HomeMy WebLinkAbout20251608.tiffINVENTORY OF ITEMS FOR CONSIDERATION
Applicant Noble Energy, Inc., c/o Syrcuit Energy Solutions
Case Number USR25-0006
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Applicant
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I hereby certify that the one items identified herein was submitted to the Department of Planning Services at
or prior to the scheduled Planning Commissioners' hearing.
Lindsay Oliver, Planner
SYRCU
i
T
ENERGY SOLUTIONS
Company Overview
May 2025
Disclaimer St Forward -Looking Statements
Confidentiality Notice: Do not duplicate or distribute this presentation without written permission from Syrcuit Energy Solutions Inc. This presentation
contains privileged and confidential information intended for internal shareholder use only. If you are not the intended recipient, you are hereby
notified that you should not review, use, disclose, distribute, copy or forward this information.
Certain information set forth in this presentation contains "forward -looking information", including "future -oriented financial information" and
"financial outlook", under applicable securities laws (collectively referred to herein as forward -looking statements). Except for statements of historical
fact, the information contained herein constitutes forward -looking statements and includes, but is not limited to, the (i) forecasts and possible
returns; (ii) the expected development of projects and joint ventures; (iii) execution of the Company's vision and growth strategy; (iv) sources and
availability of third -party financing for the Company's projects; (v) completion of the Company's projects that are currently underway, in development
o r otherwise under consideration; (vi) future liquidity, working capital, and capital requirements. Forward -looking statements are provided to allow
participants the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and
o pinions as one factor in evaluating a partnership.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward -looking statements
necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ
materially from any projections of future performance or result expressed or implied by such forward -looking statements.
Although forward -looking statements contained in this presentation are based upon what management of the Company believes are reasonable
assumptions, there can be no assurance that forward -looking statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. The Company undertakes no obligation to update forward -looking statements if circumstances
o r management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue
reliance on forward -looking statements.
CONFIDENTIAL 2
Syrcuit Core Team
Craig Rasmuson, CEO & Founder, Director
Mr. Rasmuson has 30 years of professional
experience spanning roles in operations,
o rganizational management, and executive
Leadership. Mr. Rasmuson served as the
COO of Synergy Resource Corporation for
over 10 years where he helped secure the
initial 60k acres which formed the core of
craig@syrcuit.com the company. As COO, he oversaw the
(970) 518-6205 successful development of over 200 wells
o perating under an annual budget of
--$160 MM. Mr. Rasmuson founded Syrcuit
Energy Solutions in 2021 to help Colorado
meet its rapidly growing energy needs.
matt@syrcuit.com
(410) 215-3515
Matt Lauer, COO & Co -Founder
Mr. Lauer has 20 years of experience in
o perational and start-up finance across
banking, energy, and software. He has
supported and sourced several capital
raises for start-ups and operating
companies. Mr. Lauer previously worked for
Constellation Energy for eight+ years
across Finance and Portfolio Management,
where he focused on modeling —2 GW of
generation assets in the New York and NE
ISO regions. Mr. Lauer co-founded Syrcuit
in 2021 alongside Mr. Rasmuson.
Brant DeMuth, CFO & Director
Mr. DeMuth joined Syrcuit in 2022, bringing over 35 years of experience
leading finance and corporate development in the energy space. Previously,
Mr. DeMuth was the Executive VP and CFO of Bonanza Creek in Denver where
he helped guide the company through three mergers which increased the
company's enterprise value from —$350 MM to —$5 B during his tenure there.
Mr. DeMuth is a CFA charter holder.
Tony Stebleton, CDO & VP of Engineering
Mr. Stebleton joined Syrcuit in 2023 after two decades in oil and gas and
private equity investment in the energy space. A petroleum engineer from the
Colorado School of Mines with a Masters in Global Energy Management from
CU Denver, Mr. Stebleton has held numerous positions for O&G operators and
spent the last six years as the President of Upstream Funds and the Sr
Technical Advisor for six Tailwater Capital investment funds (-$3.5 B AUM).
Bresee Carlson, General Counsel
Ms. Carlson joined Syrcuit in 2024 after her tenure as partner at Kuiper Law
Firm in Denver. Ms. Carlson spent 15 years at Kuiper practicing energy and
public utilities related law. Passionate about energy and education, Ms.
Carlson is an Adjunct Professor of Oil and Gas Law at Western Colorado
University and an active contributor to Energy Strong Colorado.
Melissa Truitt, Director of Land
Mrs. Truitt has 20 years of oil & gas and solar land and regulatory experience.
Her focus has been in Colorado helping landowners and municipalities find
mutually beneficial ways to bring energy to Colorado consumers. Mrs. Truitt
previously worked with Redux Energy focusing on solar projects across the
US. Throughout here career Mrs. Truitt has secured over 100,000 acres of
land for energy projects with over 1 GW of projects secured for solar.
CONFIDENTIAL
Syrcuit Board of Directors
Syrcuit boasts an experienced and well-connected Management Team and Board of Directors with 250+
years of combined energy experience. Our established relationships in the energy sector include oil and
gas, utilities, direct capital investment, and our network of landowners.
''_�
1,
Raymond E. McElhaney, Director (Nov' 2021)
Mr. McElhaney has 39 years of experience in the
energy industry, in which he led several publicly
traded oil and gas companies. He was formally the
lead director of SRC Energy Corp. Prior to the
acquisition of SRC, he was also the President & CEO.
Scott Ehrlich, Director (Nov' 2021)
Mr. Ehrlich has 35 years of experience in owning and
operating auto dealerships and is a Colorado
Automotive Hall of Fame inductee. As a native of
Greeley, Mr. Ehrlich is engaged with several charities
and non -profits and is a former board chair for the
Boys and Girls Club of Weld County.
Erik Olbeter, Director (Nov' 2024)
Mr. Olbeter most recently co-founded and was the
CFO of Innovas, a private company that assists the
US Federal government's acquisition of technology
solutions. Prior to Innovas he was a Sr. VP at ICF
International where he managed over 200
consultants for their Energy Advisory Services.
Jon Kruljac, Director (Nov' 2021)
Mr. Kruljac has 34 years of experience on Wall Street.
During that time, he focused on the capital markets
and investor relations activities for publicly traded oil
& gas companies in the Rocky Mountain region. He
currently serves as CEO of a non-profit organization,
The Kempe Foundation.
William E. Scaff, Jr., Director (Dec' 2021)
Mr. Scaff has 42 years of experience in the Energy
Industry. He was CO -CEO of Synergy Resources Corp.
from 2008-2015. He is currently Co -Manager of
Petroleum Management, LLC, a 25 -year -old
petroleum distribution company. He has sat on
numerous boards over the years.
Glen Davis, Director (Nov' 2024)
Mr. Davis is currently CEO of Agile Energy Advisors, LLC.
He previously served as CEO of Cypress Creek
RenewabLes' distributed generation business, of
Sunfolding, Inc., and of Renewable Energy Systems
(RES) Americas, a leading developer and constructor of
wind, solar and battery storage projects. He spent the
first 17 years of his career at AES Corp.
CONFIDENTIAL
the Syrcuit Advantage
Site Control
40 years of navigating complex land
acquisition across the Rocky
Mountain region
Deep network of relationships across
landowners, regulatory agencies
(local/state/federal), and utilities in
the Rocky Mountain West
Equipped to leverage experience and
network to secure highest -grade
locations for solar, storage and wind
projects with competitive lease terms
Robust pipeline of actionable
opportunities to scale up existing
portfolio or replace projects based on
demand
Preparation
Internal assets to run and certify title;
a thorough understanding of all
e states sufficient to work with all
stakeholders, including surface and
mineral estates
Extensive experience with local
permitting and use requirements
recognizing the importance of local
community partnerships
Proactive and extensive
e ngineering/design to ensure site
feasibility and acceptable returns on
full cycle project economics
Key relationships with utilities, direct
power buyers, and stakeholders to
insure offtake viability and demand
n eed for specific sites and projects
Execution
All projects submitted into RFPs for
Xcel, Colorado Springs Utility and Tri-
State have advanced to final
consideration in their respective RFPs
Successfully negotiated co -location
and divestiture of projects for data
center/hyperscale sitings
Privately negotiating Battery Storage
solutions directly with Utilities
Working with utilities on projects and
PPA negotiations outside of formal
RFPs
CONFIDENTIAL 5
Current Asset Portfolio
Syrcuit Detailed Portfolio Breakdown (2Q 2025)
Syrcuit Utility Scale Joint Venture Portfolio 01 (25% Interest)1
[Project
State V County Gross Leased =Project Acres
Offtakers
Net SES Size
SES JV I
CO
Multiple
17,891
11,738
19
561
SES JV II
CO El Paso
1,819
1,725
7
43
US PORTFOLIO 1 TOTALS
19,710
13,463
26
604
Syrcuit Utility Scale Portfolio 02 (100°k Interest)
Project,
State
County
Gross Leased
Project Acres
Offtakers
Project Size
Schubert
CO
El Paso
2,239
1,815
4
270
Ackerman
Co
Weld
2,400
1,785
4
285
Weld Trust
CO Weld
450
398
4
50
Brooks Company
WY Natrona
1,905
1,640
3
293
CR 17 Solar LLC
CO Moffat
2,007
998
3
144
70 Ranch
CO Weld
1,792
1,565
2
250
Blue Cedar Ranch
CO Pueblo
938
850
2
140
Townsend Trust
CO Cheyenne
1,431
1,325
1
220
Six C Ranch2
CO Huerfano
2,144
1,915
1
295
Knaub
NE Banner
2,858
2,365
3
388
Triple Threat
NE Deuel
1151
1,611
3
255
McConnell
CO Morgan
2,634
2,371
3
375
Crane
CO Prowers
323
293
2
50
Hill Family
CO Weld
1,320
1,183
2
183
Brightstar Kennels
CO Bent
1,120
1,023
2
172
Spence Rule
CO Washington
1,080
1,005
1
166
Bailey's Inc
CO Prowers
800
800
1
125
Foundation Ranch
CO Elbert
1,332
949
2
154
US PORTFOLIO 2 TOTALS
27,705
23,851
41
3,815
SYRCUIT PORTFOLIO GRAND TOTALS 47,415
36,314
66
4,419
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WYOMING
COLORADO
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U/5 JV PORTFOLIO 0
isi
U/S 100 PORTFOLIO 02
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AIM
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1. The Syrcuit-Silverpeak Joint Venture portfolio (Project Sterling) is currently being marketed by Scotiabank with an anticipated close date of 8/15/25
2. Syrcuit is currently evaluating an early -stage sale offer for Six C Ranch with an anticipated close date of 7/1/25
CONFIDENTIAL 6
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