Overview
                                    
                                    
                                        
                                            CNGM has been in business since 2005.  It registered as an investment adviser with the SEC in 2012.  CNGM 
is  entirely owned by  its employees.  John K. Penton  is the owner of CNGM.  CRP was formed in 2014 by Mr. 
Penton and Dean S. Sergent and is entirely owned by its employees.  Mr. Penton and Christopher P. Gordon are 
the principal owners of CRP.  CRP is a “relying adviser” of CNGM.   
CNGM focuses on  generating returns  through  two affiliated private companies  which focus on a strategy of 
direct  investments  in  oil  and  gas  assets,  principally  working  interests  in  natural  gas,  located  in  the  United 
States.  CRP focuses on generating returns through affiliated private companies which focus on a strategy of 
direct  investments  in  oil  and  gas  assets,  principally  working  interests  in  natu ral  gas,  located  in  the  United 
States. 
Privately Offered Pooled Investment Vehicles 
Canaan  serves  as  an  investment  adviser  to  privately  offered  pooled  investment  vehicles  formed  as  limited 
partnerships  (where  Canaan  or  an  affiliate  is  a  general  partner  or  manager).    Canaan’s  pooled  investment 
vehicles are available only to persons who  are “accredited  investors”  under  the  Securities  Act  of  1933,  as 
amended (the “1933 Act”),  and  “qualified  clients” under the Investment Advisers Act of 1940, as amended.  In 
most  cases,  investors must also be “qualified  purchasers”  under  the  Investment  Company  Act  of  1940,  as 
amended.    These  pooled  investment  vehicles  are  not  made  available  to  the  general  public  and  are  not 
registered  investment  companies.    Canaan’s  pooled  investment  vehicles  are  managed  by  Canaan  (or  a 
controlled subsidiary) in its sole discretion. 
Canaan’s  pooled  investment  vehicles  consist of oil and gas funds and net profits interest funds (collectively, the 
“Funds”), where each limited partner makes an up-front commitment to contribute an amount of  capital as  it  is 
called  by  Canaan  for  investment,  and  generally  may  not  withdraw funds. Each  Fund’s  investment  objectives 
and/or  parameters  are  set  forth  in  that  Fund’s  organizational  documents,  offering  documents  and/or  other 
governing documents provided to each investor in the Fund.  
Oil and Gas Funds.  Canaan’s oil and gas funds are single-strategy funds engaged in making private investments 
in pre-designated private oil and gas companies which are owned 100% by the oil and gas funds and managed 
by CNGM or CRP (“O&G Operating Companies”).  The Canaan funds may only invest in these O&G Operating 
Companies and the capital is used to enable the O&G Operating Companies to acquire oil
                                        
                                        
                                             and gas assets as 
well as provide working capital and thereby try to build value for fund holdings. 
Subject to Item 2, Material Changes, at March 20, 2024, our active Funds consist of the following: 
•  Canaan Resource Partners Drilling Fund, L.P. 
Net Profits Interest Funds.  Net profits interest funds are single-strategy funds engaged in acquiring net profits 
interests that entitle the net profits interest funds to receive a share of net profits from identified oil and gas wells 
that are owned by an affiliate of CRP (the “Working Interest Operating Company” and together with the O&G 
Operating Companies, the “Operating Companies”).  The net profits interest funds also make loans to the Working 
Interest Operating Company from time to time on terms negotiated with the investors in the applicable net profits 
interest fund at the time that they invest in that fund.  The share of net profits received by a net profits interest 
fund, and the manner in which the net profits are calculated and distributed, is set forth in the limited partnership 
agreement of  such net profits interest fund and in a conveyancing agreement entered into in connection with 
each acquisition of a net profits interest (a “Conveyance Agreement”).  At March 20, 2023, Canaan Resource 
Partners Drilling Fund, L.P. (the “Drilling Fund”) is our only net profits interest fund. 
Management Services Agreement.  CNGM  has  entered  into  a  contractual  relationship,  through  an  affiliate,  to 
provide advisory  services  to a  non-affiliated  company  for  the purpose of  sourcing and advising  regarding the 
acquisition  of  oil  and gas  properties.  This  is  a  non-discretionary account  and  in  addition to  CNGM’s  affiliates 
receiving a fixed fee, certain employees of affiliates own MIUs in the client that entitle them to a carried interest.  
Investment in the oil and gas funds and the net profits interest funds is permitted only at scheduled fund closings.  
As  the  proceeds  from  investments  are  realized  by  the  Funds,  those  proceeds  (as  well  as  interest  and  cash 
dividends  received)  are  generally  distributed  to  limited  partners  of  the  Funds  after  paying  expenses  and 
establishing reserves.  Limited  partners  in  the  Funds  generally  may  not otherwise reduce or  withdraw  their 
investments.   
As used herein, the term “client” generally refers to each Fund and any other privately offered pooled investment 
vehicles for which Canaan serves as investment adviser. 
Assets under Management 
See Item 2, Material Changes. As of March 20, 2024, the total discretionary assets under management for  
Canaan Resource Partners Drilling Fund, LP amounted to $325 million.