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Exhibit 23
302 FORT WORTH CLUB BUILDING
306 WEST SEVENTH STREET
FORT WORTH, TEXAS 76102-4987
(817) 336-2461
February 26, 2021
San Juan Basin Royalty Trust
BBVA USA, Trustee
2200 Post Oak Blvd., Floor 18
Houston, Texas 77056
Ladies and Gentlemen:
Cawley, Gillespie & Associates, Inc. hereby consents to the use of the oil and gas reserve information in the San Juan Basin Royalty Trust Securities and Exchange Commission Form 10-K for the year ended December 31, 2020 and in the San Juan Basin Royalty Trust Annual Report for the year ended December 31, 2020 based on reserve reports prepared by Cawley, Gillespie & Associates, Inc. and dated February 26, 2021.
Sincerely,
CAWLEY, GILLESPIE & ASSOCIATES, INC.