Short Answer
Confirm accredited status, review a project’s AFE and geology, and subscribe to a direct participation program that fits your goals and risk tolerance. Expect a Joint Operating Agreement to govern rights and duties.
What It Means to an Investor
The workflow is suitability, diligence, subscription, and operations. Diligence should cover prospect geology, offset wells, seismic, spacing, AFE line items split into IDCs and TDCs, and the JOA’s voting, cash calls, and insurance. Model pre‑tax and after‑tax outcomes before funding.
