Spotlight: StrongHeart Energy and Its Non-Operated Wellbore Funds
StrongHeart buys wellbore-only interests in wells that are already identified and permitted before a fund opens, and had an outside CPA verify what its first fund paid out.
September 17, 2026
StrongHeart Energy Management is a Miami-based sponsor of oil and gas limited partnerships, established in 2024, that acquires non-operated working interests in individual wellbores drilled by large operators. Its funds are not blind pools: according to the firm, each partnership is formed to buy a specific, already-identified set of wells, so investors know the assets, the net working interest, and the net revenue interest before committing capital. The firm’s first fund began paying monthly distributions in January 2025 and, by the firm’s account, has paid one every month since.
The offerings are sold to accredited investors through broker-dealers, RIAs, and family offices. The firm says it works with registered representatives holding Series 7 or 22 licenses and with state- or SEC-registered advisors, and gives advisors portal access to download client investment history and K-1s.
How the wellbore model works
StrongHeart does not operate wells. It sources non-operated interests through landmen, brokers, and operators, then participates in drilling programs run by companies including Hess, EOG Resources, Anschutz Exploration, Continental Resources, Mewbourne Oil, and Apache. The firm says it pays only charges tied directly to drilling, completion, and well facilities, and does not bear the operator’s geological review, office overhead, or planning costs.
Three terms define the structure. The funds are turnkey, with no capital calls to investors. A Dry Hole Protection Program commits the firm to replacing any well deemed a dry hole with a comparable well at no cost to investors. And the firm targets a two- to three-year exit, capturing the high early production and then selling the remaining production tail to close out the partnership.
The screening process is published in detail. According to the firm’s track-record page, its sourcing and underwriting team has evaluated more than 440 gross wells and roughly $479 million of capital expenditure through the second quarter of 2026. Each opportunity passes through an internal review of operator record, formation, AFE cost, takeaway infrastructure, and timeline; then to third-party reservoir engineers who project decline curves and estimated ultimate recovery; then to financial modeling against a 17 percent IRR minimum hurdle with a 22 to 30 percent target. The firm reports that only about 15 percent of the capital it bids on is ultimately accepted.
Tax treatment
The funds are structured so that up to 85 percent of an investment is deductible in the first year through intangible drilling costs, with a 15 percent percentage-depletion allowance on production revenue thereafter. According to the firm’s December 2025 investor white paper, the treatment of Fund I’s deductions was supported by a 2025 CPA memorandum from LBCarlson and a legal opinion from Winston & Strawn. The firm’s illustrations assume deductions equal to 85 percent of the investment and note that individual outcomes vary.
Fund I, Fund II, and Fund III
StrongHeart Energy I, LP holds interests in 20 wells across the Powder River Basin in Wyoming and the Williston Basin in North Dakota, operated by EOG, Hess, Anschutz, and Continental. The first six wells were producing by February 2025 and all 20 were online by the third quarter of 2025. Evans & Mossman CPAs, a Houston accounting firm the sponsor retained for independent review, analyzed the fund’s contribution and distribution records and reported that investors had received distributions equal to 31.43 percent of contributed capital over the fund’s first nine months, December 2024 through September 2025. The white paper notes the fund had recorded no dry holes and no capital calls through that period.
StrongHeart Energy II, LP launched in mid-2025 with five wells: a three-well Anschutz unit in Johnson County, Wyoming, and two single Hess wells in Williams and McKenzie counties, North Dakota. The firm structured it as an 18-month program and, in the December 2025 white paper, described it as fully subscribed.
StrongHeart Energy III, LP is the current offering and the firm’s first in Texas. The site lists a one-well Mewbourne unit in Lipscomb County in the Anadarko Basin and a three-well Apache unit in Andrews County in the Midland Basin targeting the Wolfcamp D and Barnett formations. Both are drilled but uncompleted, consistent with the white paper’s stated 2026 priority of favoring near-production-stage assets for earlier cash flow. Across the three funds, the firm’s homepage reports more than 29 wells, more than 50 investors, and more than $7.5 million raised.
The firm was co-founded by CEO Aharon Diveroli and COO Frank Stagg; Garrett Van Tuyl serves as President of Capital Markets, Maha Akram as CFO, and Sheri Sullivan as Chief Subsurface Officer. A Buttonwood Due Diligence sponsor report is available through the firm’s site, and its white paper benchmarks Fund I against sponsors covered in Mick Law‘s performance studies.
