Adamantium Capital

What Adamantium Capital does

Adamantium Capital, LLC is a wholly-owned financing subsidiary of Phoenix Energy One, LLC, structured to raise debt capital from high-net-worth accredited investors through a Rule 506(c) private placement offering. The company issues unsecured bonds with 5-11 year terms and tiered annual interest rates ranging from 13% to 16%, depending on investment size ($2M, $3M, or $4M minimum) and term length. Investors can choose between monthly interest distributions or compounding interest, with proceeds loaned back to Phoenix Energy One, LLC under a loan agreement to fund oil and gas development operations in North Dakota's Williston Basin.

The underlying collateral and business foundation rests on Phoenix Energy's oil and gas asset portfolio, valued at approximately $3B (PV-10 as of March 31, 2025), including $751MM in proved developed producing reserves, $473MM in proved undeveloped reserves, and $1,780MM in probable reserves. Adamantium holds a junior lien position on this portfolio, with $330M+ in designated land holdings providing additional security through recorded mortgages. The offering is marketed through a direct sales motion led by the Phoenix Capital Markets team, with Dalmore Group, LLC serving as the registered broker-dealer for securities distribution and accredited investor verification.

The target raise is $400M, and the company reports a 97% investor satisfaction rating. Leadership is anchored by CEO Adam Ferrari and Managing Director of Field Operations Christ Marshall, both of whom oversee the Williston Basin operations. Distribution is restricted to verified accredited investors under SEC Rule 501 of Regulation D, limiting the addressable market but also constraining competition within this niche. The entity functions primarily as a pass-through financing vehicle, with no independently disclosed operating revenue and reliance entirely on the operational and financial performance of its parent sponsor.

Name

Adamantium Capital

Legal name

Adamantium Capital, LLC

Website

https://adamantium.phoenixenergy.com

Company type

Private

Operating status

Operating

Short description

Adamantium Capital is a wholly-owned financing subsidiary of Phoenix Energy One, LLC that issues Rule 506(c) private placement bonds to accredited investors, with proceeds funding oil and gas development in North Dakota's Williston Basin.

Ownership category

akta.pro rank

Product category

Private Debt Securities

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), All Other Financial Investment Activities (52399)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds) (FSAEALAM)

akta.pro secondary industry

Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Private placement bonds
• Accredited investor offerings
• High-yield debt securities
• Oil gas financing
• Fixed income investments

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Marketing or Sales, Personnel, Technology or R&D, Others

Revenue model

1. Bond Issuance / Private Placement: Adamantium Capital conducts a debt offering (private placement) pursuant to Rule 506(c) of Regulation D. Proceeds are loaned to sponsor Phoenix Energy One, LLC. Investors receive monthly interest payments or compounding interest over 5-11 year terms. The offering targets $400M in capital raise.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Adamantium Capital, LLC is a wholly-owned financing subsidiary of Phoenix Energy One, LLC that issues unsecured private placement bonds to accredited investors under Rule 506(c) of Regulation D. The offering provides 13-16% annual interest rates with 5-11 year terms, a $2M minimum investment, and either monthly interest payments or compounding interest options. Proceeds are loaned to Phoenix Energy One, LLC to support oil and gas development operations in North Dakota's Williston Basin.

Product overview

Adamantium Capital offers a single bond investment product — an unsecured private placement offering for accredited investors seeking high returns in the oil and gas sector. The offering provides tiered annual interest rates (13-16%) based on investment amount ($2M-$4M minimum) and term length (5-11 years), with options for monthly payments or compounding interest. The bonds are secured by Phoenix Energy's junior lien on oil and gas assets, with collateral including $330M+ in land holdings and ~$3B in total portfolio reserves.

Differentiator

Problem solved

Functional benefit

Products and services

• Adamantium Bond Offering A private placement debt offering issued under Rule 506(c) of Regulation D, designed for high-net-worth accredited investors. Bonds offer 13-16% annual interest rates with 5-11 year terms, a $2M minimum investment, and choices between monthly interest payments or compounding interest. Proceeds are loaned to Phoenix Energy One, LLC to support oil and gas development operations in North Dakota's Williston Basin.

Quantifiable outcome

• 97% investor satisfaction rating
• +4 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Dalmore Group, LLCsupportingChannel Partner/ Reseller/ DistributorDalmore Group, LLC is a registered broker-dealer and member of FINRA/SIPC. Certain non-executive personnel of Phoenix Energy are licensed registered representatives of Dalmore Group, LLC and conduct securities business through Dalmore. Dalmore is not affiliated with Adamantium or the Sponsor but plays a role in facilitating the securities offering.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Emerging players

• Tailwater Capital: Private equity firm focused on US energy midstream and upstream opportunities. Comparable as a private capital sponsor raising pooled funds for energy development, with overlapping geography and investor base to Adamantium's distribution model.
• Kimmeridge Energy Management: Energy-focused alternative asset manager with a strategy emphasizing private investment in US upstream operators. Comparable as a private capital intermediary building exposure to oil & gas development economics, though operating at a fund-of-funds and direct investment level rather than as a debt issuance vehicle.

Direct peers

• Black Stone Minerals, L.P. One of the largest US mineral and royalty interest owners with diversified upstream exposure. Comparable as a publicly traded vehicle that channels oil & gas production economics to investors, sharing the same commodity-driven cash flow profile as Adamantium's bond structure.
• NGP Energy Capital Management: Energy-focused private equity firm with deep track record in US oil & gas. Comparable for structuring private capital pools targeting upstream operators, including those operating in mature US basins like the Williston, with similar sponsor relationships.
• Mesa Royalty Trust: Trust holding royalty interests in oil & gas properties. Comparable as a passive income vehicle whose distributions derive from upstream oil & gas production cash flows — the same economic mechanism that supports Adamantium's interest payments.
• Dorchester Minerals, L.P. Publicly traded partnership owning oil & gas mineral and royalty interests, primarily in the Permian and Williston basins. Directly comparable as an income-generating vehicle whose returns are economically tied to the same upstream US oil & gas cash flows that collateralize Adamantium's bonds.
• Pearl Energy Investments: Private equity firm specializing in upstream oil & gas acquisitions and development across US basins. Comparable as a sponsor/manager deploying structured capital into North American shale assets, similar to Phoenix Energy's Williston Basin focus.
• Quantum Capital Group: Energy-focused private investment firm managing capital for institutional and high-net-worth investors in upstream oil & gas. Comparable for sponsoring/financing private US oil & gas development through structured capital pools.
• EnCap Investments: Leading energy-focused private equity firm investing across upstream oil & gas. Directly comparable as a capital-raising intermediary structuring pooled capital for Williston Basin and other US shale operators, with similar fund structures and HNW institutional investor base.

Broad incumbents

• Apollo Natural Resources Partners: Major alternative asset manager with dedicated natural resources private credit strategies. Comparable as a much larger, established capital provider to upstream oil & gas operators, demonstrating the broader institutional appetite for energy private debt that supports Adamantium's market thesis.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Adamantium Capital