DORCHESTER MINERALS, L.P.

# Dorchester Minerals, L.P.

Operating as a royalty and minerals acquisition company, Dorchester Minerals, L.P. owns and administers mineral and royalty interests across crude oil and natural gas properties in the United States. The company's portfolio encompasses producing and nonproducing mineral interests, royalty interests, overriding royalty interests, net profits interests, and leasehold interests spanning 594 counties and parishes across 28 states. This diversified geographic footprint reduces concentration risk across multiple producing basins and geological formations.

The company generates revenue primarily through royalty payments on oil and natural gas production from properties on which it holds ownership interests. Unlike upstream exploration and production companies, Dorchester operates as a minerals and royalties acquirer, holding contractual rights to receive a portion of revenue from production on third-party operated properties. The company's net profits interests represent additional revenue streams where it participates in overriding royalty arrangements on various properties held by its operating partnership.

Dorchester Minerals operates with a lean organizational structure of 27 full-time employees based in Dallas, Texas. The company was established in 1982 and is structured as a limited partnership with Dorchester Minerals Management LP serving as the general partner. The asset-light business model focuses on acquisition and administration of royalty positions rather than active field operations.