Energy 11 Sets Unit Valuation

The estimate reflects third-party valuation of North Dakota assets and assumes no outstanding debt.

January 28, 2026

Energy 11, L.P. Releases New Estimated Value for Common Units

Energy 11, L.P. has released an updated estimated value of $11.28 per common unit as of December 31, 2025. This update supports custodians, trustees, and broker-dealers managing client accounts that hold Energy 11 units, especially for year-end reporting. The new figure is based on a combination of third-party appraisal work and internal estimates, offering a point-in-time snapshot of the partnership’s equity position.

At the core of the valuation is Energy 11’s 24% non-operated interest in 309 producing wells and potential development sites in North Dakota’s Sanish field. These wells are, on average, just over 10 years old—indicating a mature but active production base.

The valuation process followed an income-based approach to estimate the value of oil and gas properties, using market-based assumptions, a discount rate of 10%, and risk adjustments tied to asset categories. Input data came from Pinnacle Energy Services and was reviewed by Energy 11 management. Cash, receivables, and other current assets were factored in, along with the absence of outstanding debt, bringing total estimated equity to approximately $214 million. With about 19,000 units outstanding, that translated to the $11.28 per-unit estimate—falling in a range between $9.92 and $12.57.

Assumptions used in the model reflect NYMEX oil and gas strip pricing as of January 1, 2026. Oil prices are projected to climb from $56.82 to $60.77 per barrel by the end of 2030, with a 3% annual increase and a cap at $85. Natural gas prices were held steady at $3.61 per Mcf through 2030, also with a post-2030 price cap. Differentials, shrinkage, and G&P costs were applied across commodities, and lease operating expenses and capital costs were modeled for future drilling activity.

Risk and Sensitivity Considerations

Different asset classes were discounted based on development risk—from 5% for currently producing wells to 35% for assets not expected to be developed for at least a decade. The model also includes scenario analysis: for example, a 100 basis point change in the discount rate can shift the unit value by more than a dollar in either direction, depending on the direction of the change.

It’s worth noting that the estimate doesn’t reflect a trading price or liquidation value, and Energy 11 has stated it doesn’t plan to revise the figure unless required. This is a reference value—one that may shift over time based on changes in commodity pricing, development activity, or market conditions. But for now, it gives stakeholders a working benchmark tied to a specific date and set of assumptions.

Energy 11 has positioned this update as a tool to help financial intermediaries meet their reporting obligations. With no public market for the units, periodic valuations like this one are a key part of keeping investors informed.