Dorchester Minerals, L. P. is a publicly traded Delaware limited partnership that began operations on January 31, 2003, after the combination of Dorchester Hugoton, Ltd., Republic Royalty Company, L. P. and Spinnaker Royalty Company, L. P.

The partnership’s core business is the acquisition, ownership and administration of mineral and royalty interests in oil and natural gas properties located throughout the United States.

It focuses on two complementary streams of income: Royalty Properties that generate royalty payments from producing and nonproducing wells and a Net Profits Interest that entitles the partnership to a share of the net profits from properties operated by its affiliate.

• The Royalty Properties segment consists of producing and nonproducing mineral royalty overriding royalty net profits and leasehold interests located in 594 counties and parishes across 28 states and generates revenue through royalty payments received from operators of the associated oil and gas wells.

• The Net Profits Interest segment represents a net profits overriding royalty interest burdening various properties owned by Dorchester Minerals Operating LP and entitles the partnership to receive monthly payments equal to 96.97 percent of the net profits realized by the operating partnership from these properties in the preceding month.

Dorchester Minerals, L. P. occupies a niche position within the broader oil and natural gas industry as a mineral rights and royalty income generator that does not engage in exploration drilling or production activities.

Dorchester Minerals, L. P. serves a diverse customer base comprised of oil and gas producers that operate wells on the partnership’s mineral and royalty interests.