(Source: Shutterstock.com)
Phoenix Capital Group, an oil and gas mineral rights acquisition company, said on April 25 that it has acquired 1,500 net royalty acres in the Uinta Basin, where it says it has spent more than $60 million to date.
The interests, in Duchesne County, Utah, have an estimated lifetime revenue of approximately $144 million, the company said. Since April 2023, the acreage delivered approximately $6.3 million in royalty income for the seller, according to the release.
Phoenix Capital Group’s portfolio includes more than $500 million in booked assets throughout basins in the U.S., according to the release.
The purchase price for the acreage was not disclosed in the company’s announcement of the transaction.
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