ELLIPSIS U.S. ONSHORE HOLDINGS ANNOUNCES STRATEGIC ACQUISITIONS AND FARMOUT AGREEMENT TO EXPAND NON-OPERATED PORTFOLIO

DALLAS, Aug. 19, 2025 /PRNewswire/ -- 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.

"These transactions represent a significant step forward for Ellipsis," said Matt Gentry and Adam Howard, Managing Directors at Ellipsis. "The Permian acquisition builds on our strong Delaware Basin foundation, while the BSM farmout positions us to scale our exposure to Haynesville in a disciplined, capital-efficient manner."

Brad Vinzant, Managing Director at Westlawn, added, "Ellipsis continues to execute a disciplined strategy focused on building a scaled, high-margin non-operated portfolio across premier North American resource plays. These transactions underscore the team's ability to source and structure attractive opportunities, and we are proud to support their continued growth."

Winston & Strawn LLP and Gray Reed & McGraw LLP served as legal counsel to Ellipsis in connection with these transactions.

ABOUT ELLIPSIS

Founded in 2023, Ellipsis is a Dallas-based, private energy company focused on acquiring and developing large-scale, producing oil and gas assets across the United States. Ellipsis targets non-operated working interest acquisitions exceeding $100 million, with an emphasis on the major U.S. onshore basins. Ellipsis is known for its flexible, partnership-driven approach—working alongside operators and financial sponsors to provide capital solutions, enhance liquidity, and unlock value. Ellipsis also actively evaluates and participates in new opportunities through collaborative transactions and structured investments.

ABOUT WESTLAWN GROUP

Founded in 2021, Westlawn is a Houston-based private investment firm focused on long-term capital deployment across the global oil and gas sector. Westlawn invests in both operated and non-operated upstream assets—ranging from producing properties to development and exploration opportunities—as well as in technologies that improve production and asset performance. Westlawn maintains a broad investment mandate across the U.S. (Lower 48, Gulf of Mexico, and Alaska), Canada, Latin America, the Caribbean, and the Middle East.

SOURCE Westlawn Group