Dorchester Minerals, L.P. is a publicly traded Delaware limited partnership
that commenced operations on January 31, 2003, upon the combination of Dorchester
Hugoton, Ltd., Republic Royalty Company, L.P. and Spinnaker Royalty Company,
L.P. Dorchester Hugoton was a publicly traded Texas limited partnership, and
Republic and Spinnaker were private Texas limited partnerships. Our common units
are listed on the NASDAQ Global Select Market. American Stock Transfer &
Trust Company is our registrar and transfer agent and its address and telephone
number is 6201 15th Avenue, Brooklyn, NY 11219, (800) 937-5449. Our executive
offices are located at 3838 Oak Lawn Avenue, Suite 300, Dallas, Texas, 75219-4541,
and our telephone number is (214) 559-0300. We have established a website at
www.dmlp.net that contains the last annual meeting presentation and a link to
the NASDAQ website.
Our general partner is Dorchester Minerals Management LP, which is managed
by its general partner, Dorchester Minerals Management GP LLC. As a result,
the Board of Managers of Dorchester Minerals Management GP LLC exercises effective
control of our Partnership. In this report, the term "general partner"
is used as an abbreviated reference to Dorchester Minerals Management LP. Our
general partner also controls and owns, directly and indirectly, all of the
partnership interests in Dorchester Minerals Operating LP and its general partner.
Dorchester Minerals Operating LP owns working interests and other properties
underlying our Net Profits Interests (or “NPIs”), provides day-to-day
operational and administrative services to us and our general partner, and is
the employer of all the employees who perform such services. In this report,
the term "operating partnership" is used as an abbreviated reference
to Dorchester Minerals Operating LP.
Our general partner and the operating partnership are Delaware limited partnerships,
and the general partners of their general partners are Delaware limited liability
companies. These entities and our Partnership were initially formed in December
2001 in connection with the combination. Our wholly owned subsidiary, Dorchester
Minerals Oklahoma LP and its general partner are Oklahoma entities that acquired
our wholly owned acquisition subsidiary and its general partner by merger on
December 31, 2009. On March 31, 2010, we formed a new subsidiary, and it acquired
all of the outstanding partnership interests in Maecenas Minerals LLP, a Texas
limited liability partnership.
Many aspects of the production, pricing and marketing of crude oil and natural
gas are regulated by federal and state agencies. Legislation affecting the oil
and natural gas industry is under constant review for amendment or expansion,
which frequently increases the regulatory burden on affected members of the industry.
Exploration and production operations are subject to various types of regulation
at the federal, state and local levels. Such regulation includes:
permits for the drilling of wells;
bonding requirements in order to drill or operate wells;
the location and number of wells;
the method of drilling and completing wells;
the surface use and restoration of properties upon which wells are drilled;
the plugging and abandonment of wells;
numerous federal and state safety requirements;
environmental requirements;
property taxes and severance taxes; and
specific state and federal income tax provisions.
Oil and natural gas operations are also subject to various conservation laws
and regulations. These regulations govern the size of drilling and spacing units
or proration units and the density of wells that may be drilled and the unitization
or pooling of oil and natural gas properties. In addition, state conservation
laws establish a maximum allowable production from oil and natural gas wells.
These state laws also generally prohibit the venting or flaring of natural gas
and impose certain requirements regarding the ratability of production. These
regulations can limit the amount of oil and natural gas that the operators of
our properties can produce.
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