Black Stone Minerals has signed a major natural gas development agreement with Caturus Energy, covering 220,000 gross acres in the Shelby Trough and Haynesville Expansion areas. The multi-year agreement lays the groundwork for a long-term drilling program that will unlock Black Stone’s mineral assets while helping meet rising gas demand along the Gulf Coast.
The plan includes a phased drilling program beginning in 2026 with two gross wells and scaling up to 12 gross wells per year by the end of the six-year term. Caturus, backed by Kimmeridge, will operate the development and has committed to minimum annual lateral footage targets to maintain drilling momentum. The project gives Caturus the opportunity to drill a test well and pilot during the first two years, which will determine further access to the full acreage.
Black Stone currently holds 40,000 undeveloped net acres within the agreement area and is eyeing further acquisitions to increase its exposure in the region. According to management, the company has already secured over 200,000 net acres under announced development agreements in East Texas, supporting roughly 20 years of drilling inventory across the Haynesville and Bossier plays.
Thomas L. Carter, Jr., Chairman and CEO of Black Stone Minerals, said the agreement reflects a constructive market outlook for natural gas and a long-term commitment to high-quality development partners.
“We are pleased to join forces with another top-notch capital provider and technically skilled operator focusing on the East Texas Haynesville and Bossier play,” Carter said. “We can exercise significant control over when and where development occurs and work with operators to create integrated and structured operations.”
Caturus Energy Moves to Expand Gas Platform
For Caturus Energy, the partnership adds a key asset to its integrated natural gas strategy. The company plans to tie upstream production in Texas to its planned LNG export terminal in Louisiana, advancing a wellhead-to-water model targeting international and domestic markets.
“This transaction represents an important milestone in our strategy to build America’s leading integrated natural gas platform,” said David Lawler, CEO of Caturus. “Our proximity to the Gulf Coast, coupled with strong relationships like this one with Black Stone, enables us to deliver responsibly sourced gas at scale.”
Caturus operates around 950 million cubic feet equivalent per day of gross production across 215,000 net acres in Texas. Its liquefaction terminal project, Commonwealth LNG, is expected to have a capacity of 9.5 million tons per year and is located near Cameron, Louisiana.
Black Stone Minerals, one of the largest mineral and royalty interest owners in the United States, continues to position its portfolio for long-term growth with structured development partnerships and targeted acquisitions. The company believes its non-cost-bearing asset model offers stable cash flow with minimal exposure to drilling risk.
