Rising Phoenix Capital has announced the strategic sale of a 661.88 net royalty acre mineral package in the Barnett shale, located in Denton County, Texas. Operated by BKV Barnett, this asset was part of the Rising Phoenix Royalty Fund III, LP and represented a high-cash-flow position with near-term development upside.
While many mineral buyers and investment shops have shifted their focus to the Permian basin and other high-profile plays, Rising Phoenix Capital remains active in basins where others have moved on. “We’re active in the Permian, but we also look for opportunities in areas like the Barnett shale, where competition is lower, pricing can be more favorable, and the right deals can deliver strong, stable returns,” said Jace Graham, CEO and founder of Rising Phoenix Capital, who has been acquiring assets in the Barnett since 2005.
A strategic play with built-in upside
The Denton County asset was acquired from a commercial land development company several years ago, after Rising Phoenix identified early signs of renewed drilling interest in the area. BKV Barnett’s aggressive development schedule validated that thesis: two wells were completed in June 2023, two more in December 2024, and three additional wells—spudded in March 2025—are awaiting completion.
“This was a classic example of what we look for: strong current cash flow with identifiable upside,” said Graham. “BKV’s activity added value for our fund, and we were able to complete a sale that generated excellent returns for our investors while still leaving some meat on the bone for the buyer to monetize.”
The buyer and sales price remain undisclosed, but the transaction is expected to push the overall performance of Rising Phoenix Royalty Fund III, LP toward the upper end of its targeted return range.
A focus on yield-generating assets
Rising Phoenix Capital focuses on cash-flowing, yield-generating investment opportunities in oil and gas minerals. The company maintains direct relationships with mineral owners to identify and acquire assets with stable production, development potential, and favorable risk profiles.
Graham currently manages approximately 16,000 net royalty acres in the Barnett shale alone, alongside a broader portfolio across other U.S. basins.
