Renfro Energy, LLC's ("RE") goal is to be the industry leader in finding and replacement cost for oil and gas reserves while providing a safe work environment, maintaining its social conscience to the community and adhering to state and federal regulations.
We have always believed that in order to succeed and provide abnormal returns to our investors, we must differentiate ourselves from our competition. Characteristics that distinguish us include:
RE is a Dallas, Texas based limited liability company formed in March, 2002 as an asset holding company to house existing assets located in Texas and Oklahoma of a predecessor company and future acquisitions identified in Louisiana. Since 1995, RE and its predecessor company have bought and sold over $6 million of oil and gas properties through approximately 15 acquisitions.
RE recently sold one of its two major assets located in Cameron Parish, Louisiana, the Cameron Meadows Land Company Lease. This property was purchased in May, 2002 and sold in March, 2010 for over 10 times its acquisiton price. It was comprised of 640 acres with 15 producing and shut-in wells and one salt water disposal well. When sold, it was producing 60 bopd from eight producing wells. RE's current asset is the Cameron Parish School Board Lease. This property is comprised of 880 acres, has two oil wells, one shut-in gas well, and one salt ater disposal well. The property is capable of producing 15-20 bopd.
This property has significant oil and gas reserves remaining for development and exploration. These reserves include: 1)one well ith significant oil reserves behind pipe; 2)two proved undeveloped locations; and 3)two exploration prospects. The success of the exploration program could enable the drilling of an additional 10-30 wells.