Black Stone Minerals LP (NYSE: BSM) is adding millions of mineral acreage across 20 states in a $102 million deal with Freeport-McMoRan Oil & Gas.
The Houston company said April 21 it entered an agreement with Freeport and certain of its affiliates to acquire a diverse oil and gas mineral asset package.
- About 1.2 million gross (126,000 net) mineral aces, 16,000 net non-producing royalty interest acres and 11,000 net overriding royalty interest acres in 20 states with significant concentrations in Texas, Louisiana and Arkansas;
- Bolsters the Houston-based company's presence in the Permian region with about 100 active permits in the Midland and Delaware basins, including the Wolfcamp and Spraberry intervals;
- Estimated average daily production of about 850 barrels of oil equivalent per day (boe/d) for the fourth quarter of 2015; and
- Estimated proved developed producing reserves of 2 MMboe (23% oil) as of year-end 2015.
Black Stone will fund the acquisition with cash on hand and borrowings under its credit facility. Closing is expected to be completed by the end of the second quarter of 2016, subject to customary closing conditions.
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