Phoenix Energy Acquires Over $10 Million in Premier North Dakota Oil and Gas Leases
The record-setting auction, managed by Efficient Markets on behalf of the State of North Dakota, garnered $13.6 million in total high bids, surpassing the previous record of $8.3 million in 2019. As reported by Efficient Markets, Phoenix Energy was the largest single investor in the sale, and as a result, secured some of the most promising tracts on offer.
"This auction is a reflection of the company's long-term strategy,” said Adam Ferrari, CEO of Phoenix Energy. "We focused on acquiring the best available acreage with strong oil-in-place potential, including producing assets that contribute cash flow to our business. This approach has the potential to contribute to both near-term operational success and long-term growth.”
Strategic Focus on Immediate Impact
Phoenix Energy's new leases include a mix of producing acreage, near-term development opportunities, and longer-term assets. An acquisition demonstrating this diversification was a tract in Williams County, which commanded a bid of $2.5 million but has already generated an estimated $4 million in accrued revenue. This underscores Phoenix Energy's commitment to investing in assets that provide both immediate cash flow and future production potential.
"Some of the acreage we acquired is already generating revenue, which aligns with our priority of maintaining strong cash flow,” Ferrari explained. "At the same time, we're making investments in future development to support future growth. This dual approach allows us to support operations today while building a foundation for tomorrow.”
Demonstrating Leadership in North Dakota
The February auction also highlighted Phoenix Energy's growing presence in North Dakota. The company invested in key areas like Williams and McKenzie Counties, known for their prolific geology and resource-rich potential. Phoenix Energy's leadership at the auction reflects its confidence in North Dakota's energy outlook and its commitment to strengthening production in the region.
"North Dakota is a cornerstone of Phoenix Energy's strategy,” said Ferrari. "We are proud to continue supporting the state's economy with job creation and to bring our expertise to the assets purchased at the auction.”
About Phoenix Energy
Phoenix Energy One, LLC ("Phoenix Energy”), formerly known as Phoenix Capital Group Holdings, LLC, is a leading energy company specializing in oil production, mineral rights acquisition, and non-operating working interests. Founded in 2019, the company has grown into a vertically integrated enterprise with operations across key basins in North America. With a focus on innovation, operational excellence, and investor engagement, Phoenix Energy is driving progress in the energy sector.
This article contains forward-looking statements based on our current expectations, assumptions, and beliefs about future events and market conditions. These statements, identifiable by terms such as "anticipate,” "believe,” "intend,” "may,” "expect,” "plan,” "should,” and similar expressions, involve risks and uncertainties that could cause actual results to differ materially. Factors that may impact these outcomes include changes in market conditions, regulatory developments, operational performance, and other risks described in our filings with the U.S. Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and Phoenix Energy undertakes no obligation to update them except as required by law.
Media Contact
Name: Caroline Scroggins
Email: PublicRelations@phoenixenergy.com
Organization: Phoenix Energy One, LLC
Address: 18575 Jamboree Road, Suite 830, Irvine, CA 92612
Phone: 949-526-8611
Website: https://phoenixenergy.com
Attachment
CONTACT: Mark Kaley
Phoenix Energy
407-394-5881
mark.kaley@otterpr.com
