KING management:
D. James Fajack, CPA,MBA- Chairman, CEO/CFO
D. James Fajack at Ernst & Young, was responsible for two major oil and gas clients - Standard Oil Company of Ohio (SOHIO) and Ashland Oil Company. In 1969, he was transferred to New York City to manage a new United States client, British Petroleum Company, as it established its U. S. Presence through acquisition of certain marketing and refining assets of Sinclair Oil Company, discovery of North Slope oil and merger with SOHIO.
In 1972, he became Chief Financial Officer of OKC Corp., a New York Stock Exchange conglomerate, which Fajack brought to the NYSE from the NASDAQ, with international exploration, production and domestic refining and trading operations. While with OKC Corp., Mr. Fajack assisted the Chief Executive Officer in the reorganization of the company which enhanced stockholder value by almost 700%.
In 1978, Mr. Fajack became Chief Financial Officer of Buttes Gas & Oil Co., a New York Stock Exchange energy company with international exploration, production and contract drilling operations.
In 1981, Mr. Fajack helped form OKC Limited Partnership (NASDAQ), which in turn created the Master Limited Partnership concept (MLP). MLP’s were the leading edge of capital formation in the petroleum industry from 1981 until the Tax Reform Act of 1985 (over $100 billion).
In 1989, he became involved in real estate development and was responsible for several unique financings including an international debt swap.
At the time of his appointment as an officer of King, he has been doing independent consultant specializing in energy, petrochemicals and real estate, including a $500 million initial public offering for an energy client.
Since 2001, Mr. Fajack has been Chief Operating Officer of the Majorie Firm, Dallas, Texas. This firm specializes in commercial litigation and dispute resolution nationwide.
Mr. Fajack is a CPA. He received his BS Degree with Honors from John Carrol University and an MBA from Case Western Reserve University. In addition to have been officers of, he has also been a Director of several publicly traded companies.
Oil and gas industry clients:
The Standard Oil Company (Ohio)
British Petroleum, Ltd. (London)
Oil and gas industry employers:
OKC Corp. (New York Stock Exchange) – exploration, refining and marketing
Buttes Gas & Oil Corp. (New York Stock Exchange) – exploration and contract drilling
OKC Limited Partnership (NASDAQ and Pacific Stock Exchange) – exploration
Member of the Board of Directors:
Beck Construction Company (American Stock Exchange)
Box Brothers Holding Company – parent of OKC Limited Partnership
(NASDAQ and Pacific Stock Exchange
Parker Automotive Company (NASDAQ)
PROFESSIONAL EXPERIENCE
1995 - Present Managed companies which needed restructuring and drilled oil and gas wells for own account with partners.
1992 - 1995 BASIN INDUSTRIES, INC. (NASDAQ), GULFPORT , MS
President
Managed and liquidated various oil companies during the restructuring of the oil industry.
1981 - 1982 TEXAS ARKANSAS PETROLEUM COMPANY, DALLAS , TX
Founder and President
Responsible for all activities
1976 - 1981 CENTEX OIL & GAS, INC., DALLAS , TX
Founder and President
Responsible for all activities
(Centex name was changed to Cenergy and Listed on the New York Stock Exchange) Centex Oil owned a drilling company, two gas pipeline companies, a coal company and oil & gas reserves in the Gulf of Mexico and onshore. It sold one property to W. R. Grace for $87 MM cash after four years of operations and recovered its building cost. After six years of no serious exploration, it was sold to Conquest Exploration Company, Houston , TX for $105 MM on September 30, 1987. This occurred after approximately $60 MM worth of assets were liquidated just prior to the sale. Sales from 1981 until the company was sold exceeded $300 MM.
Centex owned a coal company which operated in eastern Oklahoma and primarily provided coal for Centex owned cement plants. Norris R. Harris was President of that company.
Centex owned 35% of Mid-America Oil and Gas based in Houston , Texas and later acquired the remaining interest for $63 MM cash. Mid-America owned a drilling company with seven rigs and several gas pipelines. Norris R. Harris was Chairman of Mid-America.
1974 - 1976 BASIN EXPLORATION CORPORATION, OKLAHOMA CITY , OK
Basin Exploration was a subsidiary of Basin Petroleum which was on the American Stock Exchange and which had been formed by Carl Swan.
Co-Founder with Carl Swan and President
Responsible for all exploration activities
Basin Petroleum and its subsidiaries was sold to Reserve Oil & Gas, Inc. for approximately $80MM. Reserve Oil & Gas then sold to Getty Oil.
Basin Exploration participated in several oil and gas discoveries offshore in the Gulf of Mexico during a period of less than one year in a joint venture with T. Boone Picken's MESA Petroleum. Since the company was new and development costs of $80 MM were needed it was necessary to sell the company.
1972 - 1974 PEXCON, DALLAS , TX
Founder and President
Geophysical consultant for Deminex (German Government), Japanese Petroleum Company, Amoco, Conoco, Exxon, Sun and most other major companies. The first large client was MESA .
Pexcon employed over 100 professionals with offices in Houston , Dallas , Denver , London and Germany .
Pexcon started ABright Spot@ program in the Gulf Coast area which led to current activity in direct detection of hydrocarbons from seismic data.
Pexcon technology revolutionized exploration geophysic worldwide.
Pexcon revolutionized the geophysical industry in the United States and overseas to a certain extent working for Deminex (German Government) and Japanese Petroleum. Pexcon started new seismic processing techniques which are still in use today including seismic models. Pexcon formed a joint venture with Seismos which was owned by the German Government and which is still operating in Houston , Texas .
1963 - 1972 MOBIL OIL CORPORATION, NEW YORK , NY
Geophysicist
Exploration assignments in Dallas , Turkey , Austria , Holland , England and Nigeria .
Was instrumental in success of North Sea , Nigeria and Austrian exploration.
Last position was responsible for geophysics for Europe, Africa and Southeast Asia for Mobil Oil Corporation.
Holds patent in Data Processing Techniques assigned to Mobil Oil Corporation.
Norris R. Harris was instrumental in successful exploration programs in Turkey , the North Sea, Nigeria and several other Countries. His input concerning seismic recording, processing and interpretation was sought after throughout the company. His resignation caused a uproar and restructuring of Mobil’s Exploration Group. His credibility was such that within one week of leaving Mobil he had consulting contracts with three major oil companies.
1956 - 1963 MCCOLLUM EXPLORATION COMPANY, HOUSTON , TX
Merged into Ray Geophysical Company.
Started in Data Processing center in Midland , TX
Worked in all seismic position, from computer to party chief in West Texas, New Mexico , Montana , Northern British Columbia and Libya .
Assisted in R & D work on non-dynamite energy sources for seismograph recording.
Was instrumental in success in Libyan exploration.
McCollum was owned by Dr. Burton McCollum who had over 100 patents. He pioneered processing of geophysical data on analog tape systems. He also pioneered non-dynamite energy sources which led to today’s highly successful seismic recording and processing techniques. Harris’ work with McCollum led to the direct detection of hydrocarbons with seismic and most of today’s techniques. With McCollum, Harris worked on experimental thumper crews which led to almost 100% non-dynamite sources which eventually lowered cost and improved results immeasurably. McCollum’s success in Libya led to Norris R. Harris being hired by Mobil.
SUMMARY OF PUBLIC COMPANY ACTIVITIES
BASIN EXPLORATION, INC. (AMEX)
In 1974, Norris R. Harris formed Basin Exploration, Inc., in Oklahoma City , which was a subsidiary of Basin Petroleum and which was on the American Stock Exchange. In the summer of 1976, the company was sold for $40 MM after having invested approximately $3 MM. It had five discoveries in the Gulf of Mexico , all of which are now owned by Texaco.
CENTEX OIL & GAS, INC./CENERGY ( NYSE)
In 1976, Norris R. Harris formed Centex Oil & Gas wholly owned subsidiary of Centex Corp., a company which was engaged in general construction, home building and cement.
On March 31, 1981, Norris R. Harris resigned from Centex Oil & Gas which owned a drilling company, a coal company, two gas gathering systems and an interest in a gas processing plant. During the period from start-up until March 31, 1981, the company had spent approximately $105 MM and had sold one property for $87 MM cash, which means that net expenditures after considering other sales and promotions were approximately zero.
The March 31, 1981, Annual Report of Centex and its subsidiaries, shows that the oil and gas division had earnings that were over $46,587 MM out of a total of $106,375 MM for the company with net earnings after taxes of $34,672 MM, 51% of the profit for the company. Proved reserves remaining on March 31, 1981 were $285,717 MM discounted at 10%. At year end 19 wells were being drilled. This was accomplished in less than five years.
During this time, Centex Oil whose name was changed to Cenergy, was spun off Centex Corp and listed the the New York Stock Exchange with Harris as Chairman & CEO
In 1987 the Company, after selling over $150 MM worth of assets of Cenergy, was merged into another company.
ACCOMPLISHMENTS
Did first multiple coverage and first non-dynamite seismic work in several foreign countries.
Developed air gun velocity system for offshsore, which eliminated rigs waiting on seismic boats because of weather.
Did first broad band and true amplitude recording, which led to the development of direct detection of hydrocarbons in 1969.
Introduced over 50 companies to these techniques during the period from 1972 to 1975. Clients included Exxon, Amoco, Conoco, Deminex Japanese Petroleum, Samedan, Sun, Mesa , Burma , British Petroleum, plus numerous others.
Formed Basin Exploration in 1975, which was on the American Stock Exchange, sold to Reserve Oil and Gas for stock and warrants worth $80 MM in 18 months.
Formed Centex Oil and Gas (later called Cenergy) on New York Stock Exchange. At the end of year four Centex Oil had over $500 MM of reserves and was making approximately $40 MM per year profit. Sold twenty-five percent of one property to Grace for $87 MM cash. Centex owned a drilling company with seven rigs, several gas gathering systems, several gas plants and coal company.
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© 2006 King Resources, Inc.
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