Pure Cycle owns a portfolio of over 10,000 net mineral acres a portion of which are in the oil rich Niobrara Formation in the Southern Wattenberg Field (640 acres), with the balance in southeastern Colorado. The Company currently has a mineral royalty interest from 6 Oil and Gas wells which pool mineral acres from its 640 acres mineral interest at Sky Ranch. The Company has entered into an agreement with its O&G operator for a well pad that seeks to construct as many as 10 additional wells which will pool minerals from the Company’s Sky Ranch mineral ownership, which are expected to begin drilling in 2022.