About Us
Founded in 1979 and based in Breckenridge, Texas, PETEX is charged with the management and exploitation of oil and gas assets owned by the McClymond family. Presently PETEX operates ~900+ oil and gas wells for the family.
PETEX is vertically integrated, controlling most aspects of operating the upstream oil and gas business in-house. Affiliate entities provide midstream, drilling, well-service, construction, trucking, and supply support.
PETEX is actively targeting opportunities for growth through the acquisition of oil and gas properties. We favor solution gas reservoirs and/or established secondary recovery projects, and will consider properties anywhere in the Continental U.S.; however, PETEX focuses on unsolicited opportunities in Texas, New Mexico, Louisiana, and the Midcontinent area, where:
· Risk is dispersed across a stable group of long life (high R/P Ratio) properties, and
· Established production exceeds 60%, plus viable P+ opportunities, from
· Conventional reservoirs, onshore, above inland waters & generally above 10,000’
PETEX is seeking investment opportunities up to $30 million and can move quickly to close with minimal effort on the seller’s part. PETEX prefers properties with operations, but selectively joins as non-operator with experienced operators in their geographic area of expertise. In this regard, PETEX also participates in joint exploration and drilling projects.
