Energy & Exploration, a recently formed company that is also preparing to sell shares to the public, said in a Securities and Exchange Commission filing Monday that it has agreed to pay $125 million for 57,275 net acres in the Eagle Ford Shale in South Texas and Woodbine sand in East Texas, or Eaglebine as it is sometimes called. Energy &Exploration, which lists a downtown Fort Worth headquarters address, said it expects the acquisition to close in the fourth quarter. The company in an S-1 filing for an initial public offering said it dates to 2006 and began operations in 2008. The SEC disclosure says it "began leasing in the Eagle Ford Shale," mostly McMullen and LaSalle counties, and sold acreage to other independents. The S-1 says the company in 2010 and 2011 "engaged in the acquisition and sale of undeveloped oil and natural gas leasehold interests. Beginning in the first quarter of 2012, we adopted a business strategy to develop and exploit our undeveloped leasehold acreage in order to provide a greater return on investments in those properties."
Energy & Exploration founder and CEO is Hunt Pettit, 42, who has 16 years experience as a landman and entrepreneur, and who from 2005 to 2008 was contract land manager in the Barnett Shale for David Arrington Oil & Gas, according to the S-1. The disclosure says he helped start North American Shale Investment in 2011and holds 58 percent of Energy & Exploration's common stock. It also says he filed for Chapter 7 bankruptcy protection in 2003 in Austin. Brian C. Nelson is listed as chief financial officer. The company's S-1 says the proposed maximum offering of its IPO is $275 million. Canaccord Genuity and Johnson Rice & Co. are listed as underwriters.
-- Jim Fuquay