1 unchanged sentence
We own two categories of properties:
−Removed: Royalty Properties and Net Profits Interests (“NPI”).
+Added: Royalty Properties and net profits overriding royalty interests (referred to as the Net Profits Interest, or “NPI”).
Royalty Properties
20 unchanged sentences
The following table sets forth, as of December 31, 2024, the combined summary of total gross and net acres, where applicable, of mineral, royalty, overriding royalty and leasehold interests in each of the states in which these interests are located.
+Added: Overriding royalty interests are only included in gross acre totals.
West Virginia
Leasing Activity
−Removed: We received $12.7 million during 2023 attributable to lease bonus on 14 leases or extension of existing leases in lands located in 11 counties in three states.
+Added: We received $0.3 million during 2024 attributable to lease bonus on 19 leases or extension of existing leases in lands located in nine counties in four states.
These leases reflected bonus payments ranging up to $5,000/acre and initial royalty terms ranging up to 25%.
1 unchanged sentence
Number of States
−Removed: Number of Counties/Parishes
+Added: Number of Counties
Average Royalty(1)
4 unchanged sentences
Net Profits Interests
−Removed: We own a net profits overriding royalty interest (referred to as the Net Profits Interest, or “NPI”) in various properties owned by Dorchester Minerals Operating LP, a Delaware limited partnership owned directly and indirectly by our General Partner.
−Removed: We refer to Dorchester Minerals Operating LP as the “Operating Partnership.” We receive monthly payments from the NPI equaling 96.97% of the net profits actually realized by the Operating Partnership from these properties in the preceding month.
−Removed: In the event costs, including budgeted capital expenditures, exceed revenues on a cash basis in a given month for properties subject to a Net Profits Interest, no payment is made, and any deficit is accumulated and reflected in the following month's calculation of net profit.
−Removed: In the event an NPI has a deficit of cumulative revenue versus cumulative costs, the deficit will be borne solely by the Operating Partnership.
+Added: The NPI represents a net profits overriding royalty interest burdening various properties owned by the Operating Partnership.
+Added: We receive monthly payments from the NPI equaling 96.97% of the net profits realized by the Operating Partnership from these properties in the preceding month.
+Added: In the event costs, including budgeted capital expenditures, exceed revenues on a cash basis in a given month for properties subject to the NPI, no payment is made, and any deficit is accumulated and reflected in the following month's calculation of net profit.
+Added: In the event the NPI has a deficit of cumulative revenue versus cumulative costs, the deficit will be borne solely by the Operating Partnership.
From a cash perspective, as of December 31, 2024, the Minerals NPI was in a surplus position and had outstanding capital commitments, primarily in the Bakken region, equaling cash on hand of $3.5 million.
18 unchanged sentences
Large, multi-well units paid on an aggregate basis are included as one gross well.
−Removed: Drilling Activity
+Added: New Well Activity
The following table sets forth first payments received for new wells on our Royalty Properties and NPI properties during 2024.
−Removed: The majority of the activity was concentrated in the Bakken region, Permian Basin, and South Texas.
+Added: The majority of the activity was concentrated in the Permian Basin, Bakken region, South Texas, and the Rockies.
Included in the table below are wells in which we own both a royalty interest and a net profits interest.
3 unchanged sentences
Number of Counties/Parishes
−Removed: 249 gross and < 1 net royalty well additions in 14 counties and five states were attributable to acquisitions closed during 2022.
−Removed: 363 gross and two net well additions in 11 counties and parishes in two states were attributable to acquisitions closed during 2023.
+Added: 130 gross and less than one net well additions were attributable to acquisitions closed during 2023.
+Added: These well additions were in nine counties and parishes and three states.
+Added: 1,110 gross and eight net well additions were attributable to acquisitions closed during 2024.
+Added: These well additions were in 15 counties in three states.
We anticipate receiving more first payments for new wells attributable to acquisitions closed during 2024 in the first half of 2025.
3 unchanged sentences
The reserves are based on the reports of independent petroleum engineering consulting firm LaRoche Petroleum Consultants, Ltd.
−Removed: LaRoche Petroleum Consultants, Ltd.
−Removed: is registered with the Engineering Board of the State of Texas.
−Removed: The LaRoche firm has been engaged in the business of oil and natural gas property evaluation since its formation in 1979.
+Added: (“LPC”), who is registered with the Engineering Board of the State of Texas and has been engaged in the business of oil and natural gas property evaluation since its formation in 1979.
Other than our filings with the SEC, we have not filed the estimated proved reserves with, or included them in any reports to, any federal agency.
−Removed: Copies of the reports prepared by LaRoche Petroleum Consultants, Ltd.
−Removed: are attached hereto as Exhibits 99.1 and 99.2.
+Added: Copies of the reports prepared by LPC are attached hereto as Exhibits 99.1 and 99.2.
The Partnership does not have information that would be available to a company with oil and natural gas operations because detailed information is not generally available to owners of royalty interests.
2 unchanged sentences
Our CEO has a bachelor’s degree in Petroleum Engineering from the University of Alberta and has worked in the upstream oil and natural gas business in various capacities since 1996.
−Removed: Summary of Oil and Gas Reserves as of Fiscal Year-End
+Added: Summary of Oil and Natural Gas Reserves as of Fiscal Year-End
All Proved Developed Producing and located in the United States
1 unchanged sentence
Net Profits Interests(1)
−Removed: Reserves reflect 96.97% of the corresponding amounts assigned to the Operating Partnership’s interests in the properties underlying the Net Profits Interests.
+Added: Reserves reflect 96.97% of the corresponding amounts assigned to the Operating Partnership’s interests in the NPI properties.
Oil reserves include volumes attributable to natural gas liquids.
8 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.