Link here.
Acquires acreage in the Bakken, November 23, 2010.
Mission statement:
Open Range Petroleum is an oil company focused on oil production in the Bakken and Three Forks Formations of the Williston Basin. Our senior management team has over thirty years experience in every discipline applicable to an oil company’s development and operation. Our business model is based on the oil resources of the Williston Basin and a long term bullish view on the price of oil. We create value by acquiring mineral rights and utilizing industry leading techniques for drilling, completions and production. We currently hold a net acreage of 8,000 acres and operate our joint ventures holding 11,000 acres. Our 2011 objectives are to substantially increase our net acreage position in strategic areas, increase oil production and enhance our financial profile.CEO:
Chris McArthur is currently serving as the Chairman of the Board of Directors, President and Chief Executive Officer of Open Range Petroleum. Formerly President & CFO of public, independent oil & gas companies, Mr. McArthur has 15 years of experience in the oil and gas industry. Mr. McArthur has be instrumental in developing oil production companies which have accomplished investor returns 10X initial investment in four years and 50X in six years through acquisitions, drilling and completions. Mr. McArthur is completely familiar with all aspects of oil production company operations and is experienced in friendly and unsolicited acquisitions. Seed Investor in Canadian independents that have returned 30X in four year period. Advised Australian Majors (Santos) in Coal Seam Gas activities. Chartered Accountant (Alberta) with Bachelor of Commerce, University of Calgary Current in US Oil & Gas Taxation - University of Tulsa, Oklahoma.
Interesting, from their website it looks like they own some pretty darn good land. I attempted to contact Investor Relations and am waiting on a call back. I will post when I get more information.
ReplyDeleteFor the Bakken it's a bit on the edge of the basin -- but the company says the seam is 56 feet thick, which isn't bad.
ReplyDeleteI think it will come down to how well they can complete a well: fracking. One only has to compare Hess, EOG, Fidelity with BEXP and Whiting to see there are differences.
Could you elaborate briefly on the differences, as well as opportunity/risks? Thanks
ReplyDeleteI'm not sure I understand what you mean by "opportunity/risks?"
ReplyDeleteI'm not sure what "differences" you are referring to. If you are referring to the differences between Hess/EOG/Fidelity and BEXP/Whiting, I have expressed a common theme about these operators for the past year on the this blog.