Republic Resources, LLC is an independent energy company engaged in oil and natural gas exploration, development and production. We entered into the oil and gas industry in 1994 under the name York & Price Petroleum. From the beginning, we have focused solely on south Texas and the Gulf Coast region, including Louisiana, because of the prolific production performance of the area.
Our initial success was birthed of a willingness to risk our own funds, an instinct for opportunity, and a diligence toward cost management. We began by acquiring a handful of existing wells that had already been producing, yet were abandoned, neglected or lost through default. Although the anticipated reserves of these wells may not have met the ROI criteria for larger companies, they worked well for a small company like ours that had a low overhead and very tight production controls.
Several of those lease acquisitions proved to be very successful. In response to that success, Republic Resources was created in 1997, greatly broadening both the structure of the business and the nature of our involvement in the industry. Republic Resources was structured to invite new partners to participate in our growing success - offering tax benefits and potential monthly cash flow. Consequently, this strengthened financial base allowed us to invest in new technology, take on bigger projects with potentially larger reserves, and migrate into a full-fledged exploration, development and production company.
The company first began drilling in Bee County, Texas targeting the very prolific Vicksburg, Yegua, and Pettus trends. These first exploration properties also proved to be successful due to our smart evaluations, careful cost controls, and ability to get the wells drilled and on-line in a short timeframe. Our success story includes multiple shallow oil and gas wells in Bee county, recent Miocene gas wells in Matagorda and Lavaca counties, and most recently, a couple of Vicksburg gas wells in Nueces county.
Today, Republic Resources solely grows reserves with the drill bit - operating over 70 wells. We carefully select new exploration opportunities by exploiting geographic trends and utilizing data from nearby producing wells. Plus, all of our prospects are now thoroughly investigated with 2D and 3D seismic technology.
As a full-service operator, Republic Resources employs a full-time staff that facilitates internal operation of each of our properties. We provide all necessary components, including geological evaluation, drilling, production, and accounting services.