Page 11 - NorthAmOil Week 45 2022

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$22,818,000, an increase of approximately types of title challenges. Despite these title EVP Finance) and Josh Wiener (EVP Land).
65% compared to $13,855,000 for the nine challenges, Phoenix Capital Group’s industry- Darin Zanovich, President & CEO of
months ended September 30, 2021. For the leading title team successfully completed the Mesa III, commented, “We are excited to
nine months ended September 30, 2022, the due diligence within a compressed timeframe partner again with NGP to build a new
company reported a net loss of $17,672,000 to meet the city’s needs. Justin Arn, chief land premier mineral and royalty platform focused
or $0.74 loss per common share compared and title officer at Phoenix Capital Group, led on acquisitions of royalty assets in the
to a net loss of $22,110,000 or $0.94 loss per the title verification on this project with over Haynesville and Permian basins. We believe
common share for the nine months ended fifteen members of his elite title team. Phoenix our expertise and track record of acquiring
September 30, 2021. The company reported Capital Group’s ability to move quickly royalty packages, as well as our ability to
negative EBITDA of $10,334,000 for the nine allowed the city to benefit from current complement the position with our strong
months ended September 30, 2022 compared market conditions and maximise the value of micro transaction ground game, allows us to
to negative EBITDA of $12,187,000 for the its assets. build out a portfolio of assets that provides
nine months ended September 30, 2021. “Thornton’s mineral holdings included attractive returns to investors. The equity
During the third quarter of 2022, the numerous complicated tracts, with a variety commitment from NGP’s two differentiated
company operated one small crew beginning of title challenges. Resolving title issues and sources of capital enables us to acquire both
in August for most of the quarter with a arriving at a marketable portfolio took several mature and undeveloped assets, providing us
second small crew deployed for intermittent weeks,” shared Scott Twombly, real property a distinct advantage over the competition in
periods during the back half of the quarter. manager for the City of Thornton. “At all the space.”
The projects completed in the third quarter times, the process was open and professional. “NGP is excited and grateful to continue
were small in size and not in close proximity It was a pleasure working with Phoenix our successful partnership with the Mesa
to one another, which had a negative effect on Capital Group, and we are very pleased with III team,” said Patrick McWilliams, Partner
operating efficiencies. The company did not the outcome.” at NGP. “Darin and the Mesa team have
operate a crew in Canada in the third quarter. Having closed on November 4, 2022, a demonstrated competitive edge and are
DAWSON GEOPHYSICAL, November 10, 2022 this mineral rights transaction marks an representative of the best-in-class partners we
important milestone for Phoenix Capital are looking to invest with. We believe their
Group. With this acquisition, the company capitalistic instincts and ability to execute at
MOVES strengthens its spotless track record in the oil pace are unique in the minerals and royalties
and gas industry and expands its geographical sector and will continue to position the team
Phoenix Capital Group reach into Colorado. This is a significant step for success.”
forward in Phoenix Capital Group’s goal to
MESA MINERALS PARTNERS III, November 07,
Closes over 4,000 Net become the leader in the mineral rights space. 2022
PHOENIX CAPITAL GROUP HOLDINGS,
Royalty Acres in Colorado November 10, 2022 NOG announces borrowing
from City of Thornton Mesa Minerals Partners III base increase

Phoenix Capital Group Holdings, doing raises $150mn of aggregate Northern Oil and Gas (NOG) today
business as Phoenix Capital Group, acquired announced the completion of its semi-
over 4,000 net royalty acres for a purchase equity commitments from annual borrowing base redetermination
price exceeding $33mn. Phoenix Capital under its reserves-based revolving credit
Group acquired the mineral interests in NGP facility. The borrowing base under the facility
Weld and Adams Counties from the City of was increased from $1.3bn to $1.6bn, and
Thornton, Colorado. This acquisition marks Mesa Minerals Partners III (Mesa III) is NOG has chosen to increase the elected
one of the largest mineral rights transactions pleased to announce it has raised $150mn of commitment amount from $850.0 million to
in the prolific Denver-Julesburg (DJ) basin of aggregate equity commitments from NGP $1.0bn. Wells Fargo Bank, as administrative
Colorado and represents a substantial win for through NGP Natural Resources XII and agent, and the syndicate of 14 lenders
the City of Thornton, its residents, and the oil NGP Royalty Partners II. unanimously approved the increases on
and gas community. Mesa III is a mineral and royalty November 10, 2022.
Thornton’s mineral interests proved to be acquisition company led by Darin Zanovich NORTHERN OIL AND GAS, November 10, 2022
a challenging test, as many of the holdings (President & CEO), Greg Balash (COO &
involved complicated tracts with several EVP Engineering), Michelle Massaro (CFO &

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