Summary
- Fortis Minerals has filed to raise $100 million in an IPO, although the final figure may differ.
- The firm acquires oil & gas mineral and royalty interests in the Southwestern U.S.
- NRI is a medium-sized player in a region that is attracting major oil firms.
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Quick Take
Fortis Minerals (NRI) has filed to raise gross proceeds of $100 million from a U.S. IPO, according to an S-1 registration statement.
The firm pursues oil and natural gas mineral and royalty interest opportunities.
NRI is a medium-sized player in a region where major oil firms are elbowing their way in.
I’ll provide a final opinion when we learn more IPO details from management.
Company & Management
Houston, Texas-based Fortis Minerals was founded in 2006 to acquire and manage a portfolio of royalty and mineral interests in resource basins primarily in the Southwestern US.
Fortis’ main business operates primarily in areas undergoing high development under ‘top-tier’ operators.
Management is headed by co-founder, President, CEO and Director Christopher H. Transier, who has been with the firm since 2016 and was previously EVP & Chief Financial Officer at Escondido Resources II.
Assets & Production
Fortis has a growing portfolio of oil and natural gas mineral and royalty interests, located in the Permian Basin of West Texas and New Mexico as well as the STACK region located within the Anadarko Basin of Oklahoma - at the conjunction of Blaine, Canadian and Kingfisher counties - whose management collectively refers to as its “Key Areas”.
The table below summarizes Fortis’ mineral and royalty interest position in its Key Areas as of the end of June 2019:
