Black Stone Minerals, L.P. Enters Into Agreement to Acquire Diverse Mineral Package for $102 Million; Schedules Earnings Call for First Quarter of 2016
Management Commentary
Transaction Overview
-
Approximately 1.2 million gross/126 thousand net mineral acres, 16
thousand net NPRI acres, and 11 thousand net ORRI acres in 20 states
with significant concentrations in
Texas ,Louisiana , andArkansas ; -
Bolsters the Partnership’s presence in the Permian region and includes
acreage with approximately 100 active permits in the Midland and
Delaware basins; - Estimated average daily production of approximately 850 Boe/d for the fourth quarter of 2015; and
-
Estimated proved developed producing reserves of 2.0 MMBoe (43% oil)
as of
December 31, 2015 .
The transaction will be funded with cash on hand and borrowings under Black Stone Minerals’ credit facility. Closing is expected to be completed by the end of the second quarter of 2016, subject to customary closing conditions. The Partnership anticipates any updates to guidance will be provided in conjunction with its first quarter of 2016 earnings call.
First Quarter of 2016 Earnings Conference Call
Call Type | Phone Number | Conference ID | ||||
Domestic participant | 1-877-447-4732 | 95276796 | ||||
Domestic replay | 1-855-859-2056 | 95276796 | ||||
International participant | 1-615-247-0077 | 95276796 | ||||
International replay | 1-404-537-3406 | 95276796 |
The conference call will be webcast live and can be accessed through the
Investor Relations section of Black Stone Mineral’s website at www.blackstoneminerals.com.
A recording of the conference call will be available at that site
through
About
Forward-Looking Statements
This news release includes forward-looking statements. All statements,
other than statements of historical facts, included in this news release
that address activities, events or developments that the Partnership
expects, believes or anticipates will or may occur in the future are
forward-looking statements. Terminology such as “will,” “may,” “should,”
“expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,”
“believe,” “target,” “continue,” “potential,” the negative of such terms
or other comparable terminology often identify forward-looking
statements. Except as required by law,
- the Partnership’s ability to identify, complete, and integrate acquisitions;
- the Partnership’s ability to execute its business strategies;
- the volatility of realized oil and natural gas prices;
- the level of production on the Partnership’s properties;
- regional supply and demand factors, delays, or interruptions of production; and
- the Partnership’s ability to replace its oil and natural gas reserves.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160421006813/en/
Source:
Black Stone Minerals, L.P.
Brent Collins, 713-445-3200
Vice
President, Investor Relations
investorrelations@blackstoneminerals.com