Squirrel Creek Cottage Grove Unit

i. Location

Dewey County, Oklahoma — the structural heart of the Anadarko Basin.

Oklahoma classifies oil and gas mineral and working interests as real property eligible for 1031 exchange. The Anadarko Basin contains approximately 23 billion barrels of original oil in place and remains one of the most active conventional and unconventional plays in North America.

Dewey County — SCCGU location

Oklahoma counties

Reference cities

Geography

Dewey County sits in northwestern Oklahoma, approximately 100 miles northwest of Oklahoma City. The county is squarely within the Anadarko Basin's core producing fairway, with the basin's structural axis running through neighboring Custer County to the south.

Geology

The Squirrel Creek Cottage Grove Unit produces from conventional reservoirs at approximately 8,000 feet depth — 40° API oil with established pressure regimes. The geology is not unconventional shale: this is rock that has produced for decades and responds predictably to proven recovery techniques.

Regulatory

The unit was formally established by Oklahoma Corporation Commission Final Order 2023-002608, unitizing 6,400 contiguous acres. The Order is part of the deal data room and is verifiable through Oklahoma state public records.

ii. Why this barrel

The question is not whether the world uses oil. It is who produces it, and how.

For investors who think carefully about where their capital goes, SCCGU is built to be the most responsible way to own a producing barrel — and the tax code rewards it.

Recovery, not exploration

SCCGU drills no wildcat wells and disturbs no frontier land. The field has produced for decades, with 120 wellbores of production history on record. This program recovers more oil from a field already drilled and proven — the lowest-footprint barrel in the industry.

Carbon stored in the ground

The CO₂-WAG technique injects carbon dioxide underground to drive oil recovery. That CO₂ stays sequestered in the reservoir, permanently. Over the project's life, we estimate 4 to 6 million tonnes of CO₂ stored — the annual carbon footprint of every one of New York City's 8.3 million residents, for more than a month. Or roughly one million passenger cars taken off the road for a year.^†

Investors in SCCGU are not simply chasing an IRR. They are part of a project that makes a meaningful, measurable environmental contribution — carbon stored not as a marketing claim, but as a direct outcome of the recovery technique itself. And the implication runs further: a successful pilot here is a template. The Anadarko Basin alone holds dozens of mature waterflood units that could follow the same CO₂-WAG playbook. SCCGU's role is not only to store its own 4 to 6 million tonnes, but to prove out a model that can be replicated at scale across the basin — a catalyst for the next wave of carbon-storing oil recovery.

Demand is real and durable

Global oil demand is measured in the tens of millions of barrels per day and is not disappearing on any near-term horizon. The responsible position is not to refuse the barrel — it is to make sure it is produced cleanly, by operators who care.

^† Order-of-magnitude estimate based on industry-typical CO₂-WAG injection ratios (roughly 0.3 tonnes CO₂ per incremental barrel recovered) applied to the project's upside recovery case. A reservoir-engineered storage estimate will be provided in the independent reserve report. NYC and passenger-vehicle comparisons sourced from U.S. EIA and EPA published data.

The 45Q advantage

The U.S. tax code pays for permanent carbon storage.

Section 45Q of the Internal Revenue Code provides a federal tax credit of approximately $60 per tonne of CO₂ permanently sequestered. Applied to SCCGU's estimated 4 to 6 million tonnes of storage, that represents hundreds of millions in nominal credit value over the project's life. Because SCCGU's CO₂-WAG phase stores carbon as an inherent part of the recovery process, the project is positioned to capture this value — a structural tailwind that conventional oil projects simply do not have. These credits accrue to the project entity and are not modeled in the investor returns shown elsewhere on this page; they represent a separate, additive value stream that may be retained, monetized, or used to fund subsequent phases of development.

iv. Two pathways to invest

Choose your risk and return profile. We structure to investor preference.

Downside protection

Term ORRI

For yield-seeking, capital preservation

1.8× capped over ~3 years

An Overriding Royalty Interest — in plain terms, you get paid off the top of revenue, before any costs. You are first in line on every dollar the wells produce.

Ticket range: $250,000 – $2,000,000
How it works: A recordable Oklahoma royalty deed entitles you to 20% of gross production revenue — paid first, before operating costs — until you have received 1.8× your investment. Then it ends.
Why "paid first" matters: You carry none of the operating cost and none of the drilling risk on a cost basis. If the wells produce, you are paid before anyone else.
Timing: First cash within ~6 months. Most capital returned within 3–4 years. Target IRR ~23% in the base case.
Main risk: If wells produce nothing, you receive nothing. Returns are capped at 1.8× — you do not share in field upside beyond the cap.

Ideal investor: Family office wanting debt-like security with above-debt yield. You receive a 1099-MISC, not a K-1.

Direct working interest · two streams of return

Acreage Participation

For investors who want both legs of the deal — land and oil

$4,000 / acre + proportional CAPEX — paid once, at signing

Calcuta divests a slice of the unit to you at $4,000 per acre. You also fund your proportionate share of the $20M Phase 1 CAPEX, paid upfront at signing. In exchange you hold a direct working interest in the unit — and you participate proportionally in both upsides: land re-rating as the pilot proves up, and oil production cash flow as the wells produce.

Position size: $4,000 per acre, up to 20% of the 6,400-acre field (approximately 1,280 acres). Minimum participation by arrangement.
Cash mechanics: One commitment at signing: (a) $4,000 × acres acquired (acreage divestiture) plus (b) your field % × $20M (Phase 1 CAPEX share). No drip funding, no future AFEs to chase during Phase 1.
What a 5% position looks like: 320 acres × $4,000 = $1.28M acreage + 5% × $20M = $1.0M CAPEX = $2.28M total at signing, for a direct 5% working interest in the unit.
What you receive: Two streams from one position. Stream 1: proportional share of all production revenue, net of OPEX and severance, paid as the field produces. Stream 2: proportional share of land re-rating value as the pilot proves up and the acreage moves toward developed-Anadarko comps — realized at exit. No preferred return skimmed, no promote, no waterfall. Undiluted field economics.
Operatorship: Calcuta Resources is operator of record with full operational control. Your interest is non-operating — you are not running wells.
Main risk: Direct field exposure on both legs. If pilot results disappoint, both production cash flow and land re-rating underperform. Your capital is at risk in proportion to your slice.

Ideal investor: Family office that wants undiluted oil-and-gas exposure with two clear paths to return — production cash flow during the hold, land re-rating at exit. Working interest is real property, eligible for 1031 exchange in Oklahoma. See the appreciation framework below for what the land re-rating looks like.

Acreage Participation — the land re-rating leg

Enter at $4,000 an acre. A major just paid $161,500 for non-producing acreage; de-risked comps trade at $8,000 to $84,000.

Acreage Participation has two return streams. Production cash flow during the hold is one. The other is land re-rating: you enter at $4,000 per acre while the field is unproven, and as the pilot proves recovery, reserve engineers re-classify the acreage from speculative to bankable PUD — and de-risked Anadarko acreage trades at a multiple of the entry price. The bridge below anchors scale against real transactions; it is not a forecast.

Valuation stage	Comparable transaction	$ / acre	vs. entry
Your entry — today, pre-pilot	SCCGU unitized acreage, Anadarko Basin (2026)	$4,000	1.0×
Non-producing acreage benchmark	Delaware Basin (BLM) → Devon — undeveloped & non-producing, contiguous; ~$2.6B / 16,300 acres, largest buy in a record $4B federal auction (2026)	~$161,500	40×
Mature waterflood comp	Ring Energy → Wishbone, Permian mature asset (2019)	~$8,000	2.0×
De-risked Anadarko comp	Felix I → Devon, Anadarko / STACK, OK (2016)	~$23,750	5.9×
Direct waterflood-unit analog	Linn waterflood unit — same 6,400-acre scale, priced on PUD + waterflood upside (2013)	~$84,000	21.0×

Drawn from ten public-record oil & gas acreage transactions, 2005–2026 (SEC filings, Hart Energy, Reuters, S&P Global, Enverus). The Delaware Basin line is a market benchmark for what a major paid for non-producing, undeveloped acreage — included to show the $4,000 entry is conservative for undrilled land, not a re-rating target for SCCGU. Comps differ from SCCGU in basin, formation, production status, and market timing — the bridge is a way to anchor scale, not a forecast. Actual re-rating depends on pilot performance, reserve-engineer findings, and market conditions at exit. Full comparable transaction analysis is provided in the data room following NDA.

PUD certification

The pilot proves recovery. Independent reserve engineers re-classify the unimproved acreage from speculative to Proved Undeveloped. PUDs are bankable — E&P lenders advance against them.

Reserve booking

Once the recovery factor moves from roughly 6% toward 40% on the pilot, the engineer extrapolates that uplift across the connected acreage. Booked reserves on the same dirt jump multiples — without drilling another well.

Strategic buyer competition

De-risked Anadarko acreage with proven recovery response is what consolidators pay premiums for. There is a known, active, liquid buyer market for mature waterflood-style units at re-rating.

What you are investing in

32.5 MMBbl OOIP 6,400 contiguous acres 93% WI / 75% NRI 120 wells of production history Internationally recognized technical partner Target 40% RF (P25) Strategic exit 3–5 years

vi. Principal team

Built around the recognition that conventional oil and gas investments succeed or fail for two reasons: the rock and the capital.

Two operators with complementary expertise — one technical, one commercial. Both with capital at risk on this asset.

Chief Geoscientist & Chief Subsurface Officer

Mark Falk

Former Director of Geophysics, Chesapeake Energy · Oklahoma City

Led geophysics across Chesapeake's $30B+ unconventional acreage portfolio at peak — covering every major U.S. shale play including the Anadarko Basin. Founder of Integrated Subsurface Technology and Hyena Oil & Gas LLC. Master of Science, Civil and Environmental Engineering, Oklahoma State University.

mark@calcutaresources.com

Chief Executive Officer

Franco Hamdan

Founder & CEO, Calcuta Resources · Mexico City

Two decades operating and investing in energy businesses across Mexico and the United States. Currently CEO of Blue Energy, a top-10 Mexican electricity provider, and Chairman of EIM Capital. Track record of building energy platforms with backing from globally recognized institutional and strategic investors. At Deutsche Bank IB, worked on landmark Mexican IPOs (Aeroméxico, Ienova, Santander México) and M&A exceeding US$5B in transaction value. Partners with best-in-class operators, including an internationally recognized oilfield-services firm, for world-class execution. University of Pennsylvania.

fhamdan@calcutaresources.com +52 55 4356 3947

A ~$100 million oil-recovery program in the heart of the Anadarko Basin — opening with a low-risk $10 million waterflood pilot, designed for the right kind of capital.