Our Mission
The primary mission of Kerogen Resources, Inc. is to build and maintain a
highly-profitable oil and gas exploration and production company, with a focus on North American resource plays. The Kerogen team believes that its distinctive understanding of shale and near-shale reservoirs represents a competitive advantage over many other resource players.
The Company
Headquartered in Houston, Texas, Kerogen Resources, Inc. specializes in identifying unconventional oil and gas shale opportunities overlooked by others. The company’s multi-discipline teams emphasize the practical integrated application of geology and geophysics, petrophysics, and reservoir and production engineering to identify potential that may have been hidden in the past.
Kerogen was founded in 2005. Co-founder Murray Grigg and his team spent their first two years studying the major North American resource basins, selecting the plays believed to contain the most potential, building joint venture partnerships, and acquiring land. The company raised $75 million in private equity from multiple investors, the largest of which were Goldman Sachs and Silver Point Capital, L.P. of Greenwich, CT. The company chose to diversify its position, spread risk, maintain a lean staff, and manage within existing capital by taking partners and focusing on non-operated positions. Using existing equity capital plus $20 million in debt, drilling programs ramped up in the Barnett shale, the Bakken and Three Forks reservoirs of the Williston Basin, and the Montney play of British Columbia. All three of these have been successful. In 2008, net production increased from less than 200 boe/d to over 1400 boe/d.
The outlook for 2009 is bright, with many remaining locations to drill in its core areas, and studies under way to provide prospects for future expansion. The company is making a transition from a prospect-generation shop to a mature E&P company. Mike Reddin, the new President & CEO, joined the company in October 2008, bringing extensive leadership experience in the areas of general management, financial planning, and major field development & operations. With additional equity capital, the company plans to build operating capability in 2009.
