Oklahoma City, OK – September 16, 2025 — In a market where many mineral and royalty buyers are retreating or treading water, Oklahoma City-based Viking Minerals, LLC is leaning in. The company announced the final close of its sixth investment fund at $40.58 million, more than doubling the size of its previous fund and reinforcing its reputation as a nimble, disciplined player in the minerals acquisition space.
With approximately $13 million already deployed at closing—about 26% of the fund—Viking’s aggressive but calculated deployment signals both market conviction and access to quality opportunities, even as others in the space slow down.
“Fund VI marks an important milestone for Viking,” said Ransome Oliver, Co-President and CEO. “While many are struggling to make quality investments, we are deploying capital efficiently into premier mineral assets.”
This fundraiser comes amid a challenging environment for mineral aggregators. Rising interest rates, tighter capital, and increasingly sophisticated underwriting requirements have created a higher barrier to entry. Yet, Viking appears to be thriving where others falter.
In the last year, the firm has tripled the size of its acquisitions team, giving it the manpower to evaluate thousands of deals across key basins—including the Permian, Eagle Ford, Haynesville, and its home turf in the Midcontinent. That scale is critical, especially in today’s market, where premium mineral packages are scarce and competition is stiff.
“Our expanding team and strong pipeline allow us to move decisively,” Oliver said. “That creates significant advantages for our investors.”
Indeed, Viking’s track record backs that up. The firm has now surpassed $100 million in total investments, with four fully realized funds delivering $124 million in returns on $66 million invested. That translates to an average 19.5% internal rate of return (IRR), 18% annual yield, and 1.86x multiple on invested capital (MOIC)—strong numbers by any measure, particularly in the nuanced world of minerals and royalties.
The company’s disciplined approach—targeting underwritten assets with long-life production profiles and proven operators—has helped it stay above the fray in a space increasingly shaped by data, capital discipline, and operator credibility.
As Fund VI gets underway with “dry powder” still on hand, Viking says it’s already identified a robust pipeline of opportunities. For a company that began in Oklahoma in 2012 with a regional focus, the trajectory has become increasingly national—but with the same formula: smart acquisitions, disciplined underwriting, and scalable operations.
“We’re well-positioned to continue generating returns while capitalizing on the perceived scarcity of quality opportunities,” Oliver noted.
With industry sentiment mixed and many shops pulling back, Viking Minerals is doing the opposite—leaning into growth, and betting on its ability to source value in a fragmented and often misunderstood corner of the oil and gas market.
About Viking Minerals
Founded in 2012, Viking Minerals, LLC is a private mineral acquisition company based in Oklahoma City. Focused on buying and managing mineral and royalty interests across the U.S., Viking is active in the Permian, Eagle Ford, Midcontinent, and Haynesville shale plays. The company emphasizes disciplined growth, investor transparency, and deep technical expertise in mineral asset evaluation.
You can find the full press release linked here.
