
Permian Basin EOR developer Roosevelt Resources aims to access the public markets through a reverse merger with Arcadia Biosciences. (Source: Roosevelt Resources)
Do oil and coconut water mix? Two Dallas-based companies apparently think so.
Permian Basin EOR company Roosevelt Resources LP aims to enter the public markets through a reverse merger with Nasdaq-traded firm Arcadia Biosciences, which owns a coconut water brand.
Roosevelt and Arcadia agreed to combine in an all-stock transaction, the companies announced Dec. 5.
Arcardia will issue shares of common stock in exchange for all equity interests in Roosevelt at the closing of the transaction. Following closing, Roosevelt equity owners will control about 90% of the outstanding Arcadia shares; Arcadia shareholders will hold the remaining 10%. One or more members of Arcadia management and personnel may continue to assist in managing the existing on-going operations of Arcadia, according to a press release.
Roosevelt’s primary asset is a carbon capture utilization and storage (CCUS) oil and gas project spanning 13,892 net acres on the Northwest Shelf of the Texas Permian Basin.

The combined company plans to develop the asset as an EOR project, aiming for a peak production capacity of 55,000 gross boe/d in 2051. The project is in the RR-Googins Field in Yoakum County, Texas, and targets the San Andres Formation.
The company aims to drill horizontal CO2 injection wells alongside existing producing wells on the asset. Roosevelt estimates that output will increase by an average 4,000 gross boe/d annually for the first 10 years after CO2 response.
Elliott “Tony” Roosevelt Jr., chairman and CEO of Roosevelt, said the asset has been in the Roosevelt family for more than a century.
“Starting in 2007, we started the study and evaluation of the RR-Googins field to position it for field wide development,” Roosevelt said in a press release. “Through the application of technology, drilling and producing oil and planning and sourcing necessary components for field development, we believe we are positioned to now execute on this promising project.”
A model prepared by SLB estimates 956 MMboe (gross) of technically recoverable resource over a 70-year life of the project.
RELATED
Classic Rock, New Wells: Permian Conventional Zones Gain Momentum
Arcadia Biosciences
Arcadia, a producer of plant-based food and beverage products, has been exploring strategic alternatives to maximize shareholder value since July 2023.
The company streamlined operations to focus on its Zola coconut water brand, sold its GoodWheat brand and wheat intellectual property and reduced operating expenses.
“After a comprehensive and prolonged review, we have concluded that a business combination with Roosevelt Resources is the best alternative to create value for Arcadia and its shareholders,” said T.J. Schaefer, president and CEO of Arcadia.
Upon closing, Arcadia will change its corporate name to Roosevelt Resources Inc. and the company’s shares are expected to trade under a new ticker symbol.
Current Roosevelt management will manage the combined entity, with Tony Roosevelt serving as CEO. Jimmy Hawkins will serve as president and COO and Jerrel Branson will serve as CFO.
Certain Arcadia employees “may continue to assist in managing the existing ongoing operations of Arcadia,” the companies said.
RELATED
Powder River E&P Peak Resources Prices IPO, to Test Markets as MLP
Recommended Reading
API’s Multi-Pronged Approach to Lower Carbon Operations
2025-01-28 - API has published nearly 100 standards addressing environmental performance and emissions reduction, which are constantly reviewed to support low carbon operations without compromising U.S. energy security.
California Resources Continues to Curb Emissions, This Time Using CCS for Cement
2025-03-04 - California Resources’ carbon management business Carbon TerraVault plans to break ground on its first CCS project in second-quarter 2025.
Superhot Rock Drillers Advance Technology to Rival Oil and Gas
2025-03-23 - Building on synergies with the oil and gas sector, geothermal companies seek to go hotter and deeper to unleash energy.
Energy Transition in Motion (Week of March 28, 2025)
2025-03-28 - Here is a look at some of this week’s renewable energy news, including another record for renewables power capacity growth.
Baker Hughes CEO: Expect ‘Volatility, Noise’ Around Energy Transition
2025-03-12 - Baker Hughes and Linde executives spoke about lower carbon resources such as hydrogen and geothermal, which will be part of the energy mix but unlikely to displace natural gas.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.