Executive Summary

The offering has a total equity raise target of $25,700,000 divided into 234 units. As of the current reporting date, closed equity is $0 and current reservations stand at $0, leaving $25,700,000 in available equity.

Canyon State Minerals LLC is a $25,700,000 all-equity offering focused on oil and gas mineral acreage in New Mexico, Texas, and Louisiana. The acquisition comprises 51,671 gross acres across 16 counties acquired for $20,752,750. The offering operates with no debt financing, eliminating leverage-related default risks.

The offering is structured with zero leverage, which protects investors from interest rate volatility, loan covenants, and refinancing risk. The acreage is diversified across 51,671 gross acres in 16 counties within New Mexico, Texas, and Louisiana. Additionally, sponsor Montego Minerals brings substantial experience, managing $535,916,256 in assets across 32 closed offerings and 16 managed exits.

Equity proceeds of $25,700,000 fund the $20,752,750 property acquisition, $732,450 acquisition fee, $1,464,900 selling commissions, $488,300 dealer fee, and $488,300 in organizational and offering expenses.

Investment performance is directly tied to oil and gas commodity pricing and operator activity across the 51,671 gross acres. Upfront load and syndication fees total $3,662,250 (17.65% of acquisition cost), creating upfront equity friction. Furthermore, the offering is in its initial syndication phase with $0 in closed equity to date.

The acquisition cost of $20,752,750 represents the base asset value within a total offering capitalization of $25,700,000. Total upfront load stands at $3,662,250, reflecting a 10% load on offering price and an upfront fee to acquisition cost ratio of 17.65%. Total front-end fees and offering expenses aggregate to $2,441,500.