vexpl banner rigs

Vitruvian Exploration II

Recent News from Vitruvian

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.

Gulfport Energy Corporation Announces Entry into the SCOOP Play with Complimentary Acquisition of Approximately 85,000 Net Effective Acres

OKLAHOMA CITY, Dec. 14, 2016 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) (“Gulfport” or the “Company”) today announced that the Company has entered into a definitive agreement with Vitruvian II Woodford, LLC (“Vitruvian”), a portfolio company of Quantum Energy Partners, to acquire approximately 46,400 net surface acres in the core of the SCOOP, including approximately 183 MMcfe per day of net production for October 2016 for a total purchase price of $1.85 billion.
By Nissa Darbonne, Hart Energy, January 2015
This article originally appeared on Hart’s Oil and Gas Investor website (http://www.oilandgasinvestor.com/emerging-plays-777911)
 
The Springer’s Goddard Shale has fascinated Richard Lane. Lane, a geologist, was president, E&P, for Southwestern Energy Co. during its discovery and development of the Fayetteville Shale in the 2000s. “It seems to be a very robust source rock,” he said of the Goddard.
 
Retiring from Southwestern, Lane went on to form Vitruvian Exploration LLC and focused on Oklahoma’s Mississippian Lime play. He sold that in 2012 and formed Vitruvian Exploration II LLC. Following formations south of the limestone play, Vitruvian II bought 350 old vertical wells in the condensate window of what Continental soon named Scoop.
This article originally appeared on Hart’s Oil and Gas Investor website (http://okenergytoday.com/2015/09/texas-company-reports-7-successful-wells-in-grady-county-2/)
 
Grady County has proven to be a good find for Texas-based Vitruvian Exploration. The company reports seven successful wells completed over the past several months in a field located west of the city of Lindsay. They ranged in production from 388 barrels of oil a day up to 871 barrels a day.Most were in the 400, 500 and 600 barrel a day range according to completion reports on file with the Oklahoma Corporation Commission.

Posted on in News
Screen Shot 2014-05-15 at 3.32.34 PM

Tulsa, OK - March 7, 2014 – By the end of this year, Vitruvian Exploration II aims to have 16 producing horizontals in the Woodford SCOOP (South Central Oklahoma Oil Province) shale play with an operated production growth of 270%.

Richard Lane, the company's president and CEO, shared insight on the company's operations and plans for the SCOOP area during Hart Energy's DUG Midcontinent conference Monday. The company is entering the second year of its drilling campaign in the area after acquiring Chitwood-Knox legacy assets in December 2012.

"What really got us interested in the SCOOP area was the excellent reservoir rock," Lane said. "Our team described it as the best unconventional reservoir rock that we've come across. That's after looking at a lot of plays in a lot of different basins.
"It's got the right kerogen type. It's got great organic carbon. It has good maturity indexes. It has the condensate to go with it and the NGLs," Lane continued, later adding the average estimated ultimate recoveries are greater than 2 MMboe. "The thickness is excellent, high porosities, good permeability, fairly silica-rich rock. All of that gives rise to a tremendous resource with about 150 to 200 Bcf per section."

Vitruvian operates about 62 sections.

quantumThe Woodlands, Texas — September 18, 2012 — Quantum Energy Partners (“Quantum”), a leading energy private equity firm, is pleased to announce the formation of Vitruvian Exploration II, LLC (“Vitruvian II” or the “Company”) with industry veteran Richard Lane. Supported by a $250 million equity commitment from Quantum, Vitruvian II will pursue a multi-faceted strategy to build a diversified portfolio of high quality, emerging and undeveloped oil and gas assets in North American unconventional resource plays.

The Vitruvian II team will be led by Richard Lane as Chief Executive Officer. Lane previously served as Chief Executive Officer, President and Chairman of Vitruvian Exploration, LLC (“Vitruvian”) where he pursued a strategy of exploration, development and production of onshore North American unconventional resources. From 1998 to 2008, Lane held various management positions at Southwestern Energy Company. When he left the company in 2008, he was Executive Vice President and President of the company’s exploration and production (E&P) subsidiaries, SEECO, Inc. and Southwestern Energy Production Company.

Joining Lane as Chief Operating Officer is John Thaeler who most recently served as Senior Vice President of Southwestern Energy Company’s subsidiaries, SEECO, Inc. and Southwestern Energy Production Company. At Southwestern, John led the discovery, exploration and development of the Fayetteville Shale and more recently he directed all exploration and new venture efforts for the company. Previously, John held various technical and managerial positions during a 20-year career at Occidental Petroleum Company where he worked in Africa, the Middle East, Central and South America, and the continental U.S.

...

Posted on in News
The Woodlands, Texas – February 2010 – Oil and Gas Investor Interview by Leslie Haines.

Energy executive Richard F. Lane retired as president of Southwestern Energy E&P Co. on a high note in September 2008, after enjoying a leadership role in what turned out to be one of the best runs of the past decadeamong all energy companies.Best-in-class financial returns and reserve and production growth
were achieved during his tenure.

He then enjoyed what he calls “my skip year,” filled with world travels to “recharge my batteries.” Now, Lane is back at work and moving to new office space, this time as the chairman, president and chief executive officer of his newly minted E&P company, Vitruvian Exploration LLC, based in The Woodlands, near Houston.

He did it by unconventionally leveraging off assets of a former bankrupt entity, creating a new board and new management, and forging a new strategic vision. This time around, he says, his focus is not going to be on unconventional natural gas plays like the Fayetteville shale that defines Southwestern. No. His eye is on crude oil.

Lane was president of two subsidiaries at Southwestern Energy, SEECO Inc. and Southwestern Energy Production Co. The parent’s well-known formula for success and value creation adorns its headquarters building in north Houston. While Lane was with the company for 11 years, he saw its market cap soar from about $100 million to approximately $16 billion, thanks to its stunning successes in East Texas and the Fayetteville shale in Arkansas, operations he headed once.

“My time at SWN was a hugely rewarding experience and I will always be proud of what we accomplished there, and the learnings that we had, which were vast for me personally,” he says. “They will be applied at Vitruvian.” He’ll also call on 25 years of experience, including time at Tenneco Oil, Fina Oil & Gas Co. and American Exploration Co., as well as at Southwestern Energy.

Oil and Gas Investor spoke with Lane to find out more about the new company.

Please download the PDF to read the whole report.    

PDFicon

Latest News

Gulfport Energy Corporation Announces Entry into the SCOOP Play
Gulfport Energy Corporation Announces Entry into the SCOOP Play with Complimentary Acquisition of Approximately 85,000 Net Effective Acre...
Continue Reading...
“Vitruvian too”- In Hart Energy’s January 2015 Oil and Gas Investor Emerging Plays 2015
By Nissa Darbonne, Hart Energy, January 2015 This article originally appeared on Hart’s Oil and Gas Investor website (http://www.oilan...
Continue Reading...
Texas Company Reports 7 Successful Wells in Grady County
This article originally appeared on Hart’s Oil and Gas Investor website (http://okenergytoday.com/2015/09/texas-company-reports-7-success...
Continue Reading...
Vitruvian Unveils Plans For SCOOP Assets
Tulsa, OK - March 7, 2014 – By the end of this year, Vitruvian Exploration II aims to have 16 producing horizontals in the Woodford SCOOP...
Continue Reading...
Quantum Energy Partners Announces the Formation of Vitruvian Exploration II, LLC with Richard Lane
The Woodlands, Texas — September 18, 2012 — Quantum Energy Partners (“Quantum”), a leading energy private equity firm, is pleased to anno...
Continue Reading...