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): May 13, 2008
DORCHESTER MINERALS, L.P.
(Exact name of Registrant as specified in its charter)
| Delaware | 000-50175 | 81-0551518 | ||
| (State or other jurisdiction of incorporation or organization) |
Commission File Number |
(I.R.S. Employer Identification No.) |
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 7.01 Regulation FD Disclosure
On May 13, 2008, the Registrant will hold its 2008 Annual Meeting of Limited Partners. As the Chairman of the meeting, William Casey McManemin, the Chief Executive Officer of Dorchester Minerals, L.P., will discuss historical financial and operational information of Dorchester Minerals, L.P. The slide presentation Mr. McManemin will use in conjunction with his presentation is attached as Exhibit No. 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Slide Presentation is attached hereto as Exhibit 99.1 and incorporated herein by reference.
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: May 13, 2008 | By: | /s/ William Casey McManemin | ||
| William Casey McManemin | ||||
| Chief Executive Officer | ||||
2
 Dorchester Minerals, LP NASDAQ: DMLP Dorchester Minerals, LP 2008 Annual Presentation May 13, 2008 Exhibit 99.1 |
 Dorchester Minerals, LP NASDAQ: 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 consolidated 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. |
 Dorchester Minerals, LP NASDAQ: DMLP • Overview of 2007 Results • Activity Highlights – Royalty Properties – Net Profits Interests – Fayetteville Shale • Developing Play Highlights – Horizontal Bakken – Appalachia • Appendix and Additional Materials Presentation Outline |
 Dorchester Minerals, LP NASDAQ: DMLP Overview of 2007 Results |
 Dorchester Minerals, LP NASDAQ: DMLP 2007 Distributions Royalty Revenue $39.3 MM Total Revenue $62.4 MM Other Revenue $1.7 MM NPI Revenue $21.4 MM LP Distribution $55.7 MM GP Distribution $1.7 MM Total Expenses $5.0 MM • Cash Distributions Paid in Calendar 2007 – Reflects Q4 2006 to Q3 2007 activity |
 Dorchester Minerals, LP NASDAQ: DMLP $0 $20 $40 $60 $80 $100 2003 2004 2005 2006 2007 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 Royalties NPI Lease Bonus Gas Price ($/Mcf) 2007 Financial Results $49.2 $56.8 $79.8 $74.9 $65.4 Operating Revenue ($MM) Gas Price ($/Mcf) Distributions ($/unit) • Revenue – Price – Distributions – Fayetteville Shale lease bonus in 2006 – Q4 2007 royalty receipts: $5.99/Mcf and $79.72/bbl – Q1 2008 royalty receipts: $6.99/Mcf and $87.76/bbl 2003 2004 2005 2006 2007 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 Distributions Gas Price ($/Mcf) |
 Dorchester Minerals, LP NASDAQ: DMLP 2007 Production Results Daily Production (MMcfepd) 0 5 10 15 20 25 30 35 2003 2004 2005 2006 2007 2008 Forecasted Production Actual Production 3.0% Annualized Decline 11.4% Decline Since Inception 8.6% 3-year Decline Rate 6.7% 1-year Decline Rate • Actual vs. Forecast (Excludes Minerals NPI) – Weather related production problems in Q1 2007 – Cumulative production has exceeded projections by 4% – High quality properties Low decline rate |
 Dorchester Minerals, LP NASDAQ: DMLP 50 60 70 80 90 100 Actual 12/31/2006 Projected 12/31/2007 Actual 12/31/2007 2007 Reserves Overview 2007 Production (10.2 Bcfe) Reserve Revisions (4.3 Bcfe) Total Reserves (Bcfe) 82.7 88.6 78.4 • Total Proved Reserves of 82.7 Bcfe on 12/31/07 – 2.93 Mcfe per unit outstanding – 100% of reserves are proved developed – <1% from Fayetteville Shale |
 Dorchester Minerals, LP NASDAQ: DMLP 0 20 40 60 80 100 Actual 01/31/2003 Projected 12/31/2007 Actual 12/31/2007 Total Reserves (Bcfe) 2007 Reserves Overview 2003-2007 Production (55.0 Bcfe) Reserve Revisions (36.2 Bcfe) 82.7 97.0 42.0 • Historical Reserve Revisions Since Inception – Demonstrated history of positive revisions – Driven by new plays, field extensions, infill drilling, new technology, etc.
– Revisions/Purchases account for 49% of current reserves Reserve Purchases (4.5 Bcfe) |
 Dorchester Minerals, LP NASDAQ: DMLP Activity Highlights Royalty Properties |
 Dorchester Minerals, LP NASDAQ: DMLP Royalty Property Highlights • Acreage Distribution – 344,862 net acres (3,121,523 gross acres) – Wide geographic spread – 573 counties in 25 states – Includes most major producing basins – Approximately 70% of acreage is undeveloped |
 Dorchester Minerals, LP NASDAQ: DMLP Royalty Property Highlights • Leasing and Development Activity – Consummated 107 leases/elections on 2,758 net acres – Lease bonus payments up to $500/acre – Initial royalty terms up to 40% – 94 active lease offers – Identified 346 new wells on royalty properties – Fayetteville Shale activity continuing to ramp up – Infill drilling on legacy royalty assets |
 Dorchester Minerals, LP NASDAQ: DMLP – Legacy royalty asset with 6.25% NRI – Long-life production, no PUD reserves assigned to property – Recent step-out completion tested over 9.8 MMcfpd – Five new wells since year-end 2007 Royalty Property Highlights Gas Rate (Mcfepd) Well Count • East Jeffress Field (Coates “A”) – Hidalgo Co. Texas 1,000 10,000 100,000 2003 2004 2005 2006 2007 2008 0 25 50 75 100 |
 Dorchester Minerals, LP NASDAQ: DMLP Activity Highlights Net Profits Interests |
 Dorchester Minerals, LP NASDAQ: DMLP Net Profits Interest Highlights • NPI Provides LP Exposure to Working Interest Potential Without Generating UBTI – Participated in 34 wells in Arkansas, Montana, North Dakota, Oklahoma, and Texas • 24 wells completed in 2007 • 4 wells abandoned in 2007 • 6 wells in various stages of drilling or completion at year-end 2007 – Optional working interest participation in numerous leases – Leverage information franchise – Capitalize on strong negotiating position |
 Dorchester Minerals, LP NASDAQ: DMLP 2% 29% 69% Minerals NPI Hugoton NPI Other NPI Net Profits Interest Highlights $0.0 $1.0 $2.0 $3.0 $4.0 2003 2004 2005 2006 2007 Historical NPI CAPEX ($MM) 2007 NPI CAPEX • Capital Expenditures Through year-end 2007 – $10.0 MM in total NPI investments – 88% of CAPEX used to drill new wells – Continue to reinvest cash flow from Minerals NPI |
 Dorchester Minerals, LP NASDAQ: DMLP 100 1,000 10,000 2003 2004 2005 2006 2007 2008 0 50 100 150 200 250 300 Gas Rate (Mcfepd) Well Count Net Profits Interest Highlights • Minerals NPI Production Analysis – 125 wells/units producing at year-end 2007 – 108 wells are currently in pay status – 1.2 Bcfe in production receipts through Q1 2008 |
 Dorchester Minerals, LP NASDAQ: DMLP Net Profits Interest Highlights ($1.2) ($1.0) ($0.8) ($0.6) ($0.4) ($0.2) $0.0 $0.2 $0.4 2003 2004 2005 2006 2007 2008 Net Operating Income Investment Surplus (Deficit) ($ Millions) • Minerals NPI Cash Flow Analysis Through Q1 2008 – Cumulative Revenue $9.3 MM – Cumulative Operating Income $7.7 MM – Cumulative Investment $8.2 MM – Cumulative Surplus (Deficit) ($0.5 MM) |
 Dorchester Minerals, LP NASDAQ: DMLP Net Profits Interest Highlights • Hugoton Area – Operated Properties – 2007 production within 3% of projection (8.2% decline) – Drilled two new wells in 2007, additional well currently waiting on pipeline – Initiated Herrington re-completion study Gas Rate (Mcfepd) Well Count 1,000 10,000 100,000 2003 2004 2005 2006 2007 2008 0 50 100 150 200 250 300 |
 Dorchester Minerals, LP NASDAQ: DMLP Activity Highlights Fayetteville Shale |
 Dorchester Minerals, LP NASDAQ: DMLP Fayetteville Shale Highlights • Eastern Arkoma Basin – Northern Arkansas – Ownership summary • 23,336 gross/11,464 net acres in trend • 196 sections in 8 counties – 2006 lease transaction • 9,800 net acres in 179 sections in 8 counties • Bonus of $625 per acre with 25% royalty • Optional working interest participation
on well-by-well basis, royalty interest retained – Current activity focused in six county core area 2.6% 3.5% 111 Optional WI (NPI) 4.7% 0.0% Avg. WI 4.7% 4 Unleased MI (NPI) 2.1% 179 Royalty (DMLP) Avg. NRI Sections Interest Type |
 Dorchester Minerals, LP NASDAQ: DMLP Fayetteville Shale Highlights • Eastern Arkoma Basin – Northern Arkansas – Current activity on Dorchester acreage • 43 wells completed as producers • 18 wells in various stages of drilling or completion • 25 wells permitted and/or proposed by operator • $4.0 million in net expenditures and commitments – Operators • Southwestern Energy, Chesapeake, Petrohawk – Single well economics • $7.00/Mcf, 25% royalty burden, pre-tax • Average D&C costs $3.1 million • Ultimate reserves 1.6 Bcf • Internal rate of return 44% • Return on investment 2.41 (1.71 discounted at 10%) |
 Dorchester Minerals, LP NASDAQ: DMLP Fayetteville Shale Highlights – Current Activity in Conway, Cleburne, Faulkner, Pope, Van Buren, White – Approximately 80 sections in “Productive Fairway” – Permitting or drilling activity in 21% of DMLP’s sections • Six County Core Area |
 Dorchester Minerals, LP NASDAQ: DMLP Fayetteville Shale Highlights 100 1,000 10,000 0 5 10 15 20 0 10 20 30 40 DMLP Average 1.4 Bcf Type Curve 2.0 Bcf Type Curve Well Count Full Months on Production NOTE: DMLP average reflects data from first full month of production • Normalized Production Graph – Average proved developed EUR of 1.6 Bcf (up to 3.1 Bcf) – Initial rates ranging up to 5.4 MMcfd • 2006 average 1.5 MMcfd (5 wells) • 2007 average 1.7 MMcfd (22 wells) • 2008 YTD average 2.6 MMcfd (9 wells) Gas Rate (Mcfepd) Well Count |
 Dorchester Minerals, LP NASDAQ: DMLP 0 200 400 600 800 1,000 1,200 1,400 2006 2007 2008 0 5 10 15 20 25 30 35 – 32 wells flowing to sales as of February 2008 • Working interest 734 Mcfd (Subject to Minerals NPI) • Royalty interest 572 Mcfd – Working Interests up to 6.42%, NRI up to 10.1% (WI + RI) Gas Rate (Mcfepd) Well Count Fayetteville Shale Highlights WI Production Royalty Production • Net Production Graph |
 Dorchester Minerals, LP NASDAQ: DMLP Fayetteville Shale Highlights 0 5 10 15 20 2005 2006 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 New Permits New Wells Spud 1st Payment Received – Development activity increasing steadily – Substantial time lag between spud and first payment 240 days • Permitting, Drilling and Payment History First Payment First Production Well Spud Well Permitted 46 days 95 days 145 days |
 Dorchester Minerals, LP NASDAQ: DMLP Developing Play Highlights |
 Dorchester Minerals, LP NASDAQ: DMLP Developing Play Highlights • Horizontal Bakken (North Dakota) – Six County Core Area – Operators: Continental, EOG, Hess, Marathon – Diversified acreage position • 70,390 gross acres • 7,602 net acres – Participated in 2 wells – Elected non-consent option in 27 wells • 1/8 th royalty • Back-in for 100% WI after payout + 50% penalty – DMOLP owns 188 net acres in Parshall field • First well produced 115 Mboe in first 6 months • Two additional wells permitted • EOG reports EUR of direct offset at 381 Mbo – No reserves booked in 2007 – Properties subject to Minerals NPI |
 Dorchester Minerals, LP NASDAQ: DMLP Developing Play Highlights • Devonian Shale (Appalachia) – New York and Pennsylvania – Potential targets • Upper Devonian oil (shallow) • Marcellus/Devonian shale gas (middle) • Trenton-Black River gas (deep) – Operators: Chesapeake, East Resources, EOG, Fortuna Energy – Concentrated acreage position • 32,588 gross acres • 23,093 net acres • 70% in Allegany and Steuben Counties, NY – Soliciting expressions of interest for global deal – No reserves booked in 2007 |
 Dorchester Minerals, LP 2008 Annual Meeting May 13, 2008 |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix – Upon its formation, Dorchester Minerals, LP (DMLP, the public partnership and owner of the
mineral interests) provided for future development opportunities on its
undeveloped mineral interests by the creation of the Minerals Net Profits
Interest (Minerals NPI). – DMLP has negotiated and may continue to negotiate the right but not the obligation to
participate in development activity in addition to retaining a royalty
interest. – This right may take the form of an optional heads-up (unpromoted) working interest,
carried working interest or reversionary (back-in) working interest. In
some instances, an unleased mineral interest may be treated as a working interest subject to statutory non-consent provisions.
– DMLP assigns this right to Dorchester Minerals Operating LP (the operating partnership or DMOLP) subject to the terms of the Minerals NPI. – DMOLP is an indirect wholly owned affiliate of DMLP’s General Partner. – DMOLP funds all costs associated with this right, including drilling and completion
costs. – DMLP and its partners are not liable for any costs or expenses. – DMOLP pays to DMLP 96.97% of the monthly “Net Proceeds” attributable to the properties subject to the Minerals NPI. – Net Proceeds is defined as total revenues less total expenses plus an amount equivalent to
interest at a prevailing rate on any prior period deficit balance. In other
words, DMOLP pays 100% of all costs, receives 100% of all revenues plus
interest, and thereafter (sometimes called “Payout”) pays 96.97% of net cashflow to DMLP. – LP distributions reflect 96% of royalty net cashflow and 99% of NPI net cashflow 99% x 96.97% = 96%. • What is the Minerals NPI and How Does it Work? |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix • What is the Minerals NPI and How Does it Work? DMLP Lease to third party for royalty and optional participation right Participation right assigned to DMOLP NPI payment (96.97% of cash flow) Distributable Cash DMOLP pays 100% of costs and receives 100% of revenue plus interest equivalent on total NPI basis Royalty
(100% of cash flow) General
Partner 4% of
royalties 1% of NPI’s Limited
Partners 96% of
royalties 99% of NPI’s |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix Net Profits Interest Royalty Interest 1,000 Mcf $6.00/Mcf $6,000 ($0) $6,000 25% Royalty $1,500 1,000 Mcf $7.80/Mcf $7,800 ($0) $7,800 25% Royalty $1,950 1,000 Mcf $6.00/Mcf $6,000 ($1,000) $5,000 25% NPI $1,250 1,000 Mcf $7.80/Mcf $7,800 ($1,000) $6,800 25% NPI $1,700 30% Increase in Royalty Cash Flow 36% Increase in NPI Cash Flow 30% Increase in Gas Price Production Volume Gas Price Revenue Fixed Production Costs Operating Income Net Interest Net Cash Flow Production Volume Gas Price Revenue Fixed Production Costs Operating Income Net Interest Net Cash Flow • Operating Leverage – Royalty Interest vs. NPI |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix • Fayetteville Shale Well List Completed 0.059% 0.000% 0.000% Conway Green Bay Packaging 9-15 #2-19H Completed 0.059% 0.000% 0.000% Conway Green Bay Packaging 9-15 #1-19H 2,358 Completed 0.000% 3.166% 3.491% Van Buren Green Bay Packaging 10-16 #3-22H26 Permitted 0.703% 0.000% 0.000% Van Buren Green Bay 11-14 #1-20H Permitted 2.344% 3.281% 4.375% Van Buren Graddy 10-12 #2-20H Permitted 2.344% 3.281% 4.375% Van Buren Graddy 10-12 #1-20H Spudded 0.478% 0.287% 0.383% Van Buren Douglas Krahn 11-13 #1-5H Completed 0.781% 0.000% 0.000% Conway Don English 8-16 #2-12H 1,010 Producing 0.781% 0.000% 0.000% Conway Don English 8-16 #1-12H Spudded 1.563% 0.938% 1.250% Conway Deltic Timber 9-16 #2-25H Spudded 1.563% 0.938% 1.250% Conway Deltic Timber 9-16 #1-25H Spudded 0.000% 4.498% 5.140% Van Buren Crow 10-15 #4-28H33 Permitted 1.563% 0.938% 1.250% Pope Brown #1-33H Spudded 0.781% 0.000% 0.000% Van Buren Breeding 9-13 #2-25H Spudded 0.781% 0.000% 0.000% Van Buren Breeding 9-13 #1-25H Spudded 1.563% 0.938% 1.250% Conway Beverly Crofford #2-14H Spudded 1.563% 0.938% 1.250% Conway Beverly Crofford #1-14H 428 Producing 0.781% 0.000% 0.000% White Beals 8-7 #1-13H Test Rate (Mcfd) Current Status DMLP RI DMOLP NRI DMOLP WI County Well Name |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix • Fayetteville Shale Well List (continued) Spudded 2.189% 2.847% 3.796% Conway Jerome Carr 9-15 #3-31H 3,242 Producing 2.188% 2.847% 3.796% Conway Jerome Carr #2-31H 1,622 Producing 2.188% 2.847% 3.796% Conway Jerome Carr #1-31H 1,840 Producing 0.098% 0.000% 0.000% Conway Isley 9-14 #2-19H 1,680 Producing 0.098% 0.000% 0.000% Conway Isley 9-14 #1-19H Spudded 2.344% 3.281% 4.375% Van Buren Howard Family Trust 10-12 #1-9H 1,856 Producing 0.000% 6.250% 6.250% Van Buren Hillis #3-27H 2,282 Producing 0.000% 0.781% 0.000% Van Buren Hillis #2-27H 880 Producing 0.000% 6.250% 6.250% Van Buren Hillis #1-27 839 Producing 0.391% 0.000% 0.000% Conway Hemphill 9-14 #1-30H 1,055 Producing 0.781% 0.000% 0.000% White Hays 8-6 #1-18H Permitted 1.577% 0.946% 1.262% Faulkner Hardy 7-13 #2-5H Spudded 1.577% 0.946% 1.262% Faulkner Hardy 7-13 #1-5H Spudded 2.656% 3.750% 5.000% Van Buren Handy 10-12 #2-18H 2,392 Completed 2.656% 3.750% 5.000% Van Buren Handy 10-12 #1-18H 400 Producing 2.246% 2.988% 3.984% Van Buren Gunn #1-19H Permitted 0.000% 0.000% 0.000% Conway Green Bay Packaging 9-15 #4-18H19 Permitted 0.000% 0.000% 0.000% Conway Green Bay Packaging 9-15 #3-18H19 Test Rate (Mcfd) Current Status DMLP RI DMOLP NRI DMOLP WI County Well Name |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix • Fayetteville Shale Well List (continued) 666 Producing 5.840% 3.750% 5.000% Van Buren Love 10-12 #2-17H 938 Producing 5.840% 3.750% 5.000% Van Buren Love 10-12 #1-17H Completed 0.684% 0.000% 0.000% Van Buren Lewis 11-13 #3-30H 1,754 Completed 0.684% 0.000% 0.000% Van Buren Lewis 11-13 #2-30H 2,000 Producing 0.684% 0.000% 0.000% Van Buren Lewis 11-13 #1-30H 1,477 Producing 0.000% 2.377% 2.377% Van Buren Koone-Hillis 10-16 #1-34H27 Permitted 1.563% 0.938% 1.250% Van Buren Kenneth Williams 10-15 #3-25H Permitted 1.563% 0.938% 1.250% Van Buren Kenneth Williams 10-15 #2-25H Permitted 1.563% 0.938% 1.250% Van Buren Kenneth Williams 10-15 #1-25H 1,411 Producing 0.000% 3.125% 3.125% Van Buren Jones 10-16 #3-33H 1,879 Producing 0.000% 3.125% 3.125% Van Buren Jones 10-16 #2-33H 2,156 Producing 0.000% 3.125% 3.125% Van Buren Jones 10-16 #1-33H Permitted 0.977% 0.000% 0.000% Faulkner Jolly 8-12 #2-9H Permitted 0.977% 0.000% 0.000% Faulkner Jolly 8-12 #1-9H Spudded 0.781% 0.000% 0.000% Conway John Wells 9-15 #3-2H Spudded 0.781% 0.000% 0.000% Conway John Wells 9-15 #2-2H Permitted 0.000% 0.000% 0.000% Conway John Wells 9-15 #1-2H11 1,357 Producing 0.781% 0.000% 0.000% Conway John Wells 9-15 #1-2H Test Rate (Mcfd) Current Status DMLP RI DMOLP NRI DMOLP WI County Well Name |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix • Fayetteville Shale Well List (continued) Permitted 0.381% 0.000% 0.000% Conway Roy Brockman 9-15 #2-24H 3,001 Producing 0.381% 0.000% 0.000% Conway Roy Brockman 9-15 #1-24H Permitted 1.953% 2.109% 2.813% Van Buren Rothwell 9-12 #2-15H Permitted 1.953% 2.109% 2.813% Van Buren Rothwell 9-12 #1-15H 2,614 Producing 1.953% 2.109% 2.813% Van Buren Robinson 9-13 #2-24H 2,724 Producing 1.953% 2.109% 2.813% Van Buren Robinson 9-13 #1-24H 1,090 Producing 0.781% 0.000% 0.000% Van Buren Quattlebaum #2-32H 1,717 Producing 0.781% 0.000% 0.000% Van Buren Quattlebaum #1-32H 1,966 Producing 5.930% 4.245% 5.561% Conway Polk 09-15 #2-30H 1,614 Producing 5.930% 4.245% 5.561% Conway Polk 09-15 #1-30H 2,487 Producing 0.781% 0.000% 0.000% Van Buren Nelon 9-13 #2-26H Spudded 0.781% 0.000% 0.000% Van Buren Nelon 9-13 #1-26H Spudded 3.516% 3.750% 5.000% Cleburne Mulliniks 9-12 #3-35H Spudded 3.516% 3.750% 5.000% Cleburne Mulliniks 9-12 #2-35H 3,491 Producing 3.516% 3.750% 5.000% Cleburne Mulliniks 9-12 #1-35H Completed 1.875% 4.375% 5.000% Conway Morrow 8-15 #1-30H 2,009 Producing 6.250% 3.750% 5.000% Conway McCoy 8-16 #3-1H Permitted 6.250% 3.750% 5.000% Conway McCoy 8-16 #2-1H Test Rate (Mcfd) Current Status DMLP RI DMOLP NRI DMOLP WI County Well Name |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix • Fayetteville Shale Well List (continued) 287 Producing 1.563% 0.938% 1.250% Pope Tackett #1-33H Permitted 0.684% 0.000% 0.000% Van Buren Smith 11-13 #1-30H 4,648 Completed 1.504% 0.000% 0.000% Conway Salinas, Reyes 9-15 #2-20H 5,429 Completed 1.504% 0.000% 0.000% Conway Salinas, Reyes 9-15 #1-20H 866 Producing 0.000% 6.423% 6.448% Van Buren Russell #2-33H 1,145 Producing 0.000% 6.250% 6.250% Van Buren Russell #1-33H Test Rate (Mcfd) Current Status DMLP RI DMOLP NRI DMOLP WI County Well Name |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix • North Dakota Horizontal Bakken Well List Spudded 13.931% 1.741% McKenzie Schmitz Federal 44-34H 817 Producing 6.966% 0.871% Mountrail Risan 1-34H Permitted 0.457% 0.057% Dunn Reiss Ranch 24-10H Permitted 2.322% 0.290% Mountrail Pederson 1-33H Permitted 0.091% 0.011% Williams Omar 1-1H 53 Producing 0.098% 0.012% Divide McGinnity 1-15H Spudded 0.823% 0.103% McKenzie Lone Beaver Creek 21-17H 476 Producing 0.411% 0.051% McKenzie Lillibridge 11-23-H 355 Producing 0.040% 0.005% Williams LaVerne Peterson 1-12 47 Producing 0.558% 0.070% Williams Langager 14-X-5 Permitted 1.542% 0.193% McKenzie Kirkland 1-33H Completed 9.288% 1.161% Dunn Hueske 12-1H Permitted 1.028% 0.129% Williams DeAngelis 41X-21 Spudded 0.457% 0.057% Dunn Bergan 14-22H 267 Producing 0.720% 0.090% McKenzie BB-Olson-150-95-0817H-1 Permitted 0.234% 0.029% Burke Barenthsen 11-20H Permitted 1.741% 0.218% Divide Arvid 1-34H Permitted 0.223% 0.028% Williams Almer 11-X-6 Test Rate (Bopd) Current Status APO NRI BPO NRI County Well Name |
 Dorchester Minerals, LP NASDAQ: DMLP Appendix • North Dakota Horizontal Bakken Well List (continued) Spudded 4.644% 0.580% Williams Z I Seamon 8-9 H Permitted 4.644% 0.580% Williams Z I Seamon 8-7 H 117 Producing 0.413% 0.052% Mountrail Torgeson 15B-2-2H Permitted 0.668% 0.084% McKenzie Thompson 44X-20 189 Producing 0.145% 0.018% Williams Susan Kaye 6-7H 463 Producing 0.040% 0.005% Williams Stacey Lynne 1-12H Spudded 0.098% 0.012% Divide Skar 1-21H Spudded 8.505% 1.063% Dunn Scott 24-31H Test Rate (Bopd) Current Status APO NRI BPO NRI County Well Name |