RMR currently maintains an ownership interest in 52 gross wells (33.4 net), including approximately 39 gross operated wells (31.3 net) and 13 gross non-operated wells (2.1 net) with 112 gross (98.1 net) potential drilling locations. RMR owns 9,686 gross acres (5,512 net) comprised of 5,091 gross acres (4,125 net) in the Permian Basin of West Texas and Southeast New Mexico, and 4,595 gross acres (1,387 net) in the onshore Gulf Coast of South Texas. As of May 31, 2011 our proved reserves totaled approximately 1.368 MMBOE (62% Liquids), with a total proved PV10 value of approximately $35.31 million. As of May 31, 2011 our probable reserves totaled 2.321 MMBOE (81% Liquids), with a total probable PV10 value of approximately $43.92 million. As of May 31, 2011, our 2P reserves total 3.689 MMBOE (74% Liquids), with a total 2P PV10 value of approximately $79.23.
RMR has developed the following strategy aimed at the ultimate goal of increasing shareholder value.
- Maintain operational control over our asset base
- Evaluate existing properties and enhance production by developing additional productive horizons
- Achieve consistent reserve growth through the exploitation of our drilling inventory and recompletion opportunities
- Pursue a disciplined acquisition strategy that complements our management and consulting team and our existing portfolio
- Maintain a management and operational team with advanced exploration and development knowledge
- Maintain a high degree of safety and environmental standards that exceed applicable industry requirements
We have a goal-oriented approach that allows RMR to systematically execute our strategy.
ALAN W. BARKSDALE
Chief Executive Officer
Alan Barksdale has been Red Mountain Resources' President, Chief Executive Officer and a director since June 2011 and served as our Interim Acting Chief Financial Officer from June 2011 to August 2011. Mr. Barksdale has also served as President of Black Rock since its inception. Mr. Barksdale has also been the owner and president of the StoneStreet Group ("StoneStreet") since 2008. Mr. Barksdale formed StoneStreet to provide advisory and management services and pursue merchant banking activities. At StoneStreet, Mr. Barksdale oversees the firm's capital investments, manages its subsidiaries and serves as the senior advisor to StoneStreet's clients. Through its wholly owned subsidiaries, StoneStreet owns and operates upstream and midstream oil and gas assets, a portfolio of real estate and various investments in oilfield service companies. From January 2007 to April 2010, Mr. Barksdale served as a Director in the Capital Markets Group of Crews & Associates, an investment banking firm, and served as senior banker for approximately 115 transactions. From August 2006 to October 2006, Mr. Barksdale served as an investment banker at Stephens Inc., an investment banking firm. From 2002 to August 2006, Mr. Barksdale was an investment banker at Crews & Associates. Mr. Barksdale graduated from the University of Arkansas at Little Rock in 2001 where he received a Bachelor of Business Administration with an emphasis in Finance. He is registered with FINRA, MSRB, PSA and various state securities departments throughout the US. Mr. Barksdale also holds Series 7 and Series 63 licenses.
TOMMY W. FOLSOM
Executive Vice President, Director of Exploration & Production
Tommy W. Folsom has been Red Mountain Resources' Executive Vice President and Director of Exploration and Production since September 2011. Mr. Folsom is the founder of Enerstar Resources O & G, LLC, an oil company involved in the drilling, re-completion, re-entry and acquisition of properties and leases in the United States, and has served as its President since its formation in 1994. From 1996 to August 2011, Mr. Folsom served as the Operations Manager of Murchison Oil and Gas, Inc., a privately-held independent oil and gas company engaged in the acquisition, development and production of oil and gas resources in the United States. In 1990, Mr. Folsom was a partner in the formation of Vision Energy, Inc., an oil and gas company, and served as its Vice President of Operations until 1994. From 1976 to 1990, Mr. Folsom served as an Area Supervisor for Santa Fe Energy, Inc. in Carlsbad, New Mexico.
HILDA D. KOUVELIS
Chief Accounting Officer
Hilda D. Kouvelis has more than 25 years of industry accounting and finance experience. From January 2005 until June 2011, she was employed with Transatlantic Petroleum Ltd., a vertically integrated, international oil and gas company engaged in the acquisition, exploration, development and production of crude oil and natural gas, serving as its chief financial officer from January 2007 until April 2011 and as its vice president from May 2007 to April 2011. She also served as its controller from 2005 to January 2007. Since leaving Transatlantic Petroleum in June 2011, she has been a private consultant advising on accounting matters and acquisitions. From November 2007 to May 2008, Ms. Kouvelis served as chief financial officer of Sky Petroleum Inc., a company that makes direct property acquisitions and/or funds exploration or development of oil and natural gas properties for others, and Southern Star Energy Inc., an exploration stage company engaged in the acquisition, exploration and exploitation of prospective oil and gas properties. From 2001 to 2004, Ms. Kouvelis served as controller for Ascent Energy, Inc., an oil and natural gas exploration and development company. From 1998 to 2000, Ms. Kouvelis served as controller for International Operations at PetroFina S.A.'s headquarters in Brussels, Belgium. Ms. Kouvelis began her career with FINA, Inc. where she held various positions in accounting and finance, including controller and treasurer. Ms. Kouvelis received a B.B.A. in accounting from Angelo State University and an M.B.A. from the University of Dallas. Ms. Kouvelis is a licensed Certified Public Accountant.
JOHN T. HANLEY
Executive Vice President, Director of Finance
John T. Hanley has been Red Mountain Resources' Executive Vice President and Director of Finance since August 2011. Mr. Hanley has 37 years of experience in the oil and gas industry. Prior to joining RMR, Mr. Hanley served as Controller for Coastal Energy Company, an international oil and gas exploration and production company located in Houston, Texas with assets in Thailand, from June 2009 to August 2011. While at Coastal Energy, Mr. Hanley directed the successful implementation of IDEAS Accounting System in the Houston and Bangkok offices, as well as working with the company's management and auditors to help implement new internal controls and procedures necessary for it to meet Toronto Stock Exchange requirements (which Coastal Energy is now listed on). From February 2009 to May 2009, Mr. Hanley was a Senior Tax Accountant at Carl Pearce CPA, PC, an accounting firm. From July 2008 to January 2009, Mr. Hanley was President of Six Cleats Energy, LLC, a company he founded that provided small oil and gas companies with outsourcing for their back office services, as well as other related services. From August 2001 to June 2008, Mr. Hanley was the Chief Financial Officer of Arcturus Corporation, a company specializing in the exploration, development and production of crude oil and natural gas. Prior to this, Mr. Hanley held significant accounting positions, including Controller or Chief Financial Officer, of numerous companies, including Phillips Petroleum Company, Aminoil USA, Inc. and Triton Energy Company. Mr. Hanley is a CPA and received a B.B.A. from the University of Oklahoma and an M.B.A. from the University of Central Oklahoma.
Vice President, Geologist, Director of Business Development
Jack Bradley is a geologist for Red Mountain Resources and also serves as a Vice President and RMR's Director of Business Development. Mr. Bradley has nearly a decade of experience in petroleum geology and oil and gas property value assessment. He previously served as a Geologist and Director of Business Development for StoneStreet Group, Inc. At StoneStreet Mr. Bradley evaluated numerous oil and gas opportunities throughout the country, ultimately making acquisition recommendations to company management. Mr. Bradley recommended and ultimately assisted in the acquisition process of the Wilcox property in South Texas and the Pawnee and Madera prospects in Southeast New Mexico, all of which are currently operated by RMR. Prior to joining StoneStreet, Mr. Bradley served as a GeoTech and Geologist for R.K. Ford & Associates and Sebring Exploration in Midland, Texas. Mr. Bradley has extensive geographical experience in the Permian Basin, Val Verde Basin, and in South Texas. Mr. Bradley earned his Geology degree from Sul Ross State University and is a member of the American Association of Petroleum Geologists and the West Texas Geological Society.