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Private company

Energy 11, L.P.

American crude petroleum and natural gas company based in Richmond2

In its 2026 annual report the company says: “Energy 11, L.P. is a Delaware limited partnership formed to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties.”4

Last updated Oct 21, 2026.

Overview

  • IndustryCrude Petroleum & Natural Gas2
  • HeadquartersRichmond, United States2
  • Incorporated inDE3
  • Business address814 East Main Street, Richmond, Va 232193
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formLimited Partnership2
  • Kind of organizationLimited partnership2
  • LEI5493006QD2EHO34ID0362
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 53583902

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Energy 11, L.P. (the “Partnership”) is a Delaware limited partnership formed to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership completed its best-efforts offering on April 24, 2017 with a total of approximately 19 million common units sold for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

13.6%Operating margin5
13.4%Net margin5
-22.8%Revenue growth, 20255

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue35¢$23.3M
  • Other costs51¢$34.1M
  • Profit13¢$8.9M

Out of $66.3M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$43.7M

Out of $43.7M of cash from operations.5

Financial statements

Revenue6789105$66.3M in 2025+84% since 2019
0$50.0M$100.0M$150.0M2019: $36.0M$36.0M20192020: $36.5M$36.5M2020+1%2021: $74.1M$74.1M2021+103%2022: $112.0M$112.0M2022+51%2023: $99.8M$99.8M2023−11%2024: $85.8M$85.8M2024−14%2025: $66.3M$66.3M2025−23%
Operating income6789105$9.0M in 2025−5% since 2019
-$20.0M0$20.0M$40.0M$60.0M$80.0M2019: $9.5M$9.5M20192020: -$624.7K-$624.7K20202021: $32.8M$32.8M20212022: $62.2M$62.2M2022+90%2023: $36.4M$36.4M2023−41%2024: $26.9M$26.9M2024−26%2025: $9.0M$9.0M2025−66%
Net income6789105$8.9M in 2025+4% since 2019
-$20.0M0$20.0M$40.0M$60.0M2019: $8.5M$8.5M20192020: -$2.8M-$2.8M20202021: $28.0M$28.0M20212022: $53.4M$53.4M2022+91%2023: $36.5M$36.5M2023−32%2024: $26.7M$26.7M2024−27%2025: $8.9M$8.9M2025−67%
Fiscal year2019202020212022202320242025
Revenue$36.0M6$36.5M7$74.1M8$112.0M9$99.8M10$85.8M5$66.3M5
Cost of revenue$9.9M6$9.8M7$11.6M8$17.7M9$26.5M10$22.0M5$23.3M5
Operating expenses$41.3M8$49.9M9$63.3M10$59.0M5$57.3M5
Operating income$9.5M6-$624.7K7$32.8M8$62.2M9$36.4M10$26.9M5$9.0M5
Net income$8.5M6-$2.8M7$28.0M8$53.4M9$36.5M10$26.7M5$8.9M5

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What it owns

What Energy 11, L.P. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Oil and gas properties$315.5M5 Dec 31, 2025$340.2M5 Dec 31, 2024−7.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$6.9M5 Dec 31, 2025$227.9K5 Dec 31, 2024+2927.0%

Properties, in its own words

Information regarding the Partnership’s properties is contained in Item 1 – Business, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 8 – Financial Statements and Supplementary Data: “Note 3. Oil and Gas Investments”, appearing elsewhere within this Annual Report on Form 10-K.

Item 2 of the 10-K filed Mar 13, 2026.4

Leadership

Who has led Energy 11, L.P., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Glade M. Knight2015–2023

President

  1. Clifford John Merritt2015

Chief financial officer

  1. David S. McKenney2015–2023

Chief operating officer

  1. Anthony F. Keating Iii.2015–2023
  2. Michael J. Mallick2015–2023
20202025
Board members and other officers (4)

Timeline

  1. Aug 7, 20268-K Other events20
  2. May 21, 20268-K Other events21
  3. Feb 25, 20268-K Entered a material agreement; New debt or obligation22
  4. Jan 30, 20268-K Other events23
  5. Jan 26, 20268-K Other events24
  6. Nov 14, 20258-K Other events25
  7. Jan 27, 20258-K Other events26
  8. Oct 7, 20248-K Entered a material agreement; New debt or obligation27
  9. Apr 17, 20248-K Other events28
  10. Feb 28, 20248-K Entered a material agreement; New debt or obligation29
  11. Jan 29, 20248-K Other events30
  12. Jan 26, 20248-K Other events31
  13. Jan 29, 2015New chief executive Glade M. Knight becomes CEO15
  14. Jun 27, 2013Founded Energy 11, L.P. is founded2

Filings

46 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 22 major events, 4 insider forms. The latest 20:

  1. Aug 12, 202610-Q EDGAR
  2. Aug 7, 20268-K EDGAR
  3. May 21, 20268-K EDGAR
  4. May 12, 202610-Q EDGAR
  5. Mar 13, 202610-K EDGAR
  6. Feb 25, 20268-K EDGAR
  7. Jan 30, 20268-K EDGAR
  8. Jan 26, 20268-K EDGAR
  9. Nov 14, 20258-K EDGAR
  10. Nov 13, 202510-Q EDGAR
  11. Aug 13, 202510-Q EDGAR
  12. May 15, 202510-Q EDGAR
  13. Mar 14, 202510-K EDGAR
  14. Jan 27, 20258-K EDGAR
  15. Nov 13, 202410-Q EDGAR
  16. Oct 7, 20248-K EDGAR
  17. Aug 14, 202410-Q EDGAR
  18. May 15, 202410-Q EDGAR
  19. Apr 17, 20248-K EDGAR
  20. Mar 15, 202410-K EDGAR

The 46 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 2 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 12, 2023MCKENNEY DAVID SCFO and SecretaryBuy4,438$0.01$44Form 4
Apr 12, 2023MCKENNEY DAVID SCFO and SecretarySale44,375$0.01$444Form 4
Apr 12, 2023Mallick Michael J.Co-COOSale49,375$2.35$115.8KForm 4
Apr 12, 2023Keating Anthony F. IIICo-COOSale49,375$2.35$115.8KForm 4
Apr 12, 2023KNIGHT GLADE MCEOBuy49,938$4.63$231.1KForm 4

From Forms 4 filed with the SEC.

SEC filer profile

How Energy 11, L.P. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAREnergy 11, L.P.1
  • CIK0001581552
  • Employer ID (EIN)46-30705154
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address814 East Main Street, Richmond, VA 232191
  • Phone804-344-81211
  • Shares outstanding18,973,474 as of Aug 12, 202612
  • Public float$0 as of Jun 30, 20255
  • AuditorErnst & Young LLP, Richmond, Virginia PCAOB ID 42; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceApr 29, 20141
  • Filings180 in all: 8-K (51), 10-Q (35), CORRESP (15), UPLOAD (14), 10-K (12), 424B3 (12), 4 (11), S-1/A (8)1
    All 16 form types

    POS AM (6), 3 (5), EFFECT (5), 8-K/A (2), 424B4 (1), 8-A12G (1), DRS (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Mar 13, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Latest 8-K (8-K) Aug 7, 2026

Risk factors and legal proceedings

The risks Energy 11, L.P. names in Item 1A of its 10-K filed Mar 13, 2026: 49 risks under these headings, as written.4

  • Risks Related to the Partnership’s Business, Financial Condition, Results of Operations and Cash Flows
  • If oil, natural gas or other hydrocarbon prices decrease and/or remain depressed for a prolonged period cash flows from operations will decline and cash available for distributions will be impacted.
  • The Partnership may not have sufficient cash from operations following the establishment of cash reserves and payment of fees and expenses, including cost reimbursements to the General Partner, to enable the Partnership to make cash distributions to holders of its common units under its cash distribution policy.
  • The Partnership has limited control over the activities on its properties.
  • The Partnership participates in oil and gas leases with third parties who may not be able to fulfill their commitments to the Partnership’s projects.
  • The Partnership’s results from operations may be impacted by a lack of geographical diversification.
  • The Partnership depends on oil and natural gas transportation and processing facilities and other assets that are owned by third parties.
  • The Partnership and the operators of its properties may encounter obstacles to marketing the Partnership’s share of oil, natural gas and other hydrocarbons, which could adversely impact the Partnership’s revenues.
  • The Partnership may need additional funding for the Sanish Field Assets in order to retain its full interest therein.
  • Property interests that the Partnership has purchased or of which the Partnership participates in the development may not produce as projected and the Partnership may be unable to realize reserve potential, which could adversely affect the Partnership’s cash available for distribution.
  • Compliance with financial and other covenants in the Partnership’s existing or future debt agreements may reduce operational flexibility and create default risk.
  • Ongoing inflationary pressures have resulted in and may result in increases to the costs of goods, services and personnel, and sustained periods of higher costs could reduce the Partnership’s profitability and cash flow.
The other 37 risks
  • Any future hedging transactions in which the Partnership elects to engage will expose it to counterparty credit risk.
  • Hedging activities could result in financial losses or could reduce the Partnership’s net income, which may adversely affect the Partnership’s ability to pay cash distributions to holders of its common units.
  • The Partnership plans to rely on drilling to fully develop the properties the Partnership has acquired. If drilling is unsuccessful, the Partnership’s cash available for distributions and financial condition will be adversely affected.
  • The Partnership’s business is subject to operational risks that will not be fully insured, which, if they were to occur, could adversely affect the Partnership’s financial condition or results of operations and, as a result, the Partnership’s ability to pay distributions to holders of its common units and service its debt obligations.
  • Risks Related to Investment in the Partnership
  • The Partnership depends on key personnel, the loss of any of whom could materially adversely affect future operations.
  • The common units are not liquid and a limited partner’s ability to resell common units will be limited by the absence of a public trading market and substantial transfer restrictions.
  • Distributions to the Partnership’s common unitholders may not be sourced from its cash generated from operations but from indebtedness, and therefore the Partnership’s distributions during certain periods may exceed earnings and cash flows from operations, and this will decrease the Partnership’s distributions in the future; furthermore, the Partnership cannot guarantee that investors will receive any specific return on their investment.
  • If the General Partner elects to cause the Partnership to make distributions rather than reinvesting the cash flow in its business, the Partnership may be required to sell or farm-out properties or to elect not to participate in exploration or development drilling activities on its properties, which activities could turn out to be profitable.
  • The General Partner will be subject to conflicts of interest in operating the Partnership, including conflicts of interest arising out of the General Partner’s ownership of the incentive distribution rights. The Partnership Agreement limits the General Partner’s fiduciary duties to the Partnership in connection with these conflicts of interest.
  • The General Partner has sole responsibility for conducting the Partnership’s business and managing its operations. The General Partner and its affiliates will have conflicts of interest, which may permit them to favor their own interests to the detriment of holders of the Partnership’s common units.
  • Amounts paid to the General Partner, regardless of success of the Partnership’s activities, will reduce the cash the Partnership has available for distribution.
  • Because the General Partner has discretion to determine the amount and timing of any distribution the Partnership may make, there is no guarantee that cash distributions will be paid by the Partnership in any amount or frequency even if its operations generate revenues.
  • The Partnership may be unable to sell its properties, merge with another entity or list the common units on a national securities exchange within its planned timeline or at all.
  • The General Partner may cause the Partnership not to participate with the operator in the drilling of wells on the Partnership’s properties.
  • Risks Related to Laws, Regulations, Cybersecurity and Other External Factors
  • The Partnership is subject to complex federal, state, local and other laws and regulations that could adversely affect the cost, manner or feasibility of conducting the Partnership’s operations.
  • Federal and state legislative initiatives and executive orders relating to hydraulic fracturing and oil and natural gas lease sales could result in increased costs and additional operating restrictions or delays, and even could result in the Partnership ceasing business operations.
  • Additional regulatory scrutiny by the EPA could make it difficult to perform hydraulic fracturing, impact the Partnership’s ability to conduct business, and increase the Partnership’s costs of compliance and doing business.
  • The Partnership’s financial condition and results of operations may be materially adversely affected if the Partnership incurs costs and liabilities due to a failure to comply with environmental regulations or a release of hazardous substances into the environment.
  • Climate change legislation or regulations restricting emissions of greenhouse gases, or GHGs, could result in increased operating costs and reduced demand for the oil, natural gas and natural gas liquids the Partnership produces.
  • Significant physical effects of climatic change have the potential to damage the Partnership’s facilities, disrupt the Partnership’s production activities and cause the Partnership to incur significant costs in preparing for or responding to those effects.
  • Cyber-attacks targeting systems and infrastructure used by the oil and gas industry may adversely impact the Partnership’s operations.
  • Loss of Partnership information and computer systems could adversely affect the Partnership’s business.
  • Tax Risks to Limited Partners
  • The Partnership’s tax treatment depends on its status as a partnership for U.S. federal income tax purposes and not being subject to a material amount of entity-level taxation by individual states. If the Internal Revenue Service treats the Partnership as a corporation or the Partnership becomes subject to a material amount of entity-level taxation for state tax purposes, it would reduce the amount of cash available for distribution to the Partnership’s limited partners.
  • An IRS contest of the Partnership’s U.S. federal income tax positions may adversely affect the value for the Partnership’s common units, and the cost of any IRS contest will reduce the Partnership’s cash available for distribution to the Partnership’s limited partners.
  • If the IRS makes audit adjustments to the Partnership’s income tax returns, it (and some states) may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit adjustment directly from the Partnership, in which case cash available for distribution to limited partners might be substantially reduced.
  • Tax-exempt entities and foreign persons face unique tax issues from owning common units that may result in adverse tax consequences to them.
  • A limited partner may be required to pay taxes on income from the Partnership even if a limited partner did not receive any sufficient cash distributions from the Partnership.
  • A limited partner may not qualify for percentage depletion deductions, and even if a limited partner does so qualify, a limited partner will be required to determine, and maintain records supporting, the deduction.
  • The Partnership cannot assure its limited partners that it will meet the requirements for its limited partners to deduct intangible drilling and development costs.
  • If the Partnership is eligible to deduct IDCs, the Partnership cannot assure its limited partners that IDCs will be deductible in any given year.
  • The IRS could challenge the timing of the Partnership’s deductions of IDCs, which could result in an increase to limited partners’ tax liabilities.
  • The ability of a limited partner to deduct its share of our losses and deductions may be limited.
  • Certain federal income tax deductions currently available with respect to oil and natural gas exploration and development may be eliminated as a result of future legislation.
  • Limited partners may be subject to a limit on the ability to deduct interest expense incurred by the Partnership.
  • A limited partner will likely be subject to state and local taxes and tax return filing requirements in states where they do not live as a result of investing in the Partnership’s common units.
  • The Partnership may be required to remit state income taxes to applicable taxing authorities on behalf of its limited partners.
  • Tax gains or losses on the disposition of Partnership common units could be more or less than expected.

Legal proceedings

The Partnership may be a party to various legal proceedings that arise in the ordinary course of business. At the end of the period covered by this Annual Report on Form 10-K, the Partnership was not a party to any material, pending legal proceedings, or involved in any litigation nor, to management’s knowledge, is any litigation threatened against the Partnership where the outcome would, in management’s judgment based on information currently available to the Partnership, have a material adverse effect on the Partnership’s consolidated financial position or results of operations.

The opening of Item 3, Legal Proceedings.4

Sources

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    SEC EDGAROther events
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