INDEPENDENT VERDICT
BlackGold Wealth Fund is not a single isolated oil-and-gas partnership. SEC records show a recurring Harbo-sponsored series that now includes BlackGold Wealth Fund 24, BlackGold Wealth Fund 25 and BlackGold Wealth Fund 26, all tied to the same Spearfish, South Dakota operating address and corresponding Harbo GP entities. The latest Fund 26 filing discloses a $30 million Rule 506(c) equity offering with approximately $12.63 million sold, while Fund 25 amended its offering one day later to report $26.244 million sold toward a separate $30 million target. Fund 24 is the earlier 2024 predecessor and has continued to amend its own offering. This repeat structure strongly suggests an annual or vintage-based energy-investment program rather than three unrelated issuers.
THE HARBO GP STRUCTURE IS THE MAIN IDENTITY LINK
BlackGold Wealth Fund 24 lists Harbo GP 24, LLC as general partner. Fund 25 lists Harbo GP 25, LLC. Fund 26 follows the same pattern with Harbo GP 26, LLC. All use 606 Fish Hatchery Loop in Spearfish, South Dakota. This is a much stronger indicator of common sponsorship than the BlackGold name alone because the general-partner naming convention and operating address repeat across consecutive fund vintages.
The same address also appears in Harbo Capital Credit Income Fund LP, formerly identified in SEC records as Harbo Core Income Fund LP. That vehicle identifies Michelle Hughes and Darcy Harbott as executive officers. Michelle Hughes also signed the original BlackGold Wealth Fund 24 Form D as CFO. The overlap gives the broader Harbo platform a recognizable management and administrative footprint even though the BlackGold filings themselves disclose relatively little about the ultimate parent organization.
FUND 25 IS NEARLY FULLY SUBSCRIBED
BlackGold Wealth Fund 25 provides the clearest current fundraising snapshot. Its September 11, 2026 amendment reports a $30 million total offering and $26.244 million sold, leaving approximately $3.756 million remaining. That means roughly 87.5% of the stated target had been subscribed by the filing date. The minimum investment is $100,000.
The exemption is Rule 506(b), meaning the issuer cannot generally use unrestricted public solicitation in the same manner as a Rule 506(c) issuer. That is notable because the next vintage, Fund 26, uses Rule 506(c), implying a different distribution framework even though the sponsor, industry and target size remain similar.
FUND 26 USES RULE 506(c) AND WAS ALREADY AT $12.63M
Fund 26 was filed on September 10, 2026 with a $30 million target and approximately $12.63 million sold. That is roughly 42.1% of the offering. Unlike Fund 25, the filing relies on Rule 506(c). Under that exemption, the issuer may generally solicit more broadly, but all purchasers must be accredited investors and the issuer must take reasonable steps to verify accredited status.
The move from 506(b) in Fund 25 to 506(c) in Fund 26 is meaningful. It may reflect a decision to widen distribution, use digital or public-facing marketing, or simplify investor-accreditation controls around solicitation. It does not necessarily imply any change in investment strategy, and the Form D does not explain why the exemption changed.
FUND 24 CONFIRMS THAT THIS IS A MULTI-VINTAGE PROGRAM
BlackGold Wealth Fund 24 was formed in 2024 and filed its original Form D in November 2024. It uses the same 606 Fish Hatchery Loop address and Harbo GP naming architecture. By September 2026, the fund had continued to amend its $30 million oil-and-gas offering and reported approximately $7.65 million sold.
The important conclusion is not to treat Fund 24, Fund 25 and Fund 26 as three separate sponsor brands. They appear to be vintage vehicles within one recurring Harbo/BlackGold program. For FilingDossier purposes, they should be reviewed together, with future BlackGold vintages added as updates rather than separate brand articles.
THE BIGGEST MISSING INFORMATION IS THE UNDERLYING ENERGY ASSET
The Form D filings identify "Oil and Gas" as the industry but do not identify the actual wells, drilling programs, mineral interests, acreage, basins, operators or reserve estimates underlying the investments. That is the most important limitation in the public record.
Investors cannot determine from Form D alone whether these vehicles invest in: working interests in newly drilled wells; producing mineral or royalty interests; non-operated working interests; development drilling programs; proved developed producing reserves; leasehold acreage; oilfield-service assets; or another energy structure.
Those categories carry very different risk, cash-flow and tax characteristics.
WITHOUT WELL-LEVEL DATA, A $30M OFFERING TELLS VERY LITTLE ABOUT ECONOMICS
Oil-and-gas private placements should be evaluated at the asset level. A $30 million offering might fund a diversified portfolio of producing wells, a concentrated drilling program or a combination of land acquisition and development. The same headline offering amount can therefore produce radically different outcomes.
Investors should request the complete reserve report, operator names, basin exposure, net revenue interests, working interests, drilling schedule, estimated ultimate recovery, decline curves, lease operating expenses, gathering and transportation costs, hedge book, acreage map and commodity-price assumptions. Without those details, the Form D confirms capital formation but does not establish investment quality.
THE DIFFERENCE BETWEEN FUND 25 AND FUND 26 DESERVES SPECIFIC EXPLANATION
The two consecutive funds both target $30 million and both identify oil and gas as the business, yet one uses Rule 506(b) and the next uses Rule 506(c). Investors should determine whether they also differ economically.
Questions include: Does Fund 26 invest in a separate group of wells Does Fund 25 own producing assets while Fund 26 funds development drilling Are they geographically different Do they use different operators Does each fund have independent leverage Are assets cross-collateralized Do they share overhead or personnel Can one fund transact with another Harbo fund Are development opportunities allocated sequentially or selectively among vintages
These questions matter because annual fund numbering can conceal significant variation in asset quality.
HARBO CAPITAL CREDIT SHOWS THE SPONSOR IS EXPANDING BEYOND BLACKGOLD EQUITY
The 2026 Harbo Capital Credit Income Fund filing adds another dimension. That fund uses the same Spearfish address but is a separate credit vehicle and reported approximately $2.2 million sold under Rule 506(c). SEC records identify Michelle Hughes and Darcy Harbott as executive officers.
This suggests that the broader Harbo platform may now be developing both energy-equity and credit products. The credit fund should not be assumed to lend to BlackGold vehicles without documentary evidence. However, investors should specifically ask whether any related-party financing exists between Harbo credit funds and BlackGold energy partnerships, because such arrangements could create conflicts regarding interest rates, collateral and repayment priority.
MICHELLE HUGHES PROVIDES A CONTINUITY POINT ACROSS THE PLATFORM
Michelle Hughes signed the 2024 BlackGold Wealth Fund 24 filing as CFO and later appears as an executive officer of Harbo Capital Credit Income Fund. That provides continuity at the operating level beyond the numbered GP entities.
However, the current BlackGold Form D filings do not provide a detailed public biography for Hughes, nor do they provide enough information about investment committee membership, petroleum-engineering experience or asset-selection authority. Investors should therefore obtain the offering memorandum and management biographies rather than infer technical energy expertise from executive titles alone.
NO VERIFIED PUBLIC WEBSITE SHOULD BE INVENTED
One important diligence conclusion is that FilingDossier did not identify a sufficiently authoritative issuer-specific public website that could be tied directly to BlackGold Wealth Fund 24, 25 or 26 through SEC or official Harbo documentation.
That means the article should not attach an unrelated "BlackGold," oil company, mineral company or wealth-management domain simply because the names look similar. The SEC filings and the repeated Harbo GP/address structure are the strongest currently verified identity evidence.
This lack of a clearly verified public website does not mean the funds are invalid. Private Rule 506 issuers often operate with limited public-facing marketing. But it does mean investors should obtain documents directly from the sponsor and independently verify who controls the entities.
COMMODITY PRICE AND DECLINE-CURVE RISK MATTER MORE THAN FUNDRAISING SIZE
Oil and gas investments can generate substantial cash distributions when production, commodity prices and operating costs perform as expected, but returns can deteriorate quickly if production declines faster than modeled or drilling results disappoint.
The principal risks include: oil and natural-gas price volatility; geological uncertainty; well underperformance; production decline; dry-hole or completion risk; operator execution; drilling-cost inflation; lease operating expenses; transportation and gathering constraints; environmental liabilities; plugging and abandonment obligations; leverage; and limited liquidity.
A fund with $26 million subscribed can still perform poorly if reserves are overstated or development costs exceed forecasts. Conversely, a smaller fund can perform well if it acquires high-quality producing assets at attractive prices. Fundraising success is not a substitute for reserve-level underwriting.
FINAL ASSESSMENT
BlackGold Wealth Fund has a clear and repeatable SEC footprint. Fund 24, Fund 25 and Fund 26 use the same Spearfish operating address, corresponding Harbo GP entities and $30 million oil-and-gas offering structures. Fund 25 had reached $26.244 million sold by September 11, 2026, while Fund 26 reported $12.63 million sold under a newer Rule 506(c) structure. A separate Harbo Capital Credit Income Fund using the same address provides further evidence that these issuers belong to a broader Harbo investment platform.
The central weakness is asset-level transparency. Public Form D records do not disclose which wells, operators, basins, reserves or mineral interests support the BlackGold investments. Investors should therefore focus less on the repeated $30 million headline and more on petroleum-engineering data, operator quality, ownership interests, commodity hedges, leverage, fees and related-party transactions. SEC filing history establishes the existence and capital-raising pattern of the funds; it does not establish the quality or profitability of the underlying oil-and-gas assets.
KEY FINDINGS BlackGold Wealth Fund is a recurring oil-and-gas fund series. Fund 24 was formed in 2024. Fund 25 was formed in 2025. Fund 26 is a later vintage in the same series. All identified funds use 606 Fish Hatchery Loop in Spearfish, South Dakota. Fund 24 uses Harbo GP 24 LLC. Fund 25 uses Harbo GP 25 LLC. Fund 26 uses Harbo GP 26 LLC. Fund 25 target: $30 million. Fund 25 sold as of September 11, 2026: $26.244 million. Fund 25 approximate completion: 87.5%. Fund 25 minimum investment: $100,000. Fund 25 exemption: Rule 506(b). Fund 26 target: $30 million. Fund 26 sold as of September 10, 2026: approximately $12.63 million. Fund 26 approximate completion: 42.1%. Fund 26 exemption: Rule 506(c). Fund 24 target: $30 million. Fund 24 reported approximately $7.65 million sold in September 2026. Harbo Capital Credit Income Fund uses the same Spearfish address. Michelle Hughes appears across BlackGold Fund 24 and the Harbo credit vehicle. The underlying oil-and-gas properties are not identified in Form D. No sufficiently authoritative issuer-specific website was independently confirmed.
BLACKGOLD SERIES SNAPSHOT
BlackGold Wealth Fund 24, LP CIK: 0002044930 Formed: 2024 General Partner: Harbo GP 24, LLC Target: $30,000,000 September 2026 amount sold: Approximately $7,650,000 Industry: Oil and Gas Address: 606 Fish Hatchery Loop, Spearfish, SD Original signer: Michelle Hughes, CFO
BlackGold Wealth Fund 25, LP CIK: 0002056636 Formed: 2025 General Partner: Harbo GP 25, LLC Target: $30,000,000 Amount sold September 11, 2026: $26,244,000 Remaining: $3,756,000 Approximate percentage sold: 87.5% Minimum investment: $100,000 Exemption: Rule 506(b) Industry: Oil and Gas Address: 606 Fish Hatchery Loop, Spearfish, SD
BlackGold Wealth Fund 26, LP CIK: 0002116480 General Partner: Harbo GP 26, LLC Target: $30,000,000 Amount sold September 2026: Approximately $12,630,000 Remaining: Approximately $17,370,000 Approximate percentage sold: 42.1% Exemption: Rule 506(c) Industry: Oil and Gas Address: 606 Fish Hatchery Loop, Spearfish, SD
RELATED HARBO VEHICLE
Harbo Capital Credit Income Fund LP Former name: Harbo Core Income Fund LP CIK: 0002147420 Formed: 2025 Address: 606 Fish Hatchery Loop, Spearfish, SD Exemption: Rule 506(c) Amount sold at July 2026 filing: $2,200,000 Minimum investment: $100,000 Related executives: Michelle Hughes Darcy Harbott
The Harbo credit vehicle should not be assumed to finance BlackGold funds unless offering documents establish such a relationship.
WEBSITE / ENTITY PENETRATION BlackGold Wealth Fund 24 identity: Confirmed BlackGold Wealth Fund 25 identity: Confirmed BlackGold Wealth Fund 26 identity: Confirmed Harbo GP 24 relationship: Confirmed Harbo GP 25 relationship: Confirmed Harbo GP 26 relationship: Confirmed 606 Fish Hatchery Loop common address: Confirmed Michelle Hughes platform relationship: Supported by multiple SEC filings Harbo Capital Credit relationship through common address and personnel: Supported Issuer-specific BlackGold website: Not independently confirmed Specific oil-and-gas operator: Not disclosed Specific wells: Not disclosed Specific basin: Not disclosed Specific acreage: Not disclosed Reserve report: Not disclosed Independent petroleum engineer: Not disclosed Working-interest percentage: Not disclosed Net-revenue-interest percentage: Not disclosed Production volume: Not disclosed Commodity hedge program: Not disclosed Development budget: Not disclosed Fund-level leverage: Not disclosed
CORE INVESTOR QUESTIONS Which wells does Fund 25 own Which wells does Fund 26 own What basins are represented Who operates the wells Are investments operated or non-operated What working-interest percentages does each fund own What net-revenue interests apply What proved reserves support the offering Who prepared the reserve report What SEC or SPE reserve methodology was used What percentage of reserves is PDP What percentage is PUD What are projected oil and gas production volumes What decline curves are assumed What oil-price assumptions are used What natural-gas-price assumptions are used Does the fund hedge production What percentage is hedged What is the fund's break-even commodity price What drilling costs are assumed What lease operating expenses are assumed What gathering and transportation costs apply What plugging and abandonment liabilities exist Does the fund use debt Are wells or fund assets pledged as collateral Does Harbo Capital Credit lend to any BlackGold fund Are there related-party financing arrangements What management fee applies What carried interest or promote applies What acquisition fees apply What drilling or operating affiliates receive compensation How are opportunities allocated among Fund 24, 25 and 26
CORE RISKS Oil-price volatility Natural-gas-price volatility Geological risk Drilling risk Completion risk Production decline Reserve-estimation risk Operator risk Cost inflation Environmental liability Plugging and abandonment liability Pipeline and gathering constraints Commodity basis differentials Leverage risk Related-party conflicts Illiquidity Tax complexity Limited public asset-level transparency Risk of assuming fundraising success proves reserve quality
SEC SNAPSHOT — FUND 25 Issuer: BlackGold Wealth Fund 25, LP CIK: 0002056636 Latest reviewed form: D/A Filed: September 11, 2026 Formation: Delaware, 2025 Address: 606 Fish Hatchery Loop, Spearfish, SD 57783 Phone: 218-558-3230 Industry: Oil and Gas Offering amount: $30,000,000 Amount sold: $26,244,000 Remaining: $3,756,000 Minimum investment: $100,000 Exemption: Rule 506(b) General partner: Harbo GP 25, LLC
SEC SNAPSHOT — FUND 26 Issuer: BlackGold Wealth Fund 26, LP CIK: 0002116480 Latest reviewed form: D Filed: September 10, 2026 Formation: Delaware Principal place of business: South Dakota Industry: Oil and Gas Security: Equity Offering amount: $30,000,000 Amount sold: Approximately $12,630,000 Remaining: Approximately $17,370,000 Exemption: Rule 506(c) General partner: Harbo GP 26, LLC
PRIMARY EVIDENCE REVIEWED SEC EDGAR — BlackGold Wealth Fund 24, LP SEC EDGAR — BlackGold Wealth Fund 25, LP SEC EDGAR — BlackGold Wealth Fund 26, LP SEC EDGAR — Harbo Capital Credit Income Fund LP SEC Form D amendment histories for BlackGold vintages Public Form D databases used to reconcile recent 2026 offering amounts
IMPORTANT FORM D NOTICE Form D is a notice of an exempt securities offering. Filing with the SEC does not mean the SEC has approved, endorsed, audited, reserve-tested or verified BlackGold Wealth Fund, any Harbo GP entity, Michelle Hughes, any oil or gas property, reserve estimate, drilling plan, commodity-price assumption or expected investor return. Investors should independently review the private placement memorandum, reserve reports, well schedules, operator history, ownership interests, production data, leverage, fees and related-party transactions before investing.