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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


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                                    FORM 8-K
                                 CURRENT REPORT

                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

         DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 21, 2003


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                          SAN JUAN BASIN ROYALTY TRUST
             (Exact name of registrant as specified in its charter)



                                                           
              Texas                            1-8032                  75-6279898
         (State or other              (Commission File Number)      (I.R.S. Employer
 jurisdiction of incorporation)                                  Identification Number)

   TexasBank, Trust Department
2525 Ridgmar Boulevard, Suite 100                                        76116
        Fort Worth, Texas                                              (Zip code)
      (Address of principal
       executive offices)


       Registrant's telephone number, including area code: (866) 809-4553

                                       N/A
         (Former name or former address, if changed since last report.)

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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

         99.1     Press release, dated July 21, 2003.

ITEM 9. REGULATION FD DISCLOSURE (INCLUDING INFORMATION PROVIDED UNDER ITEM 12,
"RESULTS OF OPERATIONS AND FINANCIAL CONDITION").

         The following information is furnished to the Securities and Exchange
Commission under both Item 9 and Item 12. The information required by Item 12 is
being furnished pursuant to this Item 9 in accordance with the interim guidance
provided by the Securities and Exchange Commission in "Filing Guidance Related
To: Conditions for Use of Non-GAAP Financial Measures; and Insider Trades During
Pension Fund Blackout Periods." (Release No., 33-8216, March 27, 2003).

         On July 21, 2003, TexasBank, in its capacity as trustee of the San Juan
Basin Royalty Trust, issued a press release, a copy of which is attached hereto
as Exhibit 99.1, announcing a monthly cash distribution to the holders of its
units of beneficial interest of $6,763,810.07, or $0.145119 per unit, based upon
production during the month of May 2003.

         The information filed in this Form 8-K shall be deemed "furnished" and
not "filed" with the Securities and Exchange Commission for purposes of Section
18 of the Exchange Act of 1934, as amended.






                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                       TEXASBANK, AS TRUSTEE FOR THE
                                       SAN JUAN BASIN ROYALTY TRUST
                                       (Registrant)



                                       By: /s/ LEE ANN ANDERSON
                                          -------------------------------------
                                           Lee Ann Anderson
                                           Vice President and Trust Officer

Date: July 23, 2003

               (The Trust has no directors or executive officers.)





                               INDEX TO EXHIBITS



EXHIBIT
NUMBER         DESCRIPTION
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 99.1          Press release, dated July 21, 2003.