Note 3. Oil and Gas Investments

On February 1, 2018, the Partnership completed its first purchase (“Acquisition No. 1”) in the Bakken Assets for approximately $90.5 million, including all closing costs and assumed liabilities. On August 31, 2018, the Partnership completed its second purchase of an additional non-operated working interest in the Bakken Assets for approximately $81.3 million, including all closing costs and assumed liabilities. As of June 30, 2025, the Partnership’s ownership of the Bakken Assets consisted of an approximate 5% non-operated working interest in 450 producing wells, and an estimated approximate 5% non-operated working interest in two wells in various stages of the drilling and completion process.

From September 1, 2017, the effective date of Acquisition No. 1, to June 30, 2025, the Partnership has participated in the drilling of 251 wells, of which 247 have been completed as of June 30, 2025. The Partnership incurred approximately $1.4 million and $1.7 million in capital drilling and completion costs for the six-month periods ended June 30, 2025 and 2024, respectively. The Partnership anticipates less than $1 million of capital expenditures will be incurred to complete the two wells in process as of June 30, 2025. Estimated capital expenditures to complete these two wells could be significantly different from amounts actually invested, and the timing of these expenditures is difficult to estimate.