Dorchester Minerals, L.P. Announces Its Third Quarter Distribution
October 22 2020 - 1:39PM
Dorchester Minerals, L.P. (NASDAQ:DMLP) announced today the
Partnership’s third quarter 2020 cash distribution. The
distribution of $0.325612 per common unit represents activity for
the three-month period ended September 30, 2020 and is payable on
November 12, 2020 to common unitholders of record as of November 2,
2020.
Cash receipts attributable to the Partnership’s
Royalty Properties during the third quarter totaled approximately
$8.2 million. Approximately 77% of these receipts reflect oil sales
during June 2020 through August 2020 and gas sales during May 2020
through July 2020, and approximately 23% from prior sales periods.
There were no cash receipts attributable to the Partnership’s Net
Profits Interests during the third quarter.
On September 30, 2020 the Partnership and
affiliates of its General Partner closed the divestiture of our
Hugoton net profits interests located in Texas County, Oklahoma and
Stevens County, Kansas. This divestiture to a third party included
operated working interests and related properties, our field office
and our gathering system and related assets. The
Partnership’s share of proceeds from the transaction was
approximately $5.0 million, net of transaction costs and holdbacks,
and is included in the distribution for the three-month period
ending September 30, 2020. This divestiture represents
approximately 10% of the SEC standardized measure of the
Partnership’s 2019 year-end reserve volumes and 1% of the
Partnership’s total 2019 year-end PV10 reserve value. The most
recent twelve-month trailing net profits interests payments from
the Hugoton NPI totaled $4.0 thousand.
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
located in 27 states. Its common units trade on the Nasdaq Global
Select Market under the symbol DMLP.
This release serves as qualified notice to
nominees as provided for under Treasury Regulation Section
1.1446-4(b)(4) and (d). Although a portion of Dorchester
Minerals, L.P.’s income may not be effectively connected income and
may be subject to alternative withholding procedures, brokers and
nominees should treat 100% of Dorchester Minerals, L.P.’s
distributions to non-U.S. investors as being attributable to income
that is effectively connected with a United States trade or
business. Accordingly, Dorchester Minerals, L.P.’s
distributions to non-U.S. investors are subject to federal income
tax withholding at the highest marginal rate for individuals or
corporations, as applicable. Nominees, and not Dorchester
Minerals, L.P., are treated as withholding agents responsible for
withholding on distributions received by them on behalf of non-U.S.
investors.
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.
Contact:
Martye Miller
(214) 559-0300
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