Company History

Richard Agee formed Wapiti Energy, LLC in 2000 on the heels of his successful founding and sale of Antara Resources, Inc., an exploration and production company focused in the Piceance Basin of Colorado. Mr. Agee formed Wapiti to pursue oil producing properties along the Texas and Louisiana Coast.

In its early years, Wapiti acquired non-operated working interests in the Conroe Field, north of Houston, Texas. Conroe Field was discovered by George W. Strake in 1931. It sits 5 miles southeast of Conroe, Texas, and has produced over 735 million barrels of oil and 1.4 trillion cubic feet of gas since its discovery. A History of Conroe Field. By the early 2000’s, conventional wisdom was the field would be plugged and abandoned following Exxon’s blow down of the gas cap in the late 1990’s. Mr. Agee suspected conventional wisdom was wrong.

With a firm belief in the opportunity his father had uncovered, Bart Agee joined his father at Wapiti in 2005 to lead a major expansion of the company. Wapiti continued its acquisition activities and by early 2006, the company owned approximately 39% of the working interest in the Conroe Field. In August 2006, after 6 months of negotiations, Wapiti acquired Exxon’s operated interest in the Conroe Field Unit. At the time of this transaction, Wapiti brought on Quantum Energy Partners, a private equity firm dedicated to the energy space, and D.E. Shaw as minority equity partners in the Company.

Wapiti is proud of our time as the operator of one of Texas’ historic oilfields. Between 2006 and 2009, we doubled production, increased 3rd party reserve estimates by 12%, shot the first 3D seismic survey on the field, tripled the salt water disposal capacity and prepared the field for the next phase of its producing life.

In December of 2009, Wapiti sold Conroe Field to Denbury Resources, Inc., in a transaction valued at approximately $431 million. Denbury is planning to conduct a CO2 flood of this massive field, which would be Denbury’s largest single EOR (“enhanced oil recovery”) project to date.

In July 2010, Wapiti Oil & Gas, L.L.C. was formed to purchase properties in Texas, Colorado, Wyoming and Utah. This package of producing properties and large acreage positions continues to provide attractive exploitation and exploration opportunities. Wapiti Energy teamed with Zell Credit Opportunities Fund and Mantucket Capital to form this new company.

In March 2012, Wapiti Oil & Gas II, L.L.C. was formed in order to purchase and develop Uinta Basin producing oil and gas assets. Wapiti is providing operational leadership and technical support along with its funding of an extensive exploration and development program across a 90,000+ acre leasehold. Wapiti Energy continued its strong partnership with Zell and Mantucket to fund this opportunity.