Independent Geological Review for Upstream Asset Decisions

This service is designed for PE-backed operators and advisory firms evaluating acquisitions, operators and interest owners preparing assets for sale, investors who need independent subsurface perspective before committing capital, and any situation where an independent geological opinion separate from the seller's narrative is required.

A&D evaluation engagements are typically driven by one of two situations: a buyer who needs an independent technical view of what they are acquiring before committing capital, or a seller who needs a credible, well-organized subsurface package to support the marketing process and stand up to buyer scrutiny.

Both situations require the same thing: a technically grounded, objective assessment of what is in the ground, what the geological assumptions are, and what the material risks are. The difference is in how the deliverable is used.

Typical clients include PE-backed operators evaluating acquisitions, A&D advisory firms supporting transaction processes, small independents preparing assets for sale, and energy investors who need independent subsurface perspective before committing capital.

Asset evaluation engagements are scoped to the transaction and the data available. Most work begins with data room access, reviewing the subsurface package the seller has assembled and evaluating it against independent analysis where possible.

The core work typically includes:

• Data room review: systematic evaluation of the subsurface data package, identifying gaps, inconsistencies, and risks that may not be apparent from the seller's presentation
• Reservoir priority zones: identification and ranking of the most technically credible resource within the asset, separating high-confidence from speculative inventory
• Subsurface risk assessment: technical evaluation of geological risk, data quality risk, and development execution risk across the asset
• Independent geological resource and reserve review: assessment of resource estimates and reserve bookings against the underlying subsurface data, noting that this represents a geological technical review and not a formal third-party reserves certification
• Development upside evaluation: identification of potential upside not reflected in the seller's materials, including secondary targets, infill potential, and development optimization opportunities
• Technical opinion delivery: a clear, written technical opinion tailored to the client's decision-making needs, whether that is a go/no-go recommendation, a risk-weighted resource estimate, or a detailed subsurface narrative for an investment committee

Deliverables are tailored to the client and the transaction. Some engagements require a detailed written report. Others need a concise technical summary suitable for an investment committee or board presentation. The format follows the client's preference and timeline.

Bauer Subsurface Solutions supports both sides of transactions. Buy-side engagements focus on independent evaluation of what is being acquired, cutting through the seller's narrative to form a technical view grounded in the data. Sell-side engagements focus on building a credible, well-organized subsurface package that presents the asset accurately and holds up to buyer due diligence.

In either case, the technical work is the same: an honest assessment of what the subsurface data supports.

Transaction work requires a higher standard of confidentiality than typical consulting engagements. Bauer Subsurface Solutions treats all data room materials, asset information, and transaction details as strictly confidential. Information received in connection with one transaction is never shared with or used in connection with any other engagement.

Bauer Subsurface Solutions does not represent both sides of the same transaction. Before any A&D engagement begins, a conflict check is performed to confirm there is no existing relationship or engagement that would compromise the independence of the evaluation.

A mutual NDA is available and can be executed before any data is shared or any substantive discussion of the asset takes place. Reach out to initiate the process.

BSS provides geological and subsurface technical analysis. The service does not constitute an investment recommendation, legal opinion, asset valuation, or formal third-party reserves certification. Engineering forecasts, economics, land, and legal conclusions remain with the appropriate client or specialist advisors.

Eagle Ford and Austin Chalk asset evaluations in South Texas, Cotton Valley and Haynesville work in East Texas and the Ark-La-Tex, and unconventional asset evaluation experience in the Montney and Duvernay in Western Canada. Experience includes buy-side due diligence on transactions representing tens of millions of dollars in asset value, as well as sell-side data room preparation and technical package development.

Asset and A&D evaluation is billed hourly. Scope, estimated effort, and deliverables are defined upfront before work begins. Engagements typically move quickly given transaction timelines: reach out early to confirm availability and allow time for conflict check and NDA execution before data access begins.

All transaction data is treated as strictly confidential. NDA available before any data is exchanged.