Dallas-based Hunt Oil Co., which got its start with the discovery of the East Texas oil field in 1930, is selling its legacy oil and gas properties.
Hunt Oil is considered one of the largest privately held exploration and production companies in the United States and has successfully conducted petroleum operations for 80 years, representatives said Aug. 4 in a statement.
Hunt Oil announced that it reached a definitive agreement with Vanguard Natural Resources LLC for the acquisition of its legacy oil, natural gas and natural gas liquids assets in East Texas and North Louisiana. The properties consist of about 23,000 net acres currently producing natural gas, oil and natural gas liquids. The effective date of the acquisition was June 1, and Vanguard anticipates closing the deal by Oct. 1.
“While the production and leases of the East Texas fields were the foundation of Hunt Oil Co., even more important is the fact that the men and women who made Hunt Oil Co. what it is today came from East Texas,” Ray L. Hunt, chairman, president and chief executive officer of Hunt Consolidated Inc., said in a statement.
In 1930, H.L. Hunt heard reports of a wildcat well being drilled in East Texas, a region not considered to be a prospective oil area. After traveling to Rusk County, he met wildcatter Columbus Marion "Dad" Joiner, who was drilling the Daisy Bradford No. 3 in Rusk County. He discovered the giant East Texas oil field, which, with an estimated recovery of 6 billion barrels of oil, became the world’s largest oil field at that time.
Recognizing the significance of the East Texas discovery before the rest of the oil industry, Hunt purchased the Daisy Bradford No. 3 and nearby leases from Joiner, establishing the foundation of Hunt Oil Co. The Daisy Bradford No. 3 continues to produce.
“Even though we have grown from East Texas to a global organization, our roots, values and corporate culture will always go back to East Texas,” said Hunter L. Hunt, son of Ray L. Hunt and grandson of H.L. Hunt.
Hunt Oil, a privately held exploration and production company, is one of the world's leading independent energy companies, with operations in North America, South America, Europe, Australia and the Middle East. They have drilled wells on every continent except Antarctica. Hunt Oil is an affiliate of Hunt Consolidated Inc., which is a part of the Hunt family of companies directed by Ray L. Hunt; its major subsidiaries engage in oil and gas exploration and production, energy, real estate, investments, ranching and infrastructure.
Vanguard Natural Resources is a publicly traded limited liability company focused on the acquisition, production and development of oil and natural gas properties. Its assets consist primarily of producing and non-producing oil and natural gas reserves in Wyoming, Arkansas, Oklahoma, Texas, New Mexico, Montana, Colorado, Mississippi and North Dakota. For more, visitwww.vnrllc.com