Company Niche
- Long term holder of core/core+ non-operated natural gas properties.
- Partner with only large, best-in-class operators in their respective basins.
- Minimal competition from traditional non-op buyers looking to “get in-front of the drill bit”...and then flip.
- No need for "development upside".
- Settled production.
- Stable cash flow.
- Low-cost organization structure, deliberately architected to maximize returns from stable producing assets.
- Focus on cash distributions to Investors.
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Risk Mitigation to Investors
- High quality core/core+ assets.
- Settled/stable production from well understood, legacy fields and formations.
- Best in class operators, leaders in their respective basins.
- Ability to hedge production to mitigate downside commodity price risk.
- Commitment to only purchasing minority interests in wells to ensure proper alignment with operators.
- Best-in-class, institutionally vetted 3rd Party reserve engineering.
- Best-in-class, institutionally vetted 3rd Party accounting/cash management.
- Best-in-class, institutionally vetted 3rd Party backup manager.
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Target Asset Profile
- $50M-$500M.
- Long life.
- Shallow decline.
- No single-well concentration risk = Properties with hundreds if not thousands of wells.
- Avoid marginal production…must have strong/durable profit margin.
- Established production from well understood, predictable basins/fields/formations.
- Multiple options for takeaway / product marketing…avoid assets that are captive to a single purchaser or exit point.
- Target institutional sellers, minimize title and/or environmental risks.
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