The questions investors actually ask, answered in full.

Has USCIS approved this project?

Yes. USCIS approved the project's Form I-956F on September 3, 2024, through the regional center Mid-America Rural Development Inc., RC2200001268. The approved filing covers up to 72 wells and 150 EB-5 investors.

Approval means USCIS reviewed and accepted the business plan, the investment structure, the job-creation methodology and the economic analysis, the rural TEA status, and compliance with the EB-5 Reform and Integrity Act of 2022.

It does not mean USCIS has approved any individual investor. It is not a determination about any petitioner, it is not verification of anyone's source of funds, and it is not an endorsement of the offering by the United States government. Each I-526E petition is decided on the petitioner's own facts. The approval notice is published at eb5energy.com/approval.

Have any investors on this project had petitions approved?

Yes. Three I-526E petitions on this project have been approved — on July 7, 2025, August 1, 2025 and September 29, 2026 — and one of those investors has received an immigrant visa. No petition on this project has been denied. Redacted approval notices are published at eb5energy.com/approval, alongside the I-956F notice, so you can read them rather than take our word for it.

The distinction matters. A project approval is a document about the project. An approved petition is USCIS having examined an investor's own facts against this project and said yes.

Is this a rural project, and what does rural actually change?

Yes — the wells are in qualifying rural counties in Oklahoma, documented in the business plan, and capital is committed only to wells in confirmed rural areas.

Rural status does two separate things, and they are routinely described as one:

• The visa set-aside. 20% of EB-5 visas each year are reserved for rural investors. This governs whether a visa number is available when the petition is approved. In the October 2026 Visa Bulletin, the rural category is Current for all countries.
• Priority processing. The law requires petitions for rural investments to receive priority. This governs the order in which USCIS takes the petition up. It carries no processing-time guarantee.

Rural status also sets the minimum investment at $800,000 rather than $1,050,000.

What rural does not change: the capital must still be at risk, the jobs must still be created and evidenced, and source of funds must still be traced and documented to the same standard as any other petition.

How long does a rural petition take to be adjudicated?

Nobody can tell you that, and we will not predict it. What we can do is show you an immigration attorney with no relationship to EB5 Energy answering the question on the record.

Michael Harris of Harris Law, recorded September 1, 2026, describing his own firm's case experience: “We've seen it in a few months, for a rural investment, to maybe eight months at the longest. A high unemployment area has taken maybe twice as long as that, if not more in some cases, to be adjudicated. It really varies though.”

He declines to endorse the thirty-day approvals being reported, because his firm has not seen them, and he notes that filing volume is heavy and times may lengthen. He was asked about EB-5 process only; he has not reviewed this offering and is not commenting on it.

The full clip and transcript are at eb5energy.com/attorney.

What happens if my I-526E petition is denied?

The administrative fee is not refunded. After a final denial, the PPM commits the Fund to use commercially reasonable efforts to return the investor's capital, without interest or deduction, including by replacing the investor with a substitute investor. Any amount not returned that way is paid from the proceeds of a capital event before any distributions to other investors. There is no fixed repayment date.

A side letter adds one term: a denied investor who elects to exit takes priority on the Fund's monthly production cash flow after expenses, so repayment can begin from operations without waiting for a substitute investor. The side-letter forms are provided after a nondisclosure agreement is signed.

Understand this as a place in a queue rather than a refund right. The capital is deployed in wells, and the money to return it comes from production cash flow. No petition on this project has been denied to date. That is a short record and is presented as one.

What is the two-year sustainment period, and does it delay repayment?

EB-5 requires the investment to remain at risk in the job-creating enterprise for at least two years. That period runs concurrently within the repayment timeline rather than extending past it — the capital is deployed into drilling and completion, and the two-year clock runs while the wells produce.

This is one of the practical differences between a production-funded offering and a construction loan, where sustainment and the loan term often have to be managed against each other.

What is the September 30, 2026 date, and does it still matter?

The Regional Center Program is authorized through September 30, 2027. Petitions filed on or before September 30, 2026 keep continued adjudication if the program is not reauthorized after that date. A petition filed now does not have that protection, and its continued adjudication after September 2027 would depend on Congress reauthorizing the program.

It is not a deadline to invest, and it is unrelated to the investment amount. Investors can and do file after it. The offering documents have no separate refund provision for a petition that is held or left unadjudicated because of a lapse or suspension; if such a petition is denied, the denial terms above apply. Immigration counsel should weigh this point for any filing made now.

Does this investment guarantee a green card?

No, and no EB-5 investment can. This investment qualifies for a green card petition; the petition is decided by USCIS on the investor's own facts — source of funds, admissibility, and whether the required jobs are created and evidenced. What a project can do is remove the project-level uncertainty, which is what the I-956F approval and the three approved I-526E petitions do here.

What is the total cost per investor?

The investor also pays their own immigration counsel. No other fee is paid by the investor.

Is a fee waiver or reduction available?

Yes. The administrative fee is $80,000, and the Managing Partner can negotiate a lower fee or waive it entirely; the PPM gives the General Partner sole discretion to do so. Any agreed reduction is set out in a signed side letter before funding.

Are there ongoing fees?

Investors pay no ongoing fees directly. At the Fund level, two fees are paid only out of the annual distributions the Fund receives from the project company, never from investor capital:

• Management fee: 3% a year of total capital contributions, paid to the General Partner.
• Regional center fee: an annual payment of $8,000 per investor for the first 25 investors, $6,000 for the next 50, and $4,000 after that.

The Fund also bears its own operating expenses, including fund administration by Trident Fund Services, Inc.

Is my investment held in escrow, and where?

Funds are held by Customers Bank, an independent third-party escrow agent, under an Amended and Restated Escrow Agreement dated December 13, 2023. The agreement is in the offering documents.

Escrow protection ends on release, which is the point worth understanding before wiring — from that point the capital is deployed into wells and is at risk, which is what EB-5 requires it to be. Current escrow reports, the record of expenditure against budget, and the annual and quarterly financial statements are provided on request.

Who authorizes release of funds from escrow, and on what trigger?

The Fund submits a disbursement request to Customers Bank. Release requires three conditions:

• the regional center's designation is approved or pending
• the I-956F has been filed
• the investor's I-526E has been filed, as shown by a USCIS receipt notice, a letter from the investor's counsel with proof of the USCIS fee payment, or a USCIS confirmation letter

The trigger is filing, not approval. The funds are then released to the Fund's operating account.

What is the minimum investment, and is it changing?

$800,000 for a petition filed on or before December 31, 2026.

The rural minimum is scheduled to adjust for inflation on January 1, 2027. The adjusted amount is rounded down to the nearest $50,000, so the estimate is $900,000, and it could be as high as $950,000. USCIS has published no amount or date.

Separately, USCIS filing fees rise for petitions postmarked on or after November 30, 2026: the I-526E fee plus the Integrity Fund fee goes from $4,675 to $8,950.

What am I actually investing in?

An equity investment into EB5 Energy Fund I LP, the new commercial enterprise. The NCE invests in EB5 Energy Holdings LLC, the job-creating enterprise, which drills and operates the wells.

Investors hold limited partnership interests in the NCE. That is an indirect ownership interest in the project's assets — a claim on them, not control of them. Investors do not lend their capital to a third-party developer, which is how most EB-5 offerings are structured.

When can investors expect to be repaid?

The fund targets return of each class's capital 36 months after the average date on which the investors in that class invested, from oil and gas production cash flow rather than from a future refinance or asset sale. Production revenue is reinvested in drilling for the first three years. Later classes are repaid after earlier ones and should expect a longer period.

There is no fixed term. This is equity rather than a loan, so there is no maturity date to extend and no outside repayment date.

Repayment is a target, not a commitment. It depends on production performance, operating results and commodity prices. EB-5 capital must remain genuinely at risk, and capital that is contractually guaranteed to come back is not at risk.

How do the investor classes work, and who gets repaid first?

Investors are admitted in classes of ten, in sequence: Class A, then Class B, and so on through Class O. Each investor is assigned to the class shown on their subscription agreement as accepted by the General Partner, and no investor is admitted to a new class until every prior class has ten. Earlier classes are repaid before later classes.

Which class is open at any given moment changes, so it is confirmed on a call rather than published here.

The provision worth reading twice: no profits are distributed to management or to the operators until every class has had its capital returned.

What ranks ahead of my capital?

There is no debt at the EB5 Energy Holdings level, and no bridge financing to be repaid with EB-5 capital. Because EB-5 capital is equity, it has no lien position or collateral.

What does rank ahead is the ordinary cost of producing oil and gas. The Fund owns its interest in the operating company, which holds the oil and gas interests and receives the production economics — and those economics are what is left after:

• operating expenses
• production and severance taxes
• royalties and other burdens attached to the mineral interests
• applicable operating and Fund expenses

Profits are what remains after the wells have been paid for, not before. On the other side of the ledger: the operator and management do not participate in the post-repayment profit-sharing waterfall until EB-5 investor capital has been returned, as provided in the Fund documents.

How is the project capitalized?

The maximum raise is $120,000,000 of EB-5 equity. The operator's economics are a 30% carried interest that applies only after investors are repaid; the operator made no land or other contributed-value equity.

Private firms buying working interests in specific wells at cost are being arranged, and nothing is signed. Total project cost and the well budget are in the business plan.

Is there a guaranty or a segregated refund reserve?

No. The offering is equity and needs no guarantor, and there is no segregated refund reserve. Repayment, including priority repayment after a denial, comes from production cash flow.

What do investors receive while capital is outstanding, and after it is repaid?

One entitlement, paid in two phases. While investor capital is outstanding, the operating company pays the NCE a 9% annual dividend. After NCE costs — including the 3% management fee and the regional center fee — the remainder is split evenly between the managing partner and the EB-5 investors, currently estimated at about 2.25% a year on the $800,000 investment.

Once all investor capital has been repaid, the fund may sell the project's assets and distribute the proceeds, or hold the assets and distribute net cash flow. Either way, the same even split applies, giving EB-5 investors collectively 35% of what is distributed. The dividend is the first phase of that share, not an addition to it.

The profit split across all parties is 35% to EB-5 investors, 35% to the managing partner and 30% to the operators. Three figures totalling 100%; there is no fourth layer. Full mechanics are in the Limited Partnership Agreement.

How does this compare to a real estate loan EB-5 project?

The difference that matters is where the money to repay is expected to come from.

In a construction-backed EB-5 loan, repayment usually waits on a sequence: the project has to be completed, then leased or sold, then refinanced, and the EB-5 loan sits behind senior debt in that refinance. In this structure, wells are drilled, they produce, and the revenue from what they sell is the source of repayment. Cash flow begins in weeks rather than after a completion-and-refinance cycle.

This is not a claim that equity is a safer position than debt. It is not — equity is junior to debt, and in this structure investors carry commodity price and production risk that a lender does not. It is a claim about what has to go right, and about how many separate things have to go right.

What are the major risks?

The two that dominate are commodity price and geology.

Oil prices move in both directions and are outside anyone's control here. The economic model filed with USCIS assumes $72 per barrel. Job creation and repayment timing both move with realized prices.

Geological risk is what a dry or underperforming well represents. It is reduced, not removed, by drilling on acreage with a documented production history into a formation that has produced across the county for decades — but reduced is the correct word.

Beyond those: operating and execution risk, the risk that the full program is not drilled, the risk to petitions filed after September 30, 2026 if the Regional Center Program is not reauthorized, and the immigration risks that attach to any EB-5 petition. The complete risk discussion is in the private placement memorandum, and it is longer than this page.

Is there any pending litigation, and does it affect the Fund?

A pending arbitration is disclosed in the PPM's risk factors, which set out the details. We can provide an update on its status on request.

Where is the project, and what is being drilled?

Major County, Oklahoma, in the Anadarko Basin.

Depending on the well, the program either re-completes a well drilled on this acreage decades ago or drills a new one. A re-completion runs a horizontal leg out of the existing wellbore into the Mississippi Lime — the producing horizon those older wells found and could not fully drain with the vertical technology of the time. A new well is drilled where that is the better option.

That is the practical advantage of acreage with sixty years of drilling on it: the formation has already been found and logged, so the question is how to reach more of it rather than whether it is there.

The first phase is an eight-well program, funded and under way, with mineral rights secured. Each well is currently estimated to cost about $4.5 million, above the original estimate of $3.5 million. The approved filing covers up to 72 wells.

The wells are funded by EB-5 subscriptions together with private investor capital, so drilling does not wait on the EB-5 raise filling. Jobs are created as wells are drilled and produce, not once a target number of subscriptions is reached.

What work has been done, and how many jobs have been created so far?

The project has acquired its mineral leaseholds, secured its permits and state approvals, built the pad for the first two wells and drilled the vertical section of the first well.

Jobs created to date are minimal. The project's jobs come from both its expenditures and its production revenue, and production revenue has not yet begun in earnest.

What evidence is there that this acreage produces?

Eleven vertical wells were drilled on the two sections between 1963 and 1989. Six of them reached the Mississippi Lime that the horizontal wells target. Five of those six are still producing today, after roughly sixty years.

Separately, ten modern horizontal wells within three to seven miles of the acreage peaked between 293 and 812 barrels per day, a peak average of 483. The project's own projection is a peak of 300 barrels per day — at the bottom of that range, and roughly 38% below their average. All of it is verifiable in Oklahoma state production records.

This is productive acreage with a documented history. It is not a reserve report, and we do not describe it as proven reserves — that is a defined term requiring a qualified evaluator's report, which does not exist for this acreage. Peak rate is also not lifetime production, and ten wells is a small comparison set.

How many jobs are required, and how many are projected?

Qualifying jobs are modeled from two streams: money spent drilling and completing wells, and revenue collected from selling what those wells produce. Direct, indirect and induced. It is an economic methodology, not a headcount — which is the part investors most often misunderstand.

The projection uses the $72 per barrel assumption filed with USCIS.

Job creation is estimated by an independent economic study and is a projection, not a guarantee.

What happens to my petition if the raise does not fill, or the full 72 wells are not drilled?

The job case is the full 72-well program: 2,232 projected qualifying jobs against the 1,500 that 150 investors require, a 49% surplus. The project is designed to be scalable.

Wells are funded by EB-5 subscriptions together with private investor capital, so drilling does not wait on the raise filling. Development can also be financed from sources other than EB-5 capital, including financing supported by producing assets or additional non-EB-5 equity.

How are the jobs allocated between investors?

Job allocation and capital repayment run on two different clocks, and it is worth keeping them apart.

Jobs are allocated under the PPM, first in, first out, in the order in which each investor's conditional permanent resident status commences. For this purpose that is whichever happens for that investor:

• USCIS approves their Form I-485 adjustment of status; or
• they first enter the United States on an immigrant visa.

Capital repayment is allocated by class. Investors are admitted in classes of ten, in sequence, and earlier classes are repaid before later classes.

So the class an investor joins fixes their position in the repayment queue. Their position in the job queue is fixed later, by when their conditional residence actually begins.

What does it cost to produce a barrel?

Approximately $24 per barrel, as modeled in the business plan, against the $72 per barrel assumption filed with USCIS.

Read that figure precisely. It is a production cost. It does not include production and severance taxes or royalty payments — those are separate burdens on the revenue, and they are among the items listed above under what ranks ahead of investor capital. A reader who takes $24 as the total cost of getting a barrel to market will overstate the margin.

A modeled cost, not a realized one. Actual costs vary with service pricing, well performance and operating conditions.

What happens if the oil price falls?

Two different questions sit inside that one, and they have different answers.

Does the project keep running? Yes, for as long as revenue from selling the oil and natural gas exceeds the cost of producing it. That threshold sits well below the price the model is built on. Drilling continues, production continues, and qualifying jobs continue to be created — because the job model counts money spent drilling and completing wells and revenue collected from production, both of which continue at lower prices.

Does repayment still happen in three years? That turns on the average price over the period, not on any single day's price. If oil were to average below about $60 a barrel across the three years, with production at expected capacity, repayment could begin to take longer than the three-year target. A period of lower prices does not by itself move the timeline; a sustained average below that level can.

That is the honest shape of the downside here: a lower oil price principally moves the repayment timeline, rather than threatening the immigration case.

Commodity prices move in both directions and are outside anyone's control. Repayment is a target, not a commitment, at any price.

What happens if a well is unproductive?

It is a real risk and the model carries an allowance for it rather than assuming every well performs.

What reduces it here is that the acreage is not frontier ground. The formation being targeted has produced across Major County for decades, eleven wells were drilled on these two sections between 1963 and 1989, and five of the six that reached the target formation are still producing. The surrounding well density is visible on the map at eb5energy.com/project.

It also matters that the program is a sequence of wells rather than a single asset. One underperforming well affects the projection; it does not decide it.

How is modern drilling able to recover oil that earlier wells left behind?

A vertical well drains a small radius around a single point. A horizontal well turns within the target formation and runs laterally through it — typically one to two miles — exposing far more of the rock to the wellbore, and hydraulic fracturing opens paths through rock that will not otherwise flow.

Wells drilled in the 1960s to 1980s recovered a small fraction of the oil in place because neither technique was available at the time. That is why acreage with a long vertical production history and no horizontal development is worth drilling now: the production record demonstrates the formation holds oil, and the earlier wells did not access most of it.

Michael Shourd, VP of Geology, walks through this in the investor briefing at eb5energy.com/watch-investor-briefing.

Can I verify the wells myself, without taking your word for any of it?

Yes, and we would rather you did. We provide the API numbers for the wells on request. An API number is the unique identifier every well in the United States carries, and with it anyone can look up the well, the operator, the permits and the regulatory status directly through the Oklahoma Corporation Commission.

Nothing in that lookup comes from us. It is the state's record of what has been permitted, drilled and reported, and it is the same record we check ourselves.

Working interest and ownership documentation, and the annual and quarterly financial statements showing capital deployed to date, are also provided on request.

Is there an independent reserve report?

No. We do not have an independent reserve report, and we do not describe the acreage as having proven reserves. Saying otherwise would be describing a document that does not exist.

What we do have:

• an internal reserve report, prepared for the project and included in the offering documents
• the type curve workflow and methodology — how the production forecast was built — on request
• the underlying raw type curve data and summary charts, on request

Those are the basis for the production assumptions in the economic model. An internally prepared report is not the same thing as an independent evaluator's, and we would rather say so than let the distinction pass.

Why Oklahoma?

The Anadarko Basin has supported continuous commercial production for over a century, and Major County sits inside it with hundreds of active wells. Beyond the geology, Oklahoma has an established regulatory framework for oil and gas, a public production database that makes claims checkable by anyone, and permitting timelines that let wells be drilled and brought online in weeks rather than seasons.

The public database matters more than it sounds. It means the production projections on this site can be tested against someone else's records rather than taken on our word.

Who is running the project?

Mark Wagner, Chief Executive Officer, with more than forty years operating oil and gas projects. Michael Shourd, VP of Geology, forty-seven years, responsible for where the project drills and why. Eric Marshall, VP of Operations, responsible for drilling, completion and the cadence at which wells come online. Rupy Cheema, Managing Partner, responsible for structure, investor economics and closing.

Each of them answers questions on the record in the investor briefing — nineteen and a half minutes, twelve chapters, each chapter linkable.

What is the regional center's record and status?

Mid-America Rural Development's I-956 designation was approved on September 18, 2023. The regional center is active, and its I-956G annual filings are current.

Mid-America Rural Development is currently sponsoring three projects. To our knowledge, no investor in any project it sponsors has received a denial.

How many positions are open, and when does the offering close?

The Fund accepts up to 150 investors. The final closing date is set by the General Partner and is not fixed. The number of positions currently open is confirmed in writing on request.

What documents will I receive?

The private placement memorandum, the Limited Partnership Agreement, the subscription agreement, the business plan and its supplement, the economic impact report, the Form I-956F approval notice, redacted I-526E approval notices, rural TEA evidence, the Customers Bank escrow agreement, and the project's internal reserve report.

The forms of the two side letters (partial payment and denial priority) are provided after a nondisclosure agreement is signed. There is no loan agreement or guaranty, because the offering is equity.

Where this page and the offering documents differ, the offering documents govern. Nothing on this page is a term.

Can my immigration attorney speak with you directly?

Yes, and we would rather they did. We will take a call with an investor and their counsel together and answer the structural questions in front of both. An investor who subscribes after their attorney has pushed on the structure is a better outcome for everyone than one who does not.

How do I start?

Request the offering documents, watch the briefing, and take a one-to-one call. Source of funds preparation is usually the longest part of the process and the part worth starting earliest — particularly if the $800,000 amount before January 1, 2027 is relevant to you.