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The founders of Oyster Petroleum all have considerable experience in the oil & gas industry and have worked together for more than 10 years in various companies, including their own start-up. HitecVision know the founders well as we worked together on potential portfolio acquisition in 2007.
The plan is to build a portfolio of licenses through a combination of farm-ins to existing licenses and awards of new acreage in the official licensing rounds. In addition, the company plans to acquire a non-operated production portfolio to tax shelter the cost.
In backing Oyster Petroleum we are following our proven strategy of identifying a competent exploration team and providing funding and support for a start-up E&P company. The Oyster Petroleum business model is similar to that we have applied in the current and previous portfolio companies; Spike Exploration, Spring Energy and Revus Energy.
