Glenn A. Adams Wolverine Exploration Co. Ft. Worth
The collapse of gas and oil prices in the mid-1980s significantly reduced the number of independent exploration companies. At the same time, a fundamental shift occurred among major oil companies as they allocated their exploration budgets toward international operations and made major production purchases. Several large independents also embraced a philosophy of budget supplementation through joint venture partnership arrangements.
This has created a unique and unusual window of opportunity for the smaller independents (defined for this article as exploration and production companies with a...