US-based oil and gas company Citizen Energy Ventures has launched a $20m private placement initiative targeting oil and gas drilling in the Anadarko Basin in Oklahoma. 

The Citizen Energy 2025 Drilling Fund aims to establish long-term oil and natural gas reserves by investing in eight wells within the basin’s Cherokee formation. 

This launch marks Citizen Energy Ventures' entry into the retail private placement market. 

The company previously secured more than $50m from institutional and existing investors to support the drilling schedule, diversify well interests and reduce operational costs. 

Its management team structured the fund to provide direct tax benefits to investors participating as general partners. 

Citizen Energy Ventures founder and president James Woods said: “With the launch of this fund, we are extending our reach beyond institutional capital to a broader network of financial professionals and their clients. 

“Entering the private placement marketplace is a strategic extension of our core capabilities in identifying, acquiring and developing oil and gas leases in the Anadarko Basin. 

“This structure provides investors access to a fund managed by an experienced operating team with more than ten years in the basin's Cherokee Formation and other productive zones.” 

The Anadarko Basin covers nearly all of western Oklahoma and extends into three other states. It spans approximately 50,000 square miles (80,467km²) and reaches a depth of seven miles. 

The Cherokee formation, the focus of the 2025 Drilling Fund, contains conventional reservoirs and source rocks with established reserves. 

Based in Tulsa, Oklahoma, Citizen Energy Ventures develops horizontal play concepts in the onshore US, with operational experience across Oklahoma, Texas, Arkansas and Louisiana. 

The company has drilled and completed more than 300 horizontal wells in the Anadarko Basin since 2012. 

Last year, US-based oil and gas producer Validus Energy signed an agreement to acquire Citizen Energy for more than $2bn.