Fundamentals
4 guidesStart here. The vocabulary and mechanics that make everything else make sense.
01
How Oil & Gas Works
From source rock to sales meter, the physical and commercial lifecycle of a producing oil and gas asset.
9 minRead
02
Ownership Structures
Mineral rights, royalty interests, working interests, and the funds that pool them, who owns what, and who gets paid.
11 minRead
03
How Income is Generated
How a barrel at the wellhead becomes a monthly check, the revenue waterfall from production to distribution.
8 minRead
04
Understanding Oil & Gas Leases
The lease is the contract that governs everything. Bonus, royalty, primary term, and the clauses that matter.
10 minRead
Geology & Engineering
4 guidesWhere the resource is, how it is reached, and how it behaves once a well is producing.
05
US Basins & Shale Plays
An interactive map of the major producing basins and shale plays across the United States, where the oil and gas actually is.
8 minRead
06
How a Well Is Drilled
From spud to first production, the rig, the bit, casing, cementing, and the modern horizontal-and-frack sequence.
9 minRead
07
Conventional vs. Unconventional Reservoirs
Why some rock gives up its oil freely and some has to be cracked open, and what that means for risk and return.
8 minRead
08
Production & Decline
Every well declines. How the curve is shaped, why shale falls so fast, and how reserves are estimated from it.
9 minRead
Tax Education
3 guidesThe provisions that make direct ownership compelling for high-income investors.
09
The Depletion Allowance
Why the IRS lets owners deduct a percentage of gross income, the most enduring tax feature of mineral ownership.
9 minRead
10
IDC Deductions Explained
Intangible drilling costs can be 60–80% of a well and are largely deductible in year one. Here is how that works.
8 minRead
11
IRA Strategies
Self-directed IRAs, UBIT, and the trade-offs of holding energy assets inside a retirement account.
10 minRead
Risk & Due Diligence
4 guidesHow to evaluate an opportunity, and walk away from the wrong one.
12
Understanding Risk
Geologic, operational, commodity, and structural risk, a clear-eyed map of everything that can go wrong.
11 minRead
13
How to Evaluate an Operator
The operator is your most important variable. Track record, balance sheet, and the questions to ask before you commit.
10 minRead
14
Reading an AFE
The Authorization for Expenditure is the budget for a well. Learn to read every line before you fund one.
7 minRead
15
What is an Accredited Investor?
Income, net worth, and credential tests under SEC Rule 501, and why direct energy deals require them.
6 minRead
Ready to apply what you've learned?
Use the interactive calculators to model real numbers, or talk it through with our team.