Company Overview

Black Stone Minerals Company, L.P., a privately-owned Delaware limited partnership located in Houston, Texas, is one of the largest private fee mineral and royalty owners in the United States. Black Stone owns or controls interests, either directly or through institutionally-supported partnerships, in more than 50,000 wells and approximately 14.6 million gross fee mineral acres across 41 states in every major producing basin. In addition, Black Stone owns other royalty interests in approximately 2.8 million acres. The company and its partners' primary operations include leasing minerals to exploration and production companies and acquiring additional properties for future leasing and development.

Since 1999, Black Stone has conducted the steady and methodical aggregation of fee minerals, royalties, overriding royalty interests ("ORRIs") and non-operated working interests. During that time, the company has completed 33 acquisitions totaling approximately $1.5 billion (excluding the exchange offer discussed below) with interests in 17.4 million gross acres. Now, as one of the largest private mineral owners and with control of large blocks of contiguous acreage throughout the country, Black Stone provides exploration companies with an extensive acreage inventory from which to generate prospects and thus a "one-stop shop" to search for new opportunities. In addition, Black Stone’s in-house geological and geophysical team uses the company’s extensive seismic library to assist E&P companies in the identification of emerging plays and potential drilling locations. Our land department quickly negotiates leases on fair terms to get the minerals "in play." Because Black Stone is not an operator, it does not compete for reserves with its lessees like traditional E&P companies do.

From 2002 through 2010, Black Stone raised three institutionally-backed private equity funds and six co-investment vehicles with total commitments of approximately $1.34 billion. Black Stone was the general partner and typically the largest limited partner of each partnership. In December 2012, investors in these partnerships exchanged interests valued at over $1.2 billion for partnership units in Black Stone. The Company also acquired, for cash, interests valued at $358 million bringing the total to over $1.5 billion, making this transaction the largest in Black Stone’s history. The exchange offer, which closed at year-end, was part of a multi-stage process that included raising equity to provide additional resources for future acquisitions and the purchase of fund interests from those desiring liquidity. Subsequent to the exchange, Black Stone has been and will be acquiring assets directly as opposed to creating new partnerships.

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