JACKSONVILLE, Fla., July 17, 2019 /PRNewswire-PRWeb/ -- Elite Opportunity Fund launches 1st National Energy Opportunity Zone Fund to attract investors in the Oil & Gas industry. The fund has been authorized to raise up to $250 million focusing on opportunistic Oil & Gas business investments. "Elite Opportunity Fund's strategy is to deliver operational excellence in all areas associated with producing, developing, and maintaining existing oil & gas assets. The company will use well defined fit for purpose metrics to measure our operational excellence. Internal processes will be designed to capture operational performance on a day by day basis, utilizing operational excellence best practices to deliver our competitive advantage" said CEO Donald Glover.
The fund's core values are to be responsible to our financial investors. Our investors are giving us the opportunity and drive to succeed and foster a spirit of growth. The core objectives is to target high working opportunistic investment opportunities in the oil and gas business with high net backs per barrel or per MCFE, between 3 and 5 years, and loaded with projects that generate IRRs > 20%. Target acquisitions are assets that have been and are currently being financially neglected. The fund plans to exploit our extensive oil & gas industry knowledge and experience of geographic locations, plays or formations, fields, and operations by utilizing drilling, completion, production, and facility engineering expertise to enable access to high rate of return opportunities. This operational expertise will let the fund capture low hanging fruit within the existing wellbores (tubing replacements, coil tubing cleanouts, artificial lift installation and optimization and recompletions). The fund will hire the proven best, while minimizing G&A expense. We will operate the wells / facilities / marketing production utilizing the control room concept in Opportunity Zones with Opportunity Zone Human Capital.
Elite Opportunity Fund's acquisition target criteria include assets producing 2000 BOEPD or greater. 70% Liquids (Oil and Natural Gas Liquids) proved developed producing reserves. Reserves to Production Ratio that is greater than 7. High working / Net Interest (50%>) Revenue Interest. Highly contiguous acreage positions, well-suited for drilling, completions, recompletions, remedial and operational synergies. Significant vertical recompletion opportunities – proved developed behind pipe. Proved undeveloped locations identified based on a certified reserves report – Horizontal and Vertical Development Opportunities. Ongoing offset operator activities. Extensive technical dataset including vertical pilot logs, core and 3D seismic. Equipment and Facilities in good operating conditions. Upside opportunities in Artificial Lift Optimization (Operation Center Benefits), Power, Salt Water Disposal, and Midstream (Oil and Gas Pipelines, Refrigeration Plants and Power).
About CEO Donald Glover
Donald has over 30 years of oil and gas operating experience with a solid track record of building and managing teams across diverse disciplines to achieve positive business results. Don is a US Army veteran (1st Lieutenant ret.) with an MBA from Rice University's prestigious Jones School of Business and a Chemical Engineering degree from Oklahoma State University. He possesses a solid working knowledge of unconventional and conventional onshore operations from technical, commercial, operational, financial and land / legal viewpoints, along with a track record of consistently increasing Net Asset Valuation (NAV) throughout his career.
Donald has managed major acquisitions and divestiture efforts in unconventional (shale) and conventional reservoirs across both North and South America. He has held positions as Vice President, Global Engineering Manager, Director, Asset Manager and Technical Lead with Chesapeake, ConocoPhillips, SK, and most recently, as Chief Operating Officer at Trinity River Energy a KKR and Riverstone investment. In his role as Global Engineering Manager for SK, he was over the exploration of 5 blocks in Colombia and inside Chesapeake he developed their strategy for entering Colombia. He is and has always been a leader, advocate and instructor in an array of EHS and Safety initiatives.
Don's experience also includes both on and offshore drilling, completions, and production operations throughout the value chain which encompasses exploration, appraisal, development, harvest, and abandonment. With a focus on operational excellence, risk analysis regulatory, organizational behavior, P&L management and best in class knowledge, he brings a unique perspective to both buyers and sellers of assets in the oil and gas arena.
In addition, as a U.S. Olympic Track and Field Coach, he successfully coached 2 athletes in the in the 2000 Olympic Games in Sydney, Australia. His coaching has produced 4 US Champions, 3 World Championships Medalist, and a World Number #1 ranking.
Don has managed business units up to $1-$3 billion dollars NAV with Free Cash Flow up to
$1 billion year. The following are assets he managed up to billion NAV and $1 billion free cash flow including ConocoPhillips South Texas Assets - 3 Years (started the Working Base Initiative inside of COP and made the South Texas Asset the lowest base decline BU in the company), ConocoPhillips Eagle Ford Business Development 3 years (1 of 3 who developed the COP's shrink to grow strategy and wrote the white paper for COP keeping the play), Chesapeake Mississippi Lime - 1 year (lowest base decline "23" and highest IRR in the company and started the Lead the Working the Base Initiative inside Chesapeake), Chesapeake MidCon - 7 months (promoted the Meramec Stack and Oswego plays, and recommend shrinking the BU to manageable asset), and Trinity River Energy – 1.5 years Barnett Shale, Olmos, Houston, Travis Peak, Queen City and Cotton Valley.
Invest in Opportunity Zones
Introduced by the Tax Cut and Jobs Act of 2017, Opportunity Zones are census tracts designated by state governments based on their lower income demographics. The Program was created to incentivize investment within these communities by providing material tax benefits to U.S. investors who re-invest any form of capital gains into Opportunity Zone Funds. Investing in qualified Opportunity Zone Funds allow U.S. investors to (1) defer taxes on the original capital gain until the end of 2026, (2) reduce the amount of deferred taxes owed by up to 15%, and (3) eliminate tax on capital gains from the re-investment if held for 10 years. The Fund, in turn, must invest in qualified real estate or businesses within the opportunity zone.
EazyDoIt, Inc. is an opportunity fund creation company based in Virginia Beach, VA. EazyDoIt works with clients to develop a structured turn-key solution for business owners, real estate development projects, high net worth individuals and family offices looking to set up an opportunity fund experience. EazyDoIt is recognized as a Top 10 OZ Influencer and is a leader in the Opportunity Fund Creation industry. Our CEO David Sillaman is a member of the Forbes Real Estate Counsel and EazyDoIt Funds have been recognized by FinTek News, Business Insider, Market Insider, Senior Housing News & Silicon Review to name a few. Mr. Sillaman is a frequent speaker at National Opportunity Zone Events, including the CDFA Florida Opportunity Zone Conference and past Opportunity Zone Expo Conferences. EazyDoIt has built one sixth (1/6) of all the opportunity funds in the market space today, with a strong emphasis on business based opportunity funds.
For more information:
Elite Opportunity Fund at http://www.EliteOPPFund.com
EazyDoIt at http://www.EazyDoIt.com
The contents on this press release is for informational purposes only. This is not an offer to sell, nor a solicitation to buy Elite Opportunity Fund. That can only be done by our current Confidential Private Placement Memorandum ("CPPM"). Securities offered by Elite Opportunity Fund Inc. are for accredited Investors only. Limited liquidity. The shares being sold in this offering have not been approved or disapproved by the Securities and Exchange Commission or any state's securities division. Nor has the Securities and Exchange Commission or any state securities department passed upon the accuracy or adequacy of the CPPM or the disclosures provided therein. Any representation to the contrary is a criminal offense. The information is provided by Elite Opportunity Fund Inc. and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
SOURCE Elite Opportunity Fund
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