Black Stone sees FY23 Mineral and royalty production 35MBoe/d-37MBoe/d

Sees FY23 DD&A in $/Boe $3.50-$3.75 vs. $3.53 in FY22. Black Stone expects royalty production to increase by approximately 5% in 2023 relative to FY22 levels, primarily due to increasing development pace in the Shelby Trough by Aethon in the area and continued development in the Austin Chalk. Working interest production is expected to decline in 2023 as a result of Black Stone’s decision in 2017 to farm-out participation in its working interest opportunities. The Partnership expects general and administrative expenses to be slightly higher in 2023 as a result of inflationary costs and selective hires made to support Black Stone’s ability to evaluate, market and manage its undeveloped acreage positions to potential operators.