Exploration & Processing - Fall 2010 - (Page 120)
PHOENIX EXPLORATION CO.
BY JIM HARRIS
PHOENIX EXPLORATION CO. IS SEEING RESULTS FROM ITS USE OF SEISMIC IMAGING TO IDENTIFY NEW OIL AND GAS RESERVES ALONG THE GULF OF MEXICO.
THE PHOENIX IS RISING
Phoenix Exploration Co.’s method of focusing its expertise and assets on the Louisiana coast and Gulf of Mexico is yielding successful results. The company is using seismic imaging to identify the location of potential oil and gas reserves.
Phoenix Exploration Co. www.phoenixexploration.com Annual revenue: $100 million Headquarters: Houston Employees: 50 Services: Oil and gas exploration Stephen Heitzman, president and CEO: “I think the energy
hoenix Exploration Co. is seeing significant results from a relatively small geographic area along the Gulf Coast of Louisiana and the Gulf of Mexico. “We’ve found that for a small exploration and production company, if you can focus your expertise and assets on one area, you get better results,” says Stephen Heitzman, Phoenix Exploration President and CEO. “We have no intention of leaving this area or focusing on another area.” Phoenix uses advanced 3-D seismic imaging technology to identify the location of potential oil and gas reserves in an area on and offshore within 100 miles of either side of the Gulf coastline. Once identified, Phoenix will contract with drilling firms to tap into those reserves, Heitzman says. Phoenix owns roughly 10 onshore and 10 offshore producing areas with approximately 43,000 and 73,000 net acres, respectively, and continues to develop new areas to explore. Despite the recession, the company concluded 2009 on a solid financial note, making several new discoveries. “We were able to replace production by 250 percent and pay down debt by 25 percent,” Heitzman says. “In the fiscally difficult environment of 2009, to be able to replace production at those levels and pay down debt is pretty good. “Most companies either replaced production or paid down debt, and we were able to do both,” he adds. Heitzman credits Phoenix’s team of executives and its engineering and exploration staff with the company’s success. “One of the most important aspects of our organization is our highly trained and effective exploration staff – that’s where the rubber meets the road,” he says. “Coupled with that, we have a very talented group of development engineers who take properties the exploration staff have discovered and bring those online.” Strong Foundations Heitzman and four other executives founded Phoenix in 2006 after their previous exploration venture, Gryphon Exploration Company, was sold in 2005 to Australia-based Woodside Petroleum Ltd. The leadership team acquired starting capital from Carlyle/Riverstone Global Energy and Power Funds, a partnership of private equity firms The Carlyle Group
business is a good business to be in, and fundamental to the economy of the United States.”
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Table of Contents for the Digital Edition of Exploration & Processing - Fall 2010
Exploration & Processing - Fall 2010
Profitable Path to Renewable Energy
Dynamic Air Shelters Ltd.
Elevating Boats LLC
Gazelle’s Oilfield Services Ltd.
International Alliance Group
Lydford Mining Co.
Offshore Inland Marine, Industrial & Oilfield Services
Q.B. Johnson Manufacturing Inc.
Thermo Design Engineering
Western Camp Services Ltd.
Western Copper Corp.
Alberta Welltest Incinerators
Blakely Construction Co. Inc.
Bluewater Constructors Inc.
Energy Fabrication Inc.
OFM Pump Inc.
Lithium Americas Corp.
New Dominion Construction Inc.
Owen Sound Ledgerock Ltd.
Reagan Equipment Co. Inc.
Swick Mining Services (Canada) Inc.
American Oil & Gas – The Goliath Project
Africo Resources Ltd.
American Tank Company Inc.
Atlas Copco Geotechnical Drilling & Exploration
Clarkco Oilfield Services Inc.
Energy Fuels Resources Corp.
ESA Renewables LLC
GPR Industries (1994) Ltd.
Helio Resource Corp.
Landdrill International Inc.
Laurel Aggregates Inc.
LoneStar Energy Fabrication
NioGold Mining Corp.
Pacific Booker Minerals Inc.
Phoenix Exploration Co.
Premium Rock Bit Corp.
Queenston Mining Inc.
RAE Engineering & Inspection Ltd.
Goldcorp – Red Lake Gold Mines
C-FER Technologies Inc.
Eden Stone and Valders Stone & Marble Inc.
Exploration & Processing - Fall 2010