Phoenix Energy

What Phoenix Energy does

Phoenix Energy One, LLC is a US-based oil and gas exploration and production company headquartered in Irvine, California, founded in 2019 (originally as Phoenix Capital Group Holdings, LLC). The company executes a three-pronged strategy: (1) acquisition of mineral rights, leasehold interests, and overriding/perpetual royalty interests; (2) non-operated working interest acquisitions; and (3) operated drilling via wholly-owned subsidiary Phoenix Operating, launched in 2023 with primary focus on the Bakken/Three Forks in the Williston Basin of North Dakota and Montana. Interests span 7,000+ gross wells across 9 U.S. states and 5 basins (Williston, Permian, Powder River, Uintah, DJ), with ~35,000 bopd of production (November 2025) and a stated plan to reach 40,000 bopd by bringing 96 additional wells online over the next twelve months.

Revenue is generated from three streams: crude oil and natural gas production sales (Q1 2026 revenue $298.7M, up 158% YoY), recurring mineral/royalty income, and—distinctively for a small-cap E&P—the retail sale of corporate debt securities. The capital-raising program comprises a Regulation D Rule 506(c) Private Placement (accredited investors, $25K minimum, 9-13% rates, 1-11 year terms), an SEC-registered Form S-1 bond offering (open to all investors in all 50 states since September 30, 2025, $5K minimum, 9-12% rates), and Adamantium Capital, LLC subsidiary-issued debt. Cumulatively, Phoenix has raised $700M+ from retail investors and paid $266.9M in interest to 6,970+ bondholders inception through March 31, 2026. In September 2025 the company completed a Series A Cumulative Redeemable Preferred Share IPO on NYSE American (ticker PHXE.P), raising ~$54M gross proceeds from ~2.7 million shares at $20; common shares remain privately held by the Ferrari-family-controlled Phoenix Equity Holdings, LLC.

The technology stack centers on a proprietary investor/bondholder portal (invest.phoenixenergy.com, serving 6,970+ users, upgraded March 2026 with a newsfeed), an in-house software engineering team, a Strategic Asset Targeting Engine for mineral-rights acquisition analysis, GIS and reservoir engineering functions, and an Operations Data Engineer role supporting drilling and production decisions. Phoenix Operating has set multiple Bakken drilling records, including the longest 4-mile lateral at 20,797.5 ft (Nystuen 20-17-8-5-1H) and the fastest-drilled 4-mile lateral at 9.29 days (Willow Gray). Distribution is direct-to-consumer through the investor portal and a Capital Markets inside sales team, supplemented by broker-dealer partners Crescent Securities (debt), Dalmore (Adamantium), and My IPO (preferred shares).

Name

Phoenix Energy

Legal name

Phoenix Energy One, LLC

Website

https://phoenixenergy.com

Company type

Public

Founded year

2019

Operating status

Ipo

Headcount range

1–10 employees

Short description

Phoenix Energy is a US oil and gas E&P operating across 9 states via mineral rights, non-operated working interests, and operated drilling, distinguished by $700M+ retail capital raised through corporate bonds and NYSE American-listed preferred shares.

Ownership category

akta.pro rank

Product category

Oil & Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111)

SIC

Oil Royalty Traders (6792)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industry

Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB)

Keywords

• Oil and gas production
• Mineral rights acquisition
• Corporate bond offerings
• Bakken drilling operations
• Preferred share dividends

Headquarters

HQ city

Irvine

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Bond Offerings (Debt Securities): Phoenix Energy sells fixed-rate corporate bonds through Private Placement Offerings (Rule 506(c) Regulation D, for accredited investors) and a Registered Offering on Form S-1 (open to all investors in select/all states). Bonds carry 9-13% annual interest (Private) or 9-12% (Registered) on 1-11 year terms, with monthly interest payments or monthly compounding; minimum investment $25K (Private) / $5K (Registered). Phoenix has paid $266.9M to bondholders inception through 3/31/2026 and serves 6,970+ bondholders.
2. Oil & Gas Production Sales: Crude oil and natural gas production revenue from operated wells (Phoenix Operating, launched 2023) and non-operated working interests across 7,000+ gross wells in 9 states. Q1 2026 revenue of $298.7M (up 158% YoY) and Q4 2025 revenue of $218.6M (up 115% YoY) reflect this production stream. 2026 guidance: $1.19B-$1.49B revenue and $475M-$605M EBITDA.
3. Mineral Rights & Royalty Income: Phoenix Energy acquires mineral interests, leasehold interests, overriding royalty interests, and perpetual royalty interests across the Williston, Permian, Powder River, Uintah, and DJ Basins, generating recurring royalty revenue streams from oil & gas operators.
4. Adamantium Offering (Subsidiary Debt): Adamantium Capital, LLC, a wholly-owned financing subsidiary, conducts Rule 506(c) Regulation D debt offerings and loans proceeds to Phoenix Energy. Adamantium is also offered as an investment product for accredited investors.
5. Preferred Share Dividends: Series A Cumulative Redeemable Preferred Shares listed on NYSE American (PHXE.P) pay a 10% annual cash distribution quarterly against a $25.00 liquidation preference (rising to 10.5% in year 4 and 11% in year 5+). IPO raised approximately $54M in gross proceeds by selling ~2.7M shares.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Phoenix Energy is an oil and gas exploration and production company that operates across the Williston, Powder River, DJ, Permian, and Uintah Basins through three integrated verticals: direct drilling and production via its Phoenix Operating subsidiary, acquisition of mineral rights and royalty interests, and non-operated working interests in 7,000+ gross wells across nine U.S. states. The company finances much of its growth by issuing high-yield corporate bonds (9-13% annual interest) directly to retail and accredited investors, supported by an in-house bondholder portal and a publicly traded Series A Cumulative Redeemable Preferred Share class on NYSE American (PHXE.P).

Product overview

Phoenix Energy One, LLC operates as a vertically integrated oil and gas company with a platform-plus-modules architecture spanning three core business divisions: (1) Mineral Rights Acquisitions, (2) Phoenix Operating (its wholly-owned drilling and production subsidiary launched in 2023 focused on the Williston, Powder River, and DJ Basins), and (3) investment offerings including Private Placement Bond Offerings, the SEC-registered Registered Bond Offering, the Adamantium Capital subsidiary-issued Adamantium Offering, and publicly traded Series A Cumulative Redeemable Preferred Shares (NYSE American: PHXE.P). The company's offerings are supported by an in-house Bondholder Portal at invest.phoenixenergy.com (which also handles preferred share investor administration), and an investor-facing Production Statistics Dashboard on the corporate site that transparently shares well-level drilling performance metrics from Phoenix Operating's Bakken operations.

Differentiator

Problem solved

Functional benefit

Brands

• Phoenix Operating: Wholly-owned operating subsidiary of Phoenix Energy launched in 2023, focused on direct drilling and exploration in the Williston, Powder River, and DJ Basins.
• Adamantium (Adamantium Capital, LLC)

Products and services

• Phoenix Operating Drilling and Production Wholly-owned operating subsidiary of Phoenix Energy that controls drilling operations in the Williston, Powder River, and DJ Basins. Phoenix Operating launched its Drilling Program in September 2023 with 3-mile Bakken laterals and as of 6/15/2026 had drilled 140 wells producing 9M+ barrels of oil, with 141 wells producing and 30 under development. The operating subsidiary has set multiple Bakken drilling records including longest 4-mile lateral at 20,797.5 ft (Nystuen) and fastest-drilled 4-mile lateral at 9.29 days (Willow Gray).
• Mineral Rights Acquisitions Service Service line specializing in identifying and acquiring mineral interests, leasehold interests, overriding royalty interests, and perpetual royalty interests across the Williston, Permian, Powder River, Uintah, and DJ Basins. Phoenix offers free consultations and supports installment sales for tax planning, targeting mineral rights owners and landowners seeking to monetize mineral holdings with fair pricing and transparency.
• Private Placement Bond Offering (Regulation D) Regulation D Rule 506(c) corporate bond offering available only to accredited investors with $25,000 minimum investment and 1- to 11-year term lengths. Annual fixed interest rates range from 9% (1-year) up to 13% (11-year), with monthly interest payments or monthly compounding interest options. Bonds are unsecured, speculative, and illiquid. Available to accredited investors in all U.S. states.
• Registered Bond Offering (Form S-1) SEC-registered bond offering available to non-accredited and accredited investors in select U.S. states (opened to all 50 states on September 30, 2025). $5,000 minimum investment with $1,000 increments, 3- to 11-year term lengths, and 9-12% annual interest rates. Monthly interest payments or monthly compounding options available. Callable at face value plus accrued/unpaid interest.
• Adamantium Capital Debt Offering Bond offering issued by Adamantium Capital, LLC, a wholly-owned financing subsidiary of Phoenix Energy, conducted under Rule 506(c) of Regulation D for accredited investors only. Proceeds are loaned to Phoenix Energy (the sponsor). Available through self-directed IRA or entity structures with monthly distribution payments on the 10th of every month via online portal account management.
• Series A Cumulative Redeemable Preferred Shares Series A Cumulative Redeemable Preferred Shares of Phoenix Energy One, LLC, listed on NYSE American under ticker symbol PHXE.P (CUSIP 71903G202). Pays a 10% annual cash distribution quarterly against the $25.00 liquidation preference, stepping up to 10.5% in Year 4 and 11% in Year 5 and thereafter. Redeemable at Phoenix Energy's option at $27.50 per share plus accrued distributions. IPO closed September 29, 2025 with approximately 2.7M shares sold at $20 raising approximately $54M gross proceeds.
• Production Statistics Dashboard Public-facing transparency dashboard at phoenixenergy.com/production that displays daily oil production from January 1, 2024 onward, drilling performance metrics, and well records from Phoenix Operating's Bakken operations. Oil production reported is exclusively from wells owned and operated by Phoenix Operating.

Quantifiable outcome

• 97% bondholder satisfaction rate in March 2026 poll (840 responses)
• +6 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Crescent Securities Group, Inc.coreChannel Partner/ Reseller/ DistributorManaging broker-dealer for Phoenix Energy's debt security offerings. Certain Phoenix Energy non-executive personnel are licensed registered representatives of Crescent, a registered broker-dealer and FINRA/SIPC member. Phoenix Energy and Crescent Securities are not affiliated entities. Crescent plays a critical role in the distribution of both the Registered Offering and Private Placement bonds, with the company's public disclosures noting that a portion of interest paid and accrued includes bonds for which Crescent did not serve as Managing Broker Dealer.
• Dalmore GroupcoreChannel Partner/ Reseller/ DistributorBroker-dealer responsible for overseeing Phoenix Energy's Adamantium Capital, LLC offerings (the wholly-owned financing subsidiary's debt securities). No additional fees are charged to investors through this partnership; Phoenix Energy remains the direct contact for sales and support of its corporate bonds.
• My IPOcoreChannel Partner/ Reseller/ DistributorChicago-based IPO distribution platform used for Phoenix Energy's Series A Cumulative Redeemable Preferred Share IPO that closed September 29, 2025 (~2.7M shares, ~$54M gross proceeds at $20/share). Provides monthly brokerage account statements, online trade order placement, and customer service (7:30am-4pm MST, M-F; $10 online trade commission or 1% + $10 for phone trades). Located at 311 S Wacker Dr., Ste 1775, Chicago, IL 60606; toll-free (844) 226-0640.
• Equity Stock TransfercoreOthersThird-party transfer agent for Phoenix Energy's publicly traded Series A Cumulative Redeemable Preferred Shares. Located at 237 W 37th Street, Suite 602, New York, NY 10018; phone (212) 575-5757; fax 347.584.3644; www.equitystock.com. Handles DRS statements, share ownership records, $30 transfer-to-broker fee processing, and ongoing shareholder communications.
• RJI International CPAscoreOthersIndependent registered auditor of Phoenix Energy One, LLC since December 2023. Audits the company's annual financial statements (fiscal years 2022, 2023, and 2024) filed with the SEC.
• Advanta IRAminorChannel Partner/ Reseller/ DistributorSelf-directed IRA custodian partner for qualified-fund investments in Phoenix Energy bonds. Phoenix covers all custodial account fees (with a $500 minimum cash balance requirement). Referred by Phoenix's investor relations team for clients needing self-directed IRA setup.
• IRA ClubminorChannel Partner/ Reseller/ DistributorSelf-directed IRA custodian partner with a dedicated co-marketing landing page at iraclub.com/sponsor/phoenix-energy. Supports Phoenix Energy bond purchases through self-directed IRAs; requires $500 minimum cash balance; Phoenix covers custodial fees.
• Adamantium Capital, LLCcoreStrategic or Co-development PartnerWholly-owned financing subsidiary of Phoenix Energy One, LLC. Conducts Rule 506(c) Regulation D debt offerings for accredited investors and loans the proceeds to Phoenix Energy (Phoenix is the sponsor). Sold alongside Phoenix Energy's main bond offerings and through Dalmore as broker-dealer. Investors access Adamantium investments through the same investor portal.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Chord Energy: Mid-cap US E&P formed from the Whiting Petroleum / Oasis Petroleum merger; one of the largest pure-play Bakken operators with extensive Williston Basin acreage, directly comparable to Phoenix Energy on basin focus and scale class.
• Continental Resources: Largest operator in the Bakken/Three Forks play and a pioneer of extended-lateral drilling; directly comparable to Phoenix Energy on Williston Basin operating strategy, drilling-record culture, and founder/family-controlled governance.
• EOG Resources: Large-cap US E&P with material Bakken position alongside Permian and Eagle Ford operations; directly comparable to Phoenix Energy on extended-lateral drilling leadership and premium-acreage strategy, though at materially larger scale.
• Civitas Resources: Mid-cap US E&P with primary operations in the DJ Basin (a key Phoenix Energy basin) plus Permian exposure; comparable on basin overlap, drilling-program approach, and growth-via-acquisition history.
• Murphy Oil: Mid-cap US E&P with multi-basin onshore operations and a focus on extended-lateral drilling efficiency; comparable to Phoenix Energy on scale, basin diversification, and capital-discipline approach.

Broad incumbents

• Devon Energy: Large-cap diversified US E&P with a meaningful Bakken position alongside Delaware Basin, Eagle Ford, and Anadarko assets; broader in scope than Phoenix Energy, but a relevant benchmark for operational scale and capital allocation.
• Diamondback Energy: Large-cap Permian-focused US E&P; comparable to Phoenix Energy on extended-lateral drilling excellence and inventory-driven growth, though concentrated in the Permian rather than the Williston.
• ConocoPhillips: Largest US independent E&P with a Lower 48 portfolio including the Bakken; the gold-standard public E&P for capital returns and operational execution, and a relevant peer for Phoenix Energy's growth trajectory.
• Chevron: Super-major that recently acquired Hess Corporation, gaining direct Bakken exposure; relevant as a scaled, publicly listed Bakken competitor and a benchmark for institutional capital access that Phoenix Energy's preferred-share structure does not yet match.

Emerging players

• Granite Ridge Resources: Small-cap US E&P spun off from Marathon Oil in 2022 with material Bakken/Delaware exposure; comparable to Phoenix Energy as a non-operated working interest and mineral-rights acquirer at smaller scale, with a similar focus on capital-efficient returns.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/phx_energy
• YouTubeyoutube.com/channel/UCYpYZIxdlWlqMjA72fdAccQ
• Facebookfacebook.com/PhoenixEnergyOne
• LinkedInlinkedin.com/company/phoenix-energy-one
• Instagraminstagram.com/phx_energy

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phoenix Energy