In 2001, Mr. Roberson and Mr. Sharman co-founded Texas Standard Oil Company to acquire an overriding royalty from the publicly traded Freeport-McMoRan Oi & Gas Royalty Trust and combine it with the working interest (contemporaneously acquired from IMC Global) in offshore blocks and platforms in the federal waters of the Gulf of Mexico, averaging approximately 10,000 BOEPD gross production (70% oil) when acquired. A condition of the sale of the ORRI from the Trust required Texas Standard Oil Company to offer to exchange 30% of its capital stock for all of the units of the Trust. Texas Standard Oil Company registered itself as a publicly traded company in all fifty states in order to make the exchange offer. In the event that less than 50% of the units should elect to accept the exchange offer then Texas Standard Oil Company would remain private. Less than the requisite 50% of the units elected to accept the exchange offer and Texas Standard Oil Company remained a private company. Most of the properties were sold and the remaining assets were eventually liquidated in 2010.
Mr. Roberson founded Texas Standard Oil & Gas, LP (“TXS LP”) in 2004. TXS began its success by participating in a 14,100’ Planulina Sand discovery in the Backridge Field in Cameron Parish, Louisiana. The well produced at sustained rates of over 1,000 bopd. TXS LP organized, structured, and promoted the shooting of a 100+ square mile 3D seismic block in Wharton County, Texas. The shoot led to multiple discoveries including a 10 bcf, 50 mbo, single well completion.
TXS LP achieved additional success through the acquisition of 3D seismic data covering over 300 Federal OCS Blocks. The processing and review of this data led to the origination and leasehold assembly of several prospects in the Federal OCS waters of the Gulf of Mexico. TXS LP had four (4) offshore discoveries between 2008 and 2010. These discoveries are located on the following blocks:
Mr. Roberson co-founded Pecos Petroleum Company on October 1, 1987 and served as President of the company from its inception until its dissolution in 2001. Pecos became an operator and drilled its first well in the Permian Basin in November, 1987. Pecos achieved its success by assembling and operating both developmental and exploratory prospects. During its history, Pecos discovered or extended 14 fields and operated or participated in the production of over 7,200,000 BOE. Pecos operated the drilling and/or completion of over 70 wells prior to 1998. Pecos operated its own vapor recovery and gasoline extraction facility and participated in natural gas processing at several cryogenic processing plants. Pecos was one of the first privately owned independent oil companies to successfully employ the use of AVO hydrocarbon indicator analysis in the processing of geophysical data in the expanded, geopressured Yegua gas trend. Pecos discovered several expanded Yegua fields in Brazoria, Fort Bend and Wharton Counties, Texas.