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• Business Combination Facilitation: As a special purpose acquisition company (SPAC), Presidio Production's core function is to seek and execute a merger, acquisition, or similar business combination with a private operating company, primarily within the energy industry.

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Based on the provided company description, Presidio Production (FTW) is a blank check company (a Special Purpose Acquisition Company or SPAC). Its sole purpose is to effect a business combination with one or more target businesses. The company description explicitly states:

"Our only activities since inception have been organizational activities and those necessary to prepare for this offering. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target."

Therefore, as of the current stage, Presidio Production (FTW) does not have any operational business activities, nor does it have any customers.

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Will Ulrich Co-CEO, Co-Founder, and Chairman of the Board

Will Ulrich co-founded Presidio in 2017 and has over 18 years of energy experience. He began his career as an investment banker at UBS. Ulrich also serves as an Independent Director at AxonPrime Infrastructure Acquisition Corporation since August 2021. He is focused on using technology and best practices to drive behavior change in the oil and gas industry, aiming for low operating expenses, high profitability, and a strong emissions profile. Presidio's public market debut reflects a strategy of disciplined operations, rigorous capital allocation, and technically driven optimization of high-quality, producing assets. Presidio was purpose-built to be "the last, best steward of America's oil and gas wells". Presidio Petroleum LLC, which Ulrich co-founded and leads, completed a reverse merger transaction with EQV Ventures Acquisition Corp., a blank check company sponsored by an affiliate of the EQV Group, a private equity-backed entity.

Chris Hammack Co-CEO and Co-Founder

Chris Hammack co-founded Presidio in 2017 and brings over 25 years of experience in the energy sector. He is dedicated to driving innovation in field operations, with a particular focus on training and empowering field personnel. Hammack holds a degree in Petroleum Engineering from Texas A&M. He believes that Presidio's transition to a public company will enable the scaling of its operational approach through access to growth capital and new partnerships, emphasizing systematic cost reduction, technological optimization of field operations, and disciplined capital allocation. Presidio Petroleum LLC, which Hammack co-founded and leads, completed a reverse merger transaction with EQV Ventures Acquisition Corp., a blank check company sponsored by an affiliate of the EQV Group, a private equity-backed entity.

John Brawley Executive VP & CFO

John Brawley is responsible for Presidio's capital markets and reporting functions, bringing over 20 years of experience in the energy industry. His most recent role prior to Presidio was as Executive Vice President & CFO of Maverick Natural Resources. Throughout his career, Brawley has held various capital markets and finance positions in both public and private companies, as well as private capital funds. He holds a bachelor's degree in economics and biological sciences and an MBA from the Jesse H. Jones Graduate School of Management at Rice University.

Brett Barnes Executive VP & General Counsel

Brett Barnes oversees Presidio's legal, land, and regulatory functions, with over 20 years of energy industry experience. Prior to joining Presidio, he was Vice President – Land and HSE/Regulatory for Trinity River Energy. His career includes serving as in-house legal counsel and leading land, land administration, health, safety, environmental, and regulatory functions. Barnes earned a Juris Doctor from The University of Texas School of Law and a degree in Finance from Texas A&M University.

David Smith Vice President of Operations

David Smith joined Presidio in July 2020 and is responsible for leading operations across the company, bringing over 16 years of experience in energy production and field operations. He joined Presidio through its acquisition of Templar Energy, where he previously served as Production Manager. Smith has held numerous leadership and engineering roles in the Western Anadarko and Eagle Ford basins, including key positions at Templar Energy and Chesapeake Energy. Before his career in the energy sector, he served as a U.S. Army officer in the 25th Infantry Division.

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The key risks for Presidio Production (FTW) primarily stem from its nature as a blank check company (SPAC) that has yet to identify or complete a business combination.

1. Failure to complete an initial business combination: Presidio Production's sole purpose is to effect a business combination. If it is unable to identify and consummate a suitable merger, share exchange, asset acquisition, or similar transaction within the timeframe typically allotted to SPACs, it will be forced to liquidate. In such a scenario, public shareholders may only receive a pro rata portion of the funds held in the trust account, and warrants would expire worthless.
2. Difficulty in identifying and negotiating a suitable target: The company has not yet selected any business combination target. Its success is entirely dependent on its management team's ability to identify, evaluate, and successfully negotiate a business combination with one or more businesses, preferably within the broadly defined energy industry, primarily targeting the upstream exploration and production sector. Competition from other SPACs or private equity firms for attractive targets, unfavorable market conditions in the energy sector, or an inability to agree on terms could prevent a successful acquisition.
3. Potential for significant redemptions by public shareholders: Even if Presidio Production proposes a business combination, public shareholders have the right to redeem their shares. High redemption rates could substantially reduce the amount of cash available for the business combination, potentially jeopardizing the transaction, making it less attractive to a target company, or requiring the company to seek alternative, potentially dilutive, financing.

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Presidio Production (NYSE: FTW) identifies several key drivers for future revenue growth over the next two to three years, primarily stemming from its strategy as a yield-focused oil and gas operator that acquires and optimizes producing wells without drilling. The company completed its business combination and began trading on the NYSE on March 5, 2026.

1. Acquisition of additional producing oil and gas assets: Presidio Production's core strategy involves acquiring mature, long-life, and low-decline upstream oil and gas assets. The company has already completed its first acquisition of EQV Resources assets and has a letter of intent to acquire assets in the Arkoma Basin for $80 million, which is expected to close in the second quarter of 2026. Furthermore, Presidio has a significant "acquisition pipeline" of potential targets, indicating a sustained focus on growth through M&A.
2. Operational improvements and optimization of acquired assets: The company aims to enhance revenue by optimizing its acquired assets through the application of technology, including automation, real-time data analytics, and artificial intelligence processes. These operational improvements are intended to reduce operating costs and boost production efficiency from existing wells, as demonstrated by an estimated 50% reduction in operating costs on the first day of operations for its initial acquisition.
3. Increased production volume: Revenue growth will be driven by increasing the volume of oil and natural gas produced from both currently owned and newly acquired wells. The company's focus on optimizing existing production and pursuing accretive acquisitions is geared towards expanding its production base. For example, the anticipated Arkoma acquisition is expected to support an increase in the annual dividend, suggesting a positive impact on production and cash flow.
4. Favorable commodity price movements: As an oil and gas producer, Presidio Production's revenue is directly influenced by the market prices of oil and natural gas. While the company utilizes hedging strategies to stabilize cash flow, a general upward trend or sustained high levels in commodity prices would directly contribute to increased revenue from its production. The company has shown responsiveness to rising oil prices by deploying additional workover rigs to target near-term oil production.

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Share Issuance

• Presidio Production Company, as the post-merger entity, had 27,652,068 Class A shares outstanding as of the closing of its business combination on March 5, 2026.
• The company completed a Private Investment in Public Equity (PIPE) financing of $87.5 million through the issuance of 8,750,000 shares of Presidio Class A Common Stock on August 5, 2025.
• Significant preferred share issuances included a Series A Preferred Financing of $123.75 million for 125,000 Series A Preferred Shares and warrants on August 5, 2025, and a Series B Preferred Financing of $25 million for 27,173 Series B Preferred Shares on February 23, 2026.

Inbound Investments

• The business combination on March 5, 2026, generated $350 million in preferred and common equity gross proceeds from investors.
• Key investors included JPMorgan Investment Management and Morgan Stanley Energy Partners.
• This capital raise also included management and funds managed by Morgan Stanley Energy Partners providing approximately $65 million of rollover equity.

Outbound Investments

• Presidio completed its first acquisition of EQV Resources assets in conjunction with the closing of the business combination on March 5, 2026.
• The company entered into a letter of intent on February 24, 2026, to acquire producing assets in the Arkoma Basin for $80 million, partially funded with approximately $20 million of Presidio equity.

Capital Expenditures

• Presidio Production Company's strategy focuses on acquiring and optimizing producing oil and gas wells without drilling, which implies minimal capital investment for new drilling.
• Around March 9, 2026, the company dispatched an additional workover rig to target increased production from its oil wells.