Dorchester Minerals, L.p. · NASDAQ:DMLP
Dorchester Minerals, L.p — Corporate Update (November 2014)
9 slides from Dorchester Minerals, L.p's corporate update, Nov 7, 2014
Slide 1: Mid-Year Update on Selected Activity
Dorchester Minerals Dorchester Minerals, LP Mid-Year Update on Selected Activity November 2014
Slide 2: Forward-Looking Statements
Dorchester Minerals ‘SDAQ: DMLP 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
Slide 3: Mid-Year Update on Selected Activity
Dorchester Minerals ‘SDAQ: DMLI Mid-Year Update on Selected Activity ¢ Bakken/Three Forks — Drilling, Completion and Production — Example: Mountrail County Development * Core Midland Basin — Ownership Footprint and Production — Example: Midland/Upton County Line Activity * Minerals NPI — August 2013
Slide 4: North Dakota - Six County Core Area
Dorchester Mi nerals ¢ North Dakota - Six County Core Area Well Average Average Count BPONRI APO NRI Completed as Producers 422 0.782% 2.337% Drilling/Completion (or confidential) | 90 1.641% 1.939% Permitted AND Proposed 47 1.862% 1.871% Permitted NOT Proposed 87 TBD TBD Net Daily Production (boepd
Slide 5: Bakken/Three Forks Example: 22-155N-94W, Mountrail Co.
« Examp! Note: NRIs includes both DMLP and DMOLP. Dorchester Minerals Bakken/Three Forks le: 22-155N-94W, Mountrail Co. (149 net acres) Well Name (Operator) EN-Jetirey 155-94-2215H-1 (Hess) | Participate | 5.825% | 5.825% | 1,526 EN-Jefirey 155-94-2215H-2 (Hess) mic | 0.932% [5.25% | 1,286 EN-Jefire
Slide 6: Core Midland Basin
Dorchester Minerals Core Midland Basin * Emerging Horizontal Wolfcamp Play we HOWARD - Varying undivided interests in ~200,000 acres — Unleased below the Spraberry in numerous tracts Core Midland Basin Production (boepd) 600 500 ‘Midland Basin - NPI Midland Basin - Royalty 2009 2010 2011 2012 2013 2
Slide 7: Core Midland Basin: Selected Upton/Midland County Holdings
Dorchester Minerals Core Midland Basin « Example: Selected Upton/Midland County Holdings - Varying undivided interests — 4.2% interest in 42,800 gross acres - Unleased below the Spraberry in numerous tracts -— Over 60 Horizontal Wolfcamp wells permitted on DMLP acreage
Slide 8: Minerals NPI Activity from Aug 2013 thru Sept 2014
Minerals NPI ¢ Minerals NPI Activity from Aug 2013 thru Sept 2014 Increased Capital Spending —) Increased Liquid Volumes $ Millions Daily Production Rate $30.0 10,000 $20.0 $10.0 + Ssaaaaoe <== $0.0 4 1,000 ($10.0) 4 ($20.0) 4 SaaS ($30.0) a ($40.0) 100 July 31, Sept 30, July 31, Sept 30, 2013 2014
Slide 9: Minerals NPI Activity from Aug 2013 thru Sept 2014
Dorchester Minerals ‘SDAQ: DMLI Minerals NPI ¢ Minerals NPI Activity from Aug 2013 thru Sept 2014 Cash on Hand @ 07/31/2013 $ 5.0 MM Cumulative Revenue $24.4MM Capital Commitments by Play Cumulative Expense (LOE, taxes, etc) ($ 5.6 MM) Cumulative Operating Income $18.8MM Bakken $20.5 MM Cumulative C
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