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.