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Black Stone Minerals, L.P. Announces $340 Million Acquisition of Mineral and Royalty Interests and Private Placement of Cumulative Convertible Preferred Units

Completes New Farmout Arrangement That Further Supports Development Activity in East Texas; Schedules Conference Call for 10:30 Central Time Today HOUSTON–(BUSINESS WIRE)–Nov. 27, 2017– Black Stone Minerals, L.P. (NYSE:BSM) (“Black Stone Minerals,” “Black Stone,” or “the Partnership”) announces it has entered into a definitive agreement to acquire a diverse set of mineral and royalty assets for $340 million, to be funded primarily by the private placement of newly issued Series B Cumulative Convertible Preferred Units to an

APOLLO NATURAL RESOURCES PARTNERS II AND DOUBLE EAGLE DEVELOPMENT ANNOUNCE FORMATION OF DOUBLE EAGLE ENERGY HOLDINGS III

NEW YORK, NY & FORT WORTH, TX – August 21, 2017 – Affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) and Double Eagle Development, L.L.C. (“Double Eagle”) announced today that they have expanded their strategic relationship to create Double Eagle Energy Holdings III LLC (“Double Eagle III”). Headquartered in Fort Worth, Texas, Double Eagle III will primarily focus on investing in oil and gas

PrairieSky Announces Royalty Transactions

PrairieSky Royalty Ltd. (“PrairieSky” or the “Company“) (TSX:PSK) is pleased to announce that it has completed 4 separate acquisition transactions for aggregate consideration of $117.3 million, representing approximately 460 BOE per day (83% liquids) of high quality royalty production and over 100,000 acres of mineral title and royalty lands. In the two largest transactions PrairieSky acquired a combined 3.95% royalty interest at Onion Lake, Saskatchewan representing exposure to a best

TOTAL EXERCISES ITS PREEMPTION RIGHTS ON BARNETT SHALE ASSETS

Total E&P USA today announced that it is exercising its preemption right to acquire Chesapeake’s 75% interests in the jointly held Barnett Shale operating area located in North Texas. Total E&P USA has owned the remaining 25% in the Barnett Assets since December 2009. With the preemption, Total E&P USA will be the 100% owner and operator of the assets. Properties in the proposed transaction include approximately 215,000 net developed

Callon Petroleum Company Announces Howard County Acquisition and Operational Update

Callon Petroleum Company (NYSE: CPE) (“Callon” or the “Company”) today announced it has entered into a definitive agreement to acquire certain undeveloped acreage and producing oil and gas properties for total consideration of $327 million in cash. The Company intends to fund substantially all of the cash purchase price with the net proceeds of an equity offering announced concurrently with this announcement of the pending acquisition and any remaining amount

EOG Resources and Yates Agree to Combine in Transaction Valued at $2.5 Billion

EOG Resources, Inc. (NYSE: EOG) (EOG) and Yates Petroleum Corporation today announced definitive agreements under which EOG has agreed to combine with Yates Petroleum Corporation, Abo Petroleum Corporation, MYCO Industries, Inc. and certain other entities (collectively, Yates). Under the terms of this private, negotiated transaction, EOG will issue 26.06 million shares of common stock valued at$2.3 billion and pay $37 million in cash, subject to certain closing adjustments and lock-up provisions.

Rex Energy Announces Sale of Illinois Basin Asset

STATE COLLEGE, Pa., June 14, 2016 (GLOBE NEWSWIRE) — Rex Energy Corporation (Nasdaq:REXX) (“Rex Energy”) today announced that it entered into a purchase and sale agreement with Campbell Development Group, LLC (“Campbell”) pursuant to which Campbell will acquire the company’s Illinois Basin assets. Rex Energy is selling its entire interest in the basin and expects to receive proceeds at closing of approximately $40 million (prior to customary closing and post-closing

INTRODUCTION TO JOINT OPERATING AGREEMENTS

The joint operating agreement (“JOA”) is the most commonly used instrument in the oil and gas industry, surpassed only by the oil and gas lease. [1]   A JOA provides the contractual basis for the cooperative exploration, development, and production of oil and gas properties among multiple leasehold cotenants. [2]  By and large, the most commonly used JOA form is the “Form 610,” curated and published by the American Association of

FARMOUT AGREEMENTS: KEY DECISIONS AND NEGOTIATION POINTS

As I stated in my Part One of my Farmout Agreement Series, farmout agreements can be somewhat less “straight-forward” than other common oil and gas agreements.  Contracts, Leases, JOA’s, for example, are each highly standardized and have one or more publishers of highly-adopted forms.  Farmout Agreements, on the other hand, range from mere one-page letter agreements to highly formalized and lengthy contracts, prepared and negotiated over several rounds of back