Zephyr Energy
Zephyr Energy plc is an AIM-listed oil and gas exploration and production company operating a dual-asset portfolio: an operated Paradox Basin project in Utah and non-operated working interests in the Williston Basin of North Dakota and Montana.
- Company typePublic
- Founded2020
- HeadquartersNewbury, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Zephyr Energy does
Zephyr Energy plc is a UK-listed (AIM: ZPHR; OTCQB: ZPHRF) oil and gas exploration and production company that operates a dual-asset portfolio in the U.S. Rocky Mountain region: (1) the operated Paradox Basin Project in Utah, anchored by the ~25,000-acre White Sands Unit and now spanning more than 72,000 gross acres at mostly 100% working interest, and (2) a non-operated working-interest portfolio in the Williston Basin of North Dakota and Montana operated by Chord Energy and Continental Resources. The company is the successor to Rose Petroleum plc, founded under its current identity in 2020.
The Paradox Basin asset is the strategic growth engine. Zephyr's flagship State 36-2R horizontal well achieved a peak flow rate of 2,848 BOEPD without fracture stimulation using hydra-jet abrasive perforation and matrix acidization, with fiber-optic data confirming hydrocarbon inflow across the full 5,000-ft lateral and water cut below 0.5%. A 2025 Sproule CPR confirmed 35.3 MMboe of 2P reserves and 74.2 MMboe of total recoverable resources across the White Sands Unit. A successful regulatory in-line inspection of Williams Companies' Northwest Pipeline in June 2026 enables offtake finalisation, and the company has an active farm-out/JV data-room process with multiple indicative proposals.
The non-operated Williston Basin portfolio is the cash-generative funding mechanism. Following 14 discrete acquisitions between 2021 and 2024, Zephyr moved from zero to over 1.5 million boe produced cumulatively, generating US$25.2M (FY 2023) and US$24.3M (FY 2024) of revenue. Production surged to 983 boepd net in Q1 2026 following a US$7.3M acquisition, and a May 2025 strategic partnership provides up to US$100M to fund 100% of CAPEX on new non-operated acquisitions, materially lowering Zephyr's capital intensity. FY 2025 revenue was US$13.9M with a US$10.8M net loss; management flagged a material going-concern uncertainty ahead of the US$15.15M revolving credit facility maturity in December 2026.
Zephyr Energy firmographics
Firmographics- Name
- Zephyr Energy
- Legal name
- Zephyr Energy plc
- Website
- https://zephyrplc.com
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Zephyr Energy plc is an AIM-listed oil and gas exploration and production company operating a dual-asset portfolio: an operated Paradox Basin project in Utah and non-operated working interests in the Williston Basin of North Dakota and Montana.
- Ownership category
- akta.pro rank
Zephyr Energy industry classification
Industry- Product category
- Oil and Gas Exploration & Production
- SIC
- Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)
- akta.pro primary industry
- Natural Resources — Energy & Mineral Resources (FSAAAKAJ)
Keywords
Where Zephyr Energy is headquartered
LocationHeadquarters
- HQ city
- Newbury
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Zephyr Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Oil and Gas Production Sales: Revenue is generated from the sale of crude oil, natural gas, and natural gas liquids produced from the company's operated (Paradox Basin) and non-operated (Williston Basin) assets. The non-operated portfolio produced 925 boepd net to Zephyr in Q3 2025. Cashflows from non-operated production are used to fund Paradox Basin development. The company also generates revenue from gas processing and infrastructure assets.
- Non-Operated Working Interest Revenue: Zephyr holds working interests in non-operated producing wells in the Williston Basin, North Dakota and Montana, operated by Chord Energy (Whiting + Oasis) and Continental Resources. Following 14 discrete acquisitions, the project generated strong cashflows moving from zero production to over 1.5 million boe produced from 2021 to 2024.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Zephyr Energy product offering
Product offeringCore offering
Zephyr Energy plc is an oil and gas exploration and production company operating a dual-asset portfolio in the U.S. Rocky Mountain region. The company develops operated assets in the Paradox Basin, Utah (over 46,000-72,000 gross acres including the White Sands Unit with horizontal Cane Creek wells), and acquires non-operated working interests in producing wells across the Williston Basin in North Dakota and Montana. Cash flows from non-operated production fund the development of the flagship Paradox project toward first commercial production.
Product overview
Zephyr Energy plc is an oil and gas exploration and production company operating a dual-segment portfolio model consisting of (1) the operated Paradox Basin Project in Utah featuring approximately 70,000 gross acres with 2P reserves of 2.6 mmboe, 2C resources of 34 mmboe, and 2U resources of 270 mmboe, and (2) the non-operated Williston Basin Portfolio in North Dakota/Montana generating cash flows from producing wells targeting Middle Bakken and Upper Three Forks formations. The Paradox Basin Project includes the White Sands Unit with key wells State 36-2R and State 16-2LN-CC, while the Williston assets are managed through Zephyr Hawk LLC in partnership with a U.S. capital provider. Cash flows from non-operated production fund the development of the flagship Paradox Project toward first commercial production.
Differentiator
Problem solved
Functional benefit
Products and services
- Paradox Basin Project Zephyr Energy's flagship operated asset located in Utah's Paradox Basin, comprising a multi-zone horizontal development project targeting the Cane Creek reservoir. The project includes the White Sands Unit with 2P reserves of 2.6 mmboe and is being developed to delineate scale and value through modern completion techniques in a historically productive area that previously lacked 3D seismic coverage.
- Williston Basin Non-Operated Portfolio Non-operated working interest positions in producing wells across North Dakota and Montana, with primary targets in Middle Bakken and Upper Three Forks formations. Operated by Chord Energy and Continental Resources. Generated US$24.3 million in FY 2024 revenue and 925 boepd net to Zephyr in Q3 2025.
- White Sands Unit Approximately 25,000-acre operated unit within the Paradox Basin covered by recent seismic, located in a historically productive area. Key wells include State 16-2LN-CC and State 36-2R LNW-CC. Updated Sproule CPR (2025) confirmed 35.3 MMboe of 2P reserves and 74.2 MMboe of total recoverable resources.
- State 36-2R Well Horizontal development well with 5,000 ft lateral targeting Cane Creek reservoir in the Paradox Basin. Achieved peak flow rate of 2,848 BOEPD without fracture stimulation using hydra-jet abrasive perforation and matrix acidization, with fiber optic monitoring indicating hydrocarbon inflow across the entire lateral length. Water cut remained below 0.5% throughout test duration.
- State 16-2LN-CC Well First horizontal well with modern hydraulically stimulated completion in the Paradox Project. Successfully stimulated 4,000-foot lateral demonstrating favorable rock mechanics with very limited pressure drop and high production rates.
Quantifiable outcome
- Peak production test rate of 2,848 BOEPD at State 36-2R well (May 2025) — top 5% of comparable lower 48 tight gas wells by EUR/lateral length
- +3 more outcomes
Companies that use Zephyr Energy
Customer profileSegments1 record
Ideal customer profiles3 records
Zephyr Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Zephyr Energy partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Sproule InternationalcoreSproule International is the third-party consultant that prepared the updated Competent Person's Report (CPR) on Zephyr's Paradox Basin assets, confirming 35.3 MMboe of 2P reserves and 74.2 MMboe of total recoverable resources across the White Sands Unit.
- Williams Companies, Inc.minorWilliams Companies operates the Northwest Pipeline through which Paradox project gas will be exported. The regulatory in-line inspection (ILI) covering the pipeline was successfully completed in June 2026 — a major milestone permitting Zephyr to finalise negotiated offtake agreements and positively impacting farm-out and hydrocarbon marketing efforts.
- Chord Energy (formerly Whiting + Oasis)corePrimary operator of Zephyr's non-operated Williston Basin assets, alongside Continental Resources. Zephyr holds working interests in producing wells operated by Chord Energy. VP of Operations Ryan Walter previously worked for over a decade at Whiting Petroleum (now Chord Energy).
- Continental ResourcescorePrimary operator of Zephyr's non-operated Williston Basin assets alongside Chord Energy. Zephyr holds working interests in producing wells operated by Continental Resources.
Scale indicators12 records
Recent moves12 records
Expansion highlights5 records
Zephyr Energy competitors and assessment
Company assessmentDirect peers
- Ithaca Energy: AIM-listed E&P with North Sea production and a balanced growth/cash-flow profile. Comparable as a UK-listed small-mid cap E&P pursuing both production cash flow and growth projects.
- Diversified Energy Company: AIM-listed U.S.-focused upstream oil and gas producer with a similar small-cap profile. Zephyr's dual-asset, cash-generative-plus-development model mirrors DEC's approach to balancing producing assets with growth projects in U.S. basins.
- Vital Energy: U.S. small-mid cap E&P focused on the Permian Basin with secondary Williston exposure. Comparable in scale and basin mix to Zephyr's U.S. operating footprint.
- Continental Resources: Co-operator of Zephyr's non-operated Williston Basin assets and a major U.S. unconventional E&P. Direct basin overlap and shared interest in Bakken/Three Forks economics make Continental a direct comparable.
- Crescent Energy: Multi-basin U.S. E&P combining operated and non-operated assets. Similar dual-track strategy (cash-generating non-op + operated upside development) and similar small-mid cap scale.
- Pantheon Resources: AIM-listed E&P focused on U.S. onshore appraisal and development assets in Alaska. Comparable as a small-cap AIM E&P with single-asset, high-upside project thesis.
- Chord Energy: Operator of Zephyr's non-operated Williston Basin assets (Bakken/Three Forks) following the Whiting/Oasis merger. Chord is a direct comparable as a Williston-focused E&P at the same basin of operation.
- Empyrean Energy: AIM-listed E&P with U.S. unconventional assets. Comparable in scale, listing venue, and focus on emerging U.S. onshore plays.
- Northern Oil and Gas: U.S. small-cap E&P specializing in non-operated working-interest acquisitions in the Williston Basin and Permian. Highly comparable business model to Zephyr's Zephyr Hawk LLC non-op acquisition strategy funded by a third-party capital partner.
Broad incumbents
- Ovintiv: Large U.S. and Canadian unconventional E&P active across multiple basins. Provides a public-market benchmark for development-stage U.S. unconventional plays relevant to Zephyr's Paradox Basin initiative.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Zephyr Energy social profiles
Digital presenceZephyr Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Zephyr Energy leadership team
Management profileNumber of profiles
Profiles10 records
Zephyr Energy subsidiaries and ownership
Company hierarchySubsidiaries2 records
Zephyr Energy funding detail
Funding detailFunding overview
Funding rounds4 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Zephyr Energy M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Zephyr Energy
What does Zephyr Energy do?
Zephyr Energy plc is an oil and gas exploration and production company operating a dual-asset portfolio in the U.S. Rocky Mountain region. The company develops operated assets in the Paradox Basin, Utah (over 46,000-72,000 gross acres including the White Sands Unit with horizontal Cane Creek wells), and acquires non-operated working interests in producing wells across the Williston Basin in North Dakota and Montana. Cash flows from non-operated production fund the development of the flagship Paradox project toward first commercial production.
Is Zephyr Energy a public or private company?
Zephyr Energy is a public company. It is classified as public and is currently operating.
When was Zephyr Energy founded?
Zephyr Energy was founded in 2020. It employs 11 to 50 people.
Where is Zephyr Energy based?
Zephyr Energy is headquartered in Newbury, United Kingdom, in the Europe region.
How does Zephyr Energy make money?
Two revenue lines are on record. Oil and Gas Production Sales are the primary driver. The others are non-Operated Working Interest Revenue.
Who are Zephyr Energy's main competitors?
Direct peers on record are Ithaca Energy, Diversified Energy Company, Vital Energy, Continental Resources, Crescent Energy, Pantheon Resources, Chord Energy, Empyrean Energy and Northern Oil and Gas. Ovintiv is listed as a broad incumbent.
Does Zephyr Energy have an API?
No public API is recorded for Zephyr Energy.
What industry is Zephyr Energy in?
Zephyr Energy's product category is Oil and Gas Exploration & Production. Its primary akta.pro industry code is FSAAAKAJ, Natural Resources — Energy & Mineral Resources. Its SIC code is 1311.