DENVER, Sept. 6, 2023 — Phoenix Capital Group Holdings LLC, a family-owned enterprise specializing in oil and gas mineral rights acquisition and non-operated working interests, is thrilled to announce a significant acquisition in North Dakota. The company has recently finalized the purchase of prime assets valued at approximately $9 million, from Oil and Gas industry leader XCL Resources, further solidifying its growing presence in the region. The official closing of this transaction is scheduled for the end of August.
Phoenix Capital Group’s strategic acquisition of approximately 2,530 net operated acres/6,400 gross operated acres of land in the highly sought-after Mountrail County, North Dakota encompasses five operated 1,280-acre Drilling and Spacing Units (DSUs), boasting an average working interest of 40% and an exceptional 8/8ths net revenue interest of 81%. Each DSU houses a single horizontal well, providing Phoenix with exceptional infill drilling optionality within DSUs yielding a remarkable 90% oil content.
“We are thrilled to have secured these excellent assets in the Williston Basin, an area that continues to offer strong development opportunities,” expressed David Scadden, the Senior Vice President of Operations for Phoenix Operating, LLC. “This strategic acquisition marks a pivotal moment for our company as we further our expansion into the North Dakota market and bolster our drilling inventory.”
As a wholly owned subsidiary of Phoenix Capital Group, Phoenix Operating, LLC recently announced its ambitious expansion into North Dakota, equipping the operating team with the tools and resources necessary to cultivate its own oil and gas production capabilities earlier this year. With a dedicated focus on the resource-rich Williston Basin, as well as the Powder River Basin and DJ Basin, Phoenix Operating LLC is committed to driving American-owned oil and gas development projects while prioritizing efficiency and environmental stewardship.
Led by a seasoned leadership team, including David Scadden as Senior Vice President of Operations, Nick Daniele as Vice President of Geology, Mark Johnson as Vice President of Regulatory Affairs, Brandon Allen as Vice President of Reservoir Engineering, Adrian Reece as VP of Completions, Nathan Burget as Vice President of Land, and Christ Marshall as Managing Director of Field Operations – Phoenix Operating LLC is dedicated to delivering lasting value to landowners and investors, while minimizing surface disturbance.
Phoenix Capital Group, as a family-owned enterprise, places great importance on fostering strong relationships with clients and creating valuable investment opportunities. The acquisition of these key assets in Mountrail County, North Dakota, further strengthens the company’s objective to establish strategic acreage positions in key regions across the United States.
About Phoenix Capital Group
Founded in 2019, Phoenix Capital Group Holdings, LLC is a leading oil and gas mineral rights acquisition and non-operated working interest enterprise headquartered in Denver, Colorado. The family-owned company is a technology-led and client-centric focused organization dedicated to developing partnerships with its clients through property acquisitions and investment opportunities. With a team of experienced professionals with expertise in software development, engineering, and finance, Phoenix Capital Group boasts over 60 years of combined experience in the energy sector, focusing on capital deployment and asset management.