Colin O_Farrell Designed Deck

Confidential Presentation: Designed for recipient only; no disclosure without consent.
Investment Warning: Not an offer or recommendation regarding securities or investments.
Risk Factors: Investments have risks, and past performance does not guarantee future results.
Forward-Looking Statements: Statements regarding future events are subject to uncertainty and may differ from actual results. Investors advised to consult their own advisors.

Diversified Investments: Limits ownership per asset to 1-10%, focusing on non-operated fractional interests in the Lower 48 states of the USA.
Market Risks: Claims near-zero geologic risk with diversified portfolio.
Investment Characteristics: Only proven assets with a payback period of 12-24 months and target IRR > 40%.

Rapid Cash Flow: Assets producing cash flow shortly after acquisition.
Hedging Options: Methods to protect cash flow.
Market Position: Active deal flow, purchasing high-quality opportunities.
Reinvestment Strategy: 50% of cash flow reinvested to enhance value and tax-efficient distributions.

Operational Data: 48 horizontal wells across various operators.
Capital Expenditure: ~ $6.8 million with 37 wells in production.
Valuations: Focus on liquids, mainly oil and NGLs, selling flush production at ~$80/bbl.

Team Background: In-depth experience in energy, law, and capital markets.
Investment Sourcing: Extensive experience leading to better investment decisions.

Investment Mandate: Asymmetric value strategy with diversified portfolio development.
Sourcing Channels: Long-term partnerships facilitating quality opportunities.
Historical Investment Focus: Excluded exploration and non-core investments.

Ventures: Overview of past funds and their performance metrics.
Total Capital Deployed: Summary of gross returns from several funds with their respective strategies.

Investment Impact: Capital expenditures have declined, yet oil and gas demand remains strong.
Profitability Outlook: Expected prolonged period of high profitability in upstream oil and gas.
Demand Growth: Anticipated continued robust demand, projected at 1.2 MMBOPD growth.

Energy Use Growth: 50% increase through 2050 mainly fueled by non-OECD countries.
Capital Flow Dynamics: ESG pressures limiting capital to upstream sectors.
Strategic Shifts: Major oil companies curbing production to maintain dividends.

Disciplined Underwriting: Comprehensive vetting of investment opportunities.
Partnership Selection: Focus only on operators with strong historical records.
Portfolio Diversification: Minimizes risk by spreading investments across multiple projects.

Tax Loss Utilization: Oil & gas losses can offset regular income for pass-through entity investors.
Depreciation Options: Discusses immediate expensing of drilling costs under tax policy.

Investor Concerns: High fees affecting net returns in retail drilling funds.
Family Offices: Target direct oil & gas ownership for better outcomes.
Public Comparisons: Highlights competitive structures and potential pitfalls.

Leadership: Profiles of key team members with relevant experience and roles in the organization.

Advisors: Backgrounds of advisory board members with significant oil & gas industry experience.

Vehicle Type: Focus on oil-weighted, producing assets for reinvestment.
Strategy: Objective to exit within 5-7 years, balancing cash flow distributions.