Black Stone Minerals Completes Major Acquisition

Black Stone Minerals Co. completes a $150 million acquisition of a privately held company owning working interests in more than 5,700 wells throughout Oklahoma, Texas, Louisiana, New Mexico and other states.
Several of Black Stone’s investment affiliates, including Black Stone Acquisition Partners III, L.P., joined in the acquisition, which closed on Jan. 9.
Black Stone estimates that the acquired interests represent proved reserves of 88.9 billion cubic feet of gas or gas equivalents, with current production of approximately 25 million cubic feet per day. In addition, the company anticipates significant and continued development drilling on as many as 1,700 probable and possible locations.
“This acquisition is an excellent addition to our portfolio of properties,” said Hallie A. Vanderhider, Black Stone’s president and chief operating officer. “The properties are incredibly diversified, with stable production profiles and low finding and development costs. That bodes well for future development drilling.” She added that Black Stone welcomed the exposure to strong operating partners in some of the most economic natural gas plays in the lower forty-eight states.

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