Webinar: Black Gold, one man’s story of success in the Permian Basin
As major investors fled the area in the late 1980s Dave H. (an ex-Schlumberger logging engineer) bought a package of small over-riding royalty and working interests in the Spraberry trend south of Midland Texas.
Minor production continued for several years holding the leases that eventually became part of Pioneer Natural Resources’ large-scale operations in the area.
Even Boone Pickens a board member of Pioneer had to confess that he was wrong about the potential of the Permian Spraberry – Wolfcamp Field, (now the largest field in the US)
By 2015 Pioneer and partner Dave H started a multi-well horizontal Wolfcamp drilling program. To date 12 wells have been drilled on Dave’s acreage – all 12 have paid out and future drilling is planned.
Dave’s small investment in 1987 has paid out several times and is now worth an order of magnitude over the purchase price.
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