Mesa History​

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• Mesa Minerals Partners, LLC (“Mesa I”) was formed in 2018 in partnership with Quantum Energy Partners. The company was focused on the East Texas Haynesville shale play and in less than a year and a half, assembled over 22,000 net royalty acres in the basin. Mesa I grew cash flow to over $35 million / year and successfully sold in December 2020 to Franco-Nevada Corporation for $135 million.

• Mesa Minerals Partners II (“Mesa II”) was formed in June 2021 with aggregate equity commitments totaling $150 million from NGP through NGP Natural Resources XII, L.P. and NGP Royalty Partners, L.P. Mesa II continued to aggregate acreage in the Haynesville, but with a focus on the Louisiana side of the play. Ultimately, Mesa II assembled a portfolio of ~20,000 NRA with $70+ million of NTM cash flow before fully divesting the assets through a series of transactions by January 2024. Mesa II successfully delivered its investors a 2.0x net return in less than 3 years.

• Mesa Minerals Partners III (“Mesa III”) was formed in 2022 with aggregate equity commitments totaling $250 million from NGP through NGP Natural Resources XII, L.P. and NGP Royalty Partners II, L.P. Mesa III continues to focus on aggregating acreage in the Haynesville along with Permian (Midland and Delaware) basin. Mesa III currently has ~6,000 NRA in the Permian and ~16,000 NRA in the Haynesville.

• Mesa Royalties IV (“Mesa IV”) was formed in 2025 in partnership with NGP Royalty Partners III, L.P. Mesa IV is focused on acquiring minerals and royalties in core areas of the Haynesville, Permian, Williston and Anadarko basins.

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Mesa Strategy

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Mesa is a mineral and royalty acquisition company focused on acquiring acreage across all major U.S. Shale basins. Historically, Mesa has aggregated acreage in the Haynesville shale play in North Louisiana and East Texas and Permian Basin (Delaware and Midland Basin). In addition to the Permian and Haynesville, Mesa is active in acquiring minerals and royalties in the Williston and Mid-Con. Mesa evaluates transactions of all sizes, including looking at portfolios generating $10 million / year or more of cash flow. Mesa’s in-house, purpose-built team provides bespoke valuations to landowners and has a deep history of managing mineral and royalty assets.