Company Overview: 3TEC Energy Corp.
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3TEC Energy, is an independent oil and gas exploration and production company that operates primarily in East Texas and the Gulf Coast region. It also has properties in the Mid-continent region and the Permian and San Juan basins. The company has made a series of acquisitions which have increased its reserves substantially. On a pro forma basis, 3TEC Energy had proved reserves of approximately 312 billion cubic feet of natural gas equivalent, at December 31, 1999. 77% of the reserves, or 239 bcf, were natural gas.
Our business strategy is focused on the following:
- Pursuit of Strategic Acquisitions. We continually review opportunities to acquire producing properties, leasehold acreage and drilling prospects.
- Further Development of Existing Properties. We intend to further develop our properties that have proved reserves. We seek to add proved reserves and increase production through the use of advanced technologies, including detailed technical analysis of our properties, and by drilling infill locations and selectively recompleting existing wells.
- Growth Through Exploration. We conduct an active technology-driven exploration program that is designed to complement our property acquisition and development drilling efforts with moderate to high risk exploration projects that have greater reserve potential.
- Rationalization of Property Portfolio. We intend to actively pursue opportunities to reduce and control operating cost of our existing properties and properties we may acquire in the future through the consolidation of overlapping operations, the sale of marginal properties and by increasing the number of fields we operate as a percentage of our total properties.
- Maintenance of Financial Flexibility. We intend to maintain substantial unused borrowing capacity under our bank credit facility by periodically refinancing our bank debt in the capital markets when conditions are favorable.
Quick Facts
Line of Business: Exploration and production
Ownership: Public
Stock Exchange: NASDAQ
Stock Ticker: TTEN
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3TEC Energy Corp.
777 Walker Street
Two Shell Plaza, Suite 2400
Houston, TX 77002
United States
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