Black Stone Minerals, L.P. (BSM) has entered into a 220,000‑gross‑acre development agreement with an affiliate of Caturus Energy, LLC, covering the Shelby Trough and Haynesville Expansion areas in East Texas. The deal will see Caturus conduct a step‑out pilot and test well in the first two years, followed by a ramp‑up to 12 gross wells per year by the end of the six‑year term.
Under the terms, BSM will retain a net interest in the acreage and receive a royalty stream that grows as drilling activity increases. BSM currently manages about 40,000 net acres within the contract area and plans to add more net acreage through future acquisitions. The agreement aligns with BSM’s asset‑light, royalty‑based model and positions the company to capitalize on rising natural‑gas demand in the Gulf Coast region.
BSM’s Q3 2025 earnings showed net income of $91.7 million and adjusted EBITDA of $86.3 million, slightly below the $92.7 million and $86.4 million reported in Q3 2024. Revenue for the quarter was $100.2 million, a modest decline from $101.0 million in the prior year, reflecting a small drop in gas sales volume. The new partnership is expected to offset this headwind by accelerating production and increasing royalty income over the next several years.
Thomas L. Carter, Jr., BSM’s Chairman, CEO and President, said the deal “leverages Caturus’s technical expertise and capital to unlock our mineral portfolio more quickly while preserving our royalty‑based business model.” David Lawler, CEO of Caturus, added that the partnership “expands our integrated natural‑gas platform and strengthens our position in the East Texas play.”
The agreement is a strategic move for BSM, adding a high‑potential drilling inventory that could generate significant royalty cash flow and enhance long‑term value for investors. For Caturus, the deal provides access to a large, well‑proven acreage base that supports its goal of building a leading integrated natural‑gas platform in the Gulf Coast region.
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