Buy mismanaged, not the story
Stripper wells and low-rate ESP wells sit at the tail of the decline curve, where the original operator's economics stopped working. Those assets change hands at a fraction of replacement value because the seller is undercapitalized, retiring, or simply not built to manage many small producers well.
We underwrite on current cash flow and lifting cost — not on reserve narratives — which keeps entry basis low and risk contained to things we can actually control.

