Oil and Gas Startups Podcast

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0:57 What about, I was welcome back to the episode of the Lowing Ass Service podcast. I'm here with Josh Averate with Misstream Holdings. What's up, man? How's it going, man? Doing good? Thanks for

1:05 having me. Yeah, absolutely, man. So I completely forgot what you guys do. So let's start there. Yeah, no worries. Misstream Holdings is basically an asset listing service for, that's right.

1:15 That's what I was excited about it. Okay, now remember. Yeah. For pipelines and facilities, a lot of Houstonians will kind of recognize the analogy It's like an HAR. for pipelines and mid-stream

1:26 assets. So yeah, we're listing service, trying to put buyers and sellers together in a market that's typically under serviced by larger financial institutions, like investment banks or other

1:34 routes that the traditional MA model follows. So we've identified kind of a niche in the smaller transaction world. And a

1:50 lot of times these packages are bundled up and these giant sims.

1:56 We're trying to unbundle those and get them listed on a platform that brings a little more visibility not only from the buy side, but it kind of cast a bigger net to the smaller crowd for the sellers

2:08 as well. Okay, I'm going to come out swinging with the million dollar question. Why hasn't this been done yet? You know, I think it's just a matter of bucking the traditional process

2:20 Traditionally, it's looked like, hey, we've got a really big asset that we're ready to divest. Let's go round up some of the smaller things that we're kind of bleeding cash on, or maybe we don't

2:33 have the bandwidth to operate them efficiently, whether it's from

2:38 a geographic standpoint or a personnel standpoint,

2:42 and they've typically bundled all these packages together, toss them over to an investment bank and say, hey, go out and go out and find a buyer, and they make a buyer take the bad with the good,

2:52 right? So we're trying to go in and say, hey, look. there might be some inherent value to the smaller assets that you're just kind of lumping in that might be a detractor to the total package or

3:06 maybe you're not realizing as much value as you could because you're forcing somebody to take in. It kind of goes back to the 8020 rule, right? Where 80 of your revenue is coming from 20 of your

3:18 assets and we're trying to focus on that 20 from the bundle perspective and get somebody to kind of break those off and say, Hey, look, these are for sale and not on sale. Let's list them on an

3:32 individual basis and maybe there might be a smaller more regional operator that has a little bit of cash. They're looking to put a stake in the ground and they're searching for somewhere to place

3:44 that capital and maybe that 20 mile gathering system that is nothing to a big guy Maybe that's a great asset for them in a way to kind of get their foot in the door. in the midstream space or maybe

3:57 there's a there's a plant that makes sense for them to be able to tie into maybe they already have some some pipeline assets in the ground and they're looking for somewhere to tie in and this this

4:09 plant is mothballed or maybe the Ebidah is not there for the previous owner for them to make sense to keep it and and we're trying to find a buyer for in that market so is there a size of transaction

4:22 or a kind of asset that you guys are really kind of focused on. Sure, I think that that's that kind of shifts with the economic climate, right? Yeah. Like I would say in today's world it's

4:33 probably 150 million dollars and below but you know that threshold moves with the economy and if you would have asked two years ago maybe that threshold would have been 40 million bucks. Basically

4:46 what we're trying to identify the target where an investment bank says hey guys this isn't this isn't worth our time And

4:55 what's the floor there? I'm sorry. What's the floor? Ooh,

4:58 at this point in startup mode, of course, we're willing to take on anything. What we're not looking for, we're not trying to be a Sanford and Sons and go out and round up a bunch of, you know,

5:08 small idle assets that don't have cathodic protection. There hasn't been any integrity programs done. Maybe the pipe looks like Swiss cheese. Like we're not trying to be a junkyard. We're looking

5:19 for something with some e-bit on it. But I mean, we take an idle system that has no e-bit on it So I think the floor is probably in the neighborhood of half a million bucks and up. So one of the

5:32 things I'm familiar with how you evaluate upstream assets pretty intimately. But I'm not really sure how midstream assets are actually valued. So

5:42 how do you do it? Sure. That's - we generally bring in some consulting to do that. But a lot of times, it's just based on throughput, right? throughput and what the market for. whatever product

5:56 is going through that line is. So we're talking dollars per barrel or dollars per cubic feet or on the backside of a plant, whatever the sale price on the, I guess refined product would be and what

6:07 that capacity is. And then, you know, you gotta go back and look at what is the percentage of capacity that's committed to a pipeline. Are they running at 20 capacity or are they running full

6:18 throttle? And all those things kind of come into play The other thing too is you really gotta look at right-of-way evaluation. Or if it's a right-of-way in the middle of nowhere, your dollar per

6:31 rod's gonna be fairly low. And if you're trying to run a pipeline, maybe coming out of Midland or Pecos or Monohans or something like that, it might be a little bit higher. If you're trying to run

6:43 through the city of Houston or the Houston Ship Channel, it's gonna be much higher too. So there's a bunch of factors that we have to take into account and bring some valuation experts in and. and

6:56 try to go from there and then we have to try to set a realistic expectation with the seller too, right? And we don't want to promise them that they have a diamond in the rough when it's just rough.

7:06 So, yeah, there's a

7:09 lot of things to take into account when it comes to - So are they acquiring existing contracts whenever they're purchasing these assets? Yes. So all of that due diligence documentation will go into

7:19 a data room Kind of the way our website works is if you go online, you'll be able to see all the assets that are for sale. We have everything kind of built out in KMZ files and Google Earth, but

7:32 I'll get to it in a little bit. That's one of the exciting things we got going on. We've brought on

7:38 a company to really beef up our GIS program. So it's going to be really cool. We'll be able to see the current listings, the attribute data behind the current listings, and we'll have a lot of

7:51 layers to overlay on that. And you can see interconnectivity. uh, what processing plants are around the assets that we have for sale, what the production looks like, um, in that area. So it'll

8:03 make, it'll make the, uh, the commercial groups job a little bit easier when they see something that's for sale on our website to not have to go back and dig through a bunch of documents or make a

8:14 bunch of phone calls and at least make a business case to run it up the chain and say, Hey, guys, I think this asset may make sense. We can, we can tie in over here We can bring it downstream

8:25 over there. So we've got some good things coming like that. But the, the way that our website works right now is you'll go on, you'll see a list view, you can look at it in map view also. And it

8:36 has some high level data, right? Just stuff that you can look at and say, either this makes no sense for us. Or, Hey, I think, I think we might want to take a look at it and you'll request more

8:47 information. And after you hit that request information button, we'll go back to the owner So we kind of serve as a. as a buffer between the owner and the potential buyer, and there's a lot of

8:58 confidentiality things that go around

9:03 these types of transactions, even if they're just looking under the hood, maybe some people don't want someone to know that they're shopping, maybe some sellers don't want other people to know that

9:12 they're selling, 'cause they don't wanna give the illusion that maybe they're fire selling assets for cash or whatever it may be, but once you request information, we'll go back to the seller We'll

9:22 execute a confidentiality agreement and we'll spin up a virtual data room and we'll dump all those due diligence documents into it. So if there are contracts like you're talking about, those will go

9:34 into a data room for review.

9:37 Any other right-of-way agreements, land lease agreements, whatever it may be, that's all up for review before somebody makes an offer and then when they make an offer, we'll bring it to the seller

9:48 and they can decide whether they wanna sell it or not,

9:53 The dollar value impacts that decision or maybe a commercial risk standpoint comes into play where they might be trying to lay a Permian asset. And if this other company's coming in and it might

10:06 compromise their position on their new project, maybe they don't want to sell it to that company. But all those things will be taken into account

10:14 and be presented to a buyer. So is it purely, is it based on offers? Is there like an option where there's a certain timeframe and hey, we're taking all the offers at a certain time? Is it a

10:24 auction? We have the capability to do both right now. Everyone that has listed on our site so far, it's just been kind of an open-ended deal. If

10:35 you guys can drum up and offer, we'd be happy to entertain it. This is, again, for sale, not on sale. So you guys do the best you can, go out and try to find us an offer on it. But if there's

10:46 a time constraint on wanting to get rid of some assets or something like that.

10:53 to be able to put a date on it. And then once we list it, of course, we go out to all of our subscribers and some other contact databases that we have in some of our other portfolio companies. And

11:04 we go out and we say, hey, there's a new asset for sale in XYZ region and try to get it on everybody's radar, so. So obviously this is a marketplace, right? So it's one thing when people are

11:14 wanting to sell assets and come there. How are you guys finding the buyers? I understand that sometimes they could be the same people, right? And if they're aware of you, and now they can bid on

11:22 these things, what's your strategy about getting the other side of the market to get that buyer reimbursed? Sure, so when we first started the company, we were asking ourselves the same question,

11:34 like how are we gonna find the buyers? And what we found was it's a little more difficult to find the sellers than it is the buyers right now. So everyone we've talked to, and we've been

11:47 making our calls and doing presentations and things since about 2020 and had some really good. feedback, and a lot of the conversations always ended with, Man, I don't have anything to sell right

11:57 now, but we're always buying. So the buyer part from a broad, big, cast-net perspective is a fairly easy deal, right? There's a finite amount of mid-stream companies, a finite amount of

12:11 companies that we would go out to. But when we do get an asset, we go back through a lot of the databases that are public knowledge and some private ones that we subscribe to, and we go do a more

12:22 surgical approach based on the geographic region, and then it's just old scale. Hey, this is on sale. We know you guys may be interested. You play in this space or you in offers in this space.

12:32 That's right, man. And sometimes it's just old school bootstrap. Start with the front desk and cold call and sometimes we work our network and we end up having a good contact either on the

12:42 commercial side or C-suite level where we can have some sort of warm introduction there, but meant a lot of it's just the old school hustle man. pick up the phone, start dialing and building our

12:55 contacts like that. It's just probably, this has never been done. How

13:00 do you guys get here? What's your background? Yeah. And it's funny that you say that because every presentation we've given, it's like a light bulb goes off and everyone asks the same thing. Why

13:10 hasn't this been done yet? I don't know why it hasn't been done,

13:13 but it's being done now. So the way that we got here, our sister company, CPI, Piping Steel, they've been around for 40 years, started out in the tubing and casing business, moved over more

13:26 into the line pipe business in the early 90s, and they focused for a long time on taking up abandoned pipelines and reconditioning the pipe and selling it back into a structural market like piling

13:38 sign poles, bore pipe,

13:43 sacrificial casing, whatever it was. And the owner of our company kind of looked up and said, Man, this was actually a great asset, it just wasn't, it just didn't really move the needle for the

13:56 owner at that time. So he put it kind of on the back burner for, for a long time and started a couple other midstream companies. And then we just saw a need and we're like, hey, you know, this

14:10 is, there's a void in this market. We've, we've built a few other companies and we were in a position capital wise to, to devote some capital and some human resources to starting this thing up and

14:26 we just, we sat out and drew up business model, drew up some, drew up some presentations and built a prototype and then started, started working our network. But yeah, out of the, out of the

14:37 abandoned pipeline space is like, man, this would have been so good for, you know, Jim Bob's midstream right down the street Yeah, the, you know, the problem with that was those smaller guys,

14:50 they might have. 50 million available. They might have 30 million available. They're searching for an asset, but when they start bundling these 200 million, 2 billion bundles together, they

15:02 don't get invited to the dance 'cause they don't qualify as a qualified buyer that can transact on that package. So they're just kind of left out to dry. So for us, it was like, this is a

15:14 no-brainer. Let's unbundle this thing and let's go to the small guys, or even the big guys, you know, I keep focusing on the smaller guys, but I think that's who's really gonna benefit out of our

15:24 business model.

15:27 You know, just opening up some visibility to them and on some assets they can actually transact on. And probably, honestly, run it more efficiently than, you know, the really big mid-stream

15:40 companies. Those guys have, I mean, they've got people all over the place, but they don't wanna be sending a guy 60 miles out in the middle of nowhere to respond to a one call.

15:52 over and over and over and in maintaining cathodic protection and running integrity programs on an asset that doesn't mean anything to them. But these small guys that can really, they can really

16:02 kind of get their foot in the door to open up a business. So. Yeah, you definitely see the VIOB, I'll like greater for the small guys. But do you see a fit for the, the Plains All-Americans,

16:12 the Williams, the enterprise products? That is a goal for us is to get there, to be able to list some things that, and I think we've seen over the past few years in the MA space, everybody's

16:27 getting swallowed up. There's some really, really big transactions out there from bigger midstream companies, buying other bigger midstream companies. And we go back to the 8020 rule we talked

16:37 about earlier, we think that they're buying that company or that portion of the company for, I don't know, 70, 80 of

16:46 what they're actually purchasing, the other 30, just got lumped in and we're here to alleviate.

16:54 the pain on those. And I think at some point we'll get to the Williams and the Plains and the Enterprise and Enbridge and those guys selling on our platform

17:04 and hopefully buying too, but that's

17:08 gonna be further down the road, I think, so. It's just wild to me. Like there's a groups that have been doing this on the upstream side for 20 years. Like Energy Net, you've got some newer

17:19 players in Regi Domain who's kind of come out to keep swinging as well, but none of them, to my knowledge, have ever touched the Ministry of Massets. It's always just purely, you know, PDP. And

17:31 so, yeah, it's just so wild. It's just, yeah, there's so many opportunities. This is a great opportunity to talk with us. So many opportunities in this space. If you just pay attention. And

17:40 so, yeah, bringing transparency into a market where it's wildly opaque, you know, is the opportunity. Yep, that's it And then we're, you know, we're here to.

17:53 We're here to list things for people that have things to list, but like you said, the biggest thing that we're here to do is bring transparency and visibility to what's for sale and really kind of

18:06 help people facilitate the smaller transactions that we feel are kind of thrown to the wayside. Yeah, I'm sure this hasn't been all smooth sailing. I'm sure this hasn't been easy. What are the

18:18 things you think I'd find surprising? Like what are the challenges that you guys had to go through so far? Yeah, I think the biggest thing that we were surprised by, I guess is, I guess we

18:29 weren't surprised. We just didn't realize to the degree that we would have to protect

18:35 the due diligence information that we discussed earlier. That's why our data room is set up through data site, which is Merrill Corp. They're kind of the pinnacle of, I call them the Dropbox on

18:48 steroids, secure data transfer.

18:52 That's really kind of been the biggest hurdle for us, is it always sounds like a great idea. People always want a list, but they're worried about, so what if you give away our commercial position

19:06 to our competitor? What if someone takes our contracts and copies them? What if someone hacks your site?

19:17 And then we're all compromised. And when you're talking to a publicly traded company, that's a huge issue. And that's - But the same thing applies on the upstream side. They've been doing it

19:27 forever. So how is it any different on the midstream? I think it goes back to what you said earlier of - it hasn't been done before and specifically in the midstream space. So I think it's just

19:38 more of the fear of the unknown kind of deal and how are we going to mitigate those concerns. But really, the other thing, too, that we've had a hard time with, as we talked about earlier, is

19:50 we're kind of in a chicken and egg. scenario right now is like, why should we list a big asset with some great EBITDA on it on your website when you don't really have a history of those types of

20:03 transactions? Well, then you get into the circular argument of, well, how do we get to those types of transactions if you don't list? So that's why the assets we have on there right now, some of

20:14 them are idle, some of them have a small amount of money, some of them have a small amount of revenue on them. But we're actively seeking the bigger ones. And, you know, I think finding a buyer

20:26 for the bigger ones will be a lot, maybe a lot easier than the assets that we have right now. And it always seems that the smaller orders, whether you're in the pipe sales world or any distribution

20:39 model, it seems like the smaller orders are always the ones that take a little bit more bandwidth. And that's kind of the position we're in right now. So yeah. So on the on the upstream side, you

20:50 know, you've got. You've got the operated model, you've got the non-operative model. So it's not uncommon to own 30 working interest in

21:01 a well, or at least

21:04 kind of have this JV. Does that exist on the midstream side to where you could have, I don't know, let's just use people that we talked about earlier. Let's just say William's owns 70, and then

21:15 Enterprise owns 30, and they're just one's operating in. The other one's just kind of non-op, just kind of sitting back collecting revenue Does that exist? Yeah. They do it all the time. Yep. A

21:23 joint venture project, and the majors team up with each other all time on that kind of stuff. So there in theory, I mean, you're sharing data. Everybody knows what everybody's doing and what

21:36 contracts you have and all that kind of stuff. And so if they're already doing that, right, I feel like that would be some good ammunition to be like, You already worked together on 20 projects.

21:44 What are we actually concerned about here? I agree and they've got everything pegged. So, so far down that they know they know where everybody's at, but again, everybody's competing and

21:58 everybody's competing on an individual level as well. And I think that's kind of I don't think that they're necessarily concerned about existing items. I think they're concerned on maybe giving away

22:08 their gross growth initiatives or you know their next move. And that's that's really all I can get out of it.

22:19 There's there's certain reasons to be cautious. And I think that for I think most of most of the industry,

22:27 it's just a bunch of anxieties about things we should not be concerned about. You know, one of the one of the biggest things that I hear all the time is especially around stuff that we're building

22:36 around proprietary and confidential information. It's like, well, we should really define what that actually means because most of the stuff that we're talking about It's not proprietary and it's

22:45 not confidential. That's right and we should be sharing this kind of information because you know a rising tide is going to continue to raise all ships in this space. Yep. So where are you guys at

22:55 in kind of life cycle of being a company? How long have you guys been doing this? Kind of where you guys at today? Yep. I would say really the last year is where we've really ramped up. Yeah. I

23:05 would say that we dabbled for a couple years and, you know, during COVID and coming out of COVID was a lot of, I would call them like the soft touches, a lot of the coffees and pitching the ideas

23:16 and,

23:18 you know, really telling them kind of what our vision is. And we got a lot of positive feedback. And I'd say in the last year is when we really stepped on the gas, devoted some capital to the web

23:28 development side.

23:31 We hired some teams of people to start actually beating the streets and getting in front of the right people. So, yeah, we're about a year in. We've got some assets on our website right now,

23:45 always looking for more but. It's also kind of a bolt-on to a few other companies that we have, CPI that I mentioned earlier, ARS, Global, is one of the biggest distributors of large diameter

23:57 pipe valves and fittings out there right now, and they concentrate mostly on the surplus world. So they're buying pipe off of canceled projects, and that was also kind of a niche that we filled.

24:10 We looked around, and with CPI, we were going out and buying not only abandoned pipelines, but we're buying big piles of pipe that were sitting out in the field for a couple of years after canceled

24:20 project, and looked up one day and we said, Hey, why can't enterprise buy Kinder Morgan's pipe and use it, or why can't Enbridge buy P66's pipe and use it?

24:35 So we created ARS as a peer-to-peer marketing company where we take canceled project scope changes, surplus inventory, if it's just idle or whatever, and we market it. to the mid-stream space and

24:48 it a lot of times reduces their cost they can buy it cheaper because it's a second-owner item it almost reduces or eliminates any lead time maybe they have to make some modifications to it but you're

25:02 not looking at you know six eight twelve month manufacturing lead times it's immediately available it's on the ground it's ready to deploy and when you start from a commercial standpoint we start

25:12 taking in to account being able to get that line in the ground four months ahead of schedule that

25:20 that really shifts some project economics and I think that was one of the reasons that a few of the projects that we executed during covid actually got across the finish line because there was a time

25:28 where come out of covid steel prices had some pent up demand the shot through the roof and you know if if somebody had their project model on their desk and steel prices went two and a half X I mean

25:44 that that completely changes things And that's a good way for projects to get killed right out of the gate, but we had taken a really big position on some inventory off of a couple of canceled

25:56 projects and

25:58 pushed those projects across the finish line. But yeah, going back to where we're at, I think we have the right resources and the right people in place right now that it's basically go time for us.

26:12 So we're ready What is the business funnel because I understand if the current market is purely working with investment banks, right? I know what investment banking fees start at, right? And it

26:24 goes out from there, right? So that can be wildly expensive, but we're also talking big numbers too. So what is the model for you guys? And so if anybody's listening who's like, man, I would

26:32 love, I'm curious, how do you guys make your money? Yep, the business model for us is exactly like a real estate transaction when we have a realtor selling a house, they're connecting a buyer and

26:45 a seller. You're taking commission on a successful transaction.

26:50 We don't charge a listing fee. We don't charge a subscription fee. We're paid purely based on a successful transaction actually happening. So one thing that we don't do that investment banks do is

27:04 we're not here to build that hockey stick model for a prospective buyer. We're not here to do the due diligence analysis for you and build out what your revenue growth looks like over the next 10

27:18 years, what your exit plan looks like. We're not here to do that. We're here to just connect the buyers and sellers. So it's exactly like a real estate play. And based on how much organization of

27:30 the due diligence documents, we have to do how much bandwidth we have to devote to making this thing a presentable asset will depend on our success fee And

27:44 it'll be higher if you've. bring in a couple of Manila envelopes, full of loose papers and plop it on our desk and say sell it and it's gonna be a higher fee. Yeah. And you guys are feeling like

27:55 you're squeezing more out of these deals, you know, by unbundling all the shit that comes in the package. That's right. You know, so if they're winning, you're winning, so I think everybody's

28:03 incentivized kind of the same way. That's right. That's right. I mean, that's a relatively low barrier too here. For sure. And I think you guys are creating any more friction than there needs to

28:11 be. That's right. In the entire process. That's right. What do you think about, but I'm just in here thinking about it now. You know, so I'm comparing existing pipeline infrastructure to like

28:21 PDP on the upstream side. But what if in the future, I don't know if you thought about this or not, but what if somebody came to you was like, Hey, I want to build this billion dollar pipeline.

28:31 I would love to raise some cash to be able to do that and possibly you guys have the network to do. You think that, I mean, 'cause that's the equivalent of like getting in direct participation on a

28:41 new drilling program, right? And so, I mean, we just, we got that much, we haven't thought that far ahead. Okay. Yeah, we haven't thought that far ahead. It's a great idea. I love the model,

28:50 but no, we have not thought that far ahead yet. That'd be wild. It would, it would. And I do think that, like you said, we've got the network. We've got the contacts to facilitate that. But,

28:58 um, yeah, you know, we've been, we've been kind of head down. We run pretty lean, um, we're small companies. We've just been heads down and trying to, trying to get this thing out of the gate.

29:07 So, yeah, yeah, what is the, um, I mean, I know the direction that you're going, but like immediately, like what, what's come of the, the things that you're most excited about, man, uh,

29:17 one of the things that, that we're excited about is the, the GIS deal that we're, that we're building on our site. I think not only is going to be a great tool for shopping the assets, but it's

29:29 going to be a really cool resource for, uh, for somebody to just go on there and play around whether you're looking at assets for sale on our website or not. Um, I think we're doing some really,

29:40 really cool things on the GIS side to For buyers to just log in, even if it's something completely unrelated to mid-stream holdings or any of the assets that we have, I think that we're going to be

29:52 a really, really good resource for some of those layers that we're going to be able to throw on some maps and really drill down and kind of get the whole picture of what's happening in a geographic

30:04 area, whether it's 200-mile radius or 20-mile radius, you'll be able to drill down, look at other assets that are there, look at other producing areas, whether it's a small little base in there

30:17 or whatever, you'll be able to see the active players there, you'll be able to see where everybody interconnects, where everybody's bringing their stuff downstream, and how all of that ties

30:27 together where right now there are a couple of GIS programs out there, but I think that they're a little bit more intensive than what we're building So I'm pretty pumped about the GIS deal, so

30:40 that's just kind of the tech nerd in me. kind of wanting to get on there and play around. But yeah, I think that's great. And then the other thing that I'm pretty excited about is visiting with a

30:53 lot of the smaller guys that we've been talking to about this, especially on some of the assets that we have listed. And like I mentioned earlier, where we start making that surgical approach on

31:04 finding the people in the area and just hearing them talk about how much it's gonna help them be able

31:13 to see things that are for sale and I feel like a lot of those guys just feel like it's been such a grind 'cause they've had to do everything from ground zero and build it themselves and add on

31:23 themselves and worry about raising capital themselves and everything. They've had the whole burden in their entire business cycle and hearing them talk about how excited they are to see some things

31:37 that they might actually be able to transact on that'll help their business grow exponentially in a. pretty short amount of time, that's pretty exciting. I think it's cool to hear that there are

31:47 small guys in this space, and I think we know all the people that we mentioned earlier, the Titans who've really run the mainstream game for a long time, but it is cool to hear, know that there

31:56 are some smaller players who are wanting to kind of make some big moves. I do not realize on the upstream side as well, a majority of US production comes from the small mom and pop operators. It's

32:09 just tons and tons of them

32:12 The guys who have a few wells here and there on a few leases. I didn't realize until you start looking at and you really drill down out there like in West Texas and stuff and you look at all of the

32:23 wells and then you look over, you see the map view and it's just a bunch of dots all over the place. You look at the list of you and you start reading about this company that has one well, three

32:35 wells. And it's all like people just like family names. That's right. Or so-and-so trust. Yeah, it was crazy to me 'cause I always thought it was just the big guys going out and buying up a bunch

32:46 of dedicated acreage and punching holes in the ground, it's not that way at all. I don't know, it's actually a significantly small portion of the upstream side. Sure, yeah. So, man, this has

32:56 been awesome. So if anybody is listening who wants to buy it, or wants to sell, what are we sending to? Midstream-holdingscom,

33:05 you can go there, you can sign up, again, you can start seeing assets immediately, at least from a high-level view, a map and a little bit of teaser information, and if you're interested in

33:19 asset, by all means, click on there, it's a super simple process, click on request more information. Somebody from our team will get in touch with you and ask you a few questions, and we'll get

33:29 a confidentiality agreement executed and get you in a data room. I love it, man, and you're on LinkedIn, right? I'm on LinkedIn. You're on LinkedIn. Do you want to throw your email in here?

33:38 Yeah, sure, it's a JCA at midstream-holdingscom. perfect. So if you guys are interested, you want a list, you want to just find out more information. Are you guys raising capital? Yene? Nope.

33:48 Nope. No, you're the well capitalized. Sorry. I got taken money. We're capitalized, self-funded. Yeah, we're, but we're, we're ready to go. So this is exciting. This is like, this is like

33:58 really, really exciting, just because I think it has the large potential to have a huge, huge impact on this space. And I just can't iterate enough that I'm so surprised that this has never been

34:08 done So I'm excited for you guys. I want to follow the journey. We should do this again in the future to see how far you've come. Yeah, thanks for having me, man. I really appreciate it. You

34:17 guys are doing some great things too. I appreciate that. Appreciate that. So you guys like this. Take two seconds to leave a reading review, share with all your friends, send them all your much,

34:24 your much stream. Your midstream buddies, all the guys on the marketing side and we'll catch you guys on the next episode.