2025 Minerals & NonOp Awards Dinner Voting

VIPER Energy Partners:

• August 2025: VIPER closed it's merger with Sitio Royalties, an all equity transaction valued at $4.4 billion
• January 2025: VIPER announced the ~$1 billion cash + stock Endeavour Minerals dropdown from Diamondback
• January 2025: VIPER announced the $211mm cash + stock acquisition of Morita Ranches Minerals LLC
• September 2024:VIPER closed on ~$1.05 billion of Permian minerals assets from Tumbleweed Royalty.

Elk Range Royalties: In March 2025, Elk Range closed on a $905mm DJ Basin minerals acquistion from Oxy (~250,000 NRAs), making it the largest single basin all-cash deal in minerals history.

Enertel: Enertel's QuantumCast is the only integrated platform that offers Minerals & NonOp Funds a one-stop solution for acquiring and evaluating their portfolios. Their key capabilities include best in class decline curve analysis, type curve generation, deal screening + evaluation workflows, geospatial analytics, portfolio management, and revenue accrual accounting. Enertel's latest features enable users to calculate and assign NRI to existing wells and undeveloped inventory and to blend geospatial insights with economics to better understand asset value.

Rowland.AI: Built by landmen and leading Silicon Valley experts, Rowland.ai incorporates decades of land management experience into an AI platform with a deep understanding of the complexities of land work in the energy industry. Rowland provides expert advice, instant analysis, and actionable insights at machine speed, all supported by a SOC 2-compliant infrastructure. New features, including advanced document processing, intelligent workflows, and software development tools, make Rowland the most comprehensive AI solution for land professionals.

Tracts: Tracts is redefining how the energy industry understands land and subsurface ownership. The platform automates calculations, organizes decades of unstructured title data, and provides accurate ownership around a single source of truth. Operators, investors, and land teams turn months of manual work into days, with clarity, speed, and precision.Tracts is your source for subsurface ownership intelligence.

Enverus: In 2025, Enverus redefined energy intelligence with three major innovations. Together, they showcase Enverus’ commitment to smarter insights, greater transparency, and frictionless workflows across the energy value chain.

(1) Instant Analyst: An AI agent that delivers instant, natural-language insights

(2) Dynamic Spacing: Lets owners visualize undrilled potential with precision

(3) Mineral Marketplace: A first-of-its-kind automated platform connecting 250,000+ mineral owners with buyers. 

ComboCurve: Trusted by over 400 oil and gas companies, ComboCurve is the industry’s go-to platform for everything from rapid deal evaluation to full-portfolio economic analysis. With proximity forecasting, teams can uncover and quantify upside in undeveloped opportunities with unmatched speed. Combined with auto-forecasting and detailed cash-flow analysis, ComboCurve empowers Mineral, Royalty, and NonOp companies to value assets accurately, perform basin-wide evaluations, and act on opportunities ahead of the competition.

MineralAnswers: MineralAnswers Connect streamlines REV & JIB digitization for Mineral and NonOp companies, enabling fast integration with accounting systems and actionable BI insights. Combined with their Owner Relations platform, they help owners get into pay faster and verify payment accuracy across all interests. Recent upgrades include smarter normalization, flexible ERP-ready outputs, and a user-friendly interface for custom code-mapping. MineralAnswers Connect delivers unmatched scale, speed, and clarity at a price point that makes sense for today's O&G back office.

Appalachian Mineral Partners: AMP has acquired over 73,000 NRAs through 1,035 unique acquisitions and the recording of 1,885 deeds since 2012. AMP’s portfolio spans 43 counties across Pennsylvania, West Virginia, and Ohio, making it one of the most active private mineral and royalty aggregators in the Appalachian Basin. In addition, AMP actively leases and participates in wells across its core areas.

Incline Energy Partners: Incline has acquired ~38,000 NRAs in the last twelve months, with >62,000 NRAs since their current fund's inception in 2022. Incline was capable of aggregating this portfolio through the filing of >750 instruments of record in the last twelve months and >3,200 instruments since the entity's formation in 2022. 

Buffalo Bayou Resources: Buffalo Bayou has aggregated and sold over $700mm of oil and gas minerals since 2017.  They have transacted on 120,000 net acres across 2,800 individual deals, 6 major basins, 5,000 individuals, and 700,000+ phone calls.  In 2025 alone, they have deployed over $100mm on behalf of 20 different companies across 400+ transactions and 6 major basins.

Live Oak Resource Partners: Since launching Fund I in 2015, Live Oak Resource Partners has been exclusively focused on aggregation in the Hayneville/Bossier. Since inception, the firm has raised and deployed five capital vehicles across three fund vintages, acquiring >45,000 NRAs through >880 unique transactions. Presently, Live Oak controls over 25,000 NRAs in the Haynesville/Bossier, covering >200,000 gross acres, acquired through >330 unique transactions, making it one of the largest privately aggregated portfolios in the basin. Recently, Live Oak was an early mover into the prolific Western Haynesville, entering in 2022, having since acquired >13,500 NRAs across 127 transactions.

Tilden Capital: Tilden Capital etal. has deployed over $1.2 billion over the last decade.  2024 was another banner year as they acquired over $200mm in Permian deals and another $30MM in the Eagle Ford.  To date, they have deployed nearly $150MM in 2025. They have transacted on ~1,500 mineral deals and another 500+ leases since inception.  These numbers reflect ground game acquisitions only.

Sixth Street: Sixth Street continues to be one of the strongest end buyers in the Minerals space.  in June 2024, they acquired Echo Minerals Permian assets for >$500mm and most recently made a large minerals acquisition in Appalachia. 

Kimmeridge: Up until the recent $4.4 billion all equity merger between Sitio Royalties and VIPER Energy, Kimmeridge was the largest shareholder of Sitio (estimates between 40%-50%).  As the original backer of Desert Peak Minerals, who later became Sitio Royalties through the mergers with Falcon Minerals and then Brigham Minerals, Kimmeridge has been the anchor investing driving Sitio's growth over the years.

NGP: With the launch of NGP Royalty Partners III, NGP continues to back their four minerals & royalties portfolio companies:

o   Elk Range Royalties: Currently own 300,000+ NRAs across all major unconventional basins. Notable transactions for 2025 include their $905mm all-cash DJ Basin minerals acquisition from Oxy (~250,000 NRAs) in March 2025, making it the largest single basin all-cash deal in minerals history.

o   Mesa Minerals Partners: in their 3rd fund, Mesa owns 16,000 NRAs in the Haynesville and 6,000 NRAs in the Permian with $65mm/yr in cash-flow.  Mesa launched their 4th fund in early 2025 and have already deployed $100mm+ across the Bakken, Haynesville, & Permian.  

o   Wing Resources: Current Permian position encompasses over 21,000 NRAs across Texas & New Mexico with interests in over 3,500 horizontal wells. 

o   BC Operating: Continue to actively buy minerals, leasehold, and non-op across all major unconventional basins.

EnCap: EnCap continues to be one of the most active investors in the minerals and royalties sector through their two management teams, Tumbleweed Royalty and Pegasus Resources / EnCap Minerals.  

• In September 2024, Tumbleweed Royalty sold ~$1.05 billion worth of Permian minerals assets to VIPER Energy Partners.
• Pegasus Resources / EnCap Minerals is currently one of the lagrest private minerals funds in the industry with massive positions in the Permian and most recently an entrance into Appalachia. 

Apollo:

• Bandera Minerals, through their partnership with Apollo, made two size-able acquisitions in the Permian Basin in 2025.  Since June 2021, Bandera has acquired more than $850mm in minerals assets across Appalachia, the Eagle Ford, the Permian, and the SCOOP/STACK totalling 100,000+ NRAs.
• Momentum Minerals, through their partnership with Apollo, continues to buy in the Haynesville.

IOG Resources:

• April 2025: IOG formed a joint development partnership with Elevation Resources in Andrews County in the Permian, which includes 10 HZ Barnett wells in 2025
• February 2025: IOG acquired 175 NonOp PDPs (~26 mmcfed of net prod) and 4,500 net acres of leasehold in Eastern Ohio. 
• May 2024: IOG acquired 1,480 developed & undeveloped wellbores from Civitas in the DJ Basin with ~4.7 mboed in production.

Northern Oil & Gas (NOG):

• Ground Game Acquisitions: Averaging ~$30mm/quarter in ground game acquisitions from Q4 24' thru Q2 25'
• February 2025: NOG entered into a $40mm joint development program in the Midland Basin with a private operator.
• December 2024: NOG entered into a $160mm joint development program with an Appalachia operator.
• October 2024: NOG closed on their $511mm Uinta Basin NonOp acquisition alongside SM Energy from XCL Resources.
• September 2024: NOG closed on their $205mm Delaware Basin NonOp acquisition alongside Vital Energy from Point Energy Partners.

US Energy Development Corporation:

• April 2025: US Energy acquired 20,000 net acres in Reeves & Ward Counties in the Permian for $390mm.  This landmark transaction marks the largest single acquisition in US Energy's 45-year history.
• Throughout 2024, US Energy deployed ~$800mm across 29 different NonOp and Operated projects.

 

Del Rio Royalty Company: Del Rio, an affiliate of Lincoln Energy Partners, is a privately-funded wholistic non-op investor, buying and selling AFEs, PDP, minerals and leasehold in all major unconventional basins in the U.S. Over the last several years, Del Rio has averaged annual capital deployment of ~$140mm per annum and dispositions of ~$50mm per annum. Del Rio has made a significant investment in data analytics and is able to underwrite and make decisions on deals in a matter of hours, instead of days or weeks. In aggregate, Del Rio and Lincoln own ~60,000 net royalty acres of minerals, 20,000 acres of leasehold, and an interest in 6,000 producing wellbores.

Riverbend Energy Group: With a significant presence in the non-op market for 23 consecutive years, Riverbend recently closed its 6th dedicated NonOp vehicle, Riverbend 11, with $600mm in total equity commitments. Within this vehicle, the firm has already assembled a high-quality, diversified portfolio across the Midland, Delaware, and Williston basins, completing dozens of transactions and nearly $250mm in acquisitions over the past year alone. Riverbend’s consistent success and disciplined execution continue to position it as a premier non-op aggregator in North America.

Fortuna Operating: Fortuna manages the North Hudson platform of non-operated funds, which have collectively acquired $1.5 billion in non-op working interests across 5 dedicated funds. Across this platform, they have completed over 125 individual transactions and own interests in over 2,000 wellbores in all major North American basins, including Canada’s Montney and Duvernay, as well as the Permian, Haynesville, Bakken, Utica, San Juan, Rockies, Eagle Ford, and others in the L48. They are actively acquiring non-operated assets and partnering with operators and other non-op companies on Drilling JVs and Joint Acquisitions, with deal sizes ranging from $1 million to $300 million per transaction.

GRP Energy Capital: Since its inception in 2008, GRP Energy Capital has raised over $2 billion of investment capital to support its disciplined strategy and continued growth across its mineral’s platforms. With a $1+ billion full-cycle exit to Viper Energy Partners in 2023, GRP demonstrated its ability to deliver strong realized returns and strategic value creation for its investors. Today, GRP continues to deploy capital through its latest vehicle, GRP Energy Capital IV, which is actively focused on high-quality mineral and royalty opportunities across the Permian Basin, DJ Basin, Williston Basin, and Eagle Ford.

Riverbend Energy Group: Riverbend has raised over $1 billion in commitments in the past twelve months across its non-op and minerals strategies, backed by leading institutions, RIA platforms, and family offices. The firm recently closed Riverbend 11, its sixth non-op fund, at $600mm (oversubscribed) and has secured $450mm toward its third minerals and royalties strategy, Riverbend 13, which is targeting $750mm. Riverbend’s continued fundraising success reflects its deep investor relationships, disciplined execution, and 23-year, cycle-tested track record as a premier non-op and minerals platform.

Spicewood Mineral Partners (SMP): Spicewood is a Dallas-based energy investment firm focused on acquiring and managing oil and gas mineral and royalty interests across primary US basins. Founded in 2019, the firm has raised ~$600 million from a diverse investor base of institutions, family offices, and wealth management platforms. To date, SMP has completed more than 30 transactions in Tier-1 mineral and royalty assets with meaningful undeveloped upside through a disciplined, data-driven investment strategy that seeks to deliver long-term value for its investors and stakeholders.

Eckard Enterprises LLC: Under the leadership of Troy Eckard, Eckard Enterprises leverages four decades of oil and gas expertise to connect high-net-worth investors with premier U.S. energy assets. Since 2019, Eckard has deployed $1.2 billion across 90 portfolios, acquiring mineral rights, non-operated and operated working interests, and the second-largest natural gas pipeline in the Gulf of America. Managing 8,500+ wells and distributing $202 million in investor cash flow, Eckard continues to pursue high-quality energy opportunities. As a trusted, well-capitalized buyer, Eckard continuously pursues acquisitions and offers mineral and working interest owners fair valuations, efficient closings, and long-term asset stewardship.

North Hudson Resource Partners: North Hudson was an early innovator in institutionalizing the non-op acquisition model with its inaugural fundraise in 2018/2019.  Since then, North Hudson has raised five non-op funds totaling $850 million with its most recent fund raised in May 2025 at $344 million (oversubscribed).  North Hudson sizes its funds with targeted deployment over a 24-month period.  In total, North Hudson has acquired $1.5 billion of non-op acquisitions across over 125 transactions and has significant dry powder available for future acquisitions.