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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950142-03-001969.txt : 20031030
<SEC-HEADER>0000950142-03-001969.hdr.sgml : 20031030
<ACCEPTANCE-DATETIME>20031030131422
ACCESSION NUMBER:		0000950142-03-001969
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031028
FILED AS OF DATE:		20031030

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ALGENPAR INC
		CENTRAL INDEX KEY:			0000911381
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		03965995

	BUSINESS ADDRESS:	
		STREET 1:		201 MAIN ST STE 3100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		817-390-8500

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ALPINE CAPITAL LP
		CENTRAL INDEX KEY:			0000911382
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		03965996

	BUSINESS ADDRESS:	
		STREET 1:		201 MAIN ST STE 3100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		817-390-8400

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BRUCE ROBERT W III
		CENTRAL INDEX KEY:			0000911379
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		03965993

	BUSINESS ADDRESS:	
		STREET 1:		201 MAIN STREET SUITE 2500
		CITY:			FORTWORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		817-390-8500

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAN JUAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319655
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				756279898
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		TEXASBANK, TRUST DEPARTMENT
		STREET 2:		2525 RIDGMAR BOULEVARD SUITE 100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76116
		BUSINESS PHONE:		8668094553

	MAIL ADDRESS:	
		STREET 1:		TEXASBANK, TRUST DEPARTMENT
		STREET 2:		2525 RIDGMAR BOULEVARD SUITE 100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76116

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CRANDALL J TAYLOR
		CENTRAL INDEX KEY:			0000911380
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		03965994

	BUSINESS ADDRESS:	
		STREET 1:		2775 SAND HILL RD
		STREET 2:		SUITE 220
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		6502340517

	MAIL ADDRESS:	
		STREET 1:		2775 SAND HILL RD
		STREET 2:		SUITE 220
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4_sanjuan102803ex.xml
<DESCRIPTION>STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
<TEXT>
<XML>
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    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-10-28</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000319655</issuerCik>
        <issuerName>SAN JUAN BASIN ROYALTY TRUST</issuerName>
        <issuerTradingSymbol>SJT</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000911382</rptOwnerCik>
            <rptOwnerName>ALPINE CAPITAL LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>201 MAIN ST STE 3100</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>FORT WORTH</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>76102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
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   </reportingOwner>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000911381</rptOwnerCik>
            <rptOwnerName>ALGENPAR INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>201 MAIN ST STE 3100</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>FORT WORTH</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>76102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
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         <isOther>0</isOther>
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   <reportingOwner>
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            <rptOwnerCik>0000911380</rptOwnerCik>
            <rptOwnerName>CRANDALL J TAYLOR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2775 SAND HILL RD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 220</rptOwnerStreet2>
            <rptOwnerCity>MENLO PARK</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94025</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <reportingOwnerRelationship>
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         <isOfficer>0</isOfficer>
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   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000911379</rptOwnerCik>
            <rptOwnerName>BRUCE ROBERT W III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>201 MAIN STREET SUITE 2500</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>FORTWORTH</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>76102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
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   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
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      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>21500</value>
         </transactionShares>
         <transactionPricePerShare>
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         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
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      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5221500</value>
         </sharesOwnedFollowingTransaction>
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            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-28</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>7200</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.61</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5214300</value>
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            <footnoteId id="F2"/>
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   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
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      <transactionDate>
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      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>2000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.62</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5212300</value>
         </sharesOwnedFollowingTransaction>
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      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-28</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>11500</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.63</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5200800</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-28</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5400</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.64</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5195400</value>
         </sharesOwnedFollowingTransaction>
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            <footnoteId id="F1"/>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
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         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
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      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>26600</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.65</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
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         </transactionAcquiredDisposedCode>
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      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5168800</value>
         </sharesOwnedFollowingTransaction>
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            <footnoteId id="F1"/>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
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      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>1000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.66</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
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         </transactionAcquiredDisposedCode>
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      </securityTitle>
      <transactionDate>
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      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>5000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.68</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
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           <value>5162800</value>
         </sharesOwnedFollowingTransaction>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-29</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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         <transactionShares>
           <value>12800</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.50</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
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         <sharesOwnedFollowingTransaction>
           <value>5150000</value>
         </sharesOwnedFollowingTransaction>
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            <value>D</value>
            <footnoteId id="F1"/>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-29</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>100</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.51</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5149900</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
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         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-29</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>400</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.52</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5149500</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-29</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>2000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.55</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5147500</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Units of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-29</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>7300</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.60</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5140200</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> J. Taylor Crandall (&quot;Crandall&quot;) is the President and sole stockholder of Algenpar, Inc., a Texas corporation (&quot;Algenpar&quot;), which is one of two general partners of Alpine Capital, L.P., a Texas limited partnership (&quot;Alpine&quot;), which is the direct beneficial owner of certain of the securities reported herein. Robert W. Bruce III (&quot;Bruce&quot;) is the other general partner of Alpine.</footnote>

      <footnote id="F2"> Pursuant to Rule 16a-1(a)(2)(ii)(B) under the Securities Exchange Act of 1934, as amended (the &quot;Act&quot;), Crandall, Algenpar and Bruce are deemed to be beneficial owners of the shares beneficially owned by Alpine only to the extent of the greater of his or its respective direct or indirect interest in the profits or capital account of Alpine. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that Bruce, Crandall or Algenpar is, for purposes of Section 16 or the Act or otherwise, the beneficial owner of any securities owned by Alpine in excess of such amount.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Robert W. Bruce III, Manager - Alpine Capital, L.P.</signatureName>
      <signatureDate>2003-10-30</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>J. Taylor Crandall, Algenpar, Inc.</signatureName>
      <signatureDate>2003-10-30</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Robert W. Bruce III</signatureName>
      <signatureDate>2003-10-30</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>J. Taylor Crandall</signatureName>
      <signatureDate>2003-10-30</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----