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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Webb County Non-Op Dry Gas Opportunity
Bids Due: 08/10/2022
Working Interest
Eagle Ford
- 36% working interest across a contiguous, fully HBP, ~8,000 gross-acre footprint
- Well-established production of 22 MMcfd (net) generating $80MM in next twelve months operating cash flow
- The properties are operated by SilverBow Resources, a publicly listed, pure-play Eagle Ford E&P
- Seven near-term development wells and an active horizontal development program


Non-Operated Natural Gas Opportunity
Bids Due: 08/03/2022
Working Interest
West Texas
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- Liquids-rich, low-decline gas production (2.9 net MMcfed on ~6% decline)
- Reliable net cash flow generation of $4.6MM over the next twelve months ($20MM PV10, PDP-only)
- Broad, largely contiguous, non-op. position with ~2,900 vertical wells, primarily operated by Epic Permian (90%)
- Infill development and recompletion opportunities in the Canyon Sand and Clear Fork Formation


Eastern Shelf Operated WI Opportunity
Bids Due: 07/27/2022
Working Interest
Permian
- 100% working interest in ~7,600 net acres consolidated in the Eastern Shelf with 10 producing horizontal Strawn wells
- Liquids-rich net production of 2,100 Boed (60% oil | 25% NGL | 15% gas) generating NTM cash flow of $33MM (PDP only)
- Actively implementing fieldwide saltwater disposal system projecting ~75% reduction to current SWD costs
- Twelve highly economic development locations including 7 permits fully funded through operating cash flow


Operated and Non-Operated Conventional Oil Opportunity
Bids Due: 07/27/2022
Working Interest & ORRI
Gulf Coast
- Low decline (~7% NTM) oil-weighted production of ~225 Boed (93% oil) supported by two active water floods
- Material PDP cash flow of $5.4MM from 31 active wells with PDP PV10 of $26MM and net reserves of 2.2 MBoe (95% oil)
- Blended op and non-op portfolio of ~3,500 net acres 100% HBP with majority (76%) of PDP PV10 on operated leasehold
- Multiple target intervals including the Cotton Valley, Rodessa, Hosston, Tuscaloosa, Smackover, and Sligo
- Significant inventory of well documented behind pipe recompletions and undeveloped locations for a combined 3P PV10 of $47MM and 4.6 MMBoe of net reserves


Rockies Operated Conventional Oil Opportunity
Bids Due: 07/27/2022
Rockies
- Lasting production and cash flow stream generates a total $5MM in NTM PDP net cash flow and 210 Boed oil-weighted net production (97% oil)
- Low lifting costs of $17/Boe High operating margins of ~$6.50/Mcfe underpin resilient cash flow poised to take advantage of current pricing environment
- 100% held-by-production position across 10 regional fields boast a legacy vertical production base boasting a low NTM decline of 5%
- Upside opportunities include low-cost upsize workovers, tubing, and fishing jobs that provides meaningful additional near-term production uplift
- Large, high-interest leasehold with extensive infrastructure in-place across Wyoming provides ease of operational control across the active waterflood position


Appalachia Mineral & Royalty Opportunity
Bids Due: 07/13/2022
Mineral/Royalty
Marcellus
- Large Footprint of ~9,500 NRA (96% minerals) consolidated across the Southwest and Northeast cores of the Appalachia Basin
- Substantial gas-weighted production base at 9 MMcfed (25% Liquids) garnering $18MM NTM Cash Flow (PDP-Only)
- 27 DUCs and 18 permitted locations provide line-of-sight to near-term cash flow and production
- Diversified exposure to premier, well-capitalized Appalachia operators
- World-Class Inventory with primary targets focused on the Marcellus and Utica/Point Pleasant formations boasting >100% IRRs


Operated East Texas Natural Gas Opportunity
Bids Due: 07/20/2022
Working Interest
Haynesville
- Large, contiguous, 99% HBP, and operated position consisting of ~28,600 net acres in Panola County, Texas
- 27 MMcfed net production from PDP and three WIPs (98% gas)
- High-margin, gas-weighted production generating $52MM NTM cash flow (PDP+WIP)
- >170 highly-economic locations across multiple landing targets within the prolific Cotton Valley Formation


Operated STACK Opportunity
Bids Due: 07/20/2022
Working Interest
Mid-Continent
- Large and contiguous ~21,900 net acre majority-operated STACK position
- Substantial production base of 1.4 Mboed (52% liquids) yielding $20 NTM PDP only cash flow
- Healthy returns with an operating cash flow margin of $42/Boe
- Extensive and high-quality infrastructure in place including operated SWD pipeline system
- Robust upside inventory targeting the Mississippian formation boasting >200% IRRs

Private Seller
Permian Basin Minerals & Royalty Opportunity
Bids Due: 07/06/2022
Mineral/Royalty
Permian
- 725 Net Royalty Acres (~30% Delaware / 70% Midland)
- $2.2MM NTM Cash Flow (PDP/DUC/Permit)
- 180 horizontal PDP and 32 horizontal DUCs/Permits
- Top operators include Diamondback, Endeavor, EOG, Pioneer, and others

FKO Enterprises, FRJK Legacy Family, & RMK Trust
Core Karnes Trough Minerals Opportunity
In Progress
Mineral/Royalty
Eagle Ford
- ~1,475 Net Royalty Acres (100% Minerals) consolidated under ConocoPhillips and EOG Resources in the heart of the Karnes Trough
- High-RI position (1.2% average RI) spanning 40 drilling units
- NTM cash flow of $8.6MM from 120 horizontal wells, 12 permits, and 7 operator-planned wells
- Over 220 remaining horizontal undeveloped locations across the Lower Eagle Ford, Upper Eagle Ford, and Austin Chalk

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