Nick Varel, president and CEO of Wing Resources LLC, is today’s Forty Under 40 featured honoree.
Nick’s first job out of college was as a natural gas analyst. He said looking at the data day-to-day was the motivation to start his own business at 25 years old chasing the Fayetteville Shale by co-founding Elephant Oil & Gas.
After the sale of Elephant Oil & Gas, which eventually expanded into the Midland and Delaware basins, Nick went on to launch Wing Resources in 2016.
Wing Resources is a Permian Basin-focused mineral and royalty acquisition company backed by private equity firm Natural Gas Partners. The company’s assets cover more than 200,000 gross acres with interest in over 6,000 wells throughout the prolific basin.
Still, despite founding two highly successful companies before the age of 40, Nick said he feels like he’s not doing enough.
“I feel like there’s so much more to do,” he said. “I’m one of these guys that will never stop. I enjoy the industry and the people way too much. I wake up every day looking forward to it.”
The two buyers in the Green River Basin and non-core acreage sales were not disclosed.
Perceptions have changed for the better for the emerging oil and gas play as activity increases and others move into the neighborhood.
Drilled in 2,003 m (6,572 ft) of water by the Noble Tom Madden drillship, the Tripletail-1 well hit about 33 m of high-quality oil-bearing sandstone reservoir, Exxon Mobil said.