Black Stone Minerals LP (NYSE: BSM) struck a joint venture deal in the Haynesville/Bossier shale play in East Texas that it expects will substantially reduce capital requirements by up to $50 million.The Houston-based company said Feb. 21 it entered a farm-out agreement with Canaan Resource Partners covering Black Stone’s working interests within a roughly 34,000 gross acre block in San Augustine County, Texas. A total of 58 wells is anticipated to be drilled over three phases.The agreement covers certain Haynesville and Bossier shale acreage in the Shelby Trough operated by XTO Energy Inc. Black Stone has an average 50% working interest in the acreage and is the largest mineral owner, according to the release.
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