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Avasthi& Associates is a Kingwood, TX-based company in the Energy and Utilities sector.
Canvas Energy A private oil and natural gas company Learn More About Canvas Energy At Canvas Energy, we’re never satisfied with the status quo. Our story is one that embodies innovation, resourcefulness, creativity, financial responsibility and loyalty...
Caprock Oil and Gas Inc is a Andrews, TX-based company in the Energy and Utilities sector.
CITGO Petroleum Corporation, a Delaware corporation with headquarters in Houston, refines, markets and transports gasoline, diesel fuel, jet fuel, lubricants, petrochemicals, and other petroleum-based industrial products. CITGO has more 3,500 employees and is owned by PDV America, Inc., an indirect, wholly owned subsidiary of Petróleos de Venezuela, S.A. (PDVSA), the national oil company of the Bolivarian Republic of Venezuela. CITGO owns and operates three highly complex crude oil refineries located in Lake Charles, La., Lemont, Ill., and Corpus Christi, Texas. The company`s combined aggregate crude oil refining capacity of 749,000-bpd positions it as one of the largest refiners in the nation. The company owns and/or operates 48 petroleum product terminals, one of the largest networks in the country. The company markets motor fuels to independent marketers who consistently rate CITGO as one of the best branded supplier companies in the industry. CITGO branded marketers sell motor fuels through approximately 6,500 branded retail outlets. CITGO markets jet fuel directly to airlines and produces a variety of agricultural, automotive, industrial and private label lubricants to independent distributors, mass marketers and industrial customers as well as other clients. In addition, the company sells petrochemicals and industrial products directly to various manufacturers and industrial companies throughout the United States.
Our purpose is to assist in fueling North America’s energy requirements guided by relentless focus on our six imperatives. Honesty, integrity and commitment are vital to driving our growth and success. We maintain a high standard of business practices which translate into unparalleled value for our shareholders. To achieve our mission, we will conduct our business with these six responsibilities in mind: obey the law, stimulate economic growth, be environmentally responsible, expand opportunities for our employees, respect our vendors, and reward our shareholders. To date, the main focus of the Company has been the acquisition of low cost assets with significant development potential. The Piqua project in Kansas had been lightly developed when acquired, and its low-cost drilling and solid financial return is providing a repeatable and low-risk facet of the Company’s growth strategy. Drilling to date has been 100% successful with an average 10 months to payout of drilling expenses incurred. Reserve valuations have increased from less than $1.0 million to almost $3.0 million in the two years the Company has owned the property. The Bakken lands in Divide County, North Dakota, carry a steep development cost with wells ranging from $6.0-$8.0 million each. As a result, Legend has monetized the acreage while retaining a royalty interest, which allows the Company to continue to participate in the revenue generated through the drill bit, without any additional cost incurred. The royalty continues on the land indefinitely. As drilling on the acreage is still some time away due to priorities of the majority owners, the conversion of our interest to a royalty for Legend is currently unpredictable. Legend will participate in the revenue stream when the wells get drilled. As a non-operator, Legend will utilize the expertise and logistical capabilities of larger companies, without encumbering its balance sheet with expensive rig contracts and extraneous expenses. Legend’s Canadian acquisition affords it the opportunity to enjoy a stable production base coupled with an abundance of undeveloped land with access to a number of low-risk oil development projects. Although the Company has sold a number of smaller production properties, it still maintains a high working interest and solid production and revenue on its remaining assets. Due to saturated drilling around the Company’s Swan Hills property, reserves were drained before Legend could drill a well there. The Company was however able to monetize the small land position for a value in excess of $200,000 per flowing barrel.