Drilling & Fracturing
The introduction of new technology in recent years has led to rapid growth of the daily oil production in the Bakken.
The application of both horizontal drilling and fracturing has increased the productivity of wells and made the wells much more efficient.
Horizontal drilling is useful in reaching targets and stimulating reservoirs in ways that cannot be achieved with vertical wells. A rock unit that is only 50 feet thick is limited to a pay zone that is 50 feet in length with a vertical well. Horizontal drilling can expand the previously limited pay zone by thousands of feet. Also, horizontal drills can deliberately intersect fractures. The productivity of these wells can be increased tremendously with the use of horizontal drills.
Hydraulic fracturing is a technique that can increase the flow of oil or gas from a well. The procedure is done by pumping high quantities of liquid down a well and into the reservoir rock at a high pressure to fracture the rock. The technique creates a network of interconnected fractures that allow more oil to flow through the rock. At a Glance:
Stephen P. Funk , Chief Executive Officer
Stephen P. Funk brings over 25 years of experience in finance to Stratex. Mr. Funk is the founder of Alta Investments LLC, a specialized investment banking consultant. Mr. Funk has consulted on numerous mergers, acquisitions and strategic alliances. Mr. Funk raised over $90 mm of equity in a portfolio of small-cap high growth companies. Prior to Alta, Mr. Funk was a Vice President at Windham Associates. Mr. Funk identified possible companies to be acquired by the NYSE and closed 26 acquisitions. Before joining Windham, Mr. Funk worked at Merrill Lynch as a Vice President in Business Financial Services. At Merrill Lynch, Mr. Funk completed over 20 mergers and acquisitions and built a $160mm investment portfolio along with a $100mm commercial loan portfolio. Mr. Funk graduated from Marist College in 1984 with a B.S. in Business Administration, Finance.
Timothy Kelly, President & COO
Tim Kelly brings over 20 years experience in the securities industry. Mr. Kelly founded Lynden Capital Management, a equity and venture management company, in 2002. While at Lynden Capital, Mr. Kelly invested in dozens of public and private companies. Mr. Kelly also advised on strategic acquisitions as well as debt and equity financings. Prior to Lynden, Mr. Kelly worked at Credit Suisse as a Senior Vice President in equity sales. Before joining Credit Suisse, Mr. Kelly worked at Hambrecht & Quist, which then merged with JP Morgan Chase in equity sales. Mr. Kelly began his career at New England Securities in equity sales. Tim Kelly graduated from Providence College in 1990 with a B.S. in Business Administration, Marketing.
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