Resolute was founded as a private company in 2004 to acquire and operate large-scale oil and gas properties, with particular focus on oil. Resolute’s broad range of expertise allows it to manage a complex enterprise and to undertake complex transactions. Management’s exceptional track record of financial and operational success, combined with its deep ties to virtually all elements of the oil and gas community, allow Resolute to succeed in this current environment.
Resolute has undertaken significant acquisitions of producing properties and undeveloped acreage that support drilling opportunities. The first two acquisitions, in 2004 and 2006, were its Aneth Field properties, located in the Paradox Basin of southeastern Utah. Resolute's Aneth Field properties consist of working interests in three federal producing units: Aneth, McElmo Creek and Ratherford. With Resolute's acquisition of all three units, the field is under common ownership and management for the first time. Most of Aneth Field lies on Navajo Nation land. The company’s third transaction was its acquisition of the majority of the working interest and operatorship of Hilight Field in the Powder River Basin of northeastern Wyoming.
In the Williston Basin's Bakken trend, Resolute joined GeoResources in a joint venture to explore and develop approximately 61,000 gross acres in Williams County, North Dakota. Later that year, Marathon Oil farmed out 19,000 gross acres in Mackenzie county to the company. As of June 30, 2013 Resolute had approximately 28,400 net acres, 67 gross (16.0 net) wells, and was producing approximately 957 Boe per day from the Bakken trend.
In the Permian Basin, Resolute acquired producing properties and undeveloped acreage in three private transactions. As of June 30, 2013, Resolute had drilled 40 gross (28.2 net) wells and was producing approximately 4,420 barrels of oil equivalent per day in the Permian Basin.
In addition, Resolute owns 74,000 net acres in the Big Horn Basin, in which its primary focus is the Mowry oil shale.
Resolute At a Glance
(as of Jun. 30, 2013 unless stated otherwise)
MMBoe of proved reserves at the end
Average net daily production in Boe:
Percent of Resolute production that is oil:
Percent of production operated by Resolute: