Dorchester Minerals Reports 2010 EPS of $1.11
February 24, 2011 4:49 PM
Dorchester Minerals, L.P. (Nasdaq: DMLP) announced today the Partnership's net earnings for the year ended December 31, 2010 of $34,883,000, or $1.11 per common unit.
The Partnership's operating revenues during the twelve months ending December 31, 2010 are higher than 2009 primarily as a result of increased oil and natural gas sales prices.
The Partnership's independent engineering consultants estimated its total proved oil and gas reserves to be 81.7 billion cubic feet of natural gas equivalents (bcfe) as of December 31, 2010. Approximately 30.6% of these reserves are attributable to the Partnership's Net Profits Interests and 69.4% are attributable to its Royalty Properties. Natural gas accounted for 75.5% of proved reserves as of December 31, 2010, all of which were classified as proved developed producing.
The Partnership received cash payments in the amount of $3,862,000 during 2010, attributable to lease bonus on 103 leases and pooling elections in lands located in 32 counties and parishes in eight states. These leases reflected bonus payments ranging up to $5,010/acre and initial royalty terms ranging up to 26 percent. In 2010 the Partnership identified 348 new wells located in 10 states on our Royalty Properties and 57 new wells located in six states on our Net Profits Interests Properties.
The Partnership distributed a total of $51.7 million to its common unitholders from May 2010 through February 2011 attributable to 2010 activity.
