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): August 4, 2004
--------------
DORCHESTER MINERALS, L.P.
-------------------------
(Exact name of Registrant as specified in its charter)
Delaware 000-50175 81-0551518
----------------- --------- ----------
(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 -----
------------------------ (Zip Code)
(Address of principal executive offices)
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)
Item 7. Financial Statements and Exhibits.
(c) Exhibits
--------
99.1 Press Release dated August 4, 2004 Announcing Second
Quarter Results
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 August 3, 2004
which announces the Registrant's second quarter results. 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 Minerals Management LP
its General Partner,
by Dorchester Minerals Management GP LLC
its General Partner
Date: August 4, 2004 By: /s/ William Casey McManemin
-----------------------------
William Casey McManemin
Chief Executive Officer
Exhibit 99.1
NEWS RELEASE Dorchester Minerals, L.P.
Release Date: August 4, 2004 3738 Oak Lawn Ave., Suite 300
Dallas, Texas 75219-4379
Contact: Casey McManemin (214) 559-0300
- --------------------------------------------------------------------------------
DORCHESTER MINERALS, L.P. ANNOUNCES SECOND QUARTER RESULTS
DALLAS, TEXAS -- Dorchester Minerals, L.P. (the "Partnership") announced
today the Partnership's net earnings for the second quarter ended June 30, 2004
of $7,308,000, or $0.26 per common unit.
A comparison of the Partnership's results for the three and six month
periods ending June 30, 2004 and 2003, are set forth below:
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ---------------------------
-------------- ------------- ------------- -------------
2004 2003 2004 2003
------------- ------------- ------------- -------------
Net Operating Revenues $ 13,380,000 $ 11,300,000 $ 26,821,000 $ 25,256,000
Depreciation, Depletion,
Amortization (5,022,000) (6,672,000) (10,323,000) (11,643,000)
Non-Cash Impairment - (22,214,000) - (22,214,000)
All Other Expenses, Net (1,050,000) (1,342,000) (2,539,000) (6,384,000)
------------- ------------- ------------- -------------
Net Earnings (Loss) $ 7,308,000 $(18,928,000) $ 13,959,000 $(14,985,000)
============= ============= ============= =============
Net Earnings (Loss)
Per Common Unit $ 0.26 $ (0.68) $ 0.50 $ (0.60)
The Partnership's net operating revenues during the three months ending
June 30, 2004 are higher than the same 2003 period primarily as a result of
increased crude oil and natural gas sales prices. Depreciation, depletion and
amortization decreased in 2004 compared to 2003 mainly as a result of a 2003
non-cash impairment which reduced the 2004 depletion basis. Net other expenses
decreased during the second quarter 2004 compared to 2003 due primarily to the
receipt of litigation settlements in 2004 and payment of organizational costs in
2003. Net earnings comparison of 2004 to 2003 periods are impacted by the 2003
non-cash impairment charge in accordance with full-cost accounting rules and by
January 2003 charges by a predecessor entity prior to the January 31, 2003
creation of the Partnership. The Partnership's cash distributions are not
comparable to its net earnings due to timing and other differences including
depletion.
Dorchester Minerals, L.P. is a Dallas area 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
Stock 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.
-30-