Black Stone Minerals, L.P. Announces New Development Agreement in the Shelby Trough with Revenant Energy and Amended Development Agreements with Aethon Energy

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• Black Stone Minerals, L.P. (BSM, Financial) enters a development agreement with Revenant Energy for expanded Shelby Trough operations.
• BSM amends existing development agreements with Aethon Energy, releasing over 50,000 acres for new potential projects.
• The partnership aims to double net well development and enhance growth prospects through these agreements.

Black Stone Minerals, L.P. (BSM) has announced a new development agreement with Revenant Energy covering the Partnership's expanded Shelby Trough acreage in Texas. This agreement extends over approximately 270,000 gross acres in San Augustine, Nacogdoches, Angelina, Houston, and Trinity counties. Notably, Black Stone controls about 95,000 undeveloped net acres within this area, with plans for further acquisitions. The partnership's commitment under the agreement starts with a minimum of six wells per year in 2026, escalating to at least 25 wells annually over five years, including specific test wells to maintain operational rights across the full area.

In a strategic move, BSM has amended its existing agreements with Aethon Energy in Angelina and San Augustine counties. This amendment returns over 50,000 gross acres to Black Stone, thereby reducing Aethon's well commitment to 16 wells across joint exploration agreements. This acreage, strategically positioned to bolster future ventures, is expected to underpin new development efforts.

Thomas L. Carter, Jr., CEO and President of BSM, expressed enthusiasm for the collaborations, citing the potential for long-term growth and significant resource potential. These agreements, augmented by the proximity to the Gulf Coast market and favorable long-term natural gas pricing, are seen as a promising opportunity for unitholder value enhancement.

Black Stone Minerals, one of the largest owners of oil and natural gas mineral interests in the U.S., continues to leverage its expansive asset base to stabilize and potentially grow its production and reserves, aiming to distribute profits to its unitholders efficiently.