UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):July 17, 2003
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DORCHESTER MINERALS, L.P.
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(Exact name of Registrant as specified in its charter)
Delaware 000-50175 81-0551518
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(State or other jurisdiction of Commission (I.R.S. Employer
incorporation or organization) File Number Identification No.)
3738 Oak Lawn, Suite 300 75219
Dallas, Texas -----
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(Address of principal executive offices)
Registrant's telephone number, including area code: (214) 559-0300
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N/A
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(Former name, former address and former fiscal year,
if changed since last report)
Item 7. Financial Statements and Exhibits.
(c) Exhibits
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99.1 Press Release dated July 17, 2003 Announcing Cash Distribution
to Partners
Item 9. Regulation FD Disclosure.
See Item 12. Results of Operations and Financial Condition.
Item 12. Results of Operations and Financial Condition.
The Registrant is furnishing its press release dated July 17, 2003,
which announces the Registrant's quarterly distribution to partners. The press
release 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 in this report, including exhibits, is furnished pursuant to Items 9
and 12 and shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, or otherwise subject to the liability of that
section.
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 Mineral Management LP
its General Partner,
by Dorchester Mineral Management GP LLC
its General Partner
Date: July 17, 2003 By: /s/ William Casey McManemin
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William Casey McManemin
Chief Executive Officer
Exhibit 99.1
NEWS RELEASE Dorchester Minerals, L.P.
Release Date: July 17, 2003 3738 Oak Lawn Ave., Suite 300
Dallas, Texas 75219-4379
Contact: Casey McManemin (214) 559-0300
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DORCHESTER MINERALS, L.P. ANNOUNCES ITS SECOND QUARTER DISTRIBUTION
DALLAS, TEXAS -- Dorchester Minerals, L.P. announced today the
Partnership's second quarter cash distribution. The distribution of $.458087 per
common unit represents activity for the three month period ending June 30, 2003
and is payable on August 7, 2003 to common unit holders of record as of July 28,
2003.
Cash distributions reflect cash receipts attributable to the
Partnership's Net Profits Interests and its Royalty Properties less cash
disbursements attributable to Management Expenses and Direct Expenses. The Net
Profits Interests (formerly referred to as the Operating ORRI's) consist of net
profits overriding royalty interests in properties primarily located in the
Guymon-Hugoton Field formerly owned by Dorchester Hugoton, Ltd. and certain
properties formerly owned by Republic Royalty Company and Spinnaker Royalty
Company. The Royalty Properties consist of mineral, royalty, overriding royalty,
net profits and leasehold interests located in 564 counties and parishes in 25
states formerly owned by Republic and Spinnaker. Management Expenses consist of
general and administrative expenses incurred by the Partnership's General
Partner and reimbursed monthly by the Partnership. Direct Expenses consist of
third party costs incurred directly by the Partnership, including legal and
professional fees, costs incurred in connection with its formation and property
taxes.
Cash distributions generally reflect three months of oil and gas
production from the Royalty Properties and the properties underlying the Net
Profits Interests. Due to the timing of the consummation of the combination
transaction between Dorchester Hugoton, Republic and Spinnaker, the
Partnership's initial quarterly distribution generally reflected two months of
production from the Royalty Properties and one month of production from the
properties underlying the Net Profits Interests. Future quarterly distributions
are anticipated to generally reflect three months of production from the Royalty
Properties and the properties underlying the Net Profits Interests.
Cash receipts attributable to the Net Profits Interests during the
second quarter totaled $6,296,000. These receipts generally reflect gas sales
from the properties underlying the Net Profits Interests during February, March
and April, 2003. The average gas price received for such sales was approximately
$6.27/mcf. Approximately $437,000 of gross capital expenditures attributable to
drilling and completion activity and the installation of field compression
facilities were incurred during the quarter by the owner of the working
interests in the properties underlying the Net Profits Interests. Cash receipts
attributable to the Royalty Properties during the second quarter totaled
$7,352,000. These receipts generally reflect oil sales during March, April and
May and gas sales during February, March and April. The weighted average oil and
gas prices received for such sales were approximately $28.23/bbl and $6.14/mcf,
respectively.
The Partnership received approximately $116,000 from lease bonus and other
sources during the second quarter, and received division orders attributable to,
or otherwise identified, 55 new wells completed on Royalty Properties located in
31 counties and parishes in seven states.
Dorchester Minerals, L.P. is a Dallas based owner of producing and
non-producing oil and natural gas mineral, royalty, overriding royalty, net
profits, and leasehold interests. Its common units trade on the Nasdaq Stock
Market under the symbol DMLP.
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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.