WESTERN HAYNESVILLE
The "Western Haynesville" is a quickly evolving play based on the deep Haynesville and Bossier geological formations. Comstock Resources was the early mover and Aethon has followed suit. Both companies have built large leasehold positions and drilled impressive wells. Other major unconventional O&G companies are joining them as the play area expands. Mitsui E&P USA has built a large position and Expand (Chesapeake) is heavily rumored to be leasing. There may be more major operators chasing this trend via the multiple brokerage firms that are active in the eastern expansion of the trend. The play area originally was comprised of Leon, Roberston and Freestone counties as the focus for early drilling. Leasing operations and "trend subsurface work" has seen the play expand to include Houston, Anderson, Cherokee and Nacogdoches counties. The eastward expansion to Nacogdoches County now almost connects the western trend to the original Haynesville Shale fairway. The prospective section in this trend ranges from 2000' to over 4000' thick, and the opportunity for multiple target intervals is highly probable based on some stacked lateral efforts by Comstock. The play is deep, hot and over pressured making it an expensive and challenging trend to drill, fracture stimulate and produce.
Black Stone Minerals - Western Haynesville Expansion
This is an excerpt covering the portion of the report dealing with the Western Haynesville.
To see the entire report, use the link below.
Black Stone Minerals, L.P. Reports Second Quarter Results
Aug 4, 2025
https://www.businesswire.com/news/home/20250804653540/en/Black-Ston...
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) ("Black Stone," "BSM," or "the Partnership") today announces its financial and operating results for the second quarter of 2025 and updated 2025 guidance.
Management Commentary
Thomas L. Carter, Jr., Black Stone’s Chairman, Chief Executive Officer and President, commented, “Over the last two years, the BSM team undertook an in-depth subsurface evaluation of the expanding Shelby Trough area to delineate significant new areas of prospectivity, along with continuing to push the play westward towards the Western Haynesville. As previously announced and founded on this technical evaluation, we are excited to partner with the Revenant Energy team in a substantial new development in the Shelby Trough covering approximately 270,000 gross acres. Additionally, the ongoing technical delineation led to another 180,000 gross acre opportunity that is currently being marketed. Through these new areas and the existing Shelby Trough agreements, we see contractual development obligations more than doubling over the next five years. The proximity of these assets to the Gulf Coast market and projected long-term natural gas pricing provide confidence in significant long-term growth.
Activity Update
Development Activity
As previously announced, the Partnership recently signed a new development agreement with Revenant Energy. This agreement covers approximately 270,000 gross acres across San Augustine, Nacogdoches, Angelina, Houston, and Trinity counties. BSM currently controls approximately 100,000 undeveloped net acres, with line of sight to additional acquisitions. Through this agreement, Revenant is obligated to drill a minimum of 6 wells in 2026, increasing to a minimum of 25 wells per year over the next five years. The Partnership has also secured a non-operated working interest partner for the development.
Black Stone is also in the process of marketing an additional development opportunity covering approximately 180,000 gross acres, which includes the previously announced released acreage from Aethon. This development covers acreage in Angelina, Cherokee, and Nacogdoches counties, and continues to push the Shelby Trough westward towards the Western Haynesville.
Acquisition Activity
In the second quarter of 2025, Black Stone acquired $31.2 million of additional (primarily non-producing) mineral and royalty interests. From September 2023 through the end of July 2025, the Partnership has completed $172.3 million of mineral and royalty acquisitions, primarily in the expanding Shelby Trough area. Black Stone’s commercial strategy going forward includes the continuation of meaningful, targeted mineral and royalty acquisitions to complement the Partnership's existing positions.
Rock Man
Interesting summary - Black Stone working hard to make their minerals pay off.
Revenant Energy is led by two ex-Aethon managers / no surprise to see new deal and 6 well commitment
Note that Houston County and Cherokee County portions of the BS position may be part of the extension of the Western Haynesville / Bossier Hz fairway
Aug 5