How it works
One calendar, one price, one payout. Here is each step, and the arithmetic behind it.
The four dates
Choose an amount (minimum $500) and a way to pay: card or bank through Coinbase Onramp, USDC from a verified wallet, or wire/ACH. Until it arrives, your subscription shows as awaiting funds.
Funds received by the 25th convert on the 1st of next month at the prior month-end NAV per share. Received later? They convert on the 1st after that. Until conversion your money is held as cash and is refundable.
You are a holder of record on the last day of each distribution period — month-end if distributions are monthly, quarter-end if quarterly. Whoever holds shares that day receives that period's distribution.
On or about the 5th of the following month, the distribution is computed in dollars per share, withholding is applied per holder, and the net is sent your way.
NAV per share
NAV per share is the one price at which shares are issued and, less a small discount, repurchased.
In plain English: add up what the wells are expected to earn, discounted for time; add cash and anything else the company owns; subtract what it owes; divide by the number of shares.
Precisely: NAV = PV-10 of proved developed producing reserves + cash + acquisitions under contract at cost + marketable securities at market − liabilities − asset-retirement accrual − subscriptions received but not yet converted − the present value of the company's own budgeted operating overhead over the life of the reserves. NAV per share = NAV ÷ shares outstanding. Deducting overhead is unusual and deliberate: the share is priced as what the reserves will pay after the cost of the company that holds them, not before.
Reserves come from an annual independent reserve report, rolled forward each month: actual production is subtracted, decline curves are re-fitted where actuals diverge, and the remaining cash flow is repriced at the current NYMEX strip (WTI and Henry Hub). We also publish PV-15 and a bank-style PV-9 on a haircut price deck, so you can apply a more conservative view than ours.
No NAV published yet.
Distributions
Every period the company's cash waterfall runs from gross revenue down to what is paid per share. 65% of distributable cash is paid to shareholders; 35% is retained to buy more producing interests.
Distributions are paid quarterly until NAV reaches $20.00M, then monthly. Once monthly, the cadence never goes back to quarterly.
Payout options
Every distribution is computed in U.S. dollars. The rail is your choice, and you can change it any time before a pay date.
Sent to a wallet you have verified and we have screened. Arrives within minutes of the pay run. No exchange, no bank, no cut-off times.
No wallet, no bank details yet? Distributions accrue in dollars in your account until you choose a rail, and nothing is lost.
ACH in the United States; international wire elsewhere. Bank fees and FX are borne by the recipient. Or hold your distribution in dollars until you decide.
Withholding
We never hide withholding: every payment shows gross, withheld and net, and the reason. Here is $100 of distribution to three kinds of shareholder.
| Shareholder | Gross | Withheld | Net | Basis |
|---|---|---|---|---|
| U.S. person, W-9 on file | $100.00 | $0.00 | $100.00 | U.S. person, W-9 on file — no withholding (1099-DIV) |
| Germany, treaty claimed on W-8BEN | $100.00 | $15.00 | $85.00 | Treaty rate (DE) claimed on W8BEN — 15% · FIRPTA §1445(e)(3) on return of capital 15% |
| Non-U.S., no treaty (e.g. UAE) | $100.00 | $21.00 | $79.00 | Non-U.S. person, W8BEN on file, no treaty benefit — 30% · FIRPTA §1445(e)(3) on return of capital 15% |
Provide a W-9 with your taxpayer number and nothing is withheld. You receive a 1099-DIV each January showing the dividend and return-of-capital portions. Without a valid W-9, U.S. law requires 24% backup withholding.
The dividend portion of a U.S. corporation's distribution is subject to 30% U.S. withholding, reduced to your treaty rate — often 15% — when you claim it on Form W-8BEN (individuals) or W-8BEN-E (entities). 52 treaty countries are supported in the portal. You receive a 1042-S each March. Because most of the company's assets are U.S. oil and gas interests, it is a U.S. real property holding corporation, and 15% FIRPTA withholding applies to the return-of-capital portion paid to non-U.S. holders. Withheld amounts are remitted to the IRS in your name; many shareholders can credit them at home.
Liquidity
Shares are not listed on an exchange. Liquidity comes from the company's share repurchase program.
Requests are accepted during the last month of each quarter and settled by the 15th of the following month at the quarter-end NAV per share.
Up to 5% of shares outstanding. If requests exceed the cap, everyone is filled pro rata and the balance can be resubmitted next quarter.
NAV per share less 3%. The discount stays in the company for the benefit of remaining shareholders — it is not a fee.
Shares bought under Rule 506(c) or Regulation S cannot be sold for 12 months. Regulation A shares have no restricted period. A 2% early-repurchase deduction applies to any shares held under 12 months.
Depletion
An oil well is a wasting asset. Every barrel produced is one fewer barrel left. Understanding this is the difference between reading our numbers correctly and being surprised.
Assumes 20% annual decline on proved developed production and purchases at 3.5× next-twelve-month cash flow, with no organic uplift from new drilling. Retaining 35% roughly halves the rate at which NAV declines, at the cost of lower early distributions. Illustrative only; not a forecast.
Depletion is the accounting and tax recognition that reserves are being used up. For a corporation it means a large share of cash flow in the early years is not taxable profit — it is the recovery of what was paid for the reserves. When we pay that cash out, the tax law calls it a return of capital: not a dividend, not taxed as income now, but reducing the tax basis of your shares.
For you, this means: the distribution rate on NAV is not a yield in the bond sense. Some of it is your own capital coming back. The honest measure is total return — everything paid to you plus what your shares are worth — and that is what the portal shows.
It also means NAV per share should be expected to drift down over long periods unless prices rise or the 35% we retain buys reserves at least as good as the ones being produced. That is the whole job of the acquisition engine.
Illustrative only. Nothing here is a forecast or a guarantee. Oil and gas interests are wasting assets: production declines as reserves are produced, distributions vary and include a return of capital, and NAV per share is an estimate that will change. Nothing on this page is an offer to sell or a solicitation of an offer to buy any security.
The portal shows exactly what you would own, what it is worth and when you get paid.