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Cornerstone Sells Oil & Gas Interests Valued at $162.5 Million

Cornerstone Sells Oil & Gas Interests Valued at $162.5 Million

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On November 10, 2014, Cornerstone Acquisition & Management Company LLC closed a $162.5 million dollar sale of oil and gas mineral, royalty and overriding royalty assets with Haymaker Minerals & Royalties, LLC in a privately negotiated sale. The divested portfolio consists of properties spanning 20 states and approximately 370 counties acquired over the course of ten years. Cornerstone’s management has retained certain other oil and gas assets, including their non-operated working interest portfolio.

“The stable cash flow generated from our diversified royalty assets has enabled us to reinvest into higher return projects that include both royalty and non-operated working interests. This sale represents a timely monetization of our more mature asset base, and allows for the deployment of significant investment capital at attractive asset prices”, said Derren Geiger, COO of Cornerstone and Portfolio Manager of the Caritas Funds. “We will be very active in the acquisition phase of our operations over the next several months.”