Sand Acquisition Holdings

Sand Acquisition Holdings identified and acquired the rights to approximately 1,100 acres of sand reserves in central Colorado. At the time of investment, the sand reserve was the only permitted frac sand mine in Colorado that could serve the DJ Basin with regional sand via truck. The common equity of Sand Acquisition Holdings was sold to Hallador Energy Company (HNRG), which was then renamed to Hourglass Sands LLC. The Thoroughbred team partnered with Hallador for operations and expansion capital. While Thoroughbred successfully exited this project, it co-invested and maintains an interest in future sales and joint development projects with Hourglass. Thoroughbred remains on the board and sustains a preferred equity interest in Hourglass Sands.