Been There, Done That, Back for More
You could say father and son Steve and Caleb Weatherl are Permian bit.
With the nation’s most prolific oil basin fortuitously situated in their own backyard, the executive chairman and CEO team of newly minted, Midland-based Garrison Energy don’t have to look far for their next command performance as savvy Permian producers. But they are looking. And packing a fat wallet for the trip.
Reese Energy Consulting today is following the latest news from Garrison and its dynamic duo, which last July walked away with $465 million in a deal with The Woodlands-based Ring Energy. The assets sold from Garrison’s former iteration as Stronghold Energy II included 37,000 net acres in the Permian’s Central Basin platform and 9.1 MBOED in production (~54% oil, 75% liquids).
Now flush with cash and a private equity commitment of $500 million, the company is officially in hound dog mode to sniff out a new sweet spot and bringing along a budget that could go higher than $1 billion. According to the Weatherls, the search this time will extend across the Permian, a geology Steve knows better than summer temps in Midland. His career as a geologist includes stints as exploration VP for EOG and Pioneer and exploration manager for Mayne & Mertz. He formed Stronghold Energy I in 2014 followed by Stronghold Energy II in 2017.