Remora Acquires EXCO Haynesville Assets?

It appears that Remora Operating, a newly registered LA operating company affiliated with Remora Petroleum out of Austin, TX has acquired the 50% interest that bankrupt EXCO held in its Haynesville Shale assets.  Shell continues to hold the other 50%.

Organization Id

Organization Name

R6044

REMORA OPERATING LOUISIANA, LLC

 

REMORA OPERATING LOUISIANA, LLC

Limited Liability Company (Non-Louisiana)

AUSTIN

Active

 

Previous Names

Business:

REMORA OPERATING LOUISIANA, LLC

Charter Number:

43167873Q

Registration Date:

8/20/2018

 

Domicile Address

 

807 LAS CIMAS PARKWAY

 

SUITE 275, BLDG. II

 

AUSTIN, TX 78746

 

Mailing Address

 

807 LAS CIMAS PARKWAY

 

BUILDING II

 

AUSTIN, TX 78746

 

Principal Business Office

 

807 LAS CIMAS PARKWAY

 

BUILDING II

 

AUSTIN, TX 78746

Registered Office in Louisiana

 

8550 UNITED PLAZA BUILDING II, STE. 305

 

BATON ROUGE, LA 70809

Principal Business Establishment in Louisiana

 

8550 UNITED PLAZA BLVD

 

BLDG II

 

BATON ROUGE, LA 70809

Status

Status:

Active

Annual Report Status:

In Good Standing

Qualified:

8/20/2018

Last Report Filed:

N/A

Type:

Limited Liability Company (Non-Louisiana)

 

Registered Agent(s)

 

Agent:

CAPITOL CORPORATE SERVICES, INC.

Address 1:

8550 UNITED PLAZA BUILDING II, STE. 305

City, State, Zip:

BATON ROUGE, LA 70809

Appointment Date:

8/20/2018

 

Officer(s)

Additional Officers: No 

 

Officer:

GEORGE B. PEYTON V

Title:

Manager

Address 1:

807 LAS CIMAS PARKWAY

Address 2:

BUILDING II

City, State, Zip:

AUSTIN, TX 78746

 

Officer:

GRANT W. LIVESAY

Title:

Manager

Address 1:

807 LAS CIMAS PARKWAY

Address 2:

BUILDING II

City, State, Zip:

AUSTIN, TX 78746

 

Officer:

REMORA PETROLEUM, L.P.

Title:

Member

Address 1:

807 LAS CIMAS PARKWAY

Address 2:

BUILDING II

City, State, Zip:

AUSTIN, TX 78746

 

http://www.remorapetroleum.com/

Remora Petroleum is a private oil and gas company focused on the acquisition and development of mature, long-lived producing properties.

The Company owns operated and non-operated working interests across the Anadarko, Gulf Coast, Permian, D-J and Los Angeles Basins.

About

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Replies to This Discussion

Permalink Reply by kittycatmama on October 4, 2018 at 7:22

does anyone have any info on this company? Dealt with them? EXCO was such a good company to deal with.

Permalink Reply by Skip Peel - Mineral Consultant on October 4, 2018 at 9:11

Based on correspondence from Remora to EXCO royalty owner and the public record information posted above.

Permalink Reply by full name on October 4, 2018 at 9:53

Looks like a hedge fund concentrating on oil and gas.

According to Bloomberg: Mr. George B. Peyton has served as Chief Executive Officer and a Director of Remora Royalties, Inc. since 2011 and also serves as its Chairman. Mr. Peyton has served as the Chief Executive Officer of Remora Royalties, Inc.'s predecessor since its inception in 2011. From 2009 to 2011, he served as President of Fifth Well Investment Management, LLC, a private investment firm focused on energy and other public and private investments. From 2005 to 2007, he served as Financial Analyst with XTO Energy, Inc. Mr. Peyton left XTO Energy Inc. in 2007 to attend Stanford Graduate School of Business, where he earned his Master in Business Administration in 2009. Mr. Peyton also has a Bachelor of Science in Astrophysics and a Bachelor of Business Administration in Entrepreneurial Management from Texas Christian University. We believe that Mr. Peyton’s extensive experience in the energy industry brings valuable strategic, managerial and leadership skills to the board of directors and us.

Peyton is 35. Livesay is 37. Livesay has a financial background and also went to Stanford. 

The building they are in is located on the outskirts of Austin, TX.  Lots of different occupants in the building.  I have been there and seen a lot of moving in and out.  Based on the Suite number I don't think it can hold very many people.

Fifth Well Investment Management still exists with Peyton listed as principal.

Permalink Reply by jkw3 on October 4, 2018 at 11:14
Remora did not acquire EXCO's assets. Effective Sept. 1, 2016, Remora Operating Louisiana, LLC did acquire the working interests of CEU Kingston, LLC in 70+ wells operated by EXCO Operating Company, LP. Effective April 1, 2018, Remora elected to take-in-kind and market its proportionate share of the gas from these wells operated by EXCO. This required Remora to pay royalties on its proportionate share of gas sold. The June 15, 2018 Remora letter sent to royalty owners only stated that Remora was going to pay royalty on "its proportionate share of production". The Remora letters said nothing about acquisition of EXCO's interest. EXCO still pays the royalties on its proportionate share of production from these same wells.

EXCO Operating Company, LP, its parent EXCO Resources, Inc., and affiliated companies are working through Chapter 11 restructuring and plan to emerge in the near future. EXCO still operates approximately 450 Haynesville wells in Louisiana and has plans to drill more Haynesville wells in the future.
Permalink Reply by Richard Davis on October 4, 2018 at 11:35

To your knowledge, do they plan to do the same for their East Texas wells?

Permalink Reply by Skip Peel - Mineral Consultant on October 4, 2018 at 11:37

If Remora acquired WI in EXCO wells effective Sept. 1, 2016 and chose to pay royalty based on a June, 2018 letter, we are late in hearing of that considering how many EXCO royalty interests are members of GHS.  The letter I referenced is recent, not months old.  I was careful to phrase my discussion title with the qualifying words, "It appears"..  Thanks for the clarification.  I'm sure there will be additional information forth coming in the near future.

Permalink Reply by Rock Man on October 4, 2018 at 18:33

Info on Remora's IPO filing

Lots of high powered finance people with this group / but I did find a listing that showed them to have Engineering and Land staff (but no geosciences).

As a non serious side comment, one questions the logic behind naming your company after a "sucker fish" .

https://globenewswire.com/news-release/2018/09/10/1568369/0/en/Remo...

Permalink Reply by Skip Peel - Mineral Consultant on October 7, 2018 at 2:08

Interesting.  I wonder it it is the same letter that a member mentioned.  It is possible they misread it.

Permalink Reply by Skip Peel - Mineral Consultant on October 7, 2018 at 3:09

Does the letter mention Remora, Kathy?

Permalink Reply by Skip Peel - Mineral Consultant on October 7, 2018 at 4:24

Thanks for the detail.

Permalink Reply by Bill R on October 7, 2018 at 17:39

Mine has no mention of Remora either

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