Page 1

PIPELINE the newsletter of Panhandle Producers & Royalty Owners Association • July 2016

Like Ebay for Oilfields, EnergyNet Booms as Oil Busts Christopher Helman Forbes Staff - This story appears in the June 21, 2016 issue of Forbes Magazine.

How online auctioneer EnergyNet helps bring liquidity, and recovery, to America’s busted oil patch. In the first 18 months of the oil bust, 70 companies have gone bankrupt, defaulting on $40 billion in debt. A trillion dollars of oil company equity has been wiped out. Layoffs top 200,000. With oil holding at around $45 a barrel, more liquidations are on the way. Already the old guys swear this bust is worse than in 1986, when oil dropped below $25 in today’s dollars. At least one thing is better now: Thanks to the magic of the Internet, it’s easier for cash-strapped oil companies to auction off even their crummiest fields. That might help cushion the blow for near-insolvent outfits praying for higher oil prices to bail them out. “They have no choice but to sell assets to pay off debt,” says Chris Atherton, president of EnergyNet, “and I tell them, ‘We’re going to sell this no matter what.’” So you want to be an oilman? Bill Britain and Chris Atherton of Amarillo-based EnergyNet have sold 50,000 properties since 2000. EnergyNet, based in Amarillo, Tex., is the biggest online auctioneer and broker of oil-and-gas properties in America. Why sell your oilfield online? Price discovery. It’s like what EBAY +3.30% does for Pez dispensers and Fiestaware: It exposes your junk to more potential buyers than an old open-outcry auction, where you have to show up in person. “It’s a very liquid market now,” Atherton says. “Our deals average 12 bidders, and we have 300 to 400 companies looking at each package even if it’s a dog of a property.” In the past year EnergyNet auctioned or brokered $300 million of sales, on which it made an estimated $15 million in commissions. Atherton remembers 2014 as the top of the market for American oilfields. And there was one deal in particular: That summer, in an EnergyNet auction, Athlon Energy bought the mineral rights under land in the Permian Basin of Texas for the nosebleed price of $35,000 an acre. “Our eyes were popping out — everything was hitting red,” Atherton says. And then Athlon turned around and sold itself to Calgary-based Encana for $7.1 billion—at an implied valuation of some $37,000 per acre. It’s been downhill since. Today you can buy similar land in the Permian for around $15,000 an acre. “What used to be a $3 million deal 18 months ago is now a $1 million deal.” Bryan Sheffield, CEO of Parsley Energy, has been taking advantage of the downturn to build on Parsley’s leading position in the Permian Basin. “We monitor everything on EnergyNet, and we have bought some nice assets through them,” Sheffield says. “It’s genius, but you have to do your homework.” There are plenty of assets for sale that look very cheap relative to a few years ago. Consider the liquidation of publicly traded Dune Energy. It went into bankruptcy with $144 million in debt, and its assets fetched just $20 million at auction. “If you think you got an asset for a bargain, it’s probably a real crummy asset,” says Carl Tricoli, co-president of Houston-based private equity shop Denham Capital, which has invested $8.4 billion in energy companies, including Tall City Exploration and Ursa Resources. He remembers 2015 as the year when oil companies were too racked with EnergyNet cont’d on P. 4 EnergyNet Booms ....................................... 1 President’s letter ......................................... 2 EVP letter .................................................... 3

LPC Habitat in Kansas………….. ............... 6 Judge rules against BLM ............................ 8 Orphaned wells......................................... 10

Casenote ...................................................12 Locations, Permits & Markets ...................14 Monthly stats .............................................16


Dear PPROA Members, Greetings! PPROA staff and Board Members continue to hear from area producers and royalty owners regarding changes in contract terms from their gas purchasers. We have spent many hours listening to your concerns and looking for ways to fulfill the mission of our organization to serve, advocate for, and provide education to all of our members. Over the past few months, we have provided a generalized education program regarding gas contracts, met with many producers, area gas purchasers and elected officials, and encouraged dialogue between producers and purchasers. Gas purchasers, in general, are PPROA President moving from percentage of proceeds type contracts to fee-based contracts in effort to insulate themselves from shifts in commodities (oil and gas) prices. The combination of extremely low natural gas prices and the fees imposed by some of the new contracts are devastating to many producers in our area. Of particular concern are the large number of low-volume gas wells and stripper oil wells that produce casing head gas that may not be viable if current conditions persist. These wells have provided income to producers, owners, royalty owners, service companies along with income to area taxing entities and school districts. In many cases, they are the life-blood of entire communities. PPROA is not involved in contracts or contract negotiations; however, one of the area gas purchasers, DCP Midstream, has provided the following information for us to pass on to you. They have assigned several individuals to a commercial support group. You may email them at commercialsupport@dcpmidstream.com or you can call them at (713) 735-3650; leave a voice message and one of them will return your call. Additionally, an informal complaint process is available at the Texas Railroad Commission for dealing with natural gas purchasing, selling, shipping, transportation, or gathering practices. Here is a link to the process and form: http://www.rrc.state.tx.us/gas-services/complaint-filing/procedure-for-filing-and-responding-to-complaints/ Sincerely,


From the desk of Judy Stark Time is ticking! It won’t be long before our convention and annual meeting will be upon us. As you all know we will be combining this year’s convention with the Living Legend Gala honoring Harold Courson. Convention this year will be a one-day event with an evening cocktail hour and gala banquet. We will start the day with a lunch and guest speaker. We will move to 2 breakout sessions and later to our cocktail hour and Living Legend banquet.


Our registrations will be out by the first week in August. Can we count on you to be there? Behind the scenes…… Submitted PPROA suggestions to the Sunset Committee. The most critical would be preventing the raising of the bonds for abandoned wells. Continued follow-up on natural gas contracts in the Texas Panhandle. Conference and webinar on the new methane emissions testing. Look for those rules. Follow-up to the Federal ruling on the BLM anti-fracking on public land ruling. A win! Drilling setbacks are still being tested by cities. More work from us to come. Import Reduction Initiative. Our only hope for stability. Pre-legislature conference calls. Water o Disposal Wells Use/consumption/access Brackish Seismicity Taxes Eminent Domain If you ever have questions – please call! Until next month……..

PPROA along with the Texas Alliance of Energy Producers offers a remarkable cost saving insurance plan for our members. We want to bring every PPROA member into the insurance program we can, but we are much, much more than just workers comp.

This alliance provides business property, business general liability, business auto and business umbrella policies from BITCO along with worker’s compensation by Texas Mutual. If you are a member of PPROA you are eligible for a 15% premium discount PLUS the $23 million in dividends paid back to, you, our BITCO policy holders. Your current agent may well be a broker, if not, they potentially can become one. Call or email Curtis Heptner with One Star Insurance Solutions for a quote. Curtis@1starins or 940-397-2771.

4 EnergyNet cont’d from P. 1

fear and loathing to even consider deals. Now they’ve begun to accept their fate and are looking for options. “I would not characterize the mood as desperate. It’s more resigned and pragmatic. The market is rewarding survivability,” says Tricoli, who thinks there’s a pool of more than $50 billion in private equity ready to invest in American oil and gas. A small fish in that pool of equity is Michael Robinson, president of Houston-based Tigress Energy Partners, which oversees several million dollars in oil field investments. Robinson has sold a handful of packages on EnergyNet. He likes that EnergyNet can turn an oil field into cash in only 30 days and that he can set a reserve price. If no bidder hits the reserve, EnergyNet will come in after the auction and try to negotiate a sale. Robinson is ready to buy now, having sold a number of properties back in the flush markets of 2014: “When I see frothiness, I look to monetize.” It was the frothiness of Internet 1.0 that in 1999 led Bill Britain, a small independent oil producer in Amarillo, and his investor friends to found EnergyNet. Normally they would redeploy oil-and-gas cash into new wells, but instead they decided to roll the dice on the Internet. They weren’t alone. Early competitors included TheOilAuction.com, Energy-AuctionPlace.com and Weex.com. All are now defunct. “We founded it in 1999, right in the Internet bubble. It burst almost the moment we got started,” Britain says. But the team was determined to plug on. It used to be that if you wanted to sell your oilfield you’d have to get with your banker and your broker and bring in cardboard boxes of paper files and lay out a “data room” for interested buyers to peruse. Then you’d invite companies to send their best petroleum engineers to come look over your deeds, titles, drilling logs and geology reports. If a company didn’t have time to send someone to your data room, it was unlikely to send somebody to the live auction where the property would be offered up with no reserve. If you were unlucky, the auctioneer wouldn’t get to your property until the end of the day, when most bidders had retreated to the bar. “I got tired of giving properties away,” says Britain. The Web provided an easy way to broaden the pool of buyers. But back in 2002 Britain (then in his mid-50s) needed Internet-savvy sales guys, so he hired Atherton fresh from Enron. EnergyNet offered a new and scary way of conducting an old business. Atherton says he would walk into the offices of 60-year-old oil executives and try to convince them EnergyNet really was going to get forms to migrate from the paper-based data room to the Internet. They would say, “No, you’re not. That’s not how we do things,” says Atherton, now 39. “If you’re the accountant at some company and these young guys come in and say we’re going to TurboTax it, you’re going to be all like, ‘I don’t know about this.’ They were shooting us down left and right.” But like other obscure survivors of Internet 1.0 (think Stamps.com STMP +3.47% and Coupons.com), EnergyNet prevailed because it started out as simple as possible and worked from there. The skeptics knew that trading oil-and-gas fields can be very complicated. Among the world’s oil giants, only in America do landowners also control the rights to the minerals below the ground. And those rights get sliced, diced and sold. EnergyNet started out just selling basic stuff called nonproducing minerals. That’s simply the legal right to whatever oil and gas might be found under a patch of ground. Step out from that and building an online data room gets more complicated. Once you have wells drilled and oil flowing, ownership becomes tied up in a whole mess of joint operating partners and working interests, Atherton says.

EnergyNet found early on that the best way to deal with the challenge of complex packages of assets is to simplify them into “the smallest strategic unit,” says Britain. That way buyers get precisely what they want and maybe pay a premium for it. Early adopters included Shell Oil and Bank of America BAC +0.52%. Its big break came with Chevron CVX -0.23%, which in 2003 agreed to have EnergyNet auction a big parcel of 220,000 net mineral acres stretching across dozens of counties in multiple states. Chevron wanted to sell this acreage for $80 million. EnergyNet, working on commission, chopped up the packages by county and sold them piecemeal for $120 million. A key skill is on display at its headquarters, where 12 people work to “ingest” information from sellers and scan it for uploading on a copier-like machine the size of a car. Mom-and-pop operators send in files in cardboard boxes. More tech-savvy companies, like Chevron, provide already-digitized data. A recent Chevron property auctioned on EnergyNet had 19,000 pages. EnergyNet cont’d on P. 5

5 EnergyNet cont’d from p. 4

EnergyNet now has over 75% of the online oil field auction market. Every month 12,000 registered buyers look at their listings, up from 6,500 in 2013. Their biggest growth area: handling mineral leasing for the land offices of states such as Colorado and Texas, as well as the federal Bureau of Land Management. The company does about $30 million in sales annually of government leases. Britain has a pitch for why state land managers should consider it their fiduciary duty to market their land on EnergyNet. He cites as evidence the situation earlier this year when the Bureau of Land Management tried to hold a lease sale at a Reno, Nev. casino. Protesters chanting “Keep it in the ground!” disrupted the action, which ended with no bids. Chanting won’t disrupt an online auction, but hackers might. EnergyNet has suffered one cyberattack over the years, Britain says, “but we can fend those off.” And if not? It can still do it “old school.” In late February a seller insisted that EnergyNet host an old-fashioned paper-based data room. Up for sale is a complex property, with 700 old wells over thousands of acres of Texas. “Even though it’s all online, this company still wants people to see every piece of paper,” Britain shrugs. Creative destruction can still accommodate old habits, by special request.

EnergyNet cont’d on P. 4


WAFWA Land Acquisition Permanently Protects Lesser Prairie-Chicken Habitat in Kansas

said Alexa Sandoval, Director of the New Mexico Department of Game and Fish and Chairman of the Lesser Prairie-Chicken Initiative Council. of providing a stronghold of at least 25,000 acres in each of the ecoregions where the lesser prairie-chicken is still found. We commend all of our partners for their continued commitment to conservation of the lesser prairie-chicken.” The range-wide plan is a collaborative effort of WAFWA and the state wildlife agencies of Kansas, Colorado, New Mexico, Oklahoma and Texas. It was developed to ensure conservation of the lesser prairie-chicken through voluntary cooperation by landowners and industry. The plan allows agriculture producers and industry to continue operations while reducing impacts to the bird and its grassland habitat. The Sunview Ranch (formerly Tate Ranch) is in the sand sagebrush ecoregion, which covers portions of Kansas, Colorado and Oklahoma and once contained the highest density of lesser prairie-chickens in the country. The dominant vegetation on rangelands in the region is sand sagebrush which is a native shrub typically associated with deep sandy soils in dune landscapes. Livestock grazing is the primary land use on rangeland throughout the sand sagebrush region, and through grazing leases, will continue to be used as a management tool on the Sunview Ranch. “This property is one of the largest remaining contiguous tracts of sand sagebrush prairie in the region,” said Jim Pitman, Conservation Delivery Director for WAFWA. “Conserving this property in perpetuity ensures that it will remain a working ranch and continue to provide habitat for the lesser prairie-chicken in the portion of its range where the population has declined the most. Prescribed grazing is the core management practice for lesser prairie-chickens, and we will be implementing it on the ranch to conserve and enhance habitat for the species.”

WAFWA news releases available at: http://www.wafwa.org/news/ The Lesser Prairie-Chicken Range-wide Conservation Plan and other information can be found at: http://www.wafwa.org/initiatives/grasslands/lesser_prairie_chicken/ Since 1922, the Western Association of Fish and Wildlife Agencies (WAFWA) has advanced conservation in western North America. Representing 23 western states and Canadian provinces, WAFWA’s reach encompasses more than 40 percent of North America, including two-thirds of the United States. Drawing on the knowledge of scientists across the West, WAFWA is recognized as the expert source for information and analysis about western wildlife. WAFWA supports sound resource management and building partnerships at all levels to conserve native wildlife for the use and benefit of all citizens, now and in the future.

Bill Van Pelt, (602) 717-5066, bill.vanpelt@wafwa.org



Obama-appointed judge strikes down federal fracking rule By Timothy Cama

A federal judge appointed by President Obama struck down the administration’s regulation on hydraulic fracturing on federal lands on Tuesday, ruling that the Interior Department does not have congressional authority to regulate fracking. The decision is a major loss for the administration, which worked for years to update its oil and natural gas drilling regulations to account for dramatic increases and innovations in fracking. Judge Scott Skavdahl of the District Court of Wyoming agreed with the arguments of industry groups and a handful of Western states that said Congress had expressly forbidden Interior from getting into fracking with a 2005 law, with few exceptions.

“Congress has not delegated to the Department of Interior the authority to regulate hydraulic fracturing,” Skavdahl wrote in his opinion published late Tuesday. “The [Bureau of Land Management’s] effort to do so through the Fracking Rule is in excess of its statutory authority and contrary to law.” Interior had countered with the argument it has broad authority over oil and natural gas development on federal and American-Indian land — the only places where the rule would be enforced. But Skavdahl, who was nominated in 2011 by Obama, disagreed. “Congress’ inability or unwillingness to pass a law desired by the executive branch does not default authority to the executive branch to act independently, regardless of whether hydraulic fracturing is good or bad for the environment or the citizens of the United States,” he wrote. Interior declined to comment directly on the litigation but said it is disappointed that it cannot enforce the fracking rule.

“It’s unfortunate that implementation of the rule continues to be delayed because it prevents regulators from using 21st century standards to ensure that oil and gas operations are conducted safely and responsibly on public and tribal lands,” a spokeswoman said. The Independent Petroleum Association of America, one of the plaintiffs in the case, celebrated the ruling. “We are pleased to see Judge Skavdahl agrees with the merits of our case: BLM did not have the authority to issue its rule in the first place,” Neal Kirby, the group’s spokesman, said in a statement. “Today’s decision demonstrates BLM's efforts are not needed and that states are — and have for over 60 years been — in the best position to safely regulate hydraulic fracturing.” Interior published the rule last year. Its standards focus on three areas: ensuring wells are properly constructed, storing wastewater in a safe manner and mandating that companies publicly disclose the fracking chemicals they use.

Skavdahl last year put an injunction on the rule, prohibiting Interior from enforcing it. Interior appealed that injunction to the Court of Appeals for the Tenth Circuit, a case that was still pending as of Tuesday, though is likely now moot. Interior could also appeal the final decision released Tuesday. Congressional Republicans have slammed the fracking rule, calling it costly, unnecessary and unattainable. “Hydraulic fracturing is one of the keys that has unlocked our nation’s energy resurgence in oil and natural gas,” Speaker Paul Ryan said in a statement. “Yet the Obama administration has sought to regulate it out of existence. This is not only harmful for the economy and consumers, it’s unlawful — as the court has just ruled.” The House has repeatedly moved to overturn the rule legislatively. A funding bill passed last week by the House Appropriations Committee would cut off funding to enforce the fracking regulation. http://thehill.com/policy/energy-environment/284388-judge-strikes-down-federal-fracking-rule



Texas has good plan for handling orphaned wells Volatility in the oil and gas industry has created many problems within the industry for the past three decades. Prices have risen and fallen at least five times since 1986. Back in 1984 when the first bust was beginning, the Texas Railroad Commission came to the industry with a new problem that involved a lot of oil and gas producers going out of business and leaving the state with orphaned wells that needed to be plugged. The commission did not have the funds budgeted from the Legislature, so the commissioners asked the industry to fund the pluggings with the creation of the Well Plugging Fund. The first year it raised a little more than $1.1 million, and 177 wells were plugged.

Financial conditions in the industry deteriorated from 1984 to 1991. Even though the fund raised $16 million and 4,078 wells were plugged, the commission could not keep up with the increase in orphaned wells. The fund needed more money. The commissioners went to the Legislature and the Oil Field Cleanup Fund was created, and the industry was assessed a series of fees in 1991 that were capped at $10 million annually. The Legislature increased the cap to $20 million in 2001, and in 2013 it changed the name to the Oil and Gas Regulation and Cleanup Fund. Overall, the Railroad Commission has plugged 35,378 wells with $256 million since 1984. The fund does not replace the liability of owners of oil and gas wells from their plugging liability. In 2001, the Legislature also implemented a financial assurance program that requires a blanket bond, letter of credit or cash deposit by every operator based on the number of wells in the company. "The commission's regulatory goals are to eliminate the threat of pollution posed by orphaned unplugged wells and to minimize the number of orphan wells requiring plugging with Oil and Gas Regulation and Cleanup funds," the program's annual report to the commission stated. Not all of the orphaned wells are immediate threats to the environment. The Railroad Commission has implemented a comprehensive evaluation system to determine which wells need to be plugged first. In 2015, 413 wells were plugged out of a total of 5,644 wells removed from inventory. The largest number (4,262) were reinstated when the operator's permit was renewed. Some of the orphaned wells (701) were sold to other operators or returned to active status (177). While some critics claim the future liability to the state is $165 million to plug all of the orphaned wells, supporters point out that not all of the wells must be plugged. Most will be re-worked and put back into production. Others will be sold. Less than 10 percent will be plugged by the Railroad Commission.

If the commission plugs a well with money from the fund, the attorney general might initiate legal action against the responsible operator for collection of the plugging cost and civil penalties may be assessed. The Legislature, the Railroad Commission and industry realize that not all orphaned wells are a liability and need to be plugged immediately. The program protects the environment while allowing industry to take ownership and put them back into production. Even though the dramatic rise and fall in oil and natural gas prices has an impact on a company's profitability, the state has devised a process during bad times where uneconomic wells can be maintained until prices rebound. The inactive well program has been so successful that other states have modeled their programs after the program developed by the Railroad Commission.

Alex Mills is president of the Texas Alliance of Energy Producers.



CASENOTE Cosgrove v. Cade held that under the common law and under the recording statute a plain omission in an unambiguous deed charges the parties with irrebuttable notice of the deed’s contents when the deed is executed, and the discovery rule does not toll the statute of limitations. In October 2006, Michael and Billie Cade (“Grantors”) sold two acres of land to Barbara Cosgrove (“Grantee”). The real estate contract reserved all of the mineral rights; however, the deed conveyed the land in fee simple. There was also a closing document entitled “Acceptance of Title and Closing Agreements” that required both parties to “fully cooperate, adjust, and correct any errors or omissions and to execute any and all documents needed or necessary to comply with all provisions of the above mentioned real estate contract.” In December 2010, the Grantors became aware of the issue with their reservation and promptly filed suit for a declaratory judgment to reform the deed, for breach of contract under the Acceptance of Title and Closing Agreements document, and for various torts. Grantors’ claims were subject to either a two or four year statute of limitations.

The first issue before the court was whether the discovery rule tolls the statute of limitations when there is a mistaken-but-unmistakable omission in an unambiguous warranty deed. The discovery rule “defers accrual of a claim until the injured party learned of, or in the exercise of reasonable diligence should have learned of, the wrongful act causing the injury.” “A plainly evident omission on an unambiguous deed’s face is not a type of injury for which the discovery rule is available.” “There is generally a rebuttable presumption that a grantor has immediate knowledge of defects in a deed that result from mutual mistake.” “Once the presumption is rebutted, the reformation claim does not accrue until the grantor actually knew, or in the exercise of reasonable diligence should have known of the mistake.” However, “[p]arties are charged as a matter of law with knowledge of an unambiguous deed’s material omissions from the date of its execution, and the statute of limitations runs from that date.” The Grantors were charged with knowledge that their deed did not include a mineral reservation from the date of execution in October 2006. Thus, the applicable statute of limitations for their claims had already run in December 2010. The second issue in the case was whether Property Code Section 13.002 (recording statute) – “[a]n instrument that is properly recorded in the proper country is . . . notice to all persons of the existence of the instrument” – also provides all persons, including the grantor, with notice of the deed’s contents. The Court had previously held that knowledge imputed as constructive notice under the statute applied to grantees, and therefore, the discovery rule was unavailable to grantees to toll the statute as to obvious omissions in unambiguous deeds. In this case, the Court extended the holding to include grantors. The Court then addressed the Grantors’ breach of contract claim. Grantors contended that limitations on this claim did not begin to run until Grantee refused to correct the deed. The Court did not rely upon the merger doctrine. Instead, the Court reasoned that the documents were part of a single transaction, the issue was obvious when the deed was executed, and the four year statute for breach of contract ran from the same date. The significance of this case is the holding that a plain omission in an unambiguous deed charges the parties with irrebuttable notice of the deed’s contents and the discovery rule does not apply to toll the statute of limitations for reformation. The holding is limited to omissions from unambiguous deeds. The clock will run on what the deed says, but perhaps not as to what it means. Jeff McCarn may be contacted at (806) 345-6340 or jmccarn@bf-law.com



Active Drilling Locations By County - PPROA Service Area Texas Panhandle/western OK, SW KS - 6/24/16 RigData, Inc. TEXAS Hutchinson

OKLAHOMA Ellis Power Rig Power Rig Power Rig

Jones Energy Jones Energy Jones Energy





Roger Mills

Data provided by RigData.com

Quest Drilling Quest Drilling

Lucky Bird Too Lucky Bird Too



Nomac Drilling Nomac Drilling Xtreme Drilling

Le Norman Le Norman EnerVest

Drilling Permits By County - Dist. 10 6/7/16 – 6/26/16 DrillingInfo.com





Dallam H&L




Hansford Mewbourne Midstates

Wilbanks Mary B

6/16/2016 6/20/2016

8,000 7,375

Hemphill Le Norman Unit

Flowers Campbell

6/24/2016 9,000 6/14/2016 11,410

Hutchinson Lucky Bird Too



Lipscomb Jones Jones Midstates

Laubhan Price, WD Jude

6/9/2016 9,000 6/21/2016 9,000 6/10/2016 10,742









Rifenburg Schumann

6/24/2016 6/16/2016

8,000 8,650

Latigo Unit

Mayo Clinic Isaacs

6/9/2016 10,000 6/17/2016 11,300

4P Energy Devon Le Norman

Harris Brown, Et al Britt Ranch

6/16/2016 13,000 6/14/2016 15,340 6/23/2016 15,000

Adams Ochiltree Mewbourne Strat Land Roberts

Wheeler 3,500



INSIDE THE PPROA OFFICE SUITE REMODELED IN 2015 $300/month Utilities, office furniture and access to office equipment.




3131 Bell St., Suite 209 Amarillo, TX 79106 (806) 352-5637 pproa@pproa.org


Permit No. 664 Amarillo, TX

Published ten times a year by the Panhandle Producers & Royalty Owners Association Stacey Ladd—President WBD Oil & Gas, Inc. Greg Graham—Past President Kismet Properties, Inc. Todd Lovett—Vice President Mewbourne Oil Company Thomas G. Ladd—Vice President Laddex, Ltd. Doug Saunders—Secretary Taylor/Herring Co. Jeffery A. McCarn—Treasurer Brown & Fortunato, PC Bill Aikman Tascosa Land Resources D. Clay Holcomb F.G. Dragons, LLC Juanita M. Malecha Pantera Energy Company Jason Manning Manning Land, LLC Scott Peeples Fortay, Inc. Leon Roberts CRL Pump & Supply, Inc. Currie Smith ACS-ODS Oil & Gas Patrick Weir Underwood Law Firm Judy Stark - Executive V.P. Cynthia Johnson - Office Mgr.

RRC District 10 Production Data June 2015—May 2016 County

Oil (BBL)


GW Gas (MCF)

Cond. (BBL)























































































source: http://webapps.rrc.state.tx.U.S./PDQ

Profile for pproa

July 2016 Pipeline  

July 2016 Pipeline  

Profile for pproa