Jamie McCoy, vice president and CFO of Canyon Creek Energy, is proud of how much his company has grown in a short span of time. “We started Canyon Creek in 2015 with a small acreage position and a singular funding source. Since then, we have grown substantially and significantly broadened our investor base in both size and nature of capital,” he says.
McCoy’s team partnered with Vortus Investments in 2017 to expand the scope and pace of the company’s development. He was directly involved in raising a DrillCo commitment and two senior debt facilities of increasing size. “The E&P business is capital intensive and requires strategic capital sourcing based on the nature of the project. As entrepreneurs in the business, we are focused on the continued growth of our company in ways that maximize shareholder value and substantiate our balance sheet,” he says.
McCoy believes that the energy business is an “ever-changing landscape that requires a long-term vison coupled with the ability to adapt to commodity prices, technological changes and general shifts in market sentiment.” He works closely with the company’s CEO, Luke Essman, who he says is a “visionary leader who has done a great job of setting the course for the company. We work very closely, and I am proud to have been able to help shape that course along the way,” he says.
“Relationships are key—be it internally with the team or with people across the industry. I value the opportunities I have had to meet so many great people with strategic creativity working to create value in a continuously evolving industry,” McCoy says.
Career path: McCoy, whose educational background is in accounting, says he always felt a “strong entrepreneurial pull.” His career began as an audit manager at EY, a Big Four accounting firm. “While I felt like I could be successful in that environment, I knew that I had to pursue other opportunities to be a part of building something. Leaving EY was probably the toughest decision of my career, but ultimately it put me on the path to where I am now,” he says.
After nine years in professional services, McCoy joined an operating company to contribute financial expertise while having the opportunity to learn the actual business of oil and gas. He believes that his past career experience has been critical to his contributions to Canyon Creek.
In his current position, he oversees the financial functions of the company and works to leverage his network to identity and execute plans for additional avenues of growth.
“Relationships are key; be it internally with the team or with people across the industry.”
“Aligning with Vortus to provide growth capital to expand our position and development was a pivotal point in our growth. They have been a great partner and provided access to relationships and experience along the way. We have continued to raise additional capital as we have grown and tried to appropriately marry the cost and nature of that capital with the stage we are at in the life cycle of our company,” he says.
His long-term term career goal is to establish a company in Tulsa that can actively participate in supporting the community and continuing “the rich oil and gas legacy” of the city.
On industry: “We are entering a challenging time in terms of commodity pricing and general industry sentiment. While this can be difficult, we look forward to the opportunities that these times will bring and are excited to be part of the long-term success of the industry,” he says. He also greatly admires the “resiliency of the energy industry and the continual spirit of innovation that drives efficiency and technological advancements to move the industry forward.”
Give back: McCoy mentors undergraduate students at the University of Tulsa to help them establish careers in the oil and gas industry. McCoy says, “I will always be an advocate for our industry and the necessary role it plays in our society.” He also serves as a board member of the Parent Child Center of Tulsa (PTCC), an organization that fights against child abuse and neglect in the community.