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COMPANY PHILOSOPHY

Renfro Energy, LLC ("RELLC") and Petroleum Capital, L.C.'s ("PCLC") goal is to be the industry leader in finding and replacement cost for oil and gas reserves while providing a safe work environment, maintaining its social conscience to the community and adhering to state and federal regulations.

We have always believed that in order to succeed and provide abnormal returns to our investors, we must differentiate ourselves from our competition. Characteristics that distinguish us include:

  • Company resources and capital focused primarily in Cameron Parish, Louisiana. An area where we have the experienced staff and infrastructure superior to our competitors. Size and scope of the projects are significant so there should be opportunities for many years to come.

  • Being a privately owned company allows us to take a long term view towards maximizing oil and gas reserves while optimizing the efficient use of capital without regard to its effects on short term stock valuations.

  • Operate under a very streamlined management structure which provides the ability to make decisions very quickly.

  • Maintain a low overhead in order to weather the down cycles that inevitably occurs in the oil and gas industry over time.

 

COMPANY BACKGROUND

RELLC and PCLC are Dallas, Texas based limited liability companies. Originally formed in April, 1993 as an energy financial advisory firm, PCLC became an operator of over 130 wells located in Texas, Louisiana, and Oklahoma by 1997 through the opportunistic acquisition of oil properties. After the oil price collapse of 1998, PCLC streamlined its operations through the sale of various properties and focused on the company’s higher quality assets in Louisiana. In 2002, RELLC was formed as an asset holding company to house existing assets of PCLC and all future acquisitions. PCLC retains its operational focus and is an operator of record in Louisiana, Texas, and Oklahoma. Since 1995, PCLC and RELLC have bought and sold over $6 million of oil and gas properties and have made approximately 15 acquisitions.

RELLC currently has two major assets, both located in Cameron Parish, Louisiana. The Cameron Meadows Land Company Lease, comprised of 640 acres, has 16 wells, with current production of 90 bopd coming from a well diversified production base of 10 wells. It provides significant cash flow to fund the company’s exploration and development activities in Louisiana. The Cameron Parish School Board Lease. comprised of 880 acres, has 4 wells, with current production of 10 bopd from one well and an estimated 30-40 bopd from a recently completed well which is awaiting the installation of a pumping unit.

Both properties have significant oil and gas reserves remaining for development and exploration. These reserves include: 1)two shut-in wells identified for remedial work; 2)two proved undeveloped locations; and 3)three exploration prospects. The success of the exploration program could enable the drilling of an additional 10-30 wells.