Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 125

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 125
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 September 30, 2025, Aethon had spud three wells in the current program year and had an inventory of 12 wells drilled in the previous program year that are expected to be turned to sales during the fourth quarter of 2025 and early 2026.

One of the wells drilled in the previous program year was replaced with a banked well. As of September 30, 2025, Aethon had a total of 10 banked wells.

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Revenant Joint Exploration Agreement

In May 2025, we entered into a JEA with Revenant covering an expanded portion of our Shelby Trough acreage, primarily located in Angelina, Nacogdoches, and San Augustine counties in Texas. The agreement grants Revenant exclusive development rights across three designated areas of interest ("AOIs") and requires annual well commitments, including test wells in certain areas, to maintain development rights across the full contract area. The agreement allows for non-operated working interest participation, and in June 2025 we entered into a farmout agreement with an external capital provider covering all of our undivided 35% working interest.

The well commitments under the agreement escalate over a five-year period, with the following table summarizing the well commitments across the three AOIs:

Program YearCalendar YearAOI 1AOI 2AOI 3Total Wells120266——6220278——832028101—11420291222165 and thereafter2030 and beyond155525

Credit Facility

We maintain a senior secured revolving credit agreement, as amended, (the "Credit Facility"). The Credit Facility has an aggregate maximum credit amount of $1.0 billion. The commitment of the lenders equals the least of the aggregate maximum credit amount, the then-effective borrowing base, and the aggregate elected commitment, as it may be adjusted from time to time. The amount of the borrowing base is redetermined semi-annually, usually in April and October. The November 2024 and April 2025 borrowing base redeterminations reaffirmed the borrowing base at $580.0 million. In October 2025, we amended the Credit Facility to extend the maturity date from October 31, 2027 to October 31, 2030 and reduce the adjustment applied to secured overnight financing rate ("SOFR") loans. Concurrent with the Credit Facility amendment, the borrowing base under the Credit Facility was reaffirmed at $580.0 million and we elected to maintain cash commitments under the Credit Facility