American Oil and Gas Reporter - February 2021 - 18

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18 THE AMERICAN OIL & GAS REPORTER

Three Luminaries To Join
Petroleum Hall of Fame
MIDLAND-The Petroleum Museum
of Midland has revealed the 2021
inductees to The Petroleum Hall of
Fame: Frank M. Late, Paul L. Morris
and Frederic M. Newman.
Late was a businessman with
interests in oil field services, car
dealerships, manufacturing, soft drink
bottling, banking, exploration and
production, and ranching. The museum
says his involvement in drilling began in
1944, when he co-founded Cactus
Drilling, which had grown into the thirdlargest U.S. land-based contract drilling
company by the time he sold it in 1980.
Late also helped found Cardinal
Chemical and grew Republic Supply to
25 locations across eight states.
Morris began career with Hope
Natural Gas Co. in 1960. While he
served as president and chief executive
officer of Banner Energy Inc., the
company made major discoveries in
Louisiana, Wyoming and North Dakota.
The museum says he later moved to
Wagner and Brown, which completed
600 wells across Texas, Oklahoma, the
United Kingdom and Australia under his
leadership. In 2013, he partnered with
Ed Jones to launch Elk River Resources,
which drilled 25 horizontals in the
Spraberry and Wolfcamp formations.
Newman began working at
Schlumberger as a field engineer in
1965 and went on to become its
youngest district manager. As an
inventor, he has patented more than 80
innovations designed to improve the
industry's safety and efficiency. His
other accomplishments include cofounding Aztec Drilling, Total
Abandonment Plugging Service Inc.
and Triple N. Services, which the
museum notes became one of the
leading plugging and abandonment
contractors in the Permian Basin. ❒

Enerplus Agrees To Buy
Williston Basin Operator
CALGARY-Enerplus Corp.
announces it has entered into a
definitive agreement to acquire Bruin
E&P HoldCo LLC, a private company
with assets in the Williston Basin, for a
total cash consideration of $465 million.
Bruin's assets span 151,000 net acres
in the Williston Basin, including 30,000
net acres contiguous with Enerplus' tier
one acreage position, Enerplus
describes. The assets produce 24,000
barrels of oil equivalent a day and have

84 million boe of proved plus probable
reserves from an inventory of 149 (111
net) drilling locations, the company
continues. After the acquisition,
Enerplus estimates it will hold more
than a decade of drilling inventory
capable of sustaining production at 2021
levels, with additional drilling inventory
upside if commodity prices strengthen.
The company adds that it expects the
acquisition to be materially accretive to
per share metrics in the first year,
including adjusted funds flow and free
cash flow.
" This acquisition demonstrates our
disciplined returns-oriented focus and
commitment to value creation for our
shareholders, " says Ian C. Dundas,
Enerplus president and chief executive
officer. " With immediately adjacent
acreage offering strong operational
synergies, Bruin's assets are highly
complementary to our existing tier one
position in the Bakken and will enable
us to accelerate free cash flow growth
and further support our focus on
providing long-term, sustainable
shareholder returns. " ❒

Fifth Creek Energy Team
Launches Next Startup
DENVER-Fundare Resources Co.
LLC announces it has completed its
private equity financing with funding
commitments from Woodward
Diversified Capital and management.
Fundare introduces itself as a
Denver-based acquisition and
development company in search of
yield-driven, long-lived producing
properties that may benefit from
advanced technologies and low-cost
operatorship. According to the
company, its management team was
behind Fifth Creek Energy Co. and the
four Bonanza Creek Energy companies.
" We are pleased to be working
again with the outstanding team at
WDC as we build Fundare into
another successful acquisition and
development company. I have known
(WDC Managing Partner) Beau
Woodward since 1995 and look
forward to repeating the success of the
past five Creek companies with
WDC, " says Michael Starzer, Fundare
managing partner.
Woodward praised Fundare's
management team, saying, " WDC has a
long history of energy investments,
partnering with, and providing capital to
proven management teams. In their
operational and leadership roles at the
previous Creek companies, Cody


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American Oil and Gas Reporter - February 2021

Table of Contents for the Digital Edition of American Oil and Gas Reporter - February 2021

Contents
American Oil and Gas Reporter - February 2021 - 1
American Oil and Gas Reporter - February 2021 - Cover1
American Oil and Gas Reporter - February 2021 - Cover2
American Oil and Gas Reporter - February 2021 - Contents
American Oil and Gas Reporter - February 2021 - 4
American Oil and Gas Reporter - February 2021 - 5
American Oil and Gas Reporter - February 2021 - 6
American Oil and Gas Reporter - February 2021 - 7
American Oil and Gas Reporter - February 2021 - 8
American Oil and Gas Reporter - February 2021 - 9
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American Oil and Gas Reporter - February 2021 - 18
American Oil and Gas Reporter - February 2021 - 19
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American Oil and Gas Reporter - February 2021 - 21
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American Oil and Gas Reporter - February 2021 - Cover3
American Oil and Gas Reporter - February 2021 - Cover4
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