Phoenix Operating LLC, formed in 2023, is an Exploration and Production (E&P) company and sub-division of Phoenix Capital Group Holdings, LLC that is based in North Dakota. The team will be drilling, completing, and producing its own wells, the first of which will spud in late 2023. While developing its own oil and gas production, the team will be focused on three key basins in the United States: the DJ Basin in Northeast Colorado and Southeast Wyoming, the Powder River Basin in Southeast Montana and Northeast Wyoming, and the Williston Basin in Eastern Montana, Western North Dakota, South Dakota, and parts of Canada. As part of its commitment to sustainable development, the company emphasizes American ownership, minimal surface impact, operational efficiency, and enduring benefits for landowners and investors.