Black Stone Minerals Signs Development Deal With Revenant Energy; Amends Deals With Aethon Energy

(RTTNews) - Black Stone Minerals, L.P. (BSM) announced Monday new development agreement in the Shelby Trough with Revenant Energy and amended development agreements with Aethon Energy.

The development agreement is with Revenant Energy with respect to the Partnership's expanded Shelby Trough Haynesville and Bossier acreage, primarily located in Angelina, Nacogdoches, and San Augustine counties in Texas.

Separately, the Partnership has agreed to amend the existing development agreements with Aethon Energy in Angelina and San Augustine counties. As part of the amendment, Aethon will return to the Partnership highly prospective mineral acreage to support and further accelerate another potential development program in the region.

Thomas Carter, Jr., Black Stone Minerals' Chairman, Chief Executive Officer, and President, said, "This new agreement covers approximately 270,000 gross and 95,000 net undeveloped acres with significant resource potential that we expect to benefit both companies for decades. ...We have also finalized an amendment with Aethon that will release over 50,000 gross acres back to BSM in an area directly offsetting existing development, in exchange for a well commitment reduction. This released acreage provides a strong foundation that we plan to place under another new development agreement, further enhancing our outlook on total development activity in the Shelby Trough."

The company added that with the combination of these executed agreements, proximity to the Gulf Coast market, and long-term natural gas pricing, it is confident in the growth opportunities the asset provides.