BGI Resources, LLC
Osage County, Oklahoma
Operated • Exclusive Drilling Concession • 64,480 Acres
Our Flagship Operation
BGI Resources is our flagship operated property: 35 producing wells across Osage County, Oklahoma, under a single exclusive drilling concession covering over 100 square miles.
BGI acquired the field in 2005 when it was making just 8 barrels of oil per day out of a handful of wells near Foraker, Oklahoma, on the northern flank of the Burbank field. BGI ran 3D seismic over the acreage to understand what was there, then put together a farm-in agreement in 2008 to bring in a partner and start drilling. A number of those wells are still producing today.
Growth & Consolidation
In 2014, the BIA stopped issuing new drilling permits in Osage County while it worked through a federal environmental review process. That, combined with lower oil prices, made it hard to justify keeping full-time staff. BGI cut overhead and moved to a small team of experienced local consultants. The wells kept running and the company spent those years working over existing producers and recompleting intervals that had been bypassed.
In 2025, BGI purchased back the remaining farm-in interests through its related entity Mustang Colt, consolidating 100% working interest across the field. Both entities are managed by Berkeley Geoimaging, LLC, which holds a complete ownership position with the Osage Mineral Estate as the single mineral owner and a 3/16 overriding royalty.
Concession Areas
In 2024, BGI was awarded an expanded concession from the Osage Nation, growing our exclusive drilling rights to 64,480 acres (100.5 square miles). The concession spans three 3D seismic survey areas:
| Seismic Area | Acreage | Square Miles |
|---|---|---|
| Salt Creek | 10,400 | 16 |
| Antelope | 16,640 | 26 |
| Buck Creek | 37,440 | 58.5 |
| Total | 64,480 | 100.5 |
This expansion includes several greenfield drilling opportunities beyond our existing developed acreage.
Operations Today
These are shallow vertical wells, drilled to around 3,000 feet. They're straightforward to operate, decline at predictable rates, and can be managed entirely out of our local field office. Because the infrastructure is already in place, new wells come online without a lot of upfront cost.
Prospect Portfolio
BGI Resources, LLC's total prospect encompasses the full lifecycle of oil and gas development:
Producing Wells
35 online wells generating steady cash flow with predictable, managed decline curves.
PDNP (Proved Developed Non-Producing)
Wells with known reserves awaiting workover or recompletion.
PUD (Proved Undeveloped)
Locations next to current producers with known type curves and existing infrastructure. We've drilled these with strong results historically.
Greenfield Opportunities
New drilling targets across the expanded 64,480-acre concession, identified using 3D seismic. These areas are less developed and we expect better pressures and stronger initial rates.
Breeding Prospect
High-risk, high-reward exploration. One initial well to prove a potential 14-well field.
What Sets This Asset Apart
- Exclusive drilling concession, no competitive leasing risk across 100+ square miles
- Single mineral owner (Osage Mineral Estate) with a straightforward 3/16 royalty structure
- 100% working interest with full control, no partner approval needed
- All operations managed from our local field office
- Low-cost shallow wells with proven, repeatable results
- 20+ year operational history in the same field