Presidio Production Company is an independent oil and gas E&P company focused exclusively on the Western Anadarko Basin across Texas, Oklahoma, and Kansas. Unlike conventional E&P companies, Presidio does not drill new wells — instead, it acquires existing, mature, low-decline producing wells and operates them efficiently to generate stable free cash flow. Following its March 2026 business combination of two predecessor entities, Presidio operates approximately 2,097 net wells with combined pro forma net daily production of roughly 24 MBoe/d. The business model has three pillars: acquire PDP assets at prices below intrinsic value, optimize operations to reduce lease operating expenses and extend well life, and distribute free cash flow via debt repayment, dividends, and further acquisitions. Because Presidio focuses purely on PDP assets, it carries no proved undeveloped reserves. Revenue comes from selling oil, natural gas, and NGLs at market prices, with no long-term fixed-price contracts. A defining feature is mandatory hedging — Presidio's ABS debt structure requires 85%+ of projected production to be hedged on a rolling 24-month basis, limiting commodity upside but providing cash flow predictability. Presidio's primary debt instrument is an asset-backed securitization (ABS) secured by its oil and gas properties, which Presidio argues provides a lower cost of capital than traditional reserve-based lending. Growth is entirely acquisition-driven, and management acknowledges dividends cannot be sustained beyond 2027 without acquiring additional reserves, creating a structural imperative for continued deal-making.