Black Stone Minerals, LP (NYSE: BSM) reported that it has entered into a development partnership with an affiliate of Caturus Energy, LLC covering approximately 220,000 gross acres in the Shelby Trough and Haynesville expansion region. The agreement establishes a multi-year drilling plan aimed at accelerating development across Black Stone’s acreage while supporting rising natural gas demand along the Gulf Coast.
Under the terms of the arrangement, Caturus will have the ability to increase drilling activity over a six-year period. A pilot step-out well and a test well are planned within the first two years of the program. Drilling is expected to begin with roughly two gross wells (0.2 net) in 2026 and increase to approximately 12 gross wells (0.8 net) annually by year six, supported by minimum annual lateral footage obligations based on Black Stone’s net ownership position. Black Stone currently oversees roughly 40,000 undeveloped net acres within the designated area and has identified opportunities for additional mineral acquisitions to expand its position.
Thomas L Carter Jr, Chairman, Chief Executive Officer, and President of Black Stone Minerals, stated that the agreement represents a meaningful step in long-term development strategy. He noted that Black Stone has spent more than a century assembling a large mineral portfolio in East Texas and that the company’s extensive mineral ownership gives it meaningful control over development timelines and operator selection. Carter added that Black Stone now has more than 200,000 net acres covered under development agreements, representing an estimated two decades of future drilling across the Haynesville and Bossier formations.
Caturus Energy Chief Executive Officer David Lawler described the partnership as an important advancement in building an integrated natural gas platform spanning upstream operations and future LNG export capabilities. According to Lawler, combining this Haynesville development plan with the company’s South Texas asset base and its planned liquefaction terminal in Louisiana strengthens the company’s strategy to supply responsibly sourced natural gas to domestic and global markets. He added that Caturus and Black Stone have a long history of collaboration and will work together to safely meet increasing market demand.
Black Stone Minerals is one of the largest holders of oil and natural gas mineral and royalty interests in the United States, with assets in 41 states. The company’s diversified, long-lived mineral position supports steady production and enables cash flow distributions to unitholders.
Caturus Energy is developing a fully integrated natural gas and LNG business focused on providing lower-emission energy to US and international customers. The platform includes upstream operations producing approximately 650 MMcfe/d net across 215,000 acres in Texas, along with Commonwealth LNG, a 9.5 Mtpa export terminal project located near Cameron, Louisiana.
