Formation Minerals is an early-stage oil and gas minerals and royalties company based in Jacksboro, Texas. The company acquires mineral rights, royalty interests, and overriding royalty interests across major U.S. basins, including the DJ Basin, Haynesville Shale, Delaware and Permian Basin, Marcellus and Utica shales, and the Anadarko Basin. Formation Minerals is a pure royalty owner — it does not drill or operate wells. Instead, it collects a share of production revenue from acreage where it holds interests, without bearing any drilling or operating costs. Royalty income is driven by commodity prices and the pace of well development by the operators who lease Formation's acreage. Formation Minerals has no control over when or whether operators choose to drill. The company grows by acquiring additional royalty interests, funded through equity and debt financing, and also sells non-producing mineral interests to recycle capital into revenue-generating assets. Formation Minerals was formed through a 2024 merger with Verde Bio Holdings and has not yet generated significant revenue. The company has a very limited capital base and remains dependent on external financing to execute its acquisition strategy.