SHARK TANK just got some cowboy competition.

The brother of Oscar winner Matthew McConaughey is set to star in the new business reality series WEST TEXAS INVESTORS CLUB, premiering in August on CNBC.

Michael “Rooster” McConaughey and longtime business parter Butch Gilliam will team up with former country music star Gil Prather to help aspiring entrepreneurs in need of investments and business advice.

Production is currently underway in Midland-Odessa, Texas.

“This is not like watching Barbara Corcoran or Mark Cuban,” says network programming boss Jim Ackerman, who also serves as an executive producer.

Deals are negotiated in a “clubhouse” setting where alcohol flows freely and a giant mounted bear looms in the background.

“It has a very casual feel,” Ackerman says. “It’s very west Texan.”

“The [investors] will not be mistaken for Wharton-educated business people and they are sort of self-deprecating about that. But they are very, very savvy. Underestimate them at your own peril.”

Each hour-long episode will feature two investment-seekers pitching their ideas which range from food and beverage businesses to iPhone apps.

But before any money changes hands, Rooster and Butch will put them through a series of unorthodox challenges — to get a better understanding of the person behind the plan.

The pilot episode features a Los Angeles food truck operator who is tasked with hunting and capturing the animals he will cook.

“They are really committed to the idea that the man or the woman behind the business is more important than the product or even the idea,” Ackerman tells me.

“They want to have a great sense that this person’s heart and soul is in the right place.”

McConaughey and Gilliam invest together in each project, using Prather as a “spiritual advisor,” Ackerman says.

“He is the person who is going to measure [the entrepreneur’s] heart and soul.”

Ackerman declined to discuss McConaughey’s movie star brother or whether he will appear on the show.

WEST TEXAS INVESTORS CLUB premieres August 4 on CNBC.