Back when we started in the energy business, our entire focus was natural gas. It was pretty much that way for the better part of three decades.
Then we began to drill for oil in several regions with success. We also made a successful oil discovery right here in the San Juan Basin in 2013.
Since then, we’ve been “splitting” our time so to speak between both commodities here around Aztec and Farmington. That’s a lot of wells to manage and maintain, especially on the gas side.
The future of our company leans heavily loyal to oil. That’s why we’ve been selling nearly all of our gas-focused operations company-wide, including in the San Juan Basin.
We signed a deal in October to sell our local gas well operations for $169 million. That transaction is now complete, which makes 100% of our local focus on oil.
This is a win-win for the local economy and industry. In a nutshell, now there will be two companies investing in two assets vs. just one dividing its investments in two.
Our press release on our sale is available here.