United States Exploration Steven D. Durrett, CEO. Energy . Overview of U.S. Exploration. U.S. Exploration was a publicly-traded E&P company owning long-lived natural gas reserves with significant development drilling upside, with over 400,000 undeveloped acres.
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U.S. Exploration was a publicly-traded E&P company owning long-lived natural gas reserves with significant development drilling upside, with over 400,000 undeveloped acres.
U.S. Exploration was defensively managed by its previous managers with fewer than 200 company operated wells and minor non-operated interests in another 200 wells
U.S. Exploration’s focus was on exploitation of the Wattenberg Field with expansion opportunities located on other acreage in the Denver – Julesburg Basin
Initial acquisition was $57 million (including fees), financed with $32 million of equity from Greenhill Capital Partners and Lime Rock Partners along with $25 million of Senior Debt from Wells Fargo. In July 2004, the equity partners funded an additional $6 million to support the growth strategy
Purchase price was 4.4x EBITDA, $0.69 / Mcfe and 64% of PV-10