Montego Minerals, a long-term investor in oil and gas royalties and mineral rights, announced the full subscription of its 22nd portfolio, Hillcrest Minerals, LLC. The $16 million offering launched in September of this year as an all-cash investment opportunity primarily located in the United States’ most productive energy basin, the Permian Basin.
“With three generations of tenure in Midland Texas, Montego Minerals has earned a distinguished reputation, allowing us exclusive access to off-market inventory. This reputation not only enables us to engineer and evaluate the merits of each deal meticulously, but also provides the luxury of pursuing ongoing opportunities with our partners,” said Sean Caldwell, president of capital markets at Montego Minerals.
Hillcrest represents a diversified portfolio of royalty assets historically delivering both income and growth to accredited investors. The portfolio expands across approximately 39,698 gross acres – 10 counties in Texas, and one county in New Mexico. It has 271 producing wells, 52 drilled but uncompleted wells, or DUCs, 26 active permits and room for more than 127 additional wells to be drilled.
Hillcrest Minerals is made up of 29 individual properties and 25 operators, including: Continental, Double Eagle, BPX, Apache, Exxon, Diamondback Energy, and Comstock.
Montego Minerals is also excited to announce their next 1031 exchange eligible portfolio – Redwood Minerals – will launch in the coming weeks.
“When executed correctly, investments in minerals and royalties grant owners access to years, if not decades, of engineering and technological advancements without the commensurate fiscal requirements,” added Caldwell.