In 1975 United States president Gerald Ford signed into law the Energy Policy and Conservation Act – effectively banning oil produced within our borders from being exported. This year, almost forty years to the day, this ban has been repealed!
That can mean a lot of different things for the domestic oil and gas industry. Over the last year our industry has been hit hard, declining oil prices and expiring reserves have led many exploration and production companies to shed employees in an effort to cut costs.
Now with the potential widening of the market to include five more populated continents, many producers are eager to begin ramping up production. Wells that have been shut-in will go online, existing leases will be extended, and new exploration will begin. Small and medium E&P companies that have weathered the declining oil prices will be in a position to increase their revenue, and many companies of all sizes will be looking to increase their holdings in producing and potentially producing areas.
Pettigrew & Pettigrew Land Services has been a stalwart of the industry when it comes to organizing and maintaining land and lease records. Many companies have come to P&P in need of due diligence assistance, land administration, and lease maintenance. Every well is on a leased property, and every lease has provisions that control production and could extend a non-producing lease, including shut-in, pugh, and continuous drilling clauses. Organizing your land data properly and tracking lease provisions is essential to maintaining and growing your business during this period of change.
If you are looking to acquire existing leases or sell your assets you need to be sure that you know exactly what is being offered so no money is left on the table. And as we enter this new market both cautiously and excitedly you may be wary of increasing your staff to necessary levels, Pettigrew & Pettigrew is able to fill that need and help you bridge the gap between having had to scale down and now needing to scale up.
For a free consultation and to speak to a trained and experienced lease analyst or division order analyst about your project please call 281-465-0276 or email firstname.lastname@example.org so that you can begin taking advantage of this new policy change that has opened so many doors for the United States of America’s domestic oil and gas producers!
Pettigrew & Pettigrew Land Services
2441 High Timbers
The Woodlands, TX 77380