Dorchester Minerals LP recently added to its royalty acreage in a $29 million all-stock deal.
According to a release by the Dallas-based company on Nov. 23, Dorchester Minerals entered into a non-taxable contribution and exchange agreement with an unrelated third party to acquire mineral and royalty interests in exchange for roughly 1.6 million common limited partnership units. In a recent note, Enverus pegged the transaction value at about $29 million.
The acquisition is expected to close by year-end and represents approximately 4,600 net royalty acres located in 27 counties across New Mexico, Oklahoma, Texas and Wyoming.
Dorchester Minerals currently owns producing and non-producing oil and natural gas mineral, royalty, overriding royalty, net profits and leasehold interests located in 26 states, the company release said.
As of May, Dorchester held about 10,000 net mineral acres in the Bakken/Three Forks region in North Dakota and 84,000 net mineral acres in the Permian Basin across West Texas and southeastern New Mexico.
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