Bill Bethea and David McCubbin, formerly of W&T Offshore Inc., have formed Explore Enterprises LLC to acquire and exploit properties in the Gulf of Mexico. Bethea was chief operating officer of privately held Metairie, La.-based W&T, and McCubbin was executive vice president. Bethea has sold his interest in W&T. The new company is based in Baton Rouge, La. Grey Goose Resources LLC has been formed by Arthur (Sandy) Riese, Steve Antry and Michael Greer. The new company's anchor project is a 50% joint venture with Tulsa-based New Dominion LLC to further exploit 50,000 acres in central Oklahoma. The three-year project will consist of approximately 100 vertical and horizontal wells to dewater the Hunton Limestone and additional formations. Additionally, the viability of a Barnett Shale equivalent will be tested. Grey Goose's capex for the project is expected to exceed $38 million. Latigo Petroleum, Tulsa, has been formed with $300 million of private-equity funding from Warburg Pincus LLC and JP Morgan Partners. Latigo will launch an exploration and development drilling program and make strategic acquisitions in targeted areas within the Midcontinent region. Randy A. Foutch, who founded Lariat Petroleum Inc. with Warburg Pincus funding and sold it to Newfield Exploration, is founder, chairman and chief executive officer of Latigo. Foutch is joined at Latigo by several ex-Lariat managers.
Recommended Reading
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.