Kerns acquisition in August creates BlackBrush Oil & Gas, L.P. The new company has $22.5 Million in Equity, $40 Million in Properties and pipelines and 52 employees.
Returns $26 Million in first year. Company now has $130 Million in properties and pipelines including the Torch Acquisition in Karnes County.
$62 Million in cash, $150 Million in stock, 150 employees. Smart phones and multi-site VPN’s added for field use.
BB II Operating L.P. formed in September. New pipeline company, TexStar Midstream Services LP formed in December. $30 Million is invested for continued development.
TexStar forms compression company, acquires large pipeline system and olefin plant. and activates an integral pipeline. 226 Employees, $62 Million in funding for both Companies.
Meeting the Challenge
After spending $100 Million drilling wells in 2008, BlackBrush works to make existing assets more efficient.
making smart moves
$12 Million in assets divested, compression company sold. TexStar now valued at $45 Million.
coming back strong
New equity partners commit $420 Million. $100 Million spent on drilling, $22 Million in acreage acquired.
BlackBrush spends $202 Million on its drilling program. TexStar sells crude system assets for $325 Million. 223 employees on payroll.
Equity partners commit additional $250 Million. BlackBrush spends $195 Million on drilling.
becoming the best
ARES buys BlackBrush for $400 Million.
EAGLE FORD & AUSTIN CHALK INVESTMENT
BlackBrush increases its positions in Karnes County and drills new wells in the Eagle Ford and Austin Chalk.
DRILLING NEW WELLS
After successfully developing the Karnes County position, BlackBrush sells over 87% to Enervest. Prior to the sale, BlackBrush drilled and proved that co-developing the Eagle Ford and Austin Chalk improved production from both formations.
EAST TEXAS EXPANSION
BlackBrush sells a 35,000 acre San Miguel position. BlackBrush announces development of the Giddings Field Austin Chalk and establishes a 30,000 acre foothold in Washington, Fayette, and Austin Counties.