Good afternoon and welcome to the joint investor call with Arcadia Biosciences and Roosevelt Resources. At this time, all participants are in listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to T.J. Schaefer, President and Chief Executive Officer at Arcadia. Please go ahead.
Thank you and good afternoon. Joining me on the call today is Jimmy Hawkins, Roosevelt Resources President and Chief Operating Officer. This call is being webcast, and you can refer to the company's press release at arcadiabio.com, as well as our recent 8-K filing. Before we start, we would like to remind you that Arcadia Biosciences and Roosevelt Resources will be making forward-looking statements on this call based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied today. You can review the company's safe harbor language in our most recently filed 10-K, 10-Q, and Form 8-K regarding the transaction, as well as other subsequent filings that we make with the Securities and Exchange Commission.
These are available on the SEC's website at sec.gov or on Arcadia's website. In addition, any forward-looking statements that may be made speak only as of today and, except as required by law, we do not assume any duty to update in the future any forward-looking statements made today. Finally, we would also like to inform you that we are unable to take questions today. We will be filing a Form S-4 registration statement with the SEC in the coming weeks, so the comments we can make today are limited until that filing occurs. With that, let's jump in and talk about the proposed business combination between Arcadia Biosciences and Roosevelt Resources, summarized on slide five. On December 5th, 2024, Arcadia Biosciences and Roosevelt Resources announced that the companies have entered into a definitive securities exchange agreement.
Under the terms of the agreement, Arcadia will issue approximately 12.3 million shares of its common stock to Roosevelt's partners in exchange for 100% of the equity interests in Roosevelt, subject to adjustment. At the close of the transaction, it is expected that Roosevelt will own approximately 90% of Arcadia's pro forma outstanding shares, while shareholders of Arcadia on the closing date will own approximately 10% of Arcadia's pro forma outstanding shares, subject to certain possible adjustments. Following the close of the transaction, which is expected to occur during the first quarter of 2025 or thereafter, the name of the company will be changed to Roosevelt Resources, Inc. The stock will trade on the NASDAQ under a new symbol, and the board of directors and senior management will be reorganized.
Turning to slide six, for Arcadia, the transaction represents the culmination of a comprehensive process that began on July 20th, 2023, when the company announced that it would explore strategic alternatives. Over the last 18 months, with the assistance of our external advisors, Arcadia embarked on an extensive and diligent review. During this time, the company completed a number of initiatives that helped streamline the operations, reduce operating expenses, and generate non-dilutive capital. In Q3 2023, we discontinued our CBD body care brands, and in Q2 2024, we sold our resistant starch, durum, wheat trait, as well as our GoodWheat brand of Better For You wheat products in separate transactions, generating non-dilutive capital and reducing the use of our cash. These actions allowed us to focus our attention on growing Zola Coconut Water, the remaining brand in our portfolio.
The performance of Zola this year has been strong, as shown on slide seven. Revenues increased 55% in our third quarter that ended on September 30th, 2024, compared to the same period last year, and revenues are up 29% on a year-to-date basis compared to the first nine months of 2023. Zola sales have outpaced the category, primarily driven by new distribution gains this year. Our retail store count has increased 68% during the first three quarters of this year, and as we discussed on our third quarter earnings call, is expected to grow more than 80% in 2024. The current plan is for the Zola Coconut Water business to continue operating under Roosevelt ownership, with one or more members of the Arcadia team expected to assist with the day-to-day operations of the business. As I previously mentioned, Zola is the only brand in Arcadia's product portfolio.
In addition, Zola has an asset-light business model. The product is produced, packaged, and shipped by our co-manufacturers, and orders are fulfilled by a third-party logistics company, so it is a low-touch business. Moving now to some of the details post-transaction on slide eight. As I mentioned, upon the close of the transaction, Arcadia will issue to the partners of Roosevelt approximately 12.3 million shares of stock in exchange for all of the equity interests in Roosevelt. The name of the company will be changed to Roosevelt Resources, Inc., and the shareholders of Roosevelt and Arcadia are expected to own approximately 90% and 10% of the outstanding shares, respectively. The company will be led by the existing Roosevelt management team, and the board will consist of three current Roosevelt directors, one current Arcadia director, and an additional independent director.
Turning to slide nine, in terms of next steps, we plan to file a Form S-4 registration statement with the SEC. After the S-4 is declared effective, we will schedule the special meeting of Arcadia stockholders and mail out the proxy statement. Assuming that all of the various closing conditions have been satisfied, the transaction will close relatively shortly after the Arcadia stockholders vote to approve the proposals relating to the transaction, and we expect that to happen in the first quarter of 2025 or thereafter. With that, I will now turn the call over to Jimmy Hawkins, who will provide an overview on Roosevelt Resources. Jimmy.
Thank you, T.J., and good afternoon, everyone, and thank you for joining us on this important call to discuss our expected business combination with Arcadia. My name is Jimmy Hawkins, and I'm the President and Chief Operating Officer of Roosevelt Resources. I'll be your speaker today. We're thrilled to discuss Roosevelt's vision, key operational milestones, and the exciting future that lies ahead. Roosevelt is a company deeply rooted in innovation, sustainability, and responsible energy development. Today, we'll highlight our flagship carbon capture utilization and storage and enhanced oil recovery project located on the Northwest Shelf of the Texas Permian Basin. We will also discuss the planned business combination with Arcadia. Our company was formed by our CEO, Mr. Tony Roosevelt Jr., who has over 60 years of successful experience in the oil and gas industry.
I would like to share a statement from Tony, and I quote, "This asset has been in the Roosevelt and Googins families for over 100 years. Since 2007, we've studied and developed the Roosevelt-Googins field to position it for field-wide development. Through technology, strategic investments, and partnerships, we're poised to execute on this promising project. This business combination with Arcadia will enable us to take the next critical steps in field development and value creation." About our management team, Tony has assembled a team of experienced oil and gas professionals with deep expertise in the development and management of large oil and natural gas projects. As shown on slide 11, Mr. Gerald Branson is our Chief Development and Financial Officer, and Mr. Paul Buckner is our Chief Legal Officer and Corporate Secretary.
Our primary focus is on a CCUS and EOR project spanning 16,208 gross acres, which is 13,592 net contiguous acres on the Northwest Shelf of the Texas Permian Basin, which offsets several large EOR fields producing from the San Andres Platform carbonate play, as shown on slide 12. This project, located in the R.R. Googins field, represents one of the largest CCUS initiatives in the United States. Our 40-plus year development plan anticipates achieving peak production of approximately 55,000 gross barrels of oil equivalent per day by the year 2051. The R.R. Googins field, covering 25 sq mi, sits within the Texas Railroad Commission's designated Platang, San Andres field in Yoakum County, Texas. As shown on slide 13, to date, we've invested over $82 million in connection with the project, with a clear path to scalable development and value generation.
Let's turn our attention to the key components of the R.R. Googins field project, and I'll cover four key issues. First, resource potential and a development plan. As shown on slide 14, several geological and reservoir studies have been performed since 2007. In 2024, a comprehensive independent study by Schlumberger estimated 956 million gross technically recoverable barrels of oil equivalent over the project's 70-year life. Horizontal drilling, coupled with miscible ascending dispersion, or MAD, is the cornerstone of our development strategy, optimizing capital efficiency and enhancing subsurface CO2 flooding. Second, strategic investments. As shown on slide 15, we have de-risked it with several years of data collection, appraisal drilling work, and in-house and outside studies. Since 2011, our appraisal wells have confirmed hydrocarbon saturation, having produced 1.2 million gross barrels of oil equivalent, or BOE, with current production around 450 barrels of oil equivalent per day, or BOE, per day.
As of September 30, 2024, using prices of $73.77 per barrel and $3.20 per 1,000 cubic feet, we estimate reserves of approximately 780 million gross proved undeveloped BOE and 3.8 million gross proved developed producing BOE. These are our estimates over the life of the project and are not in accordance with the SEC parameters reserve methodology. Third, phase one development. As shown on slide 16, starting in 2025, we anticipate initiating phase one of EOR operations by drilling six CO2 injection wells, which will be placed approximately 250 feet beneath existing hydrocarbon producing wells. This phase will calibrate key metrics, including vertical and lateral spacing of horizontal wells, and is expected to reach maturity by the end of 2026, with hydrocarbon production of approximately 1,500 gross BOE per day.
This will be more than three times the pre-injection rate, and while production is expected to increase further, this gain will provide ample calibration metrics to initiate full field development. Development costs through 2025 are projected to be $125 million, including CO2 distribution infrastructure and initial injection wells. This total expenditure will create a segue into full field development by providing the first critical incremental infrastructure with which to inject, process, and recycle CO2, together with Roosevelt's existing hydrocarbon processing infrastructure. Fourth, future outlook. As shown on slide 17, following phase one, Roosevelt anticipates production increases averaging approximately 4,000 gross BOE per day annually for the first decade thereafter, and exceeding 40,000 gross BOE per day for over 30 years, and peaking at 55,000 gross BOE per day by the year 2051.
At Roosevelt, innovation and sustainability are central to our strategy, and I'll cover four additional key issues to make this point. First, CO2 utilization and EOR technologies. As shown on slide 18, the miscible ascending dispersion, or MAD, method will be applied for CO2 injection, leveraging natural and anthropogenic, or man-made, CO2 to achieve higher recovery factors as compared to traditional CO2 floods. We believe the MAD method can enhance hydrocarbon recovery because it will improve the amount of CO2 to oil contact in the reservoir. Roosevelt has a patent pending on this method, and if granted, we believe it could be deployed across other fields and basins, and that the MAD method, using horizontal wells to affect vertical bottom-up flooding, has the potential to change the approach to CO2 flooding in the San Andres and elsewhere. Second, produced water solutions.
In response to the Texas Railroad Commission initiatives, Roosevelt plans to clean produced water for agricultural and stream discharge purposes. The R.R. Googins field will serve as a test case, positioning us for future licensing opportunities while demonstrating environmental responsibility and potential economic upside. Third, natural gas utilization. Discussions are underway to utilize natural gas from the field for power generation, supporting field operations and external applications such as data centers. Fourth, strategic partnerships. Roosevelt has partnered with the Permian Energy Development Lab, known as PEDL, founded by the Cynthia and George Mitchell Foundation, and which includes leading institutions such as the University of Texas and Sandia National Laboratories. PEDL will use 325 acres within the R.R. Googins field as their Permian Basin field lab to test technologies such as direct air capture, solar and wind generation, and heat storage.
While it is unlikely that there will be short-term economic benefit to us, we think these collaborations could drive innovation and create first-look opportunities for Roosevelt to adopt possibly proprietary technologies. In concluding today, we're excited about our proposed business combination with Arcadia, and I will mention a few key transaction highlights. Upon closing, Arcadia will change its name to Roosevelt Resources, Inc., and subject to NASDAQ approval, the company will trade under a new ticker symbol. Roosevelt's leadership team will consist of Tony Roosevelt as CEO, myself as President and COO, Gerald Branson as Chief Development and Financial Officer, and Paul Buckner as Chief Legal Officer and Corporate Secretary. And this team will oversee the combined entity and may expand as the project grows. It is anticipated that certain of Arcadia's personnel will continue supporting ongoing Arcadia operations post-closing. Thank you for your time today.
Roosevelt is embarking on a transformative journey, leveraging decades of expertise, innovative technologies, and leadership partnerships, and seeking to redefine energy development. With a premier asset, a clear plan, and a commitment to sustainability, Roosevelt is positioned to deliver long-term growth and value for our stakeholders. Repeating the words of our CEO, we're poised to execute on this promising project. Thank you again for joining our investor call.
Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.