Actively buying producing nonoperated working interests nationwide

In Q4 2023, Cowboy Exploration secured a substantial capital commitment to buy producing non-operated WI nationwide. Our ideal acquisition size is $250K-$3MM. We prefer deals with a minimum of $10K/month in existing cash flow.

Cowboy Exploration prides itself on principal-driven due diligence with a streamlined offer approval process. This allows us to evaluate deals quickly, maintain an aggressive acquisition strategy, and cater to sellers at all points throughout the dealmaking process.

Put simply, our directive is to deploy capital wherever we find geologically-sound cash flowing assets with good reservoir quality. We will happily look at opportunities regardless of location or size.

Cowboy Exploration utilizes the latest in 3-D seismic technology to identify, assemble, and drill conventional exploration prospects throughout the Texas Gulf Coast.

We develop meaningful and lasting partnerships with individuals, family offices, and companies. Our goal is to establish a long-term track record with each of our working interest partners. For every single prospect that we generate, Cowboy Exploration shares in the financial risk and outcome, and we always participate as a large working interest owner alongside our investors.

• Borroum prospect - Bee County, TEXAS

single well
Depth - 9600’ TVD
3 primary wilcox wellbore objectives
Target Sands: Slick, L-5, and Roeder
extensive seismic & well control
161 acre lease
50% WI Remaining

The Borroum Prospect is a development well for the Upper and Middle Wilcox sands already producing gas and oil in the prospect area with an exploration tail for the Lower Wilcox Roeder Sand that produces gas on trend. The prospect trap is a faulted anticlinal closure with a downthrown fault crotch that has an AVO anomaly at the Roeder Sand horizon. Reserve potential- 7 BCF + 200 MBC

First Objective: Upper Wilcox Slick Sand- 6500'
The first wellbore is a development objective that will penetrate an undrilled fault block with closure at the Upper Wilcox Slick. This downthrown fault block was not discovered during the original development (1962-1980s) of the Ella Borroum (Slick) field. Only after 3-D seismic was shot in the mid 2000s was the block discovered which offsets close to half a million barrels on the upthrown side. The fault has about 50' of throw which causes a shale layer to be juxtaposed against the Slick creating a nice fault seal.

Second Objective: Middle Wilcox L-5 Sand- 8500'
The second wellbore objective is an infill objective that will target remaining reserves gas reserves in the L-5 sand. The well location is situated within the Plummer Wilcox (L-5) field which has produced close to 10 BCF. Gas volumetrics and BHSIPs of the field wells indicate there to be significant reserves remaining in place. Sand quality for the L-5 is good with gross thickness of 30' and average NEP of 18'. Average porosity ranges from 18%-25%.

Third Objective: Lower Wilcox Roeder Sand- 9500'
The last wellbore objective is an exploration tail to the prospect testing a Roeder AVO bright spot anomaly that has produced significant gas on trend. The well location is situated in the heart of the anomaly which itself is located in a downthrown fault crotch.