February 21, 2018 11:15 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Black Stone Minerals, L.P.

Company Overview

Black Stone Minerals, L.P. owns oil and natural gas mineral interests in the United States. The company owns mineral interests in approximately 15.5 million acres, nonparticipating royalty interests in 1.5 million acres, and overriding royalty interests in 1.5 million acres located in 41 states and in 64 onshore basins in the continental United States. As of December 31, 2016, the company had a total estimated proved oil and natural gas reserves of 63,425 thousand barrels of oil equivalent. Black Stone Minerals, L.P. was founded in 1876 and is based in Houston, Texas.

1001 Fannin Street

Suite 2020

Houston, TX 77002

United States

Founded in 1876

Phone:

713-445-3200

Fax:

713-658-0943

Key Executives for Black Stone Minerals, L.P.

Chairman of Black Stone Minerals GP L.L.C, CEO & President of Black Stone Minerals GP L.L.C
Age: 65
Total Annual Compensation: $669.5K
CFO of Black Stone Minerals Gp L.L.C and Senior VP of Black Stone Minerals Gp L.L.C
Age: 46
Total Annual Compensation: $130.0K
Senior Vice President of Business Development - Black Stone Minerals Gp, L.L.C
Age: 40
Total Annual Compensation: $350.0K
Senior Vice President of Engineering and Geology for Black Stone Minerals GP LLC
Age: 53
Total Annual Compensation: $330.0K
SVP, General Counsel & Secretary of Black Stone Minerals GP LLC
Age: 42
Total Annual Compensation: $257.5K
Compensation as of Fiscal Year 2016.

Black Stone Minerals, L.P. Key Developments

Black Stone Minerals, L.P. Announces Cash Distributions for the Fourth Quarter of 2017, Payable on February 27, 2018

Black Stone Minerals, L.P. announced that the Board of Directors of the general partner has approved cash distributions attributable to the fourth quarter of 2017 of $0.3125 per common unit and $0.20875 per subordinated unit. The distributions will be payable on February 27, 2018 to unitholders of record at the close of business on February 20, 2018.

Black stone Minerals Announces Results from First Hole at Little Gem

Black stone Minerals has announced outstanding results from the first hole of a maiden drilling program at the very high grade Little Gem Cobalt-Gold Project (Little Gem) in British Columbia, Canada. Blackstone's first drill hole has intersected massive, semi-massive and disseminated mineralisation with the following significant results: 4.3 m at 1.0% cobalt & 15 g/t gold; including 1.1 m at 3.0% cobalt and 44 g/t gold.Initial results from the maiden drilling are consistent with historic drilling and adit channel sampling which returned average grades of 3% cobalt and 20 g/t gold; The first hole has only tested the upper portion of the mineralised target with multiple zones of massive sulfide (Co-Au) mineralisation identified within a broader alteration halo. Maiden drilling is consistent with historic underground drilling from adits including: 1.8 m at 2.4% cobalt & 112 g/t gold; 3.3 m at 1.4% cobalt & 80 g/t gold; and 3.3 m at 1.4% cobalt & 12.3 g/t gold Results from historic adit channel sampling at Little Gem include: 1.8 m at 4.4% cobalt & 73 g/t gold; 2.0 m at 3.1% cobalt & 76 g/t gold; and 1.5 m at 5.4% cobalt & 26 g/t goldThe Little Gem Project covers a large land holding with 48 km of untested strike potential of geology analogous to the world class Bou-Azzer primary Cobalt district in Morocco Little Gem is favourably located less than 15 km along strike from the Bralorne-Pioneer mining complex (endowment of 4.4 Moz at 17 g/t Au).Little Gem Project Maiden Drilling Results Blackstone Minerals Limited has commenced its maiden drilling program at the very high grade Little Gem Cobalt-Gold Project in British Columbia, Canada. The drilling program started late in the field season and hence only one diamond drill hole was able to test the target zone before the onset of winter weather conditions. The successful diamond drill hole has only tested the upper portion of the alteration zone as it was terminated (due to mechanical issues) halfway through the mineralised target. Although the drill hole was successful and confirmed historic drilling and sampling results, it has not tested the full potential of the cobalt and gold mineralisation at Little Gem. The successful drill hole intersected massive, semi-massive and disseminated mineralisation with the following significant results: 4.3 m at 1.0% cobalt & 15 g/t gold; including 1.1 m at 3.0% cobalt and 44 g/t gold. The company now looks forward to completing the maiden drill program upon recommencement in second quarter of2018 to follow up this outstanding result and to further understand the full potential of the Little Gem prospect. Future drilling at Little Gem will be focused on delineating the extents of the mineralisation with potential to deliver a maiden resource in the medium term. Little Gem Project Background The Little Gem Project was discovered in the 1930's by prospectors identifying a pink cobalt-bloom on weathered mineralisation that led to three adits being developed. A total of 1,268m of drilling was completed from underground and detailed channel sampling was taken from the adits. Results from this work generated some exceptional Cobalt and Gold assays including: Historic drilling 1.8 m at 2.4% cobalt & 112 g/t gold; 3.3 m at 1.4% cobalt & 12 g/t gold; and 4.1 m at 1.4% cobalt & 11 g/t gold. Underground channel sampling 1.8 m at 4.4% cobalt & 73 g/t gold; and 2.0 m at 3.1% cobalt & 76 g/t gold. Surface channel sampling 0.4 m at 5.7% cobalt & 1,574 g/t gold; a 0.1 m at 4.6% cobalt & 800 g/t gold. Little Gem is mostly underlain by granite of the Coast Plutonic Complex and ultramafic rocks on what is interpreted to be the northern extension of the Cadwallader fault zone. These are the major geological units and structures important to the mineral deposits either as the host rocks or sources of the mineralising fluids that gave rise to the Bridge River mining camp. The camp has 60 mineral localities. including the Bralorne-Pioneer mining complex (endowment of 4.4 Moz at 17 g/t Au) which retains the status of the foremost gold producer in British Columbia and in Canada. Little Gem is only 15 km along strike to the north of the Bralorne-Pioneer mining complex. There has been very little modern day exploration at Little Gem with the main activities being airborne geophysical surveys (including magnetic, radiometric and electromagnetic ("EM") surveys) in the 1970's and a further two drill holes completed in 1986. The second mineral occurrence at the Little Gem Project is the historic Jewel Gold Prospect which supported some gold production from 1938 to 1940 and is located only 1.1 km north-northeast of the Little Gem Mine. Since Blackstone began working on the Little Gem Cobalt-Gold Project it has verified the mineralisation identified historically at the Little Gem Cobalt-Gold Prospect and the Jewel Gold Prospect and discovered a new high grade Gold prospect named Roxey. The Roxey Gold prospect is located 1.5 km west-southwest of the Little Gem Cobalt-Gold prospect and is along strike to the cobaltgold mineralisation at Little Gem. Blackstone visually identified Roxey during the due diligence site visit and took rock chip samples within the target area which assayed up to 24 g/t gold, 1.9% copper & 24 g/t silver. Mineralisation at Roxey is associated with quartz-pyrite altered diorite containing chalcopyrite. Surface rock chip samples taken to verify the mineralisation at the Jewel prospect returned up to 98 g/t gold and 3.2% copper. These results confirm what Blackstone's recent investigation has revealed with historical samples of up to 0.6 m at 75 g/t gold and 0.45m at 153 g/t gold from underground and surface channel sampling, and up to 6.9 g/t gold, 19.25% copper & 137 g/t silver from underground rock chip sampling. Mineralisation at Jewel sits in an ultramafic near the easterly trending/steep south dipping contact with the quartz diorite/granodiorite that hosts the Little Gem Prospect. Cobalt Market Commentary Cobalt contributes up to 60% of the value of Lithium Ion Batteries which in turn accounts for greater than 50% of demand for cobalt. The lithium ion battery is projected to become the world's most significant source of power with the use in electric vehicles ("EV") being the key driver. Bloomberg forecasts 35% of vehicles sold by 2040 will be electric, currently only 1% of global sales are EVs. Consequently, cobalt demand is expected to rise at 5% compound annual growth rate ("CAGR") over the next 4 years. Cobalt's other main use at 20% is in superalloys which compliments the battery demand as high-tech industry grows. Cobalt is expected to have a supply deficit as currently mining is only just meeting demand. The cobalt price has risen significantly from USD 10/lb (USD 22,000/t) to USD 34/lb (USD 75,000/t) over the past 2 years.

Black Stone Minerals, L.P. Presents at UBS Midstream & MLP One-on-One Conference, Jan-08-2018

Black Stone Minerals, L.P. Presents at UBS Midstream & MLP One-on-One Conference, Jan-08-2018 . Venue: St. Regis Deer Valley, 2300 Deer Valley Drive East, Park City, Utah, United States. Speakers: Brent Collins, Vice President of Investor Relations for Black Stone Minerals GP L.L.C, Brock E. Morris, Senior Vice President of Engineering and Geology for Black Stone Minerals GP LLC, Jeffrey P. Wood, CFO of Black Stone Minerals Gp L.L.C and Senior VP of Black Stone Minerals Gp L.L.C.

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