Black Stone Minerals has entered into a development agreement with Revenant Energy with respect to the Partnership’s expanded Shelby Trough Haynesville and Bossier acreage, primarily located in Angelina, Nacogdoches, and San Augustine counties in Texas. Separately, the Partnership has agreed to amend the existing development agreements with Aethon Energy in Angelina and San Augustine counties. As part of this amendment, Aethon will return to the Partnership highly prospective mineral acreage to support and further accelerate another potential development program in the region.

Thomas L. Carter, Jr., Black Stone Minerals’ Chairman, Chief Executive Officer, and President, commented, 
“We are excited to partner with the Revenant Energy team, whose proven track record of development in the Shelby Trough establishes them as a solid operator for this asset. Through robust subsurface evaluation, we identified substantial areas of prospective minerals outside of the existing Shelby Trough development agreements. This new agreement covers approximately 270,000 gross and 95,000 net undeveloped acres with significant resource potential that we expect to benefit both companies for decades. Additionally, the annual minimum well commitment at full ramp will ultimately about double the net well development of Black Stone’s portfolio in the Shelby Trough. The acreage within this agreement comes from both legacy acquisitions and the recent targeted mineral acquisitions, which continue to enhance our existing Shelby Trough footprint. We have also finalized an amendment with Aethon that will release over 50,000 gross acres back to BSM in an area directly offsetting existing development, in exchange for a well commitment reduction. This released acreage provides a strong foundation that we plan to place under another new development agreement, further enhancing our outlook on total development activity in the Shelby Trough. With the combination of these executed agreements, proximity to the Gulf Coast market, and long-term natural gas pricing, we are confident in the growth opportunities the asset provides to our unitholders.”

Revenant Development Agreement

The Revenant Development Agreement covers approximately 270,000 gross acres across San Augustine, Nacogdoches, Angelina, Houston, and Trinity counties. BSM currently controls approximately 95,000 undeveloped net acres, with line of sight to additional acquisitions, all within this contractual area. The annual well commitments escalate over five years from a minimum of 6 wells per year starting in 2026 to a minimum of 25 wells per year and require test wells in certain areas in order to continue operating across the full footprint. Additionally, BSM expects to bring a non-operated working interest partner into the development.

Aethon Amended Development Agreements

The Partnership has entered into an amendment to the joint exploration agreements (“JEAs”) with Aethon in Angelina and San Augustine counties which reduces the contract area to approximately 210,000 gross acres. Under the terms of the amendment, Aethon will release over 50,000 gross acres from the contract area, in exchange for reducing the annual well commitment to a total of 16 wells across both JEAs. As previously disclosed, the majority of farmout agreements covering non-operated working interests under these JEAs have terminated, and Aethon is absorbing that working interest as part of the amendment.