Broad Oak Energy II, LLC is an active operator in the Permian Basin. We have approximately 25,000 contiguous net acres in Irion County, Texas where we produce over 9,000 net BOEPD from 54 horizontal wells. We have one drilling rig under contract and are currently developing three oil-rich shale reservoirs within the Wolfcamp Formation.
The Company is headquartered in Dallas, TX with field offices in Midland, TX. Our senior professionals average more than 30 years of experience and have deep expertise in geosciences, petroleum engineering, field operations, land and finance. The Company is led by Co-Presidents Jim Sherrill and Robert Skinner.
Broad Oak Energy II, LLC is the successor company to Broad Oak Energy, Inc. which was formed in May 2006 by a management team led by David B. Braddock and Warburg Pincus Private Equity IX. The Company was a pioneer in the Wolfberry Play on the eastern side of the Midland Basin and drilled the oil and gas industry's first horizontal Wolfcamp well (Sugg A 169AH). Over a three year period, the Company acquired over 75,000 acres and grew production to approximately 11,000 net BOEPD.
The assets of Broad Oak Energy, Inc. were merged into Laredo Petroleum, Inc. of Tulsa, OK in July, 2011 for aggregate consideration of $1.01 billion. The combined company went public in December, 2011 under the ticker LPI (NYSE).
Our business philosophy is evidenced by our actions. We believe that all participants in an oil and gas development (landowners, vendors and financial partners) must be treated fairly, equitably and ethically in order for us to be successful. We are very proud of our history of excellent relationships with both surface and mineral owners. Our vendors have also been a large part of our Company’s success and we recognize their contribution as well.