Shell signed an agreement last month to partner with Patman's Sundance Resources to drill in Parker and Erath counties. Shell also bought 25, acres of leases in Parker County that it intends to exploit on its own.
It thus becomes the first integrated multinational energy company to join a play that heretofore has been dominated by Texas- and Oklahoma-based independent producers. Pickens, who built Mesa Inc.
Pickens is pleased to have some skin in the Barnett Shale game. Pickens came around, and we made a deal before the convention actually started. Shell, too, was interested in Patman's fistful of ready-to-drill leases. With landsmen tramping all over the Barnett Shale, good leases are increasingly hard to come by. Although Patman had the leases, Shell and Pickens whose deals with Patman are not connected had something Patman needs: heavy dough. Sundance needs the money to pay for the 12 drilling rigs it is building and will begin operating by early next year.
Independents traditionally haven't owned their own drilling rigs, preferring to avoid the heavy capital expense and simply lease the equipment when needed. That strategy has worked fine in the past but lately a serious shortage of equipment has hampered that approach. The squeeze on equipment is causing an increasing number of Barnett Shale leases to mature after three years without a bit turning in the ground because operators couldn't get equipment.
Patman, who with his own rigs won't be beholden to equipment-leasing companies, hopes to take advantage of that situation. Patman already has four: three working in Johnson County and one in Parker County. Interactive chart. Add to Watchlists. Add Alert. Add to Portfolio. Add Note. Prev close. YTD var. Shares Oustanding. Explores for. Press releases. Market Indicators.
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Reinstatement to Official Quotation. Suspension extension. Suspension Extension. Appendix 3B - Lapse of Performance Rights. Change of Directors Interest Notice. Cleansing Notice. Appendix 3B. Litigation update.
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