Bison Interests

Josh Young, the firm's founder, serves as the sole Chief Investment Officer and portfolio manager. He makes all final capital allocation and position-sizing calls. Young previously co-founded Young Capital Management and has built a public track record of concentrated energy investing and shareholder activism.

Bison runs a highly concentrated book. The firm has publicly stated that individual positions can represent more than 20% of portfolio assets when the discount to intrinsic value is judged sufficiently wide. The entire portfolio typically holds fewer than 12 names, a sharp contrast to the 30-to-50-position norms of many long-only resource funds.

The firm invests exclusively in publicly traded securities, primarily common equity in small- and mid-cap exploration and production companies. It does not operate a private equity fund or a private credit vehicle. Its public-market approach, however, is structured with a private equity posture — taking board-level influence stakes and holding through multi-year cycles.

Bison's core thesis is that a decade of chronic underinvestment in new hydrocarbon supply, combined with public-market skepticism toward the sector, has created a persistent valuation gap between the public equity prices of E&P companies and the value of their reserves in private transactions. The firm targets companies trading at deep discounts to their proved developed producing asset values and advocates for share buybacks, special dividends, or outright sales to surface that value.

Bison concentrates on North American onshore producers. The firm has historically maintained significant exposure to the Western Canadian Sedimentary Basin, including heavy oil producers, and to U.S. natural-gas-focused operators in basins like the Permian. It generally avoids offshore, international, and service-company exposure.

Yes. Bison regularly communicates directly with portfolio-company boards and management teams regarding capital allocation, executive compensation, and strategic alternatives. Young has published open letters to boards and, in prior cycles, participated in proxy contests to push for asset sales, cost restructuring, or return-of-capital programs.

The firm relies on proprietary fundamental analysis of reserve reports, land records, and production data rather than on sell-side research or management marketing. Young's public commentary suggests the team builds positions quietly, often using periods of commodity-price weakness to accumulate shares before engaging management. The concentrated mandate means the firm passes on most opportunities, reserving capital for the few names where it can own a meaningful stake.