Phoenix Energy is a U.S. oil and gas company that acquires and develops oil and gas interests, with production concentrated in the Williston/Bakken Basin in North Dakota and Montana, with additional interests in the Denver-Julesburg, Powder River, Permian, and Uinta Basins. The company operates across three business lines: mineral and royalty interests, non-operated working interests, and direct drilling through its subsidiary PhoenixOp. The royalty and non-operated businesses are largely passive — Phoenix Energy acquires mineral or leasehold rights, then collects a contractual share of production revenue as third-party E&P operators drill and produce the acreage. PhoenixOp, launched in mid-2023, drills and operates its own wells in the Williston Basin, capturing full working interest economics at higher capital and operating cost. Phoenix Energy sells crude oil, natural gas, and NGLs at market prices, with revenue closely tied to WTI given its oil-heavy production mix. Since 2019, the company has completed over 5,495 acquisitions, growing net royalty acreage from roughly 1,500 to over 562,000 acres. Phoenix Energy uses proprietary software to identify, underwrite, and source acquisition targets — including smaller deals with individual landowners that larger competitors may overlook. The company has funded growth primarily through debt, and estimates it will need roughly $670M in additional external capital through 2028 to execute its development plan.