In their latest SEC filing, Brigham Minerals reported in Q3 that they acquired 350 net royalty acres (nra) in the SCOOP and 200 nra in the STACK, and spent 11% of $99 million in the Anadarko Basin. Brigham’s weighted average royalty in the SCOOP was 18.4%, and in the STACK was 17.7%. Using Convey640 Mineral Deed analysis tool, Brigham appears to have spent $6.3 million in the SCOOP and $4.3 million in the STACK. Converting their nra to net mineral acres (nma), we see that Brigham acquired 238 nma in the SCOOP and 141 nma in the STACK. Based on these numbers, Brigham spent $18,000/nra or $26,500/nma in the SCOOP and $21,700/nra or $30,746/nma in the STACK. Brigham’s price/nma in the SCOOP appears to be on par with what I have seen others paying, but their price/nma in the STACK, at first glance, seems steep. Diving deeper into the totals, Brigham spent $1.235 million of their total STACK expense in 16N-10W, 15N-11W, and 16N-11W of Blaine County, OK, which many consider the core of the play, and likely contributes to the higher price/nma.



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