Here is a link to a recent upgrade of San Juan Basin Royalty Trust (SJT) by well respected energy stock analyst Kurt Wulff of McDep LLC an independent research firm.

http://www.mcdep.com/rtweek91211.pdf

SJT was presented in this forum last spring under the heading "US Royalty Trusts for Income - Oriented Investors." In his note published mid December Wulff points out that holders of SJT benefit from its 100% natural gas focus with no leverage and no hedging. He forecasts an 8% distribution yield for the security over the next 12 months - which by the way is a tax advantage yield.

A Principal of South Shore Capital Advisors, and certain South Shore Capital Advisors clients are holders of San Juan Trust.