DORCHESTER MINERALS, L.P.

The Carrollton/West Texas Minerals acquisition closed September 30, 2024 for 6,721,144 units, and Carrollton took its agreed seat on the general partner's Board of Managers — the first time an acquisition counterparty has gained board representation.

asset acquisition disposition

Dorchester Minerals agreed to its largest deal yet: about 14,500 net royalty acres across 14 New Mexico and Texas counties from West Texas Minerals and the Carrollton Mineral Partners fund family, for 6,721,144 common units — and for the first time agreed to give an outside contributor a seat on its general partner's governing board for as long as it holds at least 1,000,000 units.

material agreement

The Gemini 5 Thirty acquisition closed, adding the 27-county, four-state mineral and royalty package for the agreed 1,580,000 units.

asset acquisition disposition

Dorchester Minerals agreed to acquire mineral and royalty interests across 27 counties in New Mexico, Oklahoma, Texas and Wyoming from Gemini 5 Thirty, LP for 1,580,000 common units.

material agreement

Dorchester Minerals acquired Oklahoma oil and gas mineral and royalty interests, plus a 96.97% net profits interest in related working interests, from H. Huffman & Co. and The Buffalo Co., closing March 29, 2019 for 2,400,000 newly issued common units and about $1.17 million in contributed cash.

asset acquisition disposition

Dorchester Minerals closed a roughly $24 million deal for Permian Basin mineral and royalty interests in Glasscock, Howard, Martin, Midland and Reagan counties, Texas, from DSD Royalty, LLC and a group of participants that included the company's own COO, James E. Raley — paid half in cash and half in common units at $14.98 each.

asset acquisition disposition

Dorchester Minerals acquired Maecenas Minerals, L.L.P. — mineral and royalty interests spread across 17 states — from a group of Texas foundations and trusts, closing March 31, 2010 for 835,000 newly issued common units.

asset acquisition disposition

The Tarrant County, Texas acquisition closed June 30, 2009: about 1,820 Barnett Shale acres across six tracts for 1,600,000 newly issued common units (drawn from the 2005 acquisition-currency shelf) plus contributed cash, with the sellers locked up from selling their new units for at least a year.

asset acquisition disposition

Dorchester Minerals agreed to and then completed, on September 30, 2004, a merger with Bradley Royalty Partners, LLC, acquiring perpetual mineral and royalty interests across 104 counties and parishes in six states for 1,200,000 newly issued common units — its first acquisition since forming in 2003.

business combination

The combination closed January 31, 2003: Dorchester Hugoton, Republic Royalty and Spinnaker Royalty merged their oil and gas mineral and royalty properties into the newly formed Dorchester Minerals, L.P.

asset acquisition disposition

Dorchester Hugoton unitholders approved the three-way combination by an 81% vote, and Spinnaker and Republic's partners also approved it, clearing the path to close pending final paperwork from Republic's overriding-royalty-interest owners.

merger communication

Amendment No. 3 is where the swap for the two private partnerships was finally quantified: Republic's limited partners would receive 114,094.56 Dorchester Minerals common units for each 1% of the partnership they held, with Spinnaker's holders on the same footing, the limited partners of each taking units worth 96% of their partnership's enterprise value and the general partners the remaining 4%. Limited partners still have no appraisal rights beyond Dorchester Hugoton's dissenters.

business combination

Amendment No. 1 turned the registration into a voting document, adding notices of special meetings for the limited partners of all three partnerships being combined under the December 13, 2001 agreement - Dorchester Hugoton, Republic Royalty and Spinnaker Royalty. Dorchester Hugoton's holders would take one Dorchester Minerals unit per depositary receipt, about 39.73% of the new partnership, and the risk factors concede that the exchange ratios rest on reserve estimates and that Dorchester Hugoton's fairness opinion predates the latest reserve reports.

business combination

Dorchester Hugoton, Republic Royalty and Spinnaker Royalty filed to combine into a new partnership, Dorchester Minerals, L.P., which would list on Nasdaq as DMLP; former Hugoton holders would get about 40% of the new units, Republic holders about 40%, and Spinnaker holders about 20%.

business combination