01
Identify upstream leaseholds
CSR focuses on leasehold and non-operated opportunities in basins where tier-one operators are advancing development activity.
Upstream opportunities with disciplined catalyst timing.
CSR acquires upstream leasehold interests where tier-one operators are moving in to drill, then seeks to create value as AFEs are issued and spud dates approach.
AFE Method — 11 Completed
47%
Avg ROI
1.47x
Avg MOIC
~30 days
Avg Hold
Leasehold Method — 2 Completed
286%
Avg ROI
3.86x
Avg MOIC
~9 months
Avg Hold
Investment Focus
A simple mandate built around leasehold timing and operator momentum.
CS Resources focuses on upstream opportunities across select U.S. basins, targeting leasehold positions and non-operated exposure where leading operators are actively advancing drilling programs.
The firm’s approach is intentionally narrow: identify acreage with credible development signals, assess AFEs as they are generated, and seek to monetize value when spud-date visibility improves.
Leasehold acquisition
Tier-one operator activity
Disciplined divestment
Partnering alongside the world's leading oil & gas operators
How CSR Creates Value
From leasehold to liquidity event.
CSR’s process is designed to capture the change in value that can occur when an upstream position moves from acreage optionality toward operator-backed development clarity.
02
Underwrite AFE catalysts
After AFEs are generated from the leaseholds, CSR evaluates timing, operator intent, economics, and near-term development signals.
03
Wait for spud-date proximity
As the expected spud date approaches, the asset can become more relevant to buyers seeking clearer operational timing.
04
Divest for a multiple
CSR seeks to monetize the improved visibility by divesting the asset at a multiple, while maintaining a disciplined hold period.
Anonymized Track Record
Documented outcomes without transaction-name disclosure.
AFE Method
47%
Avg ROI
1.47x
Avg MOIC
~30 days
Avg Hold
Leasehold Method
286%
Avg ROI
3.86x
Avg MOIC
~9 months
Avg Hold
| Year | Transaction | Area | Method | ROI | MOIC | Hold Time |
|---|---|---|---|---|---|---|
| '24 | Opportunity 01 | Powder River | AFE | 0% | 1.00 | <1 month |
| '24 | Opportunity 02 | Powder River | AFE | 22% | 1.22 | <1 month |
| '24 | Opportunity 03 | Powder River | AFE | 43% | 1.43 | <1 month |
| '24 | Opportunity 04 | DJ | Leasehold | 38% | 1.38 | <1 month |
| '24 | Opportunity 05 | Powder River | AFE | 168% | 2.68 | <1 month |
| '25 | Opportunity 06 | Powder River | AFE | 115% | 2.15 | 2 months |
| '25 | Opportunity 07 | Powder River | AFE | -31% | 0.69 | 1 month |
| '25 | Opportunity 08 | Powder River | AFE | 36% | 1.36 | 3 months |
| '25 | Opportunity 09 | DJ | AFE | 56% | 1.56 | <1 month |
| '25 | Opportunity 10 | DJ | AFE | 44% | 1.44 | <1 month |
| '25 | Opportunity 11 | DJ | AFE | 54% | 1.54 | <1 month |
| '25 | Opportunity 12 | DJ | AFE | 54% | 1.54 | <1 month |
| '26 | Opportunity 13 | DJ | Leasehold | 535% | 6.35 | 18 months |
| '26 | Opportunity 14 | DJ | Leasehold | TBD | TBD | TBD |
| '26 | Opportunity 15 | DJ | Leasehold | TBD | TBD | TBD |
| '26 | Opportunity 16 | DJ | Leasehold | TBD | TBD | TBD |
Discuss upstream opportunities with CSR.
For investor inquiries, asset opportunities, or strategic conversations, contact CS Resources directly.