Dorchester Minerals, L.P. Announces Consummation of Midland Basin Lease Transaction

Rhea-AI Summary

Dorchester Minerals, L.P. (DMLP) Announces Successful Lease Transaction in Midland Basin, Reagan County, Texas, Resulting in $11.8 Million Payment for Q4 Distribution

Positive

• The successful consummation of a notable lease transaction in the Midland Basin demonstrates Dorchester Minerals, L.P.'s ability to secure lucrative deals in the oil and natural gas sector, potentially boosting investor confidence and increasing the partnership's revenue. The $11.8 million payment for the fourth quarter distribution indicates a strong financial performance and commitment to rewarding unitholders.

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• None.

DALLAS, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Dorchester Minerals, L.P. (the “Partnership”) (NASDAQ-DMLP) announced today the successful consummation of a notable lease transaction in the Midland Basin.

On November 6, 2023, the Partnership leased 243 net acres in two tracts of land in Reagan County, Texas for $30,000 per acre and a 25% royalty. Additionally, the Partnership executed an amendment to an existing lease on two separate tracts of land also totaling 243 net acres in Reagan County, Texas for $18,750 per acre. The resulting payment of approximately $11.8 million will be included in the Partnership’s fourth quarter distribution to unitholders.

Dorchester Minerals, L.P. is a Dallas based owner of producing and non-producing oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests located in 28 states. Its common units trade on the NASDAQ Global Select Market under the symbol DMLP.

FORWARD-LOOKING STATEMENTS

Portions of this document may constitute "forward-looking statements" as defined by federal law. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Examples of such uncertainties and risk factors include, but are not limited to, changes in the price or demand for oil and natural gas, changes in the operations on or development of the Partnership’s properties, changes in economic and industry conditions and changes in regulatory requirements (including changes in environmental requirements) and the Partnership’s financial position, business strategy and other plans and objectives for future operations. These and other factors are set forth in the Partnership's filings with the Securities and Exchange Commission.

FAQ

What did Dorchester Minerals, L.P. announce today?

Dorchester Minerals, L.P. announced the successful consummation of a notable lease transaction in the Midland Basin, Reagan County, Texas, resulting in a $11.8 million payment for the fourth quarter distribution.

Where is the leased land located?

The leased land is located in Reagan County, Texas in the Midland Basin.

What is the payment amount for the leased land?

The partnership leased 243 net acres for $30,000 per acre and a 25% royalty, and executed an amendment to an existing lease on two separate tracts of land totaling 243 net acres for $18,750 per acre, resulting in a payment of approximately $11.8 million for the fourth quarter distribution.

Where are Dorchester Minerals, L.P.'s interests located?

Dorchester Minerals, L.P. owns producing and non-producing oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests located in 28 states.

What is the ticker symbol for Dorchester Minerals, L.P.?

The ticker symbol for Dorchester Minerals, L.P. is DMLP and its common units trade on the NASDAQ Global Select Market.