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Company Overview: Peak Resources LP

Thursday,February 27,2025

Peak Resources LP is an independent oil and gas limited partnership strategically focused on the prolific Powder River Basin (PRB) in Wyoming. With a differentiated low-decline production base, multi-decade drilling inventory, and capital-efficient development program, the company is positioned as a high-margin, distribution-focused energy producer.

ߔ¹ Company Profile

  • Headquarters: Durango, Colorado

  • Primary Basin: Powder River Basin, Wyoming

  • IPO Exchange: NYSE American (Ticker: PRB, pending)

  • Structure: MLP (Master Limited Partnership) with planned quarterly distributions

ߔ¹ Asset Base

  • Acreage: 65,000 gross / 45,000 net acres (~70% held by production)

  • Wells: 104 gross (56 net) operated producing wells; additional 83 gross non-operated

  • Formations: Niobrara, Mowry, Turner, Parkman, Shannon

  • Inventory: 1,770 gross / 530 net horizontal locations identified

    • ~658 gross (244 net) locations economic at $55 oil

    • ~1,198 gross (423 net) at $70 oil

ߔ¹ Production & Reserves

  • 2023 Production:

    • 1.08 MMboe (≈2,947 Boe/d)

    • 58% oil-weighted

  • 2025E Production:

    • 4,683 Boe/d

  • Proved Reserves (YE 2023): 16.2 MMboe

    • PV-10: $186.5M

    • 50% proved developed

ߔ¹ Capital Strategy

  • 2025E CapEx: $69.8M to drill 13 gross (11 net) and complete 10 gross (8 net) wells

  • Capital Efficiency: Strong DCF conversion with robust well-level economics

  • Distributions: Quarterly cash distributions targeted from available DCF and offering proceeds

ߔ¹ Unique Upside: International Exposure

Peak holds a 16% equity stake in PetroSantander Inc. (PSI), a private upstream company with international exposure:

  • Colombia: ~2,370 Boe/d net

  • Romania: Divestiture planned by YE2024

  • Brazil: Indirect minority interest in PetroReconcavo (RECV), a listed E&P producer

PSI has delivered an average of ~$7.3M in annual dividends over the past three years, supporting Peak’s CapEx and distribution plans.

ߔ¹ Financial Position

  • Liquidity: $9.2M in cash (6/30/2024)

  • Debt: $57.4M (Fortress facility); refinancing into $150M new credit facility underway

  • Low basis differentials: Oil ($3.00)/bbl discount to WTI, Gas $0.02/Mcf premium to Henry Hub

Peak Resources LP brings together stable base production, long-term drilling inventory, and diversified international upside, all anchored by disciplined capital returns and a conservative financial approach.



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