White River Energy Corp. (OTCQB: WTRV) announced that it has established White River Private Capital Management, a wholly owned subsidiary.
White River Energy’s current business is focused on oil and gas exploration and production by drilling new wells and performing reentry and recompletion procedures on existing wells, primarily in the U.S. Gulf Coast Basin.
With the launch of WRPCM, the company says it is deploying a hybrid public/private business model where it will be offering various tax-advantaged products such as intangible drilling cost deduction funds, 1031 exchange funds and insurance designated funds in the oil and gas industry through a limited partnership model.
The company’s initial investment product, White River Energy Partners I LP, is a $50 million intangible drilling cost deduction limited partnership.
“We are excited to announce the launch of White River Private Capital Management,” stated Randy May, chairman and chief executive officer of White River Energy. “This venture signifies not only just an avenue for growth for our company, but a commitment to generating value in a non-dilutive manner for our common stockholders while providing the opportunity for tax optimization and investment returns for our private investor partners. Our drive has always been to innovate and adapt, and this new chapter will allow us to further solidify our promise to the market.”
White River is a vertically integrated energy company with oil and gas exploration, production, and drilling operations on approximately 34,000 cumulative acres of oil and gas mineral leases in Louisiana and Mississippi.