Businesswire·2025-12-03 00:04Core Viewpoint - Black Stone Minerals, L.P. has entered into a significant development agreement with Caturus Energy, covering 220,000 gross acres in the Shelby Trough and Haynesville Expansion, aimed at enhancing natural gas production in the Gulf Coast region [1][2]. Development Agreement Details - The agreement allows Caturus to escalate its drilling program over the next six years, starting with approximately two gross (0.2 net) wells in 2026 and ramping up to about 12 gross (0.8 net) wells annually by the end of the six years [2]. - BSM currently manages around 40,000 undeveloped net acres within this contract area, with potential for further acquisitions to increase its net interest [3]. Management Insights - Thomas L. Carter, Jr., CEO of Black Stone Minerals, expressed optimism about the partnership with Caturus, highlighting the importance of their mineral ownership and control over hydrocarbon resources for a long-term gas development program [4]. - BSM has been building a substantial mineral position in East Texas for over a century, allowing significant control over development timing and collaboration with capital providers and operators [5]. Operational Capacity - The partnership has resulted in over 200,000 net acres covered by development agreements in the area, representing an estimated 20 years of drilling inventory in the Haynesville and Bossier regions, from which BSM expects to receive royalties [6]. - Caturus, controlled by Kimmeridge, brings operational and technical expertise to expedite the extraction of BSM's reserves [6]. Strategic Vision - David Lawler, CEO of Caturus, stated that this transaction is a milestone in their strategy to build a leading integrated natural gas platform, enhancing their upstream position in South Texas and supporting a liquefaction terminal project in Louisiana [7][9].