Company Overview - Dorchester Minerals, L.P. is based in Dallas and owns producing and non-producing oil and natural gas mineral interests across 28 states [2] Recent Acquisition - The company announced the completion of an acquisition of mineral interests totaling approximately 3,050 net royalty acres located in Adams County, Colorado [1] - The transaction was structured as a non-taxable contribution and exchange, with contributing entities conveying their interests in exchange for 915,694 common units representing limited partnership interests in Dorchester Minerals, L.P. [1]

Core Viewpoint - Argent Trust Company, as Trustee of the Permian Basin Royalty Trust, has reached a settlement with Blackbeard Operating, LLC regarding a lawsuit over royalty payments, resulting in a total payment of $9 million to the Trust [1][2]. Group 1: Settlement Details - Blackbeard will pay the Trust $9 million, with $4.5 million due within 30 days and the remaining $4.5 million paid in four quarterly installments of $1.125 million throughout 2026 [2]. - The settlement establishes an overhead rate for charges to the Trust and allows Blackbeard to pass through certain third-party charges, including salt water disposal and technical labor costs [3]. Group 2: Future Implications - The agreement prevents the Trust from making future claims for lost volumes due to ordinary line loss and allows for annual site audits at the Trust's expense [3]. - Blackbeard is required to provide agreed reporting to the Trustee moving forward, which aims to enhance predictability in future royalty payments [4].

Distribution Announcement - The North European Oil Royalty Trust announced a quarterly distribution of $0.26 per unit for Q3 fiscal 2025, an increase from $0.21 per unit in Q3 fiscal 2024, payable on August 27, 2025 [1] Royalty Payments and Adjustments - The Trust receives royalties under the Mobil and OEG Royalty Agreements, with scheduled monthly payments based on prior quarter royalties [2] - A net royalty payment of $31,235 was reported at the end of Q3 fiscal 2025, influenced by a negative adjustment and a positive Mobil sulfur royalty payment [2] - A minor negative adjustment of €8,705 under the OEG Agreement will be offset against scheduled payments in Q4 fiscal 2025 [2] Future Estimates - Scheduled royalty payments for Q4 fiscal 2025 are estimated at $2.6 million, subject to the exchange rate at the time of fund transfer [3] - Potential adjustments for calendar 2024 and end-of-quarter adjustments in October 2025 may affect the distribution calculation [3] - Expenses incurred during the quarter will be deducted from royalty income before calculating the Q4 distribution [3]