−Removed: Our corporate office in Dallas consists of 11,847 square feet of leased office space.
+Added: Our corporate office is located in Dallas, Texas and consists of 11,847 square feet of leased office space.
We own two categories of properties:
23 unchanged sentences
Leasing Activity
−Removed: We received $0.3 million during 2020 attributable to lease bonus on 11 leases or extension of existing leases and 3 pooling election in lands located in 9 counties in two states.
+Added: We received $0.8 million during 2021 attributable to lease bonus on 15 leases or extension of existing leases and one pooling election in lands located in eight counties in four states.
These leases reflected bonus payments ranging up to $2,500/acre and initial royalty terms ranging up to 25%.
6 unchanged sentences
Based on net acreage weighted average.
−Removed: Lease Bonus excludes proceeds from assignments of leasehold.
Payments received for gas storage, shut-in and delay rental payments, coal royalty, surface use agreements, litigation judgments and settlement proceeds are reflected in our accompanying consolidated financial statements in other operating revenues.
7 unchanged sentences
The Bradley NPI, Republic NPI, and Spinnaker NPI were aggregated into the Minerals NPI on a prospective basis in our financial results effective October 1, 2020.
−Removed: From a cash perspective, as of December 31, 2020, the Minerals NPI was in a surplus position and had outstanding capital commitments in the Bakken region equaling cash on hand of $1.4 million.
+Added: From a cash perspective, as of December 31, 2021, the Minerals NPI was in a surplus position and had outstanding capital commitments, primarily in the Bakken region, equaling cash on hand of $2.0 million.
Acreage Summary
7 unchanged sentences
The acreage amounts associated with the wellbore interests are included in Royalty Properties Acreage Summary and not in the table below.
−Removed: Leasehold (1)
Number of States
Number of Counties/Parishes
−Removed: During 2020, the Partnership and affiliates of its General Partner closed the divestitures of our Hugoton and HHC net profits interests.
−Removed: As of December 31, 2019, the Hugoton and HHC net profit interests owned leasehold properties in six states and 51 counties that represented 187,000 gross and 81,000 net acres.
The following table reflects the states in which the acreage amounts listed above are located.
Mineral/Royalty
−Removed: Leasehold (1)
−Removed: During 2020, the Partnership and affiliates of its General Partner closed the divestitures of our Hugoton and HHC net profits interests.
−Removed: As of December 31, 2019, the Hugoton and HHC net profits interests owned leasehold properties that represented 187,000 gross and 81,000 net acres, with the majority of the acreage located in Oklahoma.
The leasehold acreage in Arkansas listed above includes all of the acreage in the Fayetteville Shale properties in which the Operating Partnership participates as a working interest owner.
6 unchanged sentences
Large, multi-well units paid on an aggregate basis are included as one gross well.
−Removed: During 2020, the Partnership and affiliates of its General Partner closed the divestitures of our Hugoton and HHC net profits interests.
−Removed: As of December 31, 2019, the Hugoton and HHC net profits interests owned properties with 339 gross and 130 net producing wells, with the majority of the producing wells located in Oklahoma.
Drilling Activity
2 unchanged sentences
Wells with such overlapping interests are counted in both categories.
−Removed: Royalty Properties
−Removed: Net Profits Interest
+Added: Properties(1)
Number of States
Number of Counties/Parishes
+Added: 333 gross and 2 net royalty well additions in four counties in North Dakota are attributable to the JSFM acquisition that closed on June 30, 2021.
We have and will continue to consider a range of transaction structures for our unleased mineral interests including leasing to third parties, working interest participation through the Operating Partnership, electing non-consent under State laws, or a combination thereof.
13 unchanged sentences
The COO reports directly to the Chief Executive Officer (“CEO”).
−Removed: Our CEO ensures compliance with SEC guidance.
−Removed: Our CEO received his Bachelor of Science degree in Petroleum Engineering from Texas A&M University in 1984 and has been a Registered Professional Engineer in Texas since 1988.
Summary of Oil and Gas Reserves as of Fiscal Year-End
4 unchanged sentences
During 2020, the Partnership and affiliates of its General Partner closed the divestitures of our Hugoton and HHC net profits interests.
−Removed: The Hugoton and HHC net profits interests properties represented 408 mbbls and 9,377 mmcf of fiscal year-end 2019 reserves and 436 mbbls and 13,636 mmcf of fiscal year-end 2018 reserves.
+Added: The Hugoton and HHC net profits interests properties represented 408 mbbls and 9,377 mmcf of fiscal year-end 2019 reserves.
Oil reserves include volumes attributable to natural gas liquids.
5 unchanged sentences
for average sales prices.
−Removed: A significant field is defined as more than 15% of total proved developed reserves.
−Removed: The Hugoton Field reflected in the prior years’
−Removed: Net Profits Interests above is the only significant field for at least one of the three years listed.
−Removed: Hugoton Field net sales volumes are listed below:
−Removed: Net Sales Volumes by
−Removed: Significant Field
−Removed: Oil net sales volumes include volumes attributable to natural gas liquids.
−Removed: On September 30, 2020, the Partnership and affiliates of its General Partner closed the divestiture of our Hugoton net profits interest.
−Removed: The divestiture was effective September 1, 2020.
−Removed: Net sales volumes for 2020 represent partial year receipts.
Title to Properties
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.