Montego Minerals, an investor in oil and gas royalties and mineral rights, announced the close of its fourteenth portfolio, Iron Oak Minerals LLC.
The $12.1 million fund was an all-cash investment opportunity located in the United States’ Permian Basin.
Iron Oak Minerals represents a portfolio of royalty assets historically delivering both income and growth to accredited investors. The portfolio expands across approximately 17,500 gross acres, nine counties, 17 individual properties, and eight premier operators including Aethon Energy, Callon Petroleum, Endeavor Energy, EOG Resources and Surge Energy.
Currently, Montego reports that this acreage has 55 producing wells, 49 active permits with room for more than 97 additional wells to be drilled. The 1031 structure allows for greater investor control.
“In 2022, Montego’s 1031 eligible portfolios assisted more than 200 unique investors at protecting their property sales from long term capital gains, all while achieving tax-advantaged monthly income. Montego continues to be the mineral market leader at sourcing high grade, core Permian Basin mineral assets and intends to be a reliable partner for our advisor partners and their clients across the country in 2023,” said Sean Caldwell, senior vice president of capital markets.
Montego Minerals is a three-generation family office of petroleum engineers and geologists that has evaluated and purchased minerals and royalties in the Permian Basin for the last 50 years.
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