UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): March 6,
2008
DORCHESTER MINERALS,
L.P.
(Exact
name of Registrant as specified in its charter)
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Delaware
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000-50175
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81-0551518
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(State
or other jurisdiction of
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Commission
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(I.R.S.
Employer
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|||
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incorporation
or organization
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File
Number
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Identification
No.)
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3838 Oak Lawn, Suite 300, Dallas, Texas 75219
(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (214)
559-0300
N/A
(Former
name, former address and former fiscal year, if changed since last
report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation
of the
registrant under any of the following provisions (See General Instruction A.2.
below):
[ ] Written communications
pursuant to Rule 425 under the Securities Act
(17 CFR
230.425)
[ ] Soliciting material pursuant
to Rule 14a-12 under the Exchange Act
(17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act (17
CFR 240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act (17
CFR 240.13e-4(c))
Item
2.02 Results
of Operations and Financial Condition
The
Registrant is furnishing its press release dated March 6, 2008 which announces
the Registrant's results for the year ended December 31, 2007. The
press release is attached hereto as Exhibit 99.1 to this Form 8-K and
incorporated herein by reference.
Item
7.01
And
9.01 Regulation
FD Disclosure and Financial Statements and Exhibits
(c) Exhibits
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99.1
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Press
Release dated March 6, 2008 announcing the Registrant's results for the
year ended December 31, 2007. The press release is attached
hereto as Exhibit 99.1 and incorporated herein by
reference.
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See Item
2.02. Results of Operations and Financial Condition.
Limitation on Incorporation by
Reference
In
accordance with general instructions B.2 and B.6 of Form 8-K, the information
disclosed in this report under Item 7.01, including Exhibit 99.1, is being
furnished and shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liability of that section, and shall not be deemed incorporated by reference
into any filing under the Securities Act of 1933, as amended.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
DORCHESTER MINERALS,
L.P.
Registrant
by Dorchester
Minerals Management LP
its
General Partner,
by Dorchester
Minerals Management GP LLC
its
General Partner
Date:
March 6, 2008
By: /s/ William Casey
McManemin
William
Casey McManemin
Chief
Executive Officer
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NEWS
RELEASE
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Dorchester
Minerals, L.P.
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Release
Date:
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March
6, 2008
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3838
Oak Lawn Ave., Suite 300
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Dallas,
Texas 75219-4541
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Contact:
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Casey
McManemin
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(214)
559-0300
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DORCHESTER
MINERALS, L.P. ANNOUNCES 2007 RESULTS
DALLAS,
TEXAS -- Dorchester Minerals, L.P. (the “Partnership”) announced
today the Partnership’s net earnings for the year ended December 31, 2007
of $43,048,000, or $1.48 per common unit.
A
comparison of the Partnership’s consolidated results for the twelve month
periods ending December 31, 2007 and 2006, are set forth
below:
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Twelve
Months Ended
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December 31,
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2007
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2006
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Operating
Revenues
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$ | 65,365,000 | $ | 74,927,000 | ||||
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Depreciation,
Depletion, Amortization
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(15,567,000 | ) | (18,470,000 | ) | ||||
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All
Other Expenses, Net
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(6,750,000 | ) | (6,247,000 | ) | ||||
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Net
Earnings
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$ | 43,048,000 | $ | 50,210,000 | ||||
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Net
Earnings Per Common Unit
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$ | 1.48 | $ | 1.72 | ||||
The
Partnership’s operating revenues during the twelve months ending
December 31, 2007 are lower than 2006 primarily as a result of decreased
lease bonus revenue from 2006 that included an unusual amount from the
Fayetteville Shale in Arkansas.
The
Partnership’s independent engineering consultants estimated its total proved oil
and gas reserves to be 82.7 billion cubic feet of natural gas equivalents (Bcfe)
as of December 31, 2007. Approximately 38.8 percent of these
reserves are attributable to the Partnership’s Net Profits Interests and 61.2
percent are attributable to its Royalty Properties. Natural gas
accounted for 74.1 percent of total proved reserves as of December 31,
2007, all of which were classified as proved developed. Upward
revisions to prior reserve estimates, as reported in the Partnership’s 2007
10-K, totaled 4.2 Bcfe, or approximately 41.3 percent of production during
2007.
The
Partnership received cash payments in the amount of $609,000 during 2007,
attributable to lease bonus on 107 leases and pooling elections of interests in
lands located in 27 counties and parishes in six states. These leases
reflected bonus payments ranging up to $500/acre and initial royalty terms
ranging up to 40 percent. In 2007 the Partnership identified 346 new
wells located in 11 states on our Royalty Properties and 24 new wells located in
five states on our Net Profits Interests Properties.
The
Partnership distributed a total of $56.8 million to its unitholders from May
2007 through February 2008 attributable to 2007 activity.
Dorchester
Minerals, L.P. is a Dallas based owner of producing and non-producing crude oil
and natural gas mineral, royalty, overriding royalty, net profits, and leasehold
interests and its common units trade on the NASDAQ Global Select Market under
the symbol DMLP.
FORWARD-LOOKING
STATEMENTS
Portions
of this document may constitute "forward-looking statements" as defined by
federal law. Such statements are subject to certain risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated or projected. Examples of such
uncertainties and risk factors include, but are not limited to, changes in the
price or demand for oil and natural gas, changes in the operations on or
development of the Partnership’s properties, changes in economic and industry
conditions and changes in regulatory requirements (including changes in
environmental requirements) and the Partnership’s financial position, business
strategy and other plans and objectives for future operations. These and other
factors are set forth in the Partnership's filings with the Securities and
Exchange Commission.