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Equity commitmentInvestments in private companies—especially those companies involved in shale development—are part of the picture this issue.

In June, privately-held Inf ection Energy LLC received an equity investment led by Noble Group, a global supply chain manager of bulk commodities. Inf ection Energy is focused on the development and production of Marcellus Shale natural gas in Pennsylvania and New York. Existing investors Bregal Energy and Hexagon also participated in the round that will fund a drilling program in Pennsylvania and support company growth activities.

Noble Group’s investment was made through its natural gas and power subsidiary, Noble Americas Gas & Power Corp. (NAGP). In addition, Inf ection Energy executed long-dated gas marketing and hedging agreements with NAGP.

Another equity commitment comes in the form of a participa-tion agreement between US Energy Corp. and privately-held Mueller Exploration Inc. Riverton, Wyo.-based US Energy,

through a cash payment of $1.7 million, will earn a 26.5% working interest (19.6% net revenue interest) in Mueller’s Woodbine Sub-Clarksville 7 Project in Anderson and Cherokee Counties, Texas. The project covers roughly 6,766 gross acres (1,274 net acres to USE).

The promoted amount will cover USE’s portion of the costs for land, geological and geophysical work, as well as all dry hole costs for an initial test well in each of the seven prospects. Upon payout of USE’s initial well costs in each unit, USE’s interest will be reduced to a 19.8% working interest (14.7% net revenue interest).

The project consists of seven predominately oil prospects. Six of the prospects will target the Woodbine formation, and one is a Sub-Clarksville formation prospect. Mueller will serve as operator.

Soon to enter the private company arena may be Venoco Inc. A majority of the Denver-based company’s shareholders voted June 5 to approve a proposal by Timothy Marquez, the company’s chair-man and CEO, to take the company private. OGFJ

Rank Company BOE Total wells Largest f eld

1 Samson Investment Co. 45,993,082 4,036 Ignacio-Blanco

2 Merit Energy Co. 45,504,023 5,898 Painter Reservoir East

3 Hilcorp Energy Co. 34,807,235 1,805 Caillou Island

4 Yates Petroleum Corp. 21,616,233 3,743 Powder River Basin Coal bed

5 Walter Oil & Gas Corp. 16,909,722 80 Ship Shoal Block 0189

6 Mewbourne Oil Co. 16,878,759 1,339 Lipscomb

7 Lewis Energy Group 14,859,146 1,270 Owen

8 Endeavor Energy Resources LP 14,745,547 5,418 Spraberry

9 GeoSouthern Energy Corp. 14,064,935 204 De Witt

10 Dynamic Offshore Resources LLC 13,143,505 855 Green Canyon Block 0065

11 J-W Operating Co. 12,712,650 270 Elm Grove

12 Citation Oil & Gas Corp. 12,206,966 2,213 Sho-Vel-Tum

13 LLOG Exploration Co. 10,246,360 40 Green Canyon Block 0141

14 Hunt Oil Co. 10,202,263 538 Fairway

15 Bass Companies 10,188,478 949 Quahada Ridge Southeast

16 Kaiser-Francis Oil Co. 9,333,197 1,641 Ashland

17 Sheridan Production Co. LLC 9,077,175 1,366 Fitts

18 Slawson Exploration Co. Inc. 8,002,658 376 Van Hook

19 Petro-Hunt Group 7,980,740 257 Charlson

2011 Year-to-date production ranked by BOE

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Rank Company BOE Total wells Largest f eld

20 Black Elk Energy LLC 6,946,351 205 West Cameron Block 0265

21 Red Willow Production Co. 6,511,132 385 Ignacio-Blanco

22 Fasken Oil and Ranch Ltd. 6,351,325 92 Spraberry

23 Ankor Energy LLC 6,199,609 840 South March Island Block 0073

24 Texas Petroleum Investment Co. 6,076,616 1,373 Breton Sound Block 0020

25 Valence Operating Co. 6,020,121 681 Farrar

26 Ballard Exploration Co. Inc. 5,676,168 529 Yellow Rose

27 WildHorse Resources LLC 5,254,586 72 Terryville

28 Stephens Production Co. 4,899,499 823 Gragg

29 BASA Resources Inc. 4,411,079 2,927 East Texas

30 Tana Exploration Co. 4,217,817 98 Timbalier Bay

31 Milagro Oil & Gas Inc. 4,061,496 560 Lions

32 DCOR LLC 3,993,813 96 Dos Cuadras

33 Alta Mesa Holdings LP 3,781,751 159 Weeks Island

34 Midstates Petroleum Co. 3,754,345 253 Pine Prairie

35 Jones Energy Holdings LLC 3,739,552 291 Lipscomb

36 New Dominion LLC 3,661,835 97 Oklahoma City

37 Sanguine Gas Exploration LLC 3,641,937 299 Mills Ranch

38 J. Cleo Thompson & James Cleo Thompson, Jr. 3,617,064 208 Wolfbone

39 Venture Oil & Gas Inc. 3,577,280 926 Winchester South

40 Indigo Minerals LLC 3,532,126 546 Logansport

41 Patara Oil & Gas LLC 3,523,503 122 Nan-Su-Gail

42 Murex Petroleum Corp. 3,516,167 315 Sanish

43 Jetta Operating Co. Inc. 3,457,477 1,796 Thompson

44 Killam Oil Co. Ltd. 3,340,841 413 Cuba Libre

45 Pruet Production Co. 3,302,360 163 Little Cedar Creek

46 Energy Corp. of America 3,254,756 366 Jefferson

47 MacPherson Oil Co. 3,243,113 65 Round Mountain

48 Summit Petroleum LLC 3,175,665 426 Spraberry

49 Tellus Operating Group LLC 3,167,825 241 Baxterville

50 Burnett Oil Co. Inc. 3,057,532 88 Loco Hills

51 Zenergy Inc. 3,049,585 298 Banks

52 Davis Petroleum Corp. 3,022,509 702 Lac Blanc

53 Three Rivers Operating Co. LLC 2,991,583 47 Lonesome Reef

54 CML Exploration LLC 2,965,969 128 Madisonville West

55 Manti Resources Inc. 2,884,283 235 Hospital Bayou

56 Ricochet Energy Inc. 2,865,393 137 Roleta

57 Antero Resources Corp. 2,857,022 49 Reams Southeast

58 Wagner Oil Co. 2,847,923 100 La Sal Vieja Dist 4

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Rank Company BOE Total wells Largest f eld

59 Gary, Samuel Jr & Associates Inc. 2,826,946 202 Marceaux Island

60 Texland Petroleum LP 2,796,007 232 Fullerton

61 Eagle Oil & Gas Co. 2,785,632 89 Converse

62 Deep Gulf Energy LP 2,704,612 635 Garden Banks Block 0339

63 RAAM Global Energy Co. 2,600,914 20 Wildcat

64 Wolverine Gas and Oil Corp. 2,585,183 2 Covenant

65 FIML Natural Resources LLC 2,560,716 613 Adams-Baggett Ranch

66 Vernon E. Faulconer Inc. 2,556,727 24 Porters Creek

67 Castex Energy Inc. 2,521,495 843 Atchafalaya Bay

68 Berexco Inc. 2,520,421 226 Spring Canyon

69 Tidelands Oil Production Co. 2,508,646 765 Wilmington

70 Stephens & Johnson Operating Co. 2,508,075 1,643 Oklahoma City

71 Helis Oil & Gas Co. LLC 2,474,002 1,566 Galveston Block 0350

72 Henry Resources LLC 2,405,551 438 Spraberry

73 Square Mile Energy 2,360,816 15 Coconut

74 Laredo Energy IV 2,343,112 137 Hawkville Dist 1

75 Citrus Energy Corp. 2,309,787 30 Mehoopany

76 E&B Natural Resources Management Corp. 2,233,004 71 Poso Creek

77 Border To Border Exploration LLC 2,171,462 1,082 Double A Wells North

78 Reliance Energy Inc. 2,161,183 12 Spraberry

79 R. Lacy Inc. 2,143,730 257 Carthage

80 Bluestem Energy 2,138,504 100 Cherokee Basin Coal Gas Area

81 Chief Oil & Gas LLC 2,104,922 28 Dimock

82 Finley Resources Inc. 2,089,268 557 Newark East

83 Rosewood Resources Inc. 2,028,834 1,260 Waverly

84 Vess Oil Corp. 2,026,925 30 Kurten

85 Hall-Houston Exploration II LP 2,002,739 1,106 Eugene Island Block 0266

86 Augustus Energy Partners 1,942,521 962 Vernon

87 Titan Operating LLC 1,931,615 14 Newark East

88 Vantage Energy LLC 1,890,854 225 Newark East

89 Pisces Holding Co. 1,866,000 36 South Marsh Island Block 0166

90 CrownQuest Operating LLC 1,862,330 41 Spraberry

91 Ward Petroleum Corp. 1,844,809 208 Talihina Northwest

92 Muskegon Development Co. 1,814,835 89 Antrim

93 Battalion Resources Holdings LLC 1,756,620 458 Powder River Basin Coal bed

94 JM Cox Resources LP 1,744,441 1,280 Spraberry

95 Pablo Energy II LLC 1,729,279 147 Centrahoma

96 Crawley Petroleum Corp. 1,728,671 587 Strong City Dist

97 Choice Exploration Inc. 1,700,966 78 Cottonwood North

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Rank Company BOE Total wells Largest f eld

98 Cordillera Energy Partners III LLC 1,699,473 816 Wildcat

99 Strat Land Exploration Co. 1,686,583 661 Lipscomb

100 McGowan Working Partners 1,682,115 298 Shuler

Source: IHS Herold; For more information about IHS Herold’s Private Company Database, visit herold.com/research.herold.contact_usProduction totals based on latest f gures as reported to and recorded by individual state agencies and tabulated by IHS at time of publication. Some agencies are delayed by as many as several months in releasing data which may impact rankings.

2011 Year-to-date production – alphabetical listing

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Rank Company BOE City State Top executive off cials

33 Alta Mesa Holdings LP 3,781,751 Houston TX Michael McCabe, VP, CFO; Mike Ellis, chair, COO; Hal Chappelle, pres, CEO

23 Ankor Energy LLC 6,351,325 New Orleans LA Denton Copeland, pres, CEO

57 Antero Resources Corp. 2,965,969 Denver CO Brian Kuhn, VP land; Steven Woodward, VP bus dev; Paul Rady, chair, CEO; Glen Warren, pres, CFO

86 Augustus Energy Partners 1,942,521 Billings MT Steve Durrett, pres, CEO; Robert Fisher, VP exp; Duane Zimmerman, VP ops

26 Ballard Exploration Co. Inc. 5,254,586 Houston TX A. Ballard, pres, CEO, owner

29 BASA Resources Inc. 4,411,079 Dallas TXRobert Marshall, VP ops; Nicholas Duane, VP res eng; Sandra Wallace, CFO; Lary Knowlton, co-founder, exec VP; Marshall Warren, VP bus dev; Steve Limke, VP drilling; Michael Foster, pres , co-founder

15 Bass Companies 10,188,478 Fort Worth TX Stewart Henry, pres, COO; W. McCreight, VP land; W. Cottham, VP sec, controller

93 Battalion Resources Holdings LLC 3,457,477 Denver CO Keith Knapstad, pres, COO

68 Berexco Inc. 2,508,075 Wichita KS Adam Beren, pres, chair

20 Black Elk Energy LLC 6,946,351 New Orleans Houston LA John Hoffman, pres, CEO; James Hagemeier, CFO

80 Bluestem Energy 2,474,002 Fort Worth TX Mason Manulik, VP f nance; Jack Hightower, pres, chair, CEO

77 Border To Border Exploration LLC 2,104,922 Austin TX John Gaines, CFO; Matthew Telfer, CEO

50 Burnett Oil Co. Inc. 3,049,585 Fort Worth TX Philip Boschetti, VP, CFO; Anne Marion, chair, owner; William Pollaru, pres

67 Castex Energy Inc. 2,857,022 Houston TX John Stoika, pres

81 Chief Oil & Gas LLC 2,026,925 Dallas TX Trevor Rees-Jones, pres, CEO; Lonnie Samford, sr VP, CFO

97 Choice Exploration Inc. 12,206,966 Arlington TX Jon Martin, pres; David Brooks, founder, COO, VP ops

12 Citation Oil & Gas Corp. 2,161,183 Houston TX Curtis Harrell, pres, CEO; Robert Kennedy, sr VP bus dev, land; Christopher Phelps, sr VP, CFO; Steven Pearson, sr VP ops

75 Citrus Energy Corp. 2,884,283 Castle Rock CO David Oberbrockling, VP; Lance Peterson, pres

54 CML Exploration LLC 1,756,620 Kingwood TX Lee Staiger, ops mgr

98 Cordillera Energy Partners III LLC 1,729,279 Greenwood Village CO Tad Herz, exec VP, CFO; George Solich, pres, CEO; Kamil Tazi, VP eng,

planning; Frank Nessinger, VP land; Steve Fitzgerald, VP bus dev

96 Crawley Petroleum Corp. 3,057,532 Oklahoma City OK Stephen Hatf eld, pres; James Crawley, chair, founder; James Drennen, VP

90 CrownQuest Operating LLC 3,754,345 Midland TX Robert Floyd, pres; David Crass, VP E&D; Timothy Dunn, principal, CEO

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