Bakken Shale Non-Op Acquisition Strategy WRP V and its predecessor fund, WRP IV, 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 (WB Holdings) 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. WRP V also owns 5.6% of WB Holdings II, the second Bakken aggregation portfolio, located in the core of the Bakken Shale in North Dakota. This portfolio includes a diversified mix of projects operated by leading energy companies, including Chevron, Continental Resources, ConocoPhillips, and E68Chord Energy. WB Holdings II is currently in an active investment mode, generating annualized tax-advantaged distributions for its investors.