Family Offices Going Direct: From Passive Investing to Control.

Family offices and private investors are increasingly moving beyond traditional passive investments and stepping directly into oil and gas deals—but direct investing comes with both opportunity and risk. In this episode of An Ounce of Prevention, host Rachel Reese sits down with Rebecca Stehle, founder of Aquaerial, to discuss how investors are navigating the evolving energy investment landscape and why technical expertise still matters when evaluating deals.

Rebecca shares her path from reservoir engineer at ExxonMobil to entrepreneur building a non-operated oil and gas investment platform. After spending more than a decade working in technical roles focused on asset management and reserves in the Permian Basin, she transitioned into the family office world, where she sourced and evaluated energy investments across multiple sectors. That experience ultimately led her to launch Aquaerial, a platform focused on identifying high-quality non-operated opportunities and connecting them with capital.

In the conversation, Rachel and Rebecca explore the rapid growth of family office participation in direct investments and how the model is evolving. Family offices that once invested primarily as limited partners in private equity funds are increasingly seeking direct control over deals, governance rights, and portfolio companies. While this shift can offer greater returns and strategic influence, it also introduces operational complexity, requiring specialized expertise, disciplined due diligence, and the ability to manage assets over the long term.

Rebecca also explains how non-operated oil and gas investments work and why certain deal structures—such as AFE or “pre-first-production” interests—can provide attractive returns with relatively short timelines to cash flow. She discusses the importance of diversification in non-operated portfolios, the role of subsurface expertise when evaluating drilling opportunities, and why not every deal that offers appealing tax benefits ultimately represents a sound investment.

Before the conversation begins, Rachel delivers a case law update on Abramowski v. Nuvei Corp., a recent decision from the Third Circuit Court of Appeals addressing the SEC’s “best price rule” in tender offers. The court clarified that the rule governs the price paid to shareholders when their shares are purchased, but it does not require an acquiring company to purchase every share tendered if the offer is subject to contractual conditions—such as requirements that shares be free of liens, restrictions, or other encumbrances. The decision highlights the importance of carefully drafted merger agreements and the role of legal counsel in structuring tender offers and shareholder transactions.

If you’re interested in oil and gas investment strategy, family office capital trends, non-operated deal structures, or how legal and technical expertise intersect in energy investing, this episode offers a practical look at how experienced investors evaluate risk, structure deals, and build long-term investment platforms in today’s energy market.

Time Stamps / Chapters

00:00 — Episode teaser   
00:21—Introduction to An Ounce of Prevention
00: 54— Host introduction and case law update setup
01:01 — Abramowski v. Nuvei Corp.: overview of the securities dispute
02:19 — The SEC’s “best price rule” and the issue on appeal
03:22 — Why the court ruled the rule does not require purchasing all tendered shares
03:46 — Practical takeaway for companies structuring tender offers
04:17 — Guest introduction: Rebecca Stehle, founder of Aquaerial
04:40 — Rebecca’s career path: Cornell PhD to ExxonMobil reservoir engineer
05:22 — Transitioning from corporate roles to the family office world
07:12 — How family offices are evolving toward direct investing
08:55 — What it takes for a family office to operate deals directly
10:31 — Pros and cons of moving from passive investing to direct deals
11:35 — RR&A: Expanding Beyond Oil & Gas                                                                                 
13:09 — Launching Aquaerial and taking the first investment risk
15:04 — Understanding non-operated AFE deals and quick-cycle investments
15:38 — Leasehold non-operated deals and higher-risk opportunities
16:33 — The potential in well re-entries and mature Permian assets
17:33 — Co-investing and splitting larger working interests
18:53 — The shift toward institutional capital and investment funds
20:57 — Tax advantages vs. the importance of subsurface expertise
21:26 — Closing remarks and episode wrap

What is An Ounce of Prevention?

Benjamin Franklin famously said that “An ounce of prevention is worth a pound of cure,” and we completely agree. On An Ounce of Prevention, Rachel Reese explores the legal developments affecting your business, helping you protect your interest and prevent legal trouble.

Rachel Reese, the Founder and CEO of R. Reese & Associates, draws on her many years of experience in energy law to bring you up-to-date information. She also interviews experts on their work, offering a wide range of perspectives on the intersection of law and energy.