Media information for Norwood Energy and its founder, Grant Norwood
Introduction:
Norwood Energy’s President and Founder, Grant Norwood, has been in the oil and gas industry since 2016.He entered the business by aggregating mineral interests, focusing on the Anadarko basin’s SCOOP & STACK subbasins of Oklahoma. Then by 2018, Norwood had accumulated, packaged and divested over 3,000 acres of minerals. Those minerals have since been packaged and sold to either private equity backed companies or public companies. During this period the company also acquired non-operated working interest in over 30 drilling units, where it participated in the drilling of conventional and unconventional wells with EOG Resources, Continental Resources, Melbourne, Fairway Resources, Chesapeake and LLOX in Oklahoma, North Dakota and Louisiana. By 2019 Norwood Energy partnered with an operator in the Illinois basin, where they continue to actively drill and operate wells targeting the New Albany Shale. This start up partnership has successfully drilled 29 wells since its inception in October 2019, maintaining a 90% success rate. Norwood Energy has solely, as a part of duties to the partnership, acquired 62 producing wells and 4,800 leasehold acres. Moving on to 2021, Norwood Energy began to identify and evaluate producing fields for the purpose of acquiring to performance differed maintenance. By December of 2021 the company made its first acquisition, with their partnering company, the partnership was able to acquire an asset well below market value, typically referred to as PV10. Since acquiring the undervalued asset, the management team has increased production by over 50%, with minimal capital infusion. To conclude, Norwood Energy Corp. is licensed and actively operates its fields in the state of Kansas, Kentucky, Oklahoma and Texas. With a total leasehold position of 6,300 acres.
Questions we address
- What does the role of an oil and gas operator entail?
- How do you decide what geological areas to pursue and who do you consult with during this process?
- What is the difference in strategy between a new drilling project vs. refurbishing an existing field?
- What are some common challenges you face when buying and then reworking an existing field?
- Why pursue the acquisition of an existing field, what is there is gain financially?
- Can you share some stats on an established field purchase from start to present, what was the level of improvement?