Asset Management for the Oil and Gas Industry
Hathaway LLC employs a strategic approach to managing struggling oil and gas assets for stakeholders. We are skilled at triaging assets through a comprehensive auditing process and providing the services necessary to achieve an optimal resolution for stakeholders if the project warrants it.
With over 18 years working in the oil and gas industry as an operating entity, along with a team of professionals with collectively over 100 years of industry experience, optimizing troubled assets for a variety of different types of stakeholders is nothing new to us. We can assume as little or as much of a role in any distressed asset situation that the stakeholder desires. Our goal is to be perfectly aligned with the stakeholder and always provide them with an honest assessment of the situation.
Oil and Gas Asset: Operations Auditing
Hathaway LLC partners with mineral owners, court-appointed receivers, and other investors who need a quick solution for stranded or distressed oil and gas assets. Our ultimate goal is to stabilize them for the investor’s needs. We audit existing leaseholders to determine why assets are not thriving and, if necessary, work with owners to terminate burdensome leases, develop assets for sale, or provide whatever other services are needed to make the property productive and marketable again.
Past Projects
Target Oil and Gas Assets
After Target Oil & Gas Drilling, Inc.’s SEC seizure in 2016, Hathaway was appointed by the court to take over operations on all of their oil and gas properties. We returned several wells back to production, made operations profitable, restored the company’s damaged credit position, shored up the company’s regulatory position and prepared all the needed material to place the company for sale. We were able to do all of this while working under strict budgetary guidelines. Upon the company’s liquidation in 2019, the court-appointed receiver was able to return a significant amount of money back to the investors after initially facing a complete loss.
Fruitvale
After years of no production and zero activity, a sophisticated group of mineral owners assigned Hathaway their rights to terminate the defaulted oil and gas lease encumbering their property. Hathaway took on the large corporation that was neglecting these assets and, through court action, was able to terminate the oil leases. Hathaway proceeded to drill two new wells, and the mineral owners have received over $300,000 in royalty revenue since 2013 from a property that was previously unprofitable.
Edison
Hathaway worked with two separate mineral and surface owners to terminate defaulted leases, execute a dormant minerals action and complete a significant remediation project within 305 acres in the Edison Oil Field. Hathaway subsequently developed, permitted, tested and set up what is now one of California’s last large steam flood developments. This was a massive win for these mineral owners who now stand to make millions of dollars from future royalty revenue.
Caballero Operations LLC
In May of 2020, Hathaway on-boarded and began operating more than 85 oil and gas wells previously owned by Atlantic Oil Company, including the handling of all regulatory and technical work, accounting, administrative tasks and lease obligations. Leases included more than a dozen oil leases situated in Kern County and a dozen natural gas units situated in Sutter, Grimes and Tehama Counties in Northern California.
Jasmin
In 2006, Hathaway acquired multiple dwindling leases in the Jasmin Oil Field and performed a complete overhaul of the production facility, drilled over 35 wells and increased production from 25 BOPD to a peak of over 600 BOPD in 2016. Since Hathaway’s acquisition, this property has generated over $12,000,000 in royalty revenue for the family that owns the minerals.
Large Non-Operated Interest Owner Consultation
In 2020 Hathaway was contracted to assess a large heavy oil operations asset. Within 30 days the asset was triaged, and multiple recommendations were made to the interest owner. One of the recommendations taken returned 100X over all fees paid to Hathaway.
Contact Information
Chad J. Hathaway, President/CEO
Email: chathaway@hathawayllc.com