Proteus acquires and redevelops oil and gas properties with relatively low current production and significant undeveloped reserves. We can either acquire these undervalued assets or operate them on a joint venture (“farm-in”) basis with their current owners. We favor infill and step-out drilling opportunities, and do not generally take pure exploration risk. We focus on projects requiring substantial capital investment, such as steam floods and other thermal recovery projects, water floods and other secondary and tertiary redevelopment projects.
We believe that we offer our shareholders a number of advantages:
- Experienced industry management and technical teams with successful track records at leading oil and gas companies such as ChevronTexaco, Exxon Mobil, Unocal, PXP, Entergy, and BNP Paribas;
- Primary focus on the California and Western U.S. market, an overlooked niche in the U.S. upstream oil and gas market that holds substantial potential for significant investment returns;
- One California field, 100% owned and operated, with the potential of developing 3MM+ barrels of oil reserves;
- One minority investment in a California thermal recovery project with over 10MM barrels of heavy oil reserves, which provides substantial cash flow;
Several additional acquisitions in advanced stages of negotiation and due diligence targeted for close in 2010/2011;
- Application of proven technology to existing, operating oil producing properties, to result in lower energy costs, increase rate of production, and higher overall level of recoverable reserves;
- In excess of 85% of invested capital goes to acquisition of income generating property and capital expenditures to enhance the value of our properties; and
Return protection in event of under-performance.