OGFJ100P company update

John S. Herold Inc. has once again provided OGFJ with updated production data for our periodic ranking of US-based private E&P companies. The rankings provided by Herold are based on operated production only within the United States.

Since the listing was last printed in the January issue, the data has been updated to show year-to-date 2007 production data through August 2007. When the list runs again in July, the list will include the entire year’s data.

The April listing of the OGFJ100P brings many changes. For one, John S. Herold is now using IHS Inc. as its production data source. The company previously utilized Divestco, but was acquired by IHS in August of 2007 for roughly $48 million in an all-cash transaction.

Another major change is the delisting of Latigo Petroleum, which was acquired by Chesapeake Energy.

Changes have also been made to the top ten producers. Previously No. 4-ranked Samson Lone Star LLC has surpassed previously No. 3-ranked Hilcorp Energy Co. to take a seat in the top three highest producing private companies. Additionally, Samson Resources Co. has jumped six spots from No. 11 in the January listing to No. 5 this issue. Yates Petroleum has fallen out of the top five and is now positioned at No. 6.

Two companies, LLOG Exploration Co. and Hunt Petroleum Corp., have dropped out of the top ten this go-round. In this listing LLOG ranks No. 11, while Hunt Petroleum fell to No. 18.

On the flip-side, in a tremendous jump, Houston-based EnerVest Operating LLC has moved from its No. 45 spot in 2006 to round out the top ten at No. 10.

In other private company news, Houston-based private company Indigo Minerals LLC has purchased certain non-core, non-operated royalty and mineral interests from Callon Petroleum Co. for $61.5 million. Production from the properties is roughly 420 boe/d.

Layline Petroleum I LLC, a privately held independent oil and gas company, has bought certain producing leasehold interests in the Brookshire Field – Waller County, Tex. from RTC Resources LP and Gen-Nan Resources and Equipment LP. Production is roughly 230 boe/d net. According to Layline president Chris Lewis, CIT Energy provided a competitive debt offering of $47.5 million and Macquarie Bank Ltd. enabled the expansion of a hedging facility.

There have also been numerous mergers and acquisitions in the private company sector. For one, privately held, Denver-based Elk Resources Inc. has been bought in a $95 million deal by Delek Energy Systems Ltd., an Israeli company. Elk Resources will benefit from the $100 million Delek says it will pump into the oil and gas exploration company.

Also in Denver, Sagebrush Resources LLC, a private oil and gas company, has received an equity commitment of $60 million from Kayne Anderson Energy Funds and a group of private investors, and a senior loan commitment of $72 million from Union Bank of California NA for the acquisition of producing assets in North Dakota, development drilling, and general corporate purposes.

Rivington Capital Advisors LLC, and its affiliate, Rivington Securities LLC, and Strata Capital Inc., acted as financial advisors to Sagebrush and placement agents for the equity financing. Kendall, Koenig & Oelsner PC served as legal counsel for Sagebrush.

Westside Energy Corp. has entered into an agreement to combine with privately held Crusader Energy Group (which includes Knight Energy Group LLC; Knight Energy Group II LLC; Knight Energy Management LLC; Crusader Energy Group LLC; Crusader Management Corp.; RCH Upland Acquisition LLC; and Hawk Energy Fund I LLC) of Oklahoma City.

The combined company will be renamed Crusader Energy Group Inc. and be headquartered in Oklahoma City. Robert J. Raymond will serve as the chairman of the board. At closing, all existing members of Westside’s board will resign and be replaced by Crusader nominees.

OGFJ and John S. Herold will continue to update the information as new production figures become available. Future issues of OGFJ will present news and relevant information regarding individual companies, including a breakdown of liquids and gas production.

Click here to download a .pdf of the OGJ100P production ranks