For purposes of this Brochure, the “Adviser” means collectively, BĀSA Advisors, LLC, BĀSA
PetroFund Management, Ltd. and BĀSA PetroFund Management II, Ltd. who are “Relying
Advisers” of BĀSA Resources, Inc.
BĀSA Resources, Inc. (“BĀSA Resources”) is an oil and gas operating company located in Dallas,
Texas. BĀSA Resources conducts its investment advisory business as and through its affiliate,
BĀSA Advisors, LLC (“BĀSA”), which provides investment advisory services to two pooled
investment vehicles, BĀSA PetroFund I, L.P. (“Fund I”) and BĀSA PetroFund II, L.P. (“Fund II”),
that are exempt from registration under the Investment Company Act of 1940, as amended (the
“Investment Company Act”) and whose securities are not registered under the Securities Act of
1933, as amended (the “Securities Act”), (each individually a “Fund” or “Client” or together, the
“Funds” or the “Clients”). PetroFund Management, Ltd., the general partner of Fund I, and
PetroFund Management II, Ltd., the general partner of Fund II, are referred to as the General Partner
of their respective fund or collectively as the “General Partners”, as appropriate.
BĀSA Resources was formed in 1989 by Michael N. Foster, Jr. and
Lary D. Knowlton. They are
the primary equity owners of BĀSA Resources. BĀSA Resources is the sole owner of BĀSA.
The Adviser provides investment supervisory services to each Fund in accordance with the offering
memorandum and limited partnership agreement of such Fund (the “Organizational Documents”).
The Funds are subject to the investment strategies and investment restrictions set forth in the Fund
offering materials. As of April 2023, Fund I sold its oil and gas interests to another institutional oil
and gas investor, Camterra Resources Partners, Ltd. Fund I is currently in the process of winding
down, and is scheduled to complete its final audit in 2024. Fund II, formed in 2017, is past its
commitment period, and currently investments in oil and gas interests. Pursuant to the
Organizational Documents, Fund II is permitted to reinvest all net cash flow in excess of the stated
preferred return in new investments until October 2025, although it does not currently intend to
make such additional investments.
The Adviser does not participate in wrap fee programs.
As of December 31, 2023, the Adviser managed approximately $107,134,151 in portfolio assets,
all of which were managed on a discretionary basis.