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Evaluate properties for potential operating cost savings across power & water contracts, personnel, chemical programs, equipment rentals and other service contracts.
Increase well production by reducing bottom hole flowing pressures through installation of higher volume lift equipment (hydraulic, electric submersible, progressing cavity and/or rod pumps and gas lift) and utilization of deeper pump depth settings.
Drill a new well at infill (down space) or step out (extension) locations to further develop an existing producing reservoir.
Our engineering team will determine why a well went down (off production) and reactivate the well usually by remedial repair methods.
Access new reservoirs through an existing wellbore.
Increase or restore near wellbore reservoir permeability and remove reservoir damage by pumping fluid reagents (acid, water, sand laden fluids and chemicals) into the well.
Increase oil recovery utilizing fieldwide applications typically required to economically recover additional reserves. Secondary methods include waterflood and gas injection. Tertiary or enhanced recovery methods include CO2 and chemical floods.
Real Private Assets
The purpose of this policy is to show that White Rock Oil and Gas (WROG) has a strong commitment to managing environmental, social, and governance (ESG) risks and the creation of opportunities to investments made through our Funds. We consider material ESG issues in the course of our due diligence and in the monitoring of and operations of portfolio investments to the extent reasonably practical. These policies compliment the provisions of the Partnership Agreements and the Confidential Private Placement Memorandums for each Fund. For the purposes of this policy, "material" ESG issues are defined as those issues that WROG in its sole discretion determines have the potential to have a direct substantial impact on an organization's ability to create, preserve, or erode economic value, as well as environmental and social value for itself and its investors.
This policy will apply to all WROG investments and will be interpreted in accordance with local laws and regulations. In cases where WROG has limited ability to conduct diligence or to influence and control the integration of ESG considerations in the investment-for example, in cases where WROG is a non-operated interest holder, or where other circumstances affect our ability to assess, set, or monitor ESG-related performance goals. In such instances where we believe it to be appropriate, reasonable efforts will be made to encourage other operators to consider relevant ESG-related principles.
3. Roles and responsibilities
White Rock’s acquisition team and the executive team are primarily responsible for ensuring that the consideration of ESG issues are integrated into investment decisions. Where additional subject matter expertise is needed, the teams utilize external resources as relevant and necessary.
In connection with direct operations of the assets within all our Funds and subject to the WROG organization seeks to:
Consider environmental, public health, safety, and social issues associated with target assets when evaluating whether to invest in a group of properties, as well as during the period of ownership.
Be accessible to, and engage with, other operators either directly or through representatives of WROG, as appropriate.
Grow and improve the assets in which WROG invests for long-term sustainability and to benefit our investors on environmental, social, and governance issues. WROG will utilize its resources with respect to environmental, public health, safety, and social issues, with the goal of improving our governance in these areas.
Use governance structures that provide appropriate levels of oversight in the areas of audit, risk management, and potential conflicts of interest, and to implement compensation and other policies that align the interests of limited partners and management.
Remain committed to compliance with applicable national, state, and local laws in the areas in which WROG invests; support the payment of competitive wages and benefits to employees; provide a safe and healthy workplace in conformance with national and local law; and, consistent with applicable law, will respect the rights of employees to decide whether to join a union and engage in collective bargaining.
Respect the human rights of those affected by WROG operations and investment activities.
Provide timely information to WROG’s limited partners on the matters addressed herein, and work to continue our transparency.
5. WROG ESG integration in Operations of Real Asset Investments
We will seek to integrate the consideration and thoughtful management of ESG issues throughout the investment cycle.
To ensure the integration of ESG considerations in the pre-investment phase of private real investments, and subject to WROG’s determination of what is reasonable and appropriate for each investment.
Undertake ESG due diligence:
Environmental practices are at the core of our corporate practices. We purposefully invest in assets that have a small carbon footprint, meaning no refineries or power plants. Every investment decision considers the impact to the environment and all the liabilities associated with operations. The majority of the assets we purchase are from large public companies that have laid the foundation for environmental awareness while developing the minerals. It is WROG’s job to continue operating with this awareness
Phase I assessments are conducted during the due diligence period of an acquisition. The Phase 1 ESA involves a review of records, site inspections, and interviews with owners, occupants, neighbors and local government officials. If warranted, we conduct a Phase 2 ESA which could include sampling and laboratory analysis.
If a targeted asset contains deficiencies, we will assess the issue and determine if we can manage and improve the deficiencies during our tenure as operator.
During Due diligence, we also evaluate and hire the most qualified personnel associated with the investment. Continuity of field operations is the most effective approach to ensure safety, environmental awareness and sustainability.
Documentation: In cases where ESG-related issues are considered during the due diligence process, WROG will seek to document, for internal use, the issues considered, findings, and next steps, if any.
5.2. During investment
To manage ESG risks and value creation opportunities in its private real asset investments post investment, and subject to WROG determination of what is reasonable and appropriate for each investment, we will:
Utilize dedicated internal and external personnel to conduct and improve on-going operations such as safety, environmental reporting, regulatory reporting in all our field areas.
Monitor progress: Where there are material issues identified during the diligence process, including the management of these issues post-close, or otherwise monitor ongoing progress on ESG issues, as applicable. Where management of, or performance on, a material issue is considered by WROG to need improvement, we will work to support the development of a corrective action plan.
Engage during investment:
WROG will encourage the identification and raise material ESG issues to the relevant decision-makers.
Where appropriate, develop action plans to adequately address the identified ESG-related risks and opportunities.
Where appropriate and reasonable, WROG will also support its employees and business partners to report externally and internally on their ESG approach and performance as related to material ESG issues. WROG will communicate its commitment to responsible investment, as well as information on our programs for partnering on ESG issues.
5.3. Transparency to Investors
WROG will seek to be transparent in its approach to incorporating ESG considerations in its private real asset investments.
Where appropriate, throughout the investment cycle WROG will seek to actively engage our limited partners to make informed decisions that may affect these investors.
5.4. Performance standards
In the case where local laws and regulations are considered to be insufficient, WROG will apply its judgment and expertise in assessing risks and opportunities related to material ESG issues.
6.1. Review and categorization
To prioritize and focus its ESG assessment and management efforts during diligence and the life of the investment, WROG will consider the magnitude of ESG-related risks and impacts associated with each individual investment.
Magnitude of impact: When an investment being evaluated for purchase, WROG will, as part of its internal due diligence, assess the magnitude of its potential ESG risks and impacts.