Bayswater

What Bayswater does

Bayswater Exploration & Production LLC is a Denver-based, privately held oil and natural gas exploration and production company founded in 2004 by Steve Struna. The company operates horizontal wells in the Denver-Julesburg (DJ) Basin in Weld County, Colorado (Wattenberg Field, Codell-Niobrara) and the Permian Basin in Howard County, Texas (Northern Midland Basin, Wolfcamp and Spraberry), with approximately 245 operated horizontal wells producing around 26,000 BOE/D (operated, as of March 2026) across 54,900 net working interest acres. Bayswater deployed a continuous horizontal drilling and hydraulic fracturing program that produced 410 horizontal wells in the DJ Basin alone from 2014 to 2025, and the company has historically operated across the Rocky Mountains, Mid-Continent, California, and the Permian Basin. In March 2025, Bayswater completed the ~$603 million sale of its DJ Basin assets to Prairie Operating Co. (Nasdaq: PROP), retaining Permian operations with a one-rig drilling program covering 152 producing horizontal wells and 14 DUCs on 48,000+ acres.

The company generates revenue primarily through commodity sales of oil and natural gas production to midstream operators, pipeline operators, and end-user utilities. Permian production is connected via pipeline to Delek's Big Spring refinery; the historical DJ Basin business included a first-of-its-kind Responsibly Sourced Gas (RSG) certification program in partnership with Project Canary (continuous air emissions monitoring covering ~99% of Colorado production at parts-per-billion precision, originally a NASA-developed sensor technology) with third-party verification by the Payne Institute at Colorado School of Mines. Distribution is direct enterprise sales of production to midstream and utility counterparties under market-based pricing tied to WTI and Henry Hub benchmarks. The company pairs its E&P operations with institutional asset management, having raised and deployed $852 million across two SEC-registered energy funds (Fund III at $390M closed October 2017, Fund IV at $462M closed 2019-2021) and operates as a Registered Investment Adviser. Customer segments are horizontal across upstream operations (institutional energy fund LPs) and offtake buyers (utilities, midstream operators, refiners).

Name

Bayswater

Legal name

Bayswater Exploration & Production LLC

Website

https://bayswater.us

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Bayswater Exploration & Production LLC is a Denver-based privately held oil and natural gas E&P company founded in 2004, operating horizontal wells in the Denver-Julesburg Basin (Colorado) and Permian Basin (Texas) with approximately 245 operated wells producing ~26,000 BOE/D, while managing institutional oil and gas investment funds as an SEC-registered Investment Adviser.

Ownership category

akta.pro rank

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Oil and Natural Gas Production Sales: Bayswater generates revenue through the exploration, development, and sale of oil and natural gas. Revenue comes from production volumes sold at market prices, with approximately 26,000 net BOE/D operated production and operations in DJ Basin and Permian Basin.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Bayswater is an oil and natural gas exploration and production company that develops hydrocarbon resources through horizontal drilling and hydraulic fracturing in the Denver-Julesburg Basin in Colorado and the Permian Basin in Texas. The company operates approximately 245 horizontal wells producing around 26,000 net BOE/day across 54,900 net working interest acres. In addition to oil and gas production sales, Bayswater manages private energy funds for institutional limited partners as a Registered Investment Advisor, deploying over $852 million across Fund III and Fund IV.

Product overview

Bayswater is a Denver-based oil and natural gas exploration and production company founded in 2004, operating primarily in the Denver-Julesburg Basin (DJ Basin) in Colorado and the Permian Basin in Texas. The company's core offering is oil and natural gas development and production through horizontal well drilling programs. Bayswater also manages two private energy funds (Natural Resources Fund III and Fund IV) as a Registered Investment Advisor, deploying capital for institutional limited partners. The company operates approximately 245 horizontal wells producing around 26,000 BOE/day (operated), with assets including the Wattenberg Field in Weld County, Colorado and Northern Midland Basin acreage in Howard County, Texas. An ancillary service offering includes continuous air emissions monitoring for ESG purposes through a partnership with Project Canary.

Differentiator

Problem solved

Functional benefit

Brands

• Bayswater Natural Resources Fund III: Private energy fund with $390 million capital committed, fully deployed.
• Bayswater Natural Resources Fund IV

Products and services

• Oil and Natural Gas Exploration & Production Bayswater's primary core product is the exploration, development, and production of oil and natural gas resources in the Denver-Julesburg Basin (Colorado) and Permian Basin (Texas). The company operates horizontal wells (approximately 245) producing around 26,000 net BOE/day across 54,900 net working interest acres through horizontal drilling and hydraulic fracturing programs targeting the Codell-Niobrara play and Wolfcamp/Spraberry formations.
• DJ Basin (Wattenberg Field) Operations Oil and natural gas development operations in the Wattenberg Field of the Denver-Julesburg Basin in Weld County, Colorado, targeting the Codell-Niobrara play. Bayswater operated in DJ Basin since 2010 with current net production (including non-operated) of approximately 7,400 BOED.
• Permian Basin (Northern Midland Basin) Operations Oil and natural gas development operations in the Northern Midland Basin (Permian Basin) in Howard County, Texas, targeting the Wolfcamp and Spraberry formations through horizontal drilling programs. Currently executing a one-rig program with 152 producing horizontal wells and current net production (including non-op) of approximately 19,700 BOEPD.
• Bayswater Natural Resources Fund III Private energy fund for institutional limited partners focused on oil and gas investment opportunities, managed by Bayswater as a Registered Investment Advisor. Fund III closed at $390 million in 2017 and has been fully deployed.
• Bayswater Natural Resources Fund IV Private energy fund (including Fund IV Annex) for institutional limited partners focused on oil and gas investment opportunities, with total capital of $462 million being deployed across Fund IV and Fund IV Annex by Bayswater as a Registered Investment Advisor.
• Continuous Air Emissions Monitoring Program Continuous air quality monitoring program using Project Canary technology (originally developed for NASA to monitor air quality on space stations) at approximately 99% of Bayswater's Colorado production, providing real-time emissions data with third-party verification by the Payne Institute at Colorado School of Mines. Enables certified Responsibly Sourced Gas (RSG) production.

Quantifiable outcome

• Achieved breakeven costs among lowest in top US resource plays
• +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

Feature2 records

Partnerships

Five partnerships are on record, tiered core.

• Colorado Springs UtilitiescoreChannel Partner/ Reseller/ Distributor · 11 March 2021Colorado Springs Utilities, a municipal utility, purchases certified Responsibly Sourced Gas produced by Bayswater in a first-of-its-kind wellhead to burner-tip RSG pilot project. This represents Bayswater's primary customer for certified RSG in the pilot.
• Rimrock Energy PartnerscoreChannel Partner/ Reseller/ Distributor · 11 March 2021Rimrock Energy Partners provides gathering and processing services for certified RSG produced by Bayswater before delivery to downstream pipeline operators.
• Kinder Morgan (Colorado Interstate Gas Company)coreChannel Partner/ Reseller/ Distributor · 11 March 2021Colorado Interstate Gas Company, a Kinder Morgan subsidiary, transports certified RSG purchased by Colorado Springs Utilities from Bayswater. Kinder Morgan is a member of ONE Future Coalition working to reduce methane emissions across the natural gas value chain.
• Project CanarycoreTechnology or Integration · 24 February 2020Bayswater partnered with Project Canary to implement continuous air emissions monitoring covering approximately 99% of Colorado production. Project Canary provides technology originally developed for NASA to monitor air quality on space stations, capable of detecting emissions down to parts per billion. The partnership includes third-party data review by Payne Institute at Colorado School of Mines.
• Payne Institute of Public Policy at Colorado School of MinescoreTechnology or Integration · 24 February 2020Payne Institute acts as independent reviewer of air quality data collected from Bayswater operations through the Continuous Monitoring Program. The institute provides objective data to help inform decision-makers in private and public sectors on energy and environmental issues.

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Ovintiv: Large-cap E&P with material DJ Basin (formerly Bonanza Creek / Extraction) and Permian Basin positions. Directly comparable basins and product mix, but operates at significantly larger scale and offers broader portfolio diversification.
• Chord Energy: Mid-cap E&P formed from Whiting/Oasis merger with Permian Basin and Williston Basin assets. Comparable horizontal well operations and capital allocation discipline to a mid-size private like Bayswater.
• Devon Energy: Major Permian-focused E&P operating the Delaware Basin and adjacent areas in Texas. Directly comparable for the Permian half of Bayswater's portfolio and a relevant benchmark for unit economics and breakeven commentary.
• Occidental Petroleum: Majors-style integrated E&P with the largest concentrated Permian Basin footprint post-Pioneer acquisition. Relevant benchmark for Permian well economics and service-cost dynamics relevant to Bayswater's Midland Basin positions.
• EOG Resources: Large-cap independent with significant Permian and other US onshore operations. Comparable horizontal drilling playbook in the Spraberry/Wolfcamp fairways relevant to Bayswater's Northern Midland acreage.

Direct peers

• Nickel Road Operating LLC: Small private DJ Basin operator that sold Weld County acreage to Bayswater in 2022. Closest size-and-strategy analog as a similarly-sized private E&P focused exclusively on the Wattenberg field.
• Permian Resources: Pure-play Permian Basin operator focused on the Delaware sub-basin, born from the Centennial/Colgate merger. Comparable basin, well design philosophy, and recently acquired by APA Corporation.
• Confluence Resources LP: Private DJ Basin operator that sold Weld County assets to Bayswater in 2024. Operates in the same sub-basin with similar horizontal Codell/Niobrara targets and customer base.
• Prairie Operating Co. Public DJ Basin-focused E&P that acquired Bayswater's DJ Basin assets for ~$603M in March 2025. Operationally identical to Bayswater's prior DJ footprint and the most direct recent comparable.
• Civitas Resources: Large pure-play DJ Basin operator with assets in Weld County and the Permian. Similar horizontal drilling and completion design philosophy and overlapping customer/midstream relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bayswater-exploration-&-production-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

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 Bayswater