Subjects: TNM, BFA
Phoenix Capital Group Acquires 896 Royalty Acres under 96 Permitted Wells in Northern Colorado
DENVER, Oct. 31, 2023 /PRNewswire/ -- Phoenix Capital Group, a family-owned company specializing in oil and gas mineral rights acquisition with both operating and non-operated working interests, continues to expand its impressive portfolio of land acquisitions.
Today, the company proudly announces the completion of its purchase of 896 net royalty acres in Weld County, Colorado, located in Northern Colorado. The purchase encompasses mineral and royalty interests across a total of 96 permitted wells.
David Scadden, Senior Vice President of Operations for Phoenix Operating, stated, "This land acquisition in Northern Colorado presents an extraordinary opportunity for our company to further extend its footprint as we endeavor to augment our land holdings. This acquisition is poised to unlock a myriad of possibilities as we strive to deliver enhanced value and returns to landowners and investors."
The acquisition of the Northern Colorado land was concluded in a transaction with Source Rock Royalties Ltd for $7 million.
Phoenix Operating, a wholly owned subsidiary of Phoenix Capital Group, was established in early 2023. The team is dedicated to developing its oil and gas production capabilities, committed to delivering results for investors and landowners while emphasizing efficiency and minimal surface disruption, all within the framework of American ownership. Leading this dynamic team is David Scadden, supported by Nick Daniele, Vice President of Geology; Mark Johnson, Vice President of Regulatory Affairs; and Brandon Allen, Vice President of Reservoir Engineering.
David Scadden further commented, "The Phoenix Operating team is composed of a diverse group of highly skilled individuals with extensive experience in oil and gas development projects across the nation. The wealth of knowledge they bring to the table will continue to benefit us as we pursue additional land acquisitions that offer exceptional opportunities."
Phoenix Operating is concentrating its efforts on three key basins in the United States:
- The Williston Basin, spanning Western North Dakota, South Dakota, Eastern Montana, and parts of Canada.
- The DJ Basin, encompassing Southeast Wyoming and Northeast Colorado.
- The Powder River Basin, covering Northeast Wyoming and Southeast Montana.
Source Rock Royalties Ltd, a pure-play oil and gas royalty company founded in 2013, is dedicated to sustainable and scalable growth while executing a balanced growth and yield business model.
Phoenix Capital Group, a family-owned company, is steadfast in its mission to forge partnerships with clients through property acquisitions and investment opportunities. The recent asset purchase in Northern Colorado further underscores this commitment, enabling the development of additional partnerships in strategic regions of the United States.
For more information about Phoenix Capital Group, please visit phxcapitalgroup.com.
About Phoenix Capital Group
Founded in 2019, Phoenix Capital Group Holdings, LLC is a leading oil and gas mineral rights acquisition and working interest company headquartered in Denver, Colorado. The family-owned company, driven by technology and client-centric principles, is dedicated to establishing partnerships with its clients through property acquisitions and investment opportunities. Comprising a team of seasoned professionals with expertise in software development, engineering, and finance, Phoenix Capital Group brings over 60 years of combined experience in the energy sector, with a strong focus on capital deployment and asset management.
SOURCE Phoenix Capital Group Holdings LLC
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