TUSLA, Okla. (AP) - Energy executives have joined forces to create a new oil and gas company in Tulsa, despite low oil prices.
The Journal Record (https://bit.ly/1ClSBdS ) reports that Atalaya Resources LLC, was started by Rob Johnston, Dave Strangl, Larry Brunsman, Michael Bose and Curt Jones. The five businessmen, who all spent time at oil and gas company Apache Corp., say the company will focus on producing oil and natural gas liquids.
“When you have a downturn, it is giving us opportunities we might not have had a year ago,” Brunsman said.
The company is looking at leases in western Oklahoma, the Texas Panhandle and southern Kansas that they can use for drilling. Company president and CEO Rob Johnston said the first wells will cost $8-10 million each.
The group hopes to start drilling by this summer.
Strangl, who is vice president of production, says a small company can “look at smaller acreages and grow from there,” or look at using “vertical wells.”
Johnston says that the company has a private investor, who he declined to discuss.
“The support is plenty adequate,” he said. “We are not capital-constrained.”
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Information from: Tulsa World, https://www.tulsaworld.com
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