Phoenix Energy has been a mainstay in the Denver Tech Center near Cherry Creek State Park for several years. Founded in 2019 out of a Denver-area apartment, the company has rapidly expanded to more than 125 employees across five U.S. offices, supporting operations ranging from oil and gas production to land management and business development. This impressive growth needed a new name—one that better reflects the company’s transformation into a vertically integrated energy business.
“Changing the company name from Phoenix Capital Group to Phoenix Energy embodies our evolution from a startup buying mineral rights into a fully integrated energy enterprise,” said Adam Ferrari, Phoenix Energy CEO. “The diverse talent pool of Denver has played a key role in our success. The city has a unique blend of finance, technology, and oil and gas professionals that has helped us to scale operations efficiently.”
From Mineral Rights to Oil & Gas Production
The initial focus of the company surrounded leveraging advanced analytics to improve the process for identifying and acquiring mineral rights assets in key U.S. basins. The technology-forward approach allowed Phoenix Energy to quickly acquire a sizable oil and gas portfolio, and look toward expansion into oil and gas operations. In late 2023, Phoenix Operating was born as the company started the development of their own drilling projects in North Dakota’s Williston Basin.
Ferrari explains, “In the early days, we were focused on being the best at buying and selling mineral rights. Having our own technology allowed us to quickly scale, and the executive team saw additional potential to become a fully-fledged operator.”
Phoenix Energy now maintains operations in both North Dakota and Montana. As of year-end 2024, the company had risen to become the 17th most prolific producer in the Williston Basin alongside household names like EOG and ConocoPhillips with more than 2.3 million barrels sold. They also set numerous drilling speed records demonstrating a commitment to efficiency in the field.
Williston Basin Rig
Strengthening Operations from Denver
The Denver office has been instrumental in expansion efforts in part due to Phoenix Energy’s ability to attract top industry talent. One such team member is Chief Execution Officer David Scadden, who joined Phoenix Energy to lead the company’s upstream operations. With over a decade of experience working in basins across the western United States—including the DJ Basin, San Juan Basin, Eagle Ford, Granite Wash, and Williston—Scadden oversees everything from initial pad construction to sales.
“Denver has been an ideal hub for Phoenix Energy’s growth,” said Scadden. “Our teams can easily travel to the field in North Dakota or Montana while still participating in critical business and financing discussions at the Denver Tech Center. The city’s talent pool has a lot to offer.”
What’s Next for Phoenix Energy?
As Phoenix Energy looks ahead, its commitment remains the same: driving innovation, expanding its energy portfolio, and solidifying Denver’s role as a hub for the future of American oil and gas.
In 2025, the company plans to further expand its operational footprint in the Williston Basin by increasing its portfolio of producing wells. Additionally, Phoenix Energy aims to continue enhancing its technology platform, offering new tools and resources to mineral owners and industry stakeholders.
“Being a leader in mineral acquisition is still core to our mission and growth,” added Ferrari. “Our technology team has grown and continues to push the boundaries for how we find and monetize the best available assets.”
Phoenix Capital Group Holdings, LLC is now Phoenix Energy One, LLC doing business as Phoenix Energy. This article contains forward-looking statements based on our current expectations, assumptions, and beliefs about future events and market conditions. These statements, identifiable by terms such as “anticipate,” “believe,” “intend,” “may,” “expect,” “plan,” “should,” and similar expressions, involve risks and uncertainties that could cause actual results to differ materially. Factors that may impact these outcomes include changes in market conditions, regulatory developments, operational performance, and other risks described in our filings with the U.S. Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and Phoenix Energy undertakes no obligation to update them except as required by law.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.