|
GOLDKING has
been a successful oil and gas exploration and production company since
1968. Goldking is headquartered in Houston, Texas, and its primary focus
has been oil and gas properties located in Louisiana and Texas, including
state waters as well as the shallow Gulf of Mexico.
The original
Goldking was founded 1968 as an independent onshore exploration and
production company. Over the next four decades, Goldking’s
various operating units included not only oil and gas exploration and
production, but refining, equipment rental, contract drilling and contract
well operations.
On May 15, 2007,
shareholders sold their shares of Goldking to Dune Energy for $328.5
million. The Goldking properties were located onshore the Louisiana and Texas
Gulf Coast, and consisted of interests in 23 fields and 136 producing
wells. Goldking operated more than 90% of its production, and maintained a
100% working interest in many of the more significant properties.
After the sale to
Dune, Goldking started again to pursue opportunities in the oil and gas
industry, acquiring oil and gas royalty interests from individuals,
companies and estates while developing a balanced program of acquisition,
development, production enhancement and exploration, aided by the
application of the latest industry technology, to assemble, operate and
exploit a substantial portfolio of oil and gas properties.
On August 31, 2010
Goldking acquired all of the assets of White Oak Energy V, LLC. The
acquired properties were in the Gulf Coast regions of Louisiana and Texas.
The subject properties consisted of 30 wells in 11 fields. Goldking
operates approximately 90% of this production.
On February 22, 2011 Goldking acquired assets in Nine Mile
Point Field, Aransas Bay, Texas, from EOG Resources. The subject
properties include 12 wells in Texas State waters. Goldking operates
all of this production.
STRATEGY FOR GROWTH: Goldking’s Business Development Plan
At the core of
Goldking’s business development plan is to build a portfolio of energy
assets that is geographically and geologically focused and operationally
balanced. This focused asset base will allow Goldking to leverage its
regional technical knowledge and operating dynamics within the region, as
well as to position it to establish economies of scale in both drilling and
production operations. In addition, a portfolio balanced of proved
developed and proved undeveloped reserves and exploratory drilling
opportunities will provide an attractive combination of current cash flow
and opportunities for grow through drilling.
To execute on this
aspect of its business development plan, Goldking intends to position
itself to be able to lead or participate in exploration projects that will
be both internally and externally generated. Goldking also will establish
alliances with select industry partners. However, in all cases, Goldking’s will employ disciplined prospect evaluation
methodology based on technical merit, financial terms, expected timing and
risk-adjusted returns on a project-by-project basis.
|
