Trusting in the power of rising oil prices to keep investors happy has been a good strategy for San Juan Basin Royalty Trust. The trust owns working and royalty interests in oil and gas properties in the San Juan Basin of northwestern New Mexico. Carved from interests owned by Southland Royalty (now controlled by ConocoPhillips), San Juan Basin Royalty Trust's holdings consist of a 75% stake in about 151,900 gross (119,000 net) productive acres in San Juan, Rio Arriba, and Sandoval counties. The property contains 3,823 gross producing wells with estimated proved reserves of 249,000 barrels of oil and more than 156.3 billion cu. ft. of natural gas.