Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 108

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 108
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 asset base, we will continue to explore the relevance of our assets in energy transition, including opportunities in renewable energy and carbon sequestration.

As of September 30, 2025, our mineral and royalty interests were located in 41 states in the continental United States, including all of the major onshore producing basins. These non-cost-bearing interests include ownership in approximately 71,000 producing wells. We also own non-operated working interests, a significant portion of which are on our positions where we also have a mineral and royalty interest. We recognize oil and natural gas revenue from our mineral and royalty and non-operated working interests in producing wells when control of the oil and natural gas produced is transferred to the customer and collectability of the sales price is reasonably assured. Our other sources of revenue include mineral lease bonus and delay rentals, which are recognized as revenue according to the terms of the lease agreements. 

20

Recent Developments

Development Activity

At the end of the third quarter, Aethon Energy ("Aethon") was operating one rig on our Angelina, Nacogdoches, and San Augustine acreage in the Shelby Trough. Aethon’s development program remains on track, with 3 wells spud of the total 15 wells expected to be drilled in the current program year ending in June 2026. Aethon successfully turned to sales 2 gross (0.09 net) wells during the third quarter and has an inventory of 12 gross (0.78 net) wells from the previous program year that it expects to turn to sales during the fourth quarter of 2025 and early 2026.

In the Louisiana Haynesville, development continued under our Accelerated Drilling Agreements (“ADAs”). These agreements incentivize operators to accelerate development in our high-interest areas in exchange for a modest reduction in royalty burden, allowing us to capture near-term revenue and reduce uncertainty about where the locations sit in the operator's development plan. Recently, 2 gross (0.13 net) wells in De Soto and Sabine Parishes were turned to sales under our ADAs. This brings the total well count under the ADA program to 9. 

In the Permian Basin, we continue to monitor activity including a large-scale development. A large operator has spud 34 gross (1.22 net) wells on our acreage in Culberson County, Texas. During the third quarter, 5 gross (0.18 net) wells were turned to sales