Midland Basin Project IIn October 2014, Waveland, along with Trilantic Capital Partners and Riverstone Holdings, acquired approximately 6,300 net acres in the core of the Midland Basin, a sub-basin of the Permian Basin in West Texas. Following a successful investment banking process conducted by Simmons, the Midland Basin assets were sold in April 2017 to a public company, less than three years after the acquisition. This transaction yielded a project-level return on investment (ROI) of 1.53x and an internal rate of return (IRR) of 22.5%. WOLF Bend Project The Wolf Bend Project, located in Dewey County, Oklahoma, was the first project acquired by WRP III and is an extension of the prolific "STACK" (Sooner Trend Anadarko (Basin) Canadian and Kingfisher (Counties) play. Approximately 6,500 acres were leased in a "sweet spot," identified by Waveland's partner, Orca Resources, LLC, within a potentially significant new gas field. In August 2016, Waveland retained Meagher Energy Advisor to market the WOLF Bend assets, resulting in a sale to a portfolio company of EnCap Investments in June 2017. The transaction achieved a project-level ROI of 1.63x and an IRR of 63%.