Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 94

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 commitment of 16 wells across both contract areas. 

 Aethon drilled a combined 22 wells under the two JEAs during the program years that ended in the second quarter of 2025. One well has been scheduled for plugging and will be replaced. As of June 30, 2025, 15 of those wells had not yet turned to sales and are expected to begin production during the remainder of 2025 and early 2026. Aethon expects to drill 15 wells in the next program year that begins in July 2025 and apply one of its 11 banked wells toward its commitment.

29

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 and terminates on October 31, 2027. 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 April 2024, November 2024, and April 2025 borrowing base redeterminations reaffirmed the borrowing base at $580.0 million. After each redetermination we elected to maintain cash commitments at $375.0 million. The next semi-annual redetermination is scheduled for October 2025.

We are subject to