Ellipsis Expands Permian And Haynesville Footprint Via Acquisition Of 4,000 BOE/d Assets And Farmout Agreement With Black Stone Minerals Covering 270K Acres; Pro Forma Output Expected To Average 20K BOE/d In 2025

Ellipsis U.S. Onshore Holdings LLC ("Ellipsis"), a portfolio company of the Westlawn Group ("Westlawn"), is pleased to announce it has completed two transactions that further expand its position in key U.S. onshore basins through the acquisition of non-operated working interests and a large-scale farmout agreement.

In the first transaction, Ellipsis has acquired high-quality, non-operated oil and gas assets in the Permian Basin of Texas and New Mexico. The acquired assets include current net production of approximately 4,000 barrels of oil equivalent per day, with upside tied to more than 600 gross remaining drilling locations. The transaction enhances Ellipsis' growing Delaware Basin footprint and aligns with the company's strategy of building scale through high-margin, low-cost, non-operated assets. On a pro forma basis, Ellipsis' assets include more than 8,200 net acres in the Northern Delaware Basin and the company expects to produce a daily average of 20,000 barrels of oil equivalent for the balance of 2025.

In a separate transaction, Ellipsis has entered into a Farmout Agreement with Black Stone Minerals, L.P. (NYSE:BSM) covering approximately 270,000 gross acres across San Augustine, Nacogdoches, Angelina, Houston, and Trinity counties in East Texas. In association with BSM's drilling program with Revenant Energy LLC, the Farmout Agreement provides Ellipsis with the exclusive right to earn non-operated working interests in BSM's Haynesville acreage position, which includes approximately 100,000 undeveloped net acres and a defined path to additional bolt-on opportunities. The Farmout Agreement includes a tiered commitment structure that escalates over five years, beginning with a minimum of six wells in 2026 and increasing to 25 wells annually by year five.