Laramie Energy is a Denver-based, independent oil and gas company formed by former executives of Forest Oil Corporation (NYSE: FST) and Mesa-Hydrocarbons, Inc. Laramie is focused on acquiring and exploiting unconventional natural gas plays in the Rocky Mountains, primarily in the Piceance Basin of Colorado.
From its inception in May 2004 to its exit in May 2007, Laramie acquired a total of 66,000 gross / 58,000 net acres in the Piceance Basin through small acquisitions and Federal Lease Sales. These acquisitions were primarily acreage acquisitions without PDP reserves.
Laramie was able to create significant value on this acreage through a successful drilling effort that resulted in over 380 Bcfe of Total Proved reserves at the time of its sale. Over the three-year period, the Company successfully drilled over 200 wells in the Piceance Basin. The Company’s developmental success also added significant Probable upside resulting in 2.2 Tcfe of total net (2P) reserves at exit.
In May 2007, Laramie sold to Plains Exploration & Production Company (NYSE: PXP) for approximately $1.0 billion.
EnCap currently is partnered with the same management team through Laramie Energy II.