Fifth Meridian Energy, Inc. · one company, one share class
Fifth Meridian Energy owns interests in producing oil and natural gas wells across the United States — minerals, royalties, overriding royalties and working interests, some of which we operate ourselves. You buy common stock at the monthly NAV per share. The wells produce, the cash comes in, and your share is paid to you in USDC or by bank transfer, wherever you live.
How it works
Everything runs on one monthly calendar. You never wait for a fund to close or a deal to settle.
Open an account, confirm your identity and where you live. That determines which offering you invest under — U.S. accredited, U.S. everyone (Regulation A, once qualified) or non-U.S. — and which tax form you sign.
Send from $500: card or bank through Coinbase Onramp, USDC from your own wallet, or a wire. Money received by the 25th converts on the 1st.
On the 1st your money becomes shares at the prior month-end NAV per share. Shares are recorded by the transfer agent and mirrored on an on-chain ledger.
Hold shares on the record date and the distribution lands ~5th of the following month, net of any withholding, in USDC or to your bank.
Distributions are paid quarterly until NAV reaches $20.00M, then monthly. The monthly cycle, in detail →
What we own
Every interest type is a claim on the same thing — oil and gas coming out of the ground — with different cost exposure and different upside. We hold all five, in oil and in natural gas.
Ownership of the minerals under the land. Receives a royalty on everything produced, forever, with no cost exposure.
Mineral Oil Gas
A share of production revenue carved out of the mineral estate. No costs, no operations.
Royalty Oil Gas
Overriding royalty: a share of revenue carved out of the operator's lease. Cost-free, but ends when the lease ends.
ORRI Oil Gas
Non-operated working interest: we pay our share of drilling and operating costs and receive our share of revenue. Another company operates.
Non-op WI Oil Gas
Operated working interest: we are the operator — we run the wells, control the costs, and can drill new ones.
Operated WI Oil Gas
Working interests (operated and non-operated together) are capped at 50% of PV-10, and operated working interests at 35%. Cost-free minerals, royalties and ORRIs are always the majority. What we own →
One company
Funds add layers: a manager, a fee, a K-1, a blocker for foreign investors. We are one Delaware corporation that owns the wells directly.
Everyone owns the same common stock, bought at the same NAV per share, paid the same distribution per share. No preferred, no promote, no carried interest.
NAV is struck at every month-end from an independent reserve report, actual production and the forward price curve, then published here and on-chain.
U.S. shareholders receive a 1099-DIV. Non-U.S. shareholders receive a 1042-S. No Schedule K-1, no partnership return, no state filings in places you have never been.
There is no external manager. Overhead is budgeted at 1% of NAV a year and paid from the company's own cash flow. 65% of distributable cash is paid out; 35% is retained to buy more interests.
Trust
The value of a share rests on estimates of what is in the ground. We publish the inputs so you can check the work.
An independent petroleum engineering firm prepares the annual reserve report. Monthly NAVs roll it forward against actual production and the current strip; each NAV carries the hash of the reserve data it was struck from.
Annual audited financial statements, semi-annual and current reports under Regulation A Tier 2 once qualified. The valuation committee approves every NAV before it is published.
The definitive shareholder register is kept by an SEC-registered transfer agent. If the ledger and the register ever disagree, the register controls.
Shares are mirrored on a permissioned on-chain ledger under Delaware law (DGCL §224). Every published NAV and every distribution is recorded on chain (sandbox until keys are configured) — see the record →
Questions
Over long periods, probably yes, unless prices rise or reinvestment outperforms. Wells decline; that is why part of every distribution is a return of your capital, and why we retain 35% of cash flow to buy more. Your total return is distributions received plus what your shares are worth — never NAV alone. Depletion, explained →
No. You can fund by card or bank transfer and be paid to your bank account. If you prefer USDC, add a wallet — we verify it belongs to you and screen it before any payment.
Yes, through the quarterly share repurchase program: up to 5% of shares outstanding per quarter at NAV less 3%. Shares bought under Rule 506(c) or Regulation S are restricted for 12 months first. Liquidity →
Verification takes minutes. Money received by the 25th becomes shares on the 1st.