Houston-based Black Stone Minerals LP entered into two separate agreements to offload mineral and royalty properties in the Permian Basin for gross proceeds of approximately $155 million.

Under the first deal, Black Stone will sell mineral and royalty interests in specific tracts located in Midland County, Texas, to an unnamed private buyer for gross proceeds of roughly $55 million, according to a June 4 news release. The deal, effective May 1, is slated to close in July this year.

The second deal involves Black Stone's divestment of a 57% undivided interest across the partnership's Delaware Basin position and a 32% undivided interest across parts of its Midland Basin position to private equity EnCap Investments LP portfolio company Pegasus Resources LLC for approximately $100 million. The second deal, effective July 1, is also scheduled to close in July.

Total production associated with all the properties to be sold is about 1,800 barrels of oil equivalent per day.

Black Stone will use the proceeds from the sales to decrease the outstanding balance under the partnership's revolving credit facility. With the completion of the two deals, Black Stone's total debt levels are expected to be below $200 million.

Black Stone's management and board also plan to evaluate increasing the partnership's distribution levels after the deals' completion.