Monday, May 23, 2011
Fort Worth Star-Telegram, Texas
by Jack Z. Smith
Silver Oak Energy Llc., a Fort Worth-based oil and gas exploration and production firm composed of former executives of Encore Acquisition Co., is partnering with EnCap Energy Capital Fund VIII and Chase Oil Corp. to acquire and develop petroleum properties with long producing lives.
EnCap committed $200 million to Silver Oak, and Chase agreed to assume substantial working interests in oil and gas prospects, according to Oil and Gas Investor.
Silver Oak's founders are former managers of two affiliated oil companies, Encore Acquisition Co. and Encore Energy Partners, that were acquired for $4.5 billion by Plano-based Denbury Resources in 2010.
Silver Oak has 65,000 acres of leases in oil fields in the Williston Basin of North Dakota, Madison County in East Texas and in Michigan, Steve Asbill, vice president of operations, told the Star-Telegram on Friday. The Williston Basin is a hotbed of drilling activity and an area where Encore Acquisition had substantial lease holdings.
Besides Asbill, former Encore personnel founding Silver Oak and their current positions are Wayne Bailey, vice president of land; Greg Barnes, vice president of engineering; Bill Francis, vice president of geology; and Curtis Priddy, vice president of drilling.
The company, with no CEO, is "kind of run as a partnership now," Asbill said. EnCap and Chase Oil have ownership stakes in Silver Oak, he said.
Silver Oak's website says its "primary focus will be on horizontal drilling opportunities." It says the five founding partners collectively "have been involved in the drilling of over 800 horizontal wells in Montana, North Dakota, West Texas, Louisiana and Mississippi."
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