Downside risk mitigated returns facilitated through structuring, discount or other mechanisms. PDPs, PUDs or small step out drilling, where chance of economic success is higher than 75%
$40 WTI and $1.50/mmcf Nymex or less
High quality team/operator in place, or willingness for us to bring in a team
Oil vs. gas agnostic so long as economic thresholds are met (preference for oil given lower volatility)
Agnostic so long as risk profile is met
North America primarily, though open to international deal flow
Minimum investable capital of $10mm (ideally $20mm - $100mm or greater scaled with success)
Preferred equity, working interests, joint ventures, royalty purchases, senior or junior debt, convertible debentures