US LAND GUILD

High Growth, Nearly Cost-Free Surface & Minerals Position in the Heart of the Permian

We own approximately 79,000 net royalty acres and approximately 67,500 overlapping surface acres across several large and adjacent ranches in the Central Basin Platform (the “CBP”), a prolific sub-basin within the Permian Basin of West Texas.

Our mineral and royalty interests represent perpetual real property ownership of the underlying hydrocarbon and mineral resources, entitling us to a share of resource production unburdened by operating costs and capital expenditures.

Similarly, our surface ownership entitles us to many passive, largely cost-free, long-term income streams related to oil and gas and other industrial infrastructure development on our land.

Unique Visibility to Future Activity

Our parent company, Blackbeard Holdings, is a vertically integrated oil and gas business constructed to maximize operational durability, margins and combined asset value across its footprint in the CBP. The upstream platform, Blackbeard Operating, operates substantially all of our mineral and royalty interests today. Blackbeard is currently the largest oil and gas producer in the Central Basin Platform and continues to actively develop its highly economic resource position underlying our land.

Members of the Blackbeard Operating team manage US Land Guild as well as Nile Midstream. Nile, an early-mover in the southern CBP, serves both Blackbeard and third party operators with its expansive pipeline network of oil, gas and water gathering lines, gas compression, crude storage systems and water handling and recycling infrastructure.

Blackbeard and Nile’s activity on our land drives a significant portion of our revenue today, providing us with unique alignment and visibility to growth.

We aim to support and encourage further commercial development across our assets, by Blackbeard and Nile as well as other operators and customers, maximizing the value of each acre we hold, generating sustainable free cash flow and supporting compelling returns to our investors.