Black Stone Minerals, L.P. — Director's Dealing 2015

May 9, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Black Stone Minerals, L.P. (BSM)
CIK: 0001621434
Period of Report: 2015-05-06

Reporting Person: Thacker Allison K. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-06	Common units representing limited partner interests	A	5263	$0.00	Acquired	5263	Direct
2015-05-06	Common units representing limited partner interests	J	8699	—	Acquired	13962	Direct
2015-05-06	Common units representing limited partner interests	P	25000	$19.00	Acquired	38962	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-06	Subordinated units representing limited partner interests	$	J	11396	Acquired		Common units representing limited partner interests (11396)	Direct

Footnotes

F1: Acquired pursuant to the Merger and Contribution Agreement, dated May 6, 2015, by and among Black Stone Minerals Merger Sub LLC, Black Stone Minerals Company, L.P., and Black Stone Minerals, L.P.

F2: Each subordinated unit will convert into one common unit representing a limited partner interest in the Issuer at the end of the subordination period described in the Issuer's Registration Statement on Form S-1 (File No. 333-202875).