Five former Devon Energy Corp. senior analysts have joined to create Senex Energy Partners, LLC, Oklahoma City’s newest upstream oil and gas acquisition company.
Senex’s founders include John F. Templin II, Ph.D., President and CEO; A. Paul Baclawski, CPG, Vice President and Chief Operating Officer; John H. Graham JR, PE, Vice President of Engineering; Steve T. Whitaker, Vice President of Exploration; and Dean R. Richmond, Vice President of Geosciences.
All five worked together in Devon’s Corporate New Ventures & Acquisitions and Exploration teams, where they provided both detailed project analysis and driving rationale regarding Devon’s high value acquisition and divestiture decisions.
The Senex team will use its comprehensive knowledge of many geologic basins, and conventional and unconventional plays, in order to take advantage of current investment opportunities by acquiring the best oil & gas assets located in proven producing fields, and in the “sweet spots” of newly emerging trends. The company is also seeking start-up venture capital.
“We’re not going to go out and look at projects that companies like Devon or Chesapeake would be interested in drilling,” said Paul Baclawski. “We’re not looking at $10 million or $12 million wells. We’re looking at projects that are economic at this price. They may be shallow, vertical wells. We know there are projects out there that are economic at this price point.”
“Down markets like this are the only times you can put a group like this together,” said John Templin, the company’s CEO. “When big, high-powered guys take severance packages because companies are downsizing, it’s the only time they’re able to come together in a new way.”
Templin was at Devon for the past 15 years. Most of the team members were there for five to 10 years.
“They have access to great people, lower prices, great real estate, and most importantly great oil and gas properties,” said Fred Russell, CEO of Tulsa’s Fredric E. Russell Investment Management Co. “The bad part is that if they need to raise more capital, people may be scared to invest. This is a very capital intensive business, and that could be a real challenge for them.”
Senex is a privately held limited liability corporation. Initially, the company will have 18 employees. The company’s corporate headquarters are located at 101 Park Avenue, Suite 1300, Oklahoma City, OK 73102.