Phoenix Capital Group has consistently relied on data-driven decisions. This approach has motivated the company to expand its operations into North Dakota over the past year.
A pivotal move in this expansion came with the acquisition of valuable assets worth around $9 million from XCL Resources in the fall of 2023. This strategic acquisition not only reinforces the company’s foothold in the Midwest but also fuels its continued growth in the region.
Highlights of the Acquisition
Phoenix Capital Group acquired about 2,530 net operated acres, or 6,400 gross operated acres, of land in Mountrail County, North Dakota. The land is located in the Williston Basin, which stretches under parts of western North Dakota, eastern Montana, and South Dakota in the U.S., as well as parts of Manitoba and Saskatchewan in Canada.
Five operated 1,280-acre DSUs, or drilling and space units, were already on the land at the time of the acquisition. Each of the DSUs has a single horizontal well. This provides Phoenix Capital Group with consistent infill drilling optionality.
“We are thrilled to have secured these excellent assets in the Williston Basin, an area that continues to offer strong development opportunities,” said David Scadden, 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.”
Phoenix Operating’s North Dakota Team
This land acquisition is part of Phoenix Operating LLC’s ambitious expansion into North Dakota. Phoenix Operating is a wholly-owned subsidiary of Phoenix Capital Group.
With this acquisition, the operating team will have the resources and tools they need to cultivate their oil and gas production capabilities. The dedicated focus of the North Dakota team will be on the resource-rich DJ Basin, Powder River Basin, and Williston Basin, where this latest land acquisition is located.
Phoenix Operating aims to drive American-owned oil and gas development projects and prioritize environmental stewardship with efficiency. They hope to achieve this by delivering lasting value to landowners and investors while minimizing surface disturbance.
The team is led by Scadden; Nick Daniele, vice president of geology; Mark Johnson, vice president of regulatory affairs; Brandon Allen, vice president of reservoir engineering; Adrian Reece, vice president of completions; Nathan Burget, vice president of land; and Christ Marshall, managing director of field operations.
The North Dakota expansion and team fits in perfectly with Phoenix Capital Group’s focus on fostering strong client relationships and creating consistent investment opportunities.
About Phoenix Capital Group
Founded in 2019, Phoenix Capital Group Holdings, LLC is a prominent oil and gas mineral rights acquisition, investment firm, and operated working interest company dedicated to discovering untapped value on behalf of landowners across the United States.
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.
