INVESTMENT WORK
Investment Work
Cases in the format a fund reviews: memo, model, red flags.
01 — INVESTMENT MEMO
How ARO and AB 1167 change the value of a California low-producing well package
Enterprise value before and after plugging, abandonment and site-restoration obligations.
[[MEMO: select the public transaction and supply its deal terms, well count and sources]]
02 — MODEL
PV-10 adjusted for plugging costs (Excel)
Inputs, a 15-year cash flow, and a valuation sheet comparing unadjusted PV-10 with value after plugging costs and the cost of carrying AB 1167 financial assurance. The inputs are illustrative and should be replaced with asset-specific data.
03 — SHORT ANALYSIS
3 red flags when buying older California wells after AB 1167
[[RED_FLAGS: supply the three red flags and their sources]]
04 — QUARTERLY
California Upstream Liability Tracker
Transactions, asset transfers, changes in financial assurance, and operators showing elevated risk.
[[TRACKER: first quarterly edition]]