The deal, made through Rising Phoenix’s Maroon Bells Fund, marks the firm’s fourth Midland Basin acquisition in 2025. (Source: Shutterstock/ Rising Phoenix Capital)
Investment firm Rising Phoenix Capital has acquired mineral interests in Ector and Midland counties, Texas, held by ConocoPhillips. Financial terms of the transaction were not disclosed.
The deal, made through Rising Phoenix’s Maroon Bells Fund, marks the firm’s fourth Midland Basin acquisition in 2025, “reflecting Rising Phoenix Capital’s focused ground game and direct sourcing strategy,” Rising Phoenix said.
Rising Phoenix CEO Jace Graham told Hart Energy the interests’ appeal stemmed from its location in the core of the Midland Basin, which have multiple producing zones.
Despite typical Permian Basin competition, the acquisition team secured the asset directly from the seller. The assets include approximately 70 proved developed producing wells, three DUCs and 43 upside locations, Graham said.
ConocoPhillips and other operators are exploring the deeper Barnett Shale, “which makes this a great value add to our overall portfolio matrix,” he added.
“So we’ve got the cash flow with the upside, equals happy investors.”
Rather than a marketed process, Graham said the company continues to find success by picking up the phone and speaking directly with potential sellers.
“I think it kind of speaks to what we're doing out there with an area that's been probably picked over … over years and multiple times,” he said. “We're still able to connect with a seller, find a price that works for both parties and do the deal direct.”
Rising Phoenix has been active during the past two years in the Permian’s Midland and Delaware basins.
In August 2024, the company’s subsidiary Rising Phoenix Royalties purchased 230 net royalty acres in Dawson County, Texas, from SM Energy Co.
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“Our underwriting is built around predictability—not hype,” Graham said in a May 2 news release. “We target high-quality operators, proven geology and mineral assets that deliver dependable monthly income. This acquisition furthers our commitment to that discipline and strengthens our presence in the heart of the Midland.”
In February, the company launched the La Plata Peak Income Fund, a $20 million mineral and royalty fund, offering accredited investors the ability to invest directly in producing, cash-flowing oil and gas mineral assets.
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