Waveland Venture Partners

What Waveland Venture Partners does

Waveland Energy Partners is a private investment sponsor founded in 2000 that builds pooled private equity funds (the Waveland Resource Partners / WRP series) to acquire minority, non-operated working and mineral interests in U.S. upstream oil and gas assets operated by leading E&P companies such as Chevron, ConocoPhillips, Devon, Occidental, Continental Resources, Chord Energy, EOG Resources, Hess, Silver Hill Energy Partners, and Kraken Oil & Gas. The firm targets producing and development assets in the Bakken Shale (Williston Basin, North Dakota), the Permian Basin (West Texas and New Mexico), the San Juan Basin (New Mexico), and historically the Mid-Continent (Oklahoma), with a focus on tax-advantaged income and long-term capital appreciation for its accredited investors. Fund vehicles typically operate on 3–5 year realization cycles with quarterly cash distributions from operating production and exits through portfolio asset sales to institutional buyers.

The firm earns revenue through management fees and carried interest on committed and invested capital, with disclosed capital deployment including WRP VI (~$135M, closed August 2023), WRP VII (~$131.3M, launched September 2023 and closed August 2025), and WRP VIII (target up to $100M, launched September 2025). The minimum outside investment is $50,000 per investor. Waveland distributes securities exclusively through the wealth-advisor and independent broker-dealer channel via its affiliated FINRA/SIPC broker-dealer Waveland Capital Partners LLC, supplemented by external broker-dealers (Emerson Equity, KCD Financial, Lightpath Capital) and a regional sales team covering West, East, and Central United States. End customers are high-net-worth and accredited individual investors seeking non-correlated, tax-advantaged energy exposure without operational involvement.

Operationally, Waveland does not own proprietary technology platforms beyond an internal investor portal for subscriptions, K-1 delivery, and distribution payments; underwriting, drilling, completion, and production technologies reside with its operating partners. The corporate group comprises Waveland Capital Group LLC (the operating parent), Waveland Resources LLC (managing general partner of fund vehicles), and Waveland Capital Partners LLC (FINRA-registered broker-dealer). Headquartered in Irvine, California with 11–50 employees, the firm has sponsored or served as managing general partner for over 40 energy programs across its 25+ year history. In April 2025, co-founder Michael J. Greer passed away and co-founder Vickie J. Greer assumed the CEO role; the firm has continued to deploy capital, expand into the Permian Basin, and complete a $100M-class portfolio exit to NGP Energy Capital portfolio companies in January 2026.

Name

Waveland Venture Partners

Legal name

Waveland Capital Group LLC

Website

https://wavelandgroup.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

Waveland Energy Partners is a private investment sponsor building pooled funds (WRP series) that acquire non-operated working and mineral interests in U.S. upstream oil and gas assets, serving accredited investors via the independent broker-dealer channel.

Ownership category

akta.pro rank

Product category

Oil and Gas Private Equity Funds

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Mineral Royalty Traders (6795), Oil Royalty Traders (6792)

akta.pro primary industry

Real Assets — Digital Infrastructure (Data Centers, Fiber, Towers) (FSAHAIAF)

Keywords

• Oil gas private equity
• Energy private funds
• Upstream investment offerings
• Working mineral interests
• Alternative energy investments

Headquarters

HQ city

Irvine

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Private Fund Management & Capital Deployment: Waveland raises capital from accredited investors through pooled private fund vehicles (Waveland Resource Partners I–VIII) and earns returns through: (1) tax-advantaged cash distributions paid quarterly from operating income of producing oil and gas wells, (2) capital appreciation from reinvested cash flows and asset value growth, and (3) proceeds from portfolio asset sales at fund termination. Revenue is generated through management fees and carried interest on invested capital. No public revenue figure is disclosed.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Waveland sponsors and manages pooled private equity funds (Waveland Resource Partners VI, VII, VIII) that acquire minority equity working and mineral interests in producing U.S. oil and gas wells operated by leading E&P companies in the Bakken Shale, Permian Basin, San Juan Basin, and Mid-Continent region. Investors receive quarterly tax-advantaged cash distributions from operating well production and capital appreciation at fund termination through disciplined asset sales.

Differentiator

Problem solved

Functional benefit

Brands

• WRP (Waveland Resource Partners): Series of private equity funds (WRP VI, WRP VII, WRP VIII) offering minority equity interests in oil and gas working and mineral interests in the Bakken Shale, Permian Basin, and other premier U.S. energy basins.

Products and services

• Waveland Resource Partners VI (WRP VI) Pooled private equity fund focused on acquiring minority equity working and mineral interests in the core Bakken Shale of North Dakota; closed August 31, 2023 at approximately $135M, with ~$155M deployed in the second Bakken aggregation portfolio generating 49% total ROI with tax benefits and 12% annualized tax-advantaged distribution rate.
• Waveland Resource Partners VII (WRP VII) Total return income and growth fund aggregating a diversified portfolio of minority equity working and mineral interests in the Bakken Shale (North Dakota) and core of the Delaware and Midland Basins (Permian Basin, West Texas and New Mexico); $131.3M fund launched September 1, 2023, closed August 31, 2025; owns interests in 122+ wells producing 10% annualized quarterly distributions with 25% return and 47% ROI as of June 30, 2025.
• Waveland Resource Partners VIII (WRP VIII) Total return income and growth fund launched September 1, 2025 focused on the Bakken and Permian basins, offering pooled investment fund interests under SEC Rule 506(c) with a minimum outside investment of $50,000 and a target offering size of up to $100,000,000. Combines quarterly income from operating wells with long-term growth through portfolio aggregation of minority equity working and mineral interests.

Quantifiable outcome

• WRP VI generated 49% total ROI with tax benefits and 79% ROI for earliest investors, with an annualized tax-advantaged distribution rate of 12%
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

19 partnerships are on record, tiered core, major and secondary.

• Occidental PetroleumcoreStrategic or Co-development Partner · 10 December 2025Occidental Petroleum (NYSE: OXY, market cap ~$40B) is the operating partner for Waveland's inaugural Permian Basin acquisition – an 8-well project in West Texas. WRP VII and WRP VIII jointly acquired this project on November 24, 2025, with Oxy already drilling the project at the time of announcement.
• Wellspring Energy ResourcesmajorStrategic or Co-development Partner · 25 January 2025Wellspring Energy Resources, a portfolio company of NGP Energy Capital, acquired Waveland's non-operated working interest assets in the core Williston Basin (North Dakota and Montana) as part of a sale transaction completed at end of 2025. The acquired assets were producing 1,480 boe/d. Financial terms were not disclosed. Stephens Inc. served as exclusive financial adviser to Waveland.
• Mesa Minerals PartnersmajorStrategic or Co-development Partner · 25 January 2025Mesa Minerals Partners, a portfolio company of NGP Energy Capital, acquired Waveland's mineral interest assets as part of the same December 2025 Williston Basin transaction. Assets included liquids-weighted net production of 210 boe/d, 5,800 net royalty acres, and royalty interests in over 600 producing wells. Following the transaction, Mesa holds more than 13,000 net royalty acres in the Williston Basin.
• ChevroncoreStrategic or Co-development PartnerChevron is one of the world's leading energy companies and serves as a key operating partner in Waveland's non-operated investment strategy. Waveland holds minority equity working and mineral interests in projects operated by Chevron in the core Bakken Shale (Williston Basin, North Dakota) and Permian Basin. Waveland's portfolio page lists Chevron as a primary strategic partner alongside other major E&P companies.
• ConocoPhillipscoreStrategic or Co-development PartnerConocoPhillips is identified as a key operating partner in Waveland's portfolio across the Bakken Shale in North Dakota and Permian Basin. Waveland acquires minority equity interests in projects operated by ConocoPhillips as part of its non-op acquisition strategy.
• Devon EnergycoreStrategic or Co-development PartnerDevon Energy is a leading independent oil and gas company operating in Waveland's target basins. Waveland holds interests in wells operated by Devon Energy, including those acquired as part of WRP VII's December 2025 acquisition announcement (4 additional wells in the Bakken Shale, North Dakota).
• Chord EnergycoreStrategic or Co-development PartnerChord Energy (formed from the merger of Oasis and Whiting) is a key operating partner in Waveland's Bakken Shale and Williston Basin investment strategy. Waveland holds minority equity positions in projects operated by Chord Energy across its portfolio.
• Continental ResourcescoreStrategic or Co-development PartnerContinental Resources is one of the largest crude oil producers in the United States and serves as a key operating partner in Waveland's Bakken Shale investment strategy. Continental operates several wells in Waveland's portfolio in the Williston Basin.
• Silver Hill Energy PartnerscoreStrategic or Co-development PartnerSilver Hill Energy Partners is identified as a key operating partner in Waveland's Bakken and Permian Basin portfolios. WRP VII and WRP VIII include projects operated by Silver Hill Energy Partners as part of their diversified non-op acquisition strategy.
• EOG ResourcescoreStrategic or Co-development PartnerEOG Resources is one of the largest independent oil and gas companies in the United States and operates multiple wells within Waveland's Bakken Shale portfolio in the Williston Basin. EOG is identified as a key operator partner on Waveland's portfolio page.
• ExxonMobil XTOcoreStrategic or Co-development PartnerExxonMobil XTO operates assets within Waveland's Bakken Shale investment portfolio in the Williston Basin. The company is listed among the key operating partners on Waveland's projects page alongside Continental Resources, Whiting Petroleum, and Hess Corporation.
• Hess CorporationcoreStrategic or Co-development PartnerHess Corporation operates wells within Waveland's Bakken Shale portfolio in the Williston Basin of North Dakota. Hess is listed among the key operating partners on Waveland's projects page alongside Continental Resources, ExxonMobil XTO, Whiting Petroleum, and EOG Resources.
• DJR EnergysecondaryStrategic or Co-development PartnerDJR Energy is Waveland's Colorado-based operating partner for the San Juan Basin in northwestern New Mexico. DJR Energy holds the most prominent acreage position in the core of the Mancos oil window, with a footprint of over 350,000 net acres and an inventory of over 1,100 high-value drilling locations. Waveland entered the San Juan Basin with DJR in 2016.
• Three Peaks ResourcessecondaryStrategic or Co-development PartnerThree Peaks Resources is Waveland's long-standing technical energy management team that co-initiated the Bakken Shale acquisition strategy alongside Waveland. Three Peaks brings technical expertise in geology, geophysics, and land management to support Waveland's non-op investment activities in the Williston Basin.
• Waveland Capital Partners LLCcoreChannel Partner/ Reseller/ DistributorWaveland Capital Partners LLC is the affiliated broker-dealer (FINRA/SIPC member) that distributes Waveland's private fund securities. Adam Dooley serves as President. The entity is an affiliate of Waveland Resources LLC, the managing general partner of all Waveland fund vehicles.
• Emerson Equity LLCsecondaryChannel Partner/ Reseller/ DistributorEmerson Equity LLC is one of multiple broker-dealers engaged to distribute Waveland Resource Partners VIII fund interests across several U.S. states, as listed in the SEC Form D filing for WRP VIII.
• KCD Financial Inc.secondaryChannel Partner/ Reseller/ DistributorKCD Financial Inc. is one of multiple broker-dealers engaged to distribute Waveland Resource Partners VIII fund interests across several U.S. states, as listed in the SEC Form D filing for WRP VIII.
• Lightpath Capital Inc.secondaryChannel Partner/ Reseller/ DistributorLightpath Capital Inc. is one of multiple broker-dealers engaged to distribute Waveland Resource Partners VIII fund interests across several U.S. states, as listed in the SEC Form D filing for WRP VIII.
• Kraken Oil & GassecondaryStrategic or Co-development PartnerKraken Oil & Gas, a leading private equity-backed Bakken operator, is included as an operating partner in WRP VII's December 2025 acquisition of 4 additional projects (totaling 10 wells) in the core Bakken Shale, North Dakota. This represents Waveland's first transaction with Kraken.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Kimbell Royalty Partners: Publicly traded (formerly NYSE: KRP) mineral and royalty acquisition partnership focused on US onshore basins. Direct comparable in the mineral/royalty acquisition model Waveland employs in the Bakken and Permian, though materially larger and publicly listed.
• Viper Energy Partners: NASDAQ-listed (VNOM) subsidiary of Diamondback Energy aggregating mineral and royalty interests in the Permian Basin. Comparable to Waveland's non-op mineral acquisition strategy, with much greater scale and public-market access.
• Black Stone Minerals: NYSE-listed (BSM) mineral owner and royalty interest aggregator across major US basins including the Bakken and Permian. Highly comparable to Waveland's strategy of acquiring diversified mineral and royalty positions for institutional capital.
• Sitio Royalties: NYSE-listed (STR) pure-play mineral and royalty company with significant Permian and Eagle Ford exposure formed through the mergers of Sitio Minerals and Falcon Minerals. Comparable non-op mineral aggregation model.
• Brigham Minerals: NYSE-listed (prior to Sitio merger) mineral rights acquisition company focused on the Permian, Bakken, and Eagle Ford. Directly comparable non-operated mineral interest aggregation strategy across the same basins as Waveland's WRP series.

Direct peers

• TXO Energy Partners: NYSE-listed (TXO) MLP focused on conventional and unconventional upstream oil and gas development with mineral and working interest exposure in the Bakken and other US basins. Closely aligned non-op strategy to Waveland's approach.
• Mesa Royalty Trust: OTC-listed trust holding royalty interests in oil and gas properties in the San Juan Basin and Hugoton Basin. Smaller-scale but directly comparable passive royalty exposure strategy through the San Juan Basin where Waveland is active with DJR Energy.
• ArciTerra Capital: Private investment sponsor focused on oil and gas private placements distributed through the broker-dealer channel, with prior leadership (William A. Rack Jr.) now at Waveland. Highly comparable private fund formation model targeting accredited investors for upstream oil and gas exposure.

Regional players

• Freehold Royalties: TSX-listed (FRU) Canadian royalty and mineral interests company with US operations across Texas, the Permian, and Bakken-equivalent plays. Comparable non-op mineral strategy, though headquartered and primarily capitalized in Canada.

Others

• NGP Energy Capital: Global private equity firm focused on energy and natural resources; serves as both an investor in E&P operators and an acquirer of mature mineral and royalty portfolios (Wellspring Energy Resources, Mesa Minerals Partners) — including acquiring Waveland's WB Holdings at 1.6x in December 2025. Not a direct competitor, but the institutional counterparty that defines Waveland's exit market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/wavelandenergy
• LinkedInlinkedin.com/company/wavelandenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments10 records

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

Frequently asked questions about Waveland Venture Partners