possession any such Hydrocarbons or such proceeds for which they or others are accountable to Mortgagee by virtue of the provisions hereof, are authorized and directed by Mortgagor, upon receipt of notice by Mortgagee given pursuant to the above Section 5.2(a) to treat and regard Mortgagee as the assignee and transferee of Mortgagor and entitled in its place and stead to receive such Hydrocarbons and proceeds; and such parties and each of them shall be fully protected in so treating and regarding Mortgagee and shall be under no obligation to see to the application by Mortgagee of any such proceeds received by it. Without in any way limiting the effectiveness of the authorization and direction in the next preceding sentence, if Mortgagor shall receive any such proceeds which under this Section 5.2(b) are receivable by Mortgagee, Mortgagor will hold the same in trust and will remit such proceeds, or cause such proceeds to be remitted, immediately, to Mortgagee.

(c) Without limiting the foregoing provisions of this Article V, Mortgagor stipulates that this Article V is intended to grant to Mortgagee a security interest in Mortgagor’s interest in the Hydrocarbons to be extracted from or attributable to the Mortgaged Properties, and in and to the proceeds resulting from the sale thereof at the wellhead.

Section 5.3. To the extent Mortgagor has control over any Hydrocarbons, Mortgagor covenants and agrees and undertakes hereby, after Mortgagee shall have so requested during the continuance of an Event of Default, to use commercially reasonable efforts cause all pipeline companies or other purchasers of the Hydrocarbons produced from the Mortgaged Properties to pay promptly to Mortgagee at its principal office, Mortgagor’s interest in the proceeds derived from the sale thereof, in accordance with the terms of this assignment, and forthwith to execute, acknowledge and deliver to said pipeline companies and other purchasers such further and proper division orders, transfer orders, certificates and other documents as may be necessary or proper to effect the intent of these presents; and Mortgagee shall not be required at any time, as a condition to its right to obtain the proceeds of such Hydrocarbons, to warrant its title thereto or to make any guaranty whatsoever. In addition, and without limitation, Mortgagor covenants and agrees, and undertakes hereby, after Mortgagee shall have so requested during the continuance of an Event of Default, to provide to Mortgagee the name and address of every pipeline company or other purchaser of the oil, gas and other minerals produced from the Mortgaged Properties when determined and known to Mortgagor, together with a copy of the applicable sales contracts (subject to any applicable confidentiality obligations). All expenses incurred by Mortgagee in the collection of said proceeds shall be repaid promptly by Mortgagor; and prior to such repayment, such expenses shall be a part of the Secured Indebtedness. Notwithstanding anything to the contrary in this Section 5.3, the rights granted to Mortgagee and the covenants and agreements of Mortgagor set forth herein shall only be effective and exercisable at any time after the occurrence and during the continuation of an Event of Default.

Section 5.4. Without limitation upon any of the foregoing, Mortgagor hereby designates and appoints Mortgagee as Mortgagor’s true and lawful agent and attorney-in-fact (with full power of substitution, either generally or for such periods or purposes as Mortgagee may from time to time prescribe), with full power and authority, for and on behalf of and in the name of Mortgagor, to execute, acknowledge and deliver all such division orders, transfer orders, certificates and other documents of every nature, with such provisions as may from time to time, in the opinion of Mortgagee, be necessary or proper to effect the intent and purpose of this Article V; and Mortgagor shall be bound thereby as fully and effectively as if Mortgagor had personally executed, acknowledged and delivered any of the foregoing certificates or documents. The powers and authorities herein conferred on Mortgagee may be exercised by Mortgagee through any person who, at the time of exercise, is the president or a vice president of Mortgagee, or who holds a similar position with Mortgagee’s authorized representative. The power of attorney conferred by this Section 5.4 is granted for valuable consideration and coupled with an interest and is irrevocable so long as the Secured Indebtedness, or any portion thereof, shall remain unpaid but notwithstanding anything to the contrary in this Section 5.4, may only be exercised while an Event of Default has occurred and is continuing. All persons dealing with Mortgagee, or any substitute, shall be fully protected in treating the powers and authorities conferred herein as continuing in full force and effect until advised by Mortgagee that the Secured Indebtedness is fully and finally paid which Mortgagee agrees to do immediately upon full and final payment of the Secured Indebtedness. Notwithstanding anything to the contrary in this Section 5.4, the rights granted to Mortgagee herein shall only be exercisable at any time after the occurrence and during the continuation of an Event of Default.

Section 5.5. Mortgagee shall never be under any obligation to enforce the collection of the funds assigned to it hereunder, nor shall it ever be liable for failure to exercise diligence in the collection of such funds, but it shall only be accountable for the sums that it shall actually receive.

Section 5.6. The proceeds accruing to the Mortgaged Properties, received by Mortgagee shall be applied by it when so received toward payment of the Secured Indebtedness, in accordance with the Note.

Section 5.7. Notwithstanding such provision for application of proceeds, it is agreed that Mortgagee shall have the right at its election during the continuance of an Event of Default to apply any portion or all of said proceeds to the payment of any of the taxes levied and assessed against the Mortgaged Properties, insurance premiums, Liens, bills for labor and material furnished for use upon the Mortgaged Properties, costs, and expenses, including reasonable and documented out-of-pocket attorney fees incurred by Mortgagee in the defense of any action affecting the title to the Mortgaged Properties, or the production therefrom, or any judgment rendered against Mortgagee upon any claim arising out of the receipt, or application in accordance herewith, of any such proceeds in the event Mortgagor should fail to make such payments, or any of them, promptly after demand made by Mortgagee upon Mortgagor so to do. Mortgagee shall have the right, at its election, to release or deliver to Mortgagor all or any portion of such proceeds, received by it, to the end that Mortgagor may receive funds with which to pay for the operating, equipping and developing of the Mortgaged Properties, or any well or wells thereon. No funds so released or paid to Mortgagor shall, in any event, be considered to have been applied upon the Secured Indebtedness.

ARTICLE VI

SECURITY AGREEMENT AND FINANCING STATEMENT

Section 6.1. With respect to all Mineral Interests, Hydrocarbons and Personal Property constituting a part of the Mortgaged Properties, this Mortgage shall also be a security agreement and financing statement, and for a valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the purpose of further securing payment and performance of the Secured Indebtedness, Mortgagor hereby grants to Mortgagee a security interest in all such Mineral Interests, Hydrocarbons, and Personal Property.

THE ABOVE GOODS WHICH ARE TO BECOME FIXTURES WILL BE LOCATED ON THE REAL ESTATE IDENTIFIED ON EXHIBIT A HERETO. THE ABOVE MINERAL INTERESTS OR THE LIKE (INCLUDING OIL AND GAS) OR PERSONAL PROPERTY WILL BE FINANCED AT THE WELLHEAD(S) OR MINEHEAD(S) OF THE WELL(S) OR MINE(S) LOCATED ON THE REAL ESTATE IDENTIFIED ON EXHIBIT A HERETO.

Mortgagor hereby authorizes Mortgagee to file a financing statement describing the Mineral Interests, Hydrocarbons, and Personal Property and other collateral described herein.

Section 6.2. This instrument may be presented to a filing officer under the Uniform Commercial Code to be filed as a nonstandard financing statement covering all Personal Property of any kind or character defined in and subject to the provisions of the Uniform Commercial Code, including Mineral Interests and Hydrocarbons to the extent the foregoing constitute Personal Property. WHETHER OR NOT THIS INSTRUMENT IS SEPARATELY PRESENTED AS A FINANCING STATEMENT, THIS INSTRUMENT SHALL CONSTITUTE A FINANCING STATEMENT WHEN FILED OF RECORD IN THE REAL ESTATE RECORDS.

Section 6.3. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all goods that are or are to become fixtures included within the Mortgaged Property and is to be filed or filed for record in the real estate records of each jurisdiction where any part of the Mortgaged Property (including said fixtures) are situated. This Mortgage shall also be effective as a financing statement covering as-extracted collateral (including, without limitation, all Hydrocarbons and all other substances of value which may be extracted from the ground) and accounts financed at the wellhead or minehead of wells or mines located on the Mineral Interests and is to be filed for record in the real estate records of each jurisdiction where any part of the Mortgaged Property is situated. The Mortgagor hereby authorizes the Mortgagee to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Mortgaged Property as necessary to perfect the security interests of Mortgagee under this Mortgage without the signature of the Mortgagor at any time after the execution of this Mortgage, and hereby ratifies any thereof filed prior to the execution of this Mortgage. The Mortgagor shall pay all costs of filing such instruments in accordance with the Note. The following information is provided:

ARTICLE VII

MISCELLANEOUS

Section 7.1. Upon the full and final payment of the Secured Indebtedness and the termination of all of Mortgagee’s commitments to Mortgagor under the Note, the lien and security interest of this Mortgage shall be extinguished and be of no further force and effect; and the Mortgaged Properties shall become wholly free and clear hereof and all of the property as assigned hereby shall be automatically reassigned to Mortgagor without any further act being required; and Mortgagee shall promptly deliver to Mortgagor such instruments evidencing the Secured Indebtedness, marked “PAID”, and execute and deliver to Mortgagor and others a release of this instrument and such other instruments of satisfaction as may be appropriate.

Section 7.2. The rights, titles, interests, Liens and powers hereunder are cumulative of each other and of all other rights, titles, interests, Liens and powers which may now or hereafter exist to secure the payment of the Secured Indebtedness to Mortgagee, or any part thereof. The security herein and hereby provided shall not affect or be affected by any other or further security heretofore or hereafter taken for the indebtedness of Mortgagor to Mortgagee, or any part thereof. Mortgagor, for Mortgagor and Mortgagor’s successors, and for any and all persons ever claiming any interest in the Mortgaged

Properties, hereby waives all rights of marshaling in event of foreclosure of the Lien hereby created. No failure to exercise and no delay in exercising on the part of Mortgagee any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right, power or privilege. Mortgagee shall, at all times, have the right to release any part of the property now or hereafter subject to the Lien hereof or any part of the proceeds of production or other income herein or hereafter assigned or pledged or any other security it now has or may hereafter have securing the Secured Indebtedness, without releasing any other part of said property, proceeds or income, and without affecting the Lien hereof as to the part or parts of the Mortgaged Property not so released, or the right to receive future proceeds and income.

Section 7.3. No provision herein or in any promissory note, instrument, or any other Loan Document executed by Mortgagor evidencing the Secured Indebtedness shall require the payment or permit the collection of interest in excess of the highest non-usurious rate permitted by applicable law. If any excess of interest in such respect is provided for herein or in any such promissory note, instrument, or any other Loan Document, the provisions of this paragraph shall govern, and Mortgagor shall not be obligated to pay the amount of such interest to the extent that it is in excess of the amount permitted by law. The intention of the parties being to conform strictly to the usury laws now in force, all promissory notes, instruments and other Loan Documents executed by Mortgagor evidencing the Secured Indebtedness shall be held subject to reduction to the amount allowed under said usury laws as now or hereafter construed by the courts having jurisdiction.

Section 7.4. For all purposes of this instrument, the post office or mailing addresses of Mortgagor and Mortgagee shall be as set forth in the preamble hereof.

Section 7.5. These presents shall be binding upon Mortgagor and Mortgagor’s successors, and shall inure to the benefit of Mortgagee, and Mortgagee’s successors and assigns, and shall be covenants running with the land. Neither this Mortgage nor any provision hereof may be waived, amended or modified unless in writing signed by Mortgagee and Mortgagor.

Section 7.6. In the event that any one or more of the provisions contained in this instrument shall be invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

Section 7.7. This instrument shall be governed by and construed in accordance with the laws of the State of New Mexico.

Section 7.8. The effective date of the assignment contained in Article V is the date of execution of this Mortgage at 7:00 o’clock a.m.

Section 7.9. The obligation secured by this Mortgage (exclusive of interest and the cost, expenses and all other obligations of Mortgagor to Mortgagee which are not required to be stated as part of the total principal amount of indebtedness secured) shall not exceed at any one time the total principal indebtedness of $4,000,000, which shall also be deemed the face amount of the Mortgage.

Section 7.10. By executing this Mortgage, Argent Trust Company is not acting in its individual capacity, but solely as Trustee of the San Juan Basin Royalty Trust.

Section 7.11. NOTICE: THIS DOCUMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

ARTICLE VIII

STATE SPECIFIC PROVISIONS

Section 8.1. The following special provisions apply to that portion of the mortgaged properties located in the State of New Mexico:

[REMAINDER OF PAGE INTENTIONALLY BLANK, SIGNATURE PAGE TO FOLLOW]

EXECUTED as of the 21st day of May, 2025.

The foregoing instrument was acknowledged before me this 20 day of May, 2025 by Nancy Willis, Director of Royalty Trust Services of Argent Trust Company, Trustee of the San Juan Basin Royalty Trust, in such capacity as Trustee.

Mortgagor’s Signature Page to Deed of Trust (San Juan County, New Mexico)

Introduction to Exhibit “A” to

Mortgage, Security Agreement,

Assignment of Production and Financing Statement

This instrument covers all of Mortgagor’s interest now owned or hereafter acquired in the oil and gas (or oil, gas, and mineral) leases, land, unit declarations, and pooling orders described in Exhibit “A” (or described in the instruments referred to in Exhibit “A”), together with all amendments or ratifications affecting any of those leases, unit declarations, or pooling orders.

Reference herein to book and page, liber and page, file numbers, film code numbers, or other recording information refer to the recording location of each respective lease in the county where the land covered by the lease is located. Any reference herein to oil or gas wells or land covered is for warranty of interest, administrative convenience, and identification and is not intended to limit or restrict the rights, titles, interests, or properties covered by this instrument.

This instrument may be executed in counterparts. To facilitate recordation, the exhibits which describe properties in counties other than the county in which the counterpart is to be recorded may have been omitted. A complete copy of this instrument may be found at Mortgagee’s offices.

In some instances, the “Land Covered” column includes abbreviations indicating the township and range of the county in which the interests are located. For example: “T-27-N, R-10-W” is Township 27 North, Range 10 West. The following abbreviations, and various combinations of the abbreviations, may appear before or after the section number to designate a portion of a section:

If two or more of the above abbreviations appear in sequence, the first abbreviation is that specified portion of the next abbreviation. For example: “SW/4 SW/4 SE/4” is the Southwest Quarter of the Southwest Quarter of the Southeast Quarter of the particular section described.

The abbreviations “WI,” “NRI,” “ORRI,” “BPO,” and “APO” are defined as follows:

(a) “WI” is short for “working interest” and represents the expense interest attributable to

(b) “NRI” is short for “net revenue interest” and represents the share of production of oil, gas and other minerals attributable to the working interest or expense interest.

(c) “ORRI” is short for “overriding royalty interest” and represents the overriding royalty attributable to oil and gas production from each well.

(d) “BPO” and “APO” refer to “before payout” and “after payout” respectively, as payout may be defined in agreements affecting the applicable interest or interests.

Exhibit “A”

San Juan County