Buyers understand the quality of and long reserve life of oil and gas assets in the Permian Basin, several business-development professionals said in Midland last month. "The Permian Basin is going to be a happy hunting ground for a long time to come," said David Marcell, managing director of Tristone Capital Inc., speaking at the 13th annual Executive Oil Conference sponsored by Petroleum Strategies Inc. "The Permian has big R/Ps and lots of drilling opportunities." Gary Pitts, business-development manager for the Midland office of Denver's St. Mary Land & Exploration Co., agreed. "This basin has so many hydrocarbons in it, all it takes is a little thought. I've been here in Midland for 32 years and I've seen plays come and go, and come back again. Our new CEO, Tony Best, would like to double the size of the company in the next five years," and the Permian Basin will be part of that effort. Another Permian fan is XTO Energy Co., according to Tim Petrus, executive vice president of acquisitions for the firm. It has acquired Permian assets from Chevron and the former Mobil Oil Co. in and around Midland, and is now the fifth-largest oil producer in the basin, with some 40,000 barrels per day, much of that under waterflood projects. For more on this, see the May issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
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