We own, acquire and manage natural gas mineral interests in the Appalachian Basin with the objective of growing cash flow from our existing portfolio for distribution to stockholders. 

For the six months ended June 30, 2022, the production from our mineral acreage position was substantially all natural gas and NGLs, with total production associated with our mineral interests totaling 7.7 Bcfe, comprised of 76% natural gas, 20% NGLs and 4% oil.  We plan to accomplish our objectives of growing cash flow and paying quarterly dividends by utilizing cash flow from the current and continued development of our acreage. We intend to further grow our acreage position by selectively targeting additional accretive acquisitions using the same technical, land and legal rigor our team has historically applied to acquisition opportunities.

Our team has a long history of buying mineral interests in top-tier prospective acreage throughout the United States. We were formed in 2012 with the objective of acquiring primarily non-producing mineral interests in the Appalachian Basin. We believe our team has a demonstrated and proven competitive advantage to technically identify, source, evaluate, negotiate, acquire and manage mineral and royalty interests in high quality areas of the Appalachian Basin. We acquired all of our approximately 65,000 net mineral acres through more than 1,200 transactions covering three states and 30 counties. The substantial majority of our acreage is subject to a lease, and of that leased acreage, we have had the opportunity to directly negotiate leases on over 21,000 net mineral acres, generating over $101 million of lease bonus income from our inception to June 30, 2022. The members of our executive team, including our Executive Chairman, have an average of 30 years of oil and gas experience, including prior leadership experience in the management of, and value creation within, minerals, upstream and midstream assets. We utilize geology and engineering consultants with an average of over 43 years of experience in the Appalachian Basin, with extensive subsurface expertise including vertical well logs and performance analysis, to help us identify and evaluate potential acquisition opportunities. We believe we have earned a positive reputation for building relationships through our negotiations with mineral owners, evaluating and analyzing title, navigating legal complexities and consistently and efficiently closing deals. Over the last five years, we have also actively engaged with the legislatures of Pennsylvania, West Virginia and Ohio to advocate for the passage of laws to both protect mineral owners and promote development. This process has allowed us to develop mutually beneficial relationships with operators and land owners, which are key to our continued success.

**Note: Net income and revenue are for the 12 months that ended Sept. 30, 2023.

(Note: Bounty Minerals filed an S-1/A dated Nov. 17, 2023, in which it updated its financial statements through Sept. 30, 2023, but it did not disclose terms for its IPO. Bounty Minerals Inc. filed its S-1 on Nov. 9, 2022.)