We REPRESENT Engagements throughout the U.S.
Middle-market working interest and mineral/royalty opportunities in the upstream oil & gas sector.
Each engagement is backed by our robust technical analysis and market-leading divestiture process, which transform buyers’ evaluations into a confirmatory exercise and minimizes risking—leading to more bids on bid day and at the higher end of the value range.
Current Upstream Oil & Gas Opportunities
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East Texas Austin Chalk Development Opportunity
Bids Due: 11/19/2024
Working Interest
Gulf Coast
- ~21,000 net acres in contiguous areas along the Austin Chalk development fairway in Tyler & Jasper Counties, Texas
- ~$25MM NTM PDP cash flow generating $80MM+ PDP PV10
- ~3.3 MBoed (~65% liquids) net production from 14 modern horizontal Austin Chalk wells (avg. WI >60%)
- 31 Austin Chalk horizontal opportunities, including 8 executable new drill locations, contributes to ~$280MM 3P PV10
STACK Mineral & Royalty Opportunity
Bids Due: 11/06/2024
Mineral/Royalty
Mid-Continent
- ~3,000 NRA in the STACK play of Oklahoma with 110 liquids-weighted horizontal wells on production
- ~$600M NTM net cash flow
- $7.1MM 3P PV10 ($2.1MM PDP)
- Assets only ~40% developed with 10+ years of remaining inventory (~140 PUD locations with avg. 50% IRR)
Operated Coalbed Methane Opportunity
Bids Due: 11/06/2024
Working Interest
Various
- Operated coalbed methane assets comprised of ~55,000 net acres in Alabama and Virginia/West Virginia (100% HBP)
- Low-decline (5% NTM) dry gas production of 12.4 MMcfd from legacy fields offers reliable performance
- $9.3MM in next-twelve-months operating net cash flow generates ~$70MM PDP PV10
- PDP cash flow expected to increase to $10MM-$11MM annually 2026-2027E via macro pricing tailwinds
Operated Texas Conventional Opportunity
Bids Due: 11/06/2024
Working Interest
Gulf Coast
- ~250 Boed of high-return, oil-weighted net production
- $4.1MM NTM PDP cash flow from ~20 active wells
- 100% HBP, 100% operated conventional assets located between Houston and Beaumont, Texas
- Oil differential benefits from proximity to Gulf Coast with ample takeaway capacity
- 86 additional development opportunities identified via behind pipe and new drills
Kansas Operated Conventional Opportunity
Bids Due: 10/29/2024
Working Interest
Mid-Continent
- ~250 Boed of low-decline, oil-weighted net production
- $2.7MM NTM PDP cash flow at 6% NTM decline rate
- Up to 7 proven upside targets per field
- Active EOR recovery through waterflood operations
- Additional upside opportunities identified via 16 RTP and 26 new drill targets
COERT Holdings I, LLC
Multi-Basin Non-Operated Opportunity
Bids Due: 10/30/2024
Working Interest
Various
- Delaware Basin, Midland Basin, and Haynesville regional non-operated assets including conventional and unconventional assets
- ~2,600 Boed of net production offering a liquids-weighted production stream (72% liquids)
- $10MM net operating cash flow from PDP, DUCs, Permits, and AFEs
- ~490 horizontal undeveloped locations, across 10 highly economic targets, provides years of developable inventory
- Substantial upside value via continued on-lease development underpins $126MM 3P PV10
Conventional Gulf Coast Opportunity
Bids Due: 10/16/2024
Working Interest
Gulf Coast
- Operated, conventional Mississippi assets with average 95% WI and 73% NRI
- $13.4MM PDP PV10 generated from an oil-weighted, low-decline net production base of 260 Boed (60% oil)
- $2.5MM net operating cash flow driven by low lifting costs of $14/Bbl
- Inventory of actionable, low-risk RTP and recompletion projects provides $1.3MM PV10 uplift
Core Delaware Basin Non-Operated Opportunity
In Progress
Working Interest
Permian
- Four concentrated unit areas operated by active, premier operators with 22 DUCs and permits
- $18MM net operating cash flow over the next twelve months generating ~$60MM PDP-WIP PV10
- ~190 producers with ~1,215 net Boed of oil-weighted production (75% liquids)
- World-class single well performance offering 220+ Boed/Mft IP30s and 3x+ ROI-Discounted (10%)
- 30+ remaining locations buttress total net reserves of 6.5 MMBoe and $76MM PV10 (3P)
Guard Income Fund
Delaware Basin Mineral & Royalty Opportunity
In Progress
Mineral/Royalty
Permian
- 1,255 net royalty acres in Lea & Eddy Counties under well capitalized operators
- $7MM of NTM cash flow generated by PDP and line-of-sight activity
- 113 wells (1.0 net) expected to turn-in-line over the next-twelve-months
- Nine actively targeted horizontal zones and ample remaining reserves from ~20% developed asset
Anadarko Basin Operated Opportunity
In Progress
Working Interest
Mid-Continent
- ~1,600 net acres centrally located within the Sho-Vel-Tum field in southern Oklahoma
- ~1,300 net Boed from 5 active horizontal producers generating $11MM of NTM PDP cash flow
- 9 highly economic undeveloped locations in the Sycamore and Woodford zones, with IRRs >100% on average
- 3P PV10 of $103MM underpinned by substantial remaining reserves of 12.8 MMBoe
Beartooth Woodford & Caney Opportunity
In Progress
Working Interest
Mid-Continent
- Large, operated, and contiguous footprint in Bryan County, OK
- >20,000 contiguous net acres within an active leasing program set to increase to ~25,000 net acres
- ~300 highly economic Woodford & Caney undeveloped locations unwritten by ample technical data
- Single-well performance competitive with top Lower-48 plays, offering ~200 Mboe/Mft EURs and ~3x ROI-Disc. (10%)
- Prolific reserves of ~185 MMBoe and value of ~$1.4Bn (3P) unlocked via full development
Permian Woodford Development Opportunity
In Progress
Working Interest
Permian
- ~11,000 contiguous net acre position, fully held-by-production, with access to prolific potential Woodford development
- 36 undeveloped Woodford locations geologically on-strike with ongoing, offset development by Marathon and Continental
- Highly attractive single-well Woodford type curve performance of ~1,800 Boed IP30 (60% oil) and >3.5x ROI-Discounted
- Substantial reserves of 66 MMBoe (~80% liquids) and ~$710MM 3P PV10 unlocked by full Woodford development with Barnett rights included
- Cash offer preferred, but alternatives considered
Operated East Texas Natural Gas Opportunity
Pending
Working Interest
East Texas
- High-margin PDP-DUC cash flow of $7.1MM NTM
- Gas-weighted net production stream of 14 MMcfed (87% gas)
- Cotton Valley rights across a contiguous, operated ~28,600 net acre footprint in Panola County, Texas
- Low-risk inventory of 90+ Cotton Valley undeveloped locations
A proven track record in the Oil & Gas sector
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