Brigham Minerals Announces Acquisition In The DJ Basin -- November 15, 2021

Brigham Minerals: announced accretive DJ Basin acquisition. Press release here. The DJ Basin is tracked at the sidebar at the right. Social media here. 

From the press release:

• deal:
• 8,400 net royalty acres primarily in Weld County
• $44 million in cash + 2.2 million shares of MNRL
• acreage operated by Chevron (CVX), OXY, PDC Energy, and Civitas (Bonanza Creek +Extraction Oil & Gas + Crestone Peak Resources)
• flowing, 2022: 1,200 boepd with 50% liquids
• company anticipates increasing quarterly base dividend 7% to 15 cents / share after the close;
• 1.6 net DUCs and 1.5 net permits for 3.1 net activity wells
• back of the envelope:
• 2.2 million shares x $24 = $50 million
• cash: $44 million
• $94 million / 8,400 net acres = $11,000 / acre
• $94 million / 1,200 boepd = $80,000 / boepd
• Note: I often make simple arithmetic errors.

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Personal Notes

A fantastic weekend. First of all, absolutely beautiful weather. A bit cool in the early morning hours, but warms up nicely by the end of the day.

Our soccer player, Olivia, who made her high school varsity soccer team as a freshman (almost unheard of, and certainly unexpected in Texas where sports are taken very, very seriously) and also plays "club" soccer.

Over the weekend, her "club" soccer team participated in a north Texas tournament. Her team soundly won all three of their games. One was 6 - 2, before the losing team scored a time-ending point, making it 6 - 3. They won their second game (I did not hear the score); and they won their three of three games, 8 - 0. This should qualify them to play in the highly sought "Dallas Cup" later this season.

On the club team she plays defense; on the high varsity team she plays offense. 

Meanwhile, Sophia and her very, very close friend Anika, spent much of Saturday in Sophia's new "bat cave." 

The clear evening and night skies have been incredible. Sophia and I have enjoyed watching the moon, Jupiter, Saturn, and Venus play tag night after night. And, apparently, a partial lunar eclipse most nights this week.