Private company update

INDEPENDENT RESEARCH firm IHS has provided OGFJ with updated production data for the OGFJ100P periodic ranking of US-based private E&P companies. The rankings are based on operated production only within the US.

Top 10

Comparing the Top 10 lists from the previous OGFJ100P installment in January to the current lists, the rankings remain fairly static. All ten private gas producers in the previous list retain their positions. And, by dropping two spots from its previous No. 2 position in the January list of top private liquids producers, Petro-Hunt Group was the biggest mover (albeit downward) in the segment. Mewbourne Oil Co. moved up one spot in the Top 10 liquids producer list, as did Hilcorp Energy Co. The two now rest at No. 2 and No. 3, respectively. Looking at the Top 10 overall by production (BOE), the companies continued to produce, but the rankings remain similar to those in the January issue. The biggest movement in either direction was Sheridan Production Co. LLC, which moved down two spots from rounding out the Top 10 by BOE in January to its current seat at No. 12.

M&A

There were a few notable transactions in the private company space since the January installment. In late February, Upstream Exploration LLC announced its acquisition of substantially all of the assets of Century Exploration LLC and Century Exploration Houston LLC. Upstream's operations will be focused primarily in the shallow waters of the Gulf of Mexico, offshore Louisiana, and along the US Gulf Coast in Louisiana and Texas. The company will also own producing properties and leasehold interests in Oklahoma and Nebraska. Upstream is owned 100% by Highbridge Principal Strategies' managed funds.

Upstream has retained the majority of the Louisiana-based employees of Century Exploration and its corporate headquarters will be in Metairie, Louisiana. The management team is led by Michael Willis, president, and includes Mark Wojna, vice president exploration; Harvey Kelley, vice president operations; and Tony Richards, vice president engineering. Upstream currently has 21 employees in its Metairie offices.

Another private company, KJ Energy LLC, acquired interests in oil and gas wells in East Texas and North Louisiana. The Houston, TX-based company closed on the acquisition of the producing assets on February 29. The properties include 329 oil and gas wells and associated facilities located primarily in the Brachfield, S.E., Minden and Angie Fields in Rusk, Panola, Shelby, San Augustine and Nacogdoches counties, Texas; and Vernon, Ada and Bryceland, West Fields in Webster, Jackson and Bienville parishes, Louisiana. KJ Energy LLC is an oil and gas operator that specializes in the acquisition, production, development and optimization of mature, legacy oil and natural gas assets in the US onshore market.

Earlier, in January, Krewe Energy LLC, a privately held E&P company based in Covington, Louisiana, completed an acquisition of 100% of Castex Energy's interest in the Lapeyrouse Field located in Terrebonne Parish, Louisiana. Castex Energy comes in at No. 26 in this installment of the OGFJ100P. Simultaneous to the Castex Energy transaction, Krewe Energy acquired additional non-operated working interests within the Lapeyrouse Field to further consolidate its ownership of the field.

The Lapeyrouse Field, a vintage South Louisiana property which has been actively producing since the early 1940s with cumulative production to date of over 600 billion cubic feet of gas equivalent, is now being operated by Krewe Energy's operating entity, S2 Energy Operating.

In conjunction with the Lapeyrouse Field acquisition, Krewe Energy also acquired Castex Energy's interest in the Little Temple Field located in Jefferson Parish, Louisiana.

Partnership

In March, Colorado-based Gary Petroleum Partners LP noted its formation of a partnership with Old Ironsides Energy LLC, an independent oil and gas investment manager, to pursue the acquisition and development of upstream assets in the Permian Basin under the name Gary Permian LLC. The team will be led by Darrin Henke as CEO. Henke has more than 25 years of operational experience at Encana Corp., Tom Brown Inc., and Meridian Oil/Burlington Resources. Samuel Gary Jr. and Craig Ambler, who have spent the past 28 years as partners in Samuel Gary Jr. & Associates Inc., will serve as non-executive chairman and non-executive vice chairman, respectively, of Gary Petroleum. Lonnie Brock will serve as CFO. Brock brings over 30 years of financial market experience to Gary Permian. He has served as the CFO for four Denver-based public oil and gas companies. Julia Gwaltney will serve as vice president of strategic planning and development of Gary Permian. She brings over 20 years of operational experience at Samson Resources, Encana Corp. and Burlington Resources.

Leadership

Ward Energy Partners and Ward Petroleum Corp. (No. 82 in this month's OGFJ100P), appointed Michael L. Hodges as CFO. Hodges has more than 14 years of experience in financial reporting, capital markets and corporate finance within the oil and gas industry. Hodges previously served as CFO of Rex Energy Corp. and in various financial leadership roles with Chesapeake Energy Corp., SandRidge Energy Inc., and American Energy Partners LP. He is a Certified Public Accountant and graduated from the University of Oklahoma. Ward Petroleum Corp. is an active independent energy company founded in 1963, with offices in Ft. Collins, CO; Enid, OK and Oklahoma City, OK. Ward Petroleum Corp. recently partnered with Trilantic Capital Partners to form Ward Energy Partners.

Click here to download pdf of the "2015 Year-to-date production ranked by BOE"
Click here to download pdf of the "2015 Year-to-date production - alphabetical listing"