Enduring-DJR; San Juan Basin WRP IV was a key funding source for acquiring assets in the San Juan Basin in April 2017, which led to the formation of DJR Energy, LLC ("DJR"). This capital formation was also backed by Trilantic Capital Partners and Global Energy Capital, as well as a substantial equity investment from DJR's management team, led by a former Exxon executive. DJR expanded its portfolio with a $400+ million acquisition of Encana's San Juan Basin assets in December 2018, creating a 350,000 net-acre project with significant proved developed producing (PDP) value and over 1,000 tier-1 drilling locations. DJR drilled numerous horizontal wells using advanced drilling and completion technologies, achieving strong results. In December 2023, DJR merged with Enduring Resources IV, LLC to further enhance its development and working capital. Enduring IV is a portfolio company of Encap Investment, a leading energy private equity firm. The Enduring DJR merger has created a leading operator in the San Juan Basin, with approximately 500,000 net acres, and is producing over 40,000 barrels of oil equivalent per day. The current estimated proven reserve value of Enduring DJR is approximately $2 billion at a 10% discount rate (i.e., PV10). Bakken Non-Op Acquisition Strategy WRP IV and a subsequent fund, WRP V, are the primary capital contributors and owners of a diversified portfolio of minority equity (non-operating) working and mineral interests in the heart of the Bakken Shale, located in North Dakota. This formation is one of the most actively producing areas within the larger Williston Basin, which spans the north-central United States and southern Canada. In December 2025, the inaugural Waveland Bakken portfolio was successfully sold to two portfolio companies of a global private equity group, following a robust investment banking process led by Stephens. This sale generated a project-level return on investment (ROI) of 1.6x.