SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported)
April 17, 2003
DORCHESTER MINERALS, L.P.
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(Exact name of registrant as specified in its charter)
Delaware 000-50175 81-0551518
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(State of Incorporation) (Commission File No) (IRS Employer Identification No.)
3738 Oak Lawn, Suite 300, Dallas, Texas 75219
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(Address of principal executive offices) (Zip Code)
(214) 559-0300
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
Item 9. Regulation FD Disclosure (Information Furnished in this Item 9 is also
furnished pursuant to Item 12).
Registrant is furnishing its press release dated April 17, 2003, which
announces the Registrant's initial quarterly distribution to partners. The text
of the press release is included below.
This information furnished under this Item 9 is also intended to be
furnished under "Item 12. Results of Operations and Financial Condition" in
accordance with SEC Release No. 33-8216.
NEWS RELEASE Dorchester Minerals, L.P.
Release Date: April 17, 2003 3738 Oak Lawn Ave., Suite 300
Dallas, Texas 75219-4379
Contact: Casey McManemin (214) 559-0300
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DORCHESTER MINERALS, L.P. ANNOUNCES ITS INITIAL CASH DISTRIBUTION
DALLAS, TEXAS -- Dorchester Minerals, L.P. announced today the
Partnership's initial cash distribution since it commenced operations on
January 31, 2003. The distribution of $.206469 per common unit represents
activity for the two month period ending March 31, 2003 and is payable on May 8,
2003 to common unit holders of record as of April 28, 2003.
Cash distributions reflect cash receipts attributable to the Partnership's
Operating ORRI's and its Royalty Properties less cash disbursements attributable
to Management Expenses and Direct Expenses. The Operating ORRI's consist of net
profits overriding royalty interests ("ORRI's") in properties primarily located
in the Guymon-Hugoton Field formerly owned by Dorchester Hugoton, Ltd. The
Royalty Properties consist of mineral, royalty, overriding royalty, net profits
and leasehold interests located in 564 counties and parishes in 25 states
formerly owned by Republic Royalty Company and Spinnaker Royalty Company.
Management Expenses consist of general and administrative expenses incurred by
the Partnership's General Partner and reimbursed monthly by the Partnership.
Direct Expenses consist of third party costs incurred directly by the
Partnership, including legal and professional fees, costs incurred in connection
with its formation and property taxes.
Due to the timing of the consummation of the combination transaction
between Dorchester Hugoton, Republic and Spinnaker, the Partnership's initial
distribution generally reflects two months of production from the Royalty
Properties and one month of production from the Operating ORRI's. The
Partnership received its first Operating ORRI payments in March, 2003, and
received its first payments attributable to the Royalty Properties in February,
2003. Future quarterly distributions are anticipated to generally reflect three
months of production from the Royalty Properties and the Operating ORRI's.
Cash receipts attributable to the Operating ORRI's during March, 2003
totaled $2,014,286. These receipts generally reflect gas sales from the
underlying properties during January, 2003. The average gas price received for
such sales was $5.20/mcf. Cash receipts attributable to the Royalty Properties
during February and March, 2003 totaled $4,213,399. These receipts generally
reflect oil sales during January and February and gas sales during December and
January. The weighted average oil and gas prices received for such sales were
$30.92/bbl and $4.35/mcf, respectively.
DORCHESTER MINERALS, L.P. ANNOUNCES ITS INITIAL CASH DISTRIBUTION
Page 2 of 2
The Partnership received $125,142 in lease bonus and other income during
February and March, 2003. During the three month period ending March 31, 2003,
the Partnership received division orders attributable to, or otherwise
identified, 49 new wells completed on Royalty Properties located in 18 counties
and parishes in five states.
Dorchester Minerals, L.P. is a Dallas based owner of producing and
non-producing oil and natural gas mineral, royalty, overriding royalty, net
profits, and leasehold interests. Its common units trade on the Nasdaq Stock
Market under the symbol DMLP.
FORWARD-LOOKING STATEMENTS
Portions of this document may constitute "forward-looking statements" as
defined by federal law. Such statements are subject to certain risks,
uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated or
projected. Examples of such uncertainties and risk factors include, but are not
limited to, changes in the price or demand for oil and natural gas, changes in
the operations on or development of the Partnership's properties, changes in
economic and industry conditions and changes in regulatory requirements
(including changes in environmental requirements) and the Partnership's
financial position, business strategy and other plans and objectives for future
operations. These and other factors are set forth in the Partnership's filings
with the Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
DORCHESTER MINERALS, L.P.
Registrant
by Dorchester Minerals Management LP
its General Partner,
by Dorchester Minerals Management GP LLC
its General Partner
Date: April 17, 2003 /s/ William Casey McManemin
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William Casey McManemin
Chief Executive Officer