Ridgewood Oil and Gas Fund is a closed-end private investment vehicle that holds a 2.25% working interest in the Beta Project, a seven-well deepwater oil and gas development in the Gulf of Mexico. The Fund raised $123M from private investors in 2005, deployed that capital into offshore oil and gas projects, and is now in late-stage wind-down — producing from existing wells and distributing cash to shareholders, with no new investments planned. The Fund's sole active asset is the Beta Project, where all seven wells commenced production between 2016 and 2019; two wells are currently shut-in pending recompletion work. The Fund sells its share of production through Beta Sales and Transport, a subsidiary of the Manager, at prevailing market prices to third-party purchasers. Revenue is driven by commodity prices and production volumes, with net cash further reduced by royalties payable to the U.S. government and a 6.25% overriding royalty interest to a former lender. The Manager, Ridgewood Energy Corporation, handles all operations and administration, and receives 15% of cash distributions from operations. The Fund has no employees and is entirely dependent on Walter Oil & Gas Corporation as operator for all field-level decisions. As reserves deplete and decommissioning obligations come due — the Fund estimates roughly $2M in remaining asset retirement costs — cash flows will decline and the Fund will ultimately be wound up.