2014 - Year in Review and Highlights
January 15, 2015
Termo wrapped up a busy and productive 2014 with our ongoing focus on both development and exploratory drilling bringing several successes and some dry holes. We were able to implement $25 million of a budgeted $30 million capital budget. Some operations highlights include the purchase of a majority interest in two newly drilled and successfully completed wells in our Section 28 Field in Louisiana; the drilling and completion of the Gauthier #1 well, also in the Section 28 Field; drilling two successful wells in Fresno County, California; and ongoing community outreach in Los Angeles County in support of Termo’s North Aliso Canyon Project. Termo also drilled four dry holes – two in California, one in Wyoming and one in Louisiana.
On the non-operated side, our participation in multiple Bakken wells in North Dakota and Montana continues unabated. We also experienced some success (but with significant upside potential) in Texas. The company is also very excited about its participation with Chevron in Lea County, New Mexico and with Houston Energy in south Louisiana.
The Company completed multiple infrastructure and facilities upgrades and as well as implemented additional environmental protections on its leases in California and added an additional staff member to its regulatory team. The year ended with no lost-time incidents, affirming the Company’s and the Termo Team’s commitment to ensuring a safe and secure workplace as we close in on a million hours of no lost time for our California operations.
North Aliso Canyon Project Update
November 3, 2014
Termo is continuing its collaboration and work with the Los Angeles Department of Regional Planning on our proposed twelve well expansion of our existing Aliso Canyon operations (eighteen wells) in northern Los Angeles County. At this time, the County is beginning to draft the Initial Study as part of the CEQA process.
The Project website has been updated and contains a wealth of information. Those interested are encouraged to find out more at www.northalisoproject.com
Termo has been actively engaged in meeting with community stakeholders and as a result of these discussion and the ideas generated, we made several changes to the Project Description. To date, Termo has spent $330,000 on permit related studies and engineering.
Celebrating our Independence
July 4, 2014
Termo wishes everyone a Happy Independence Day! We are proud to work with our partners in the pursuit of Energy Independence for the United States by exploring for and producing our domestic oil and natural gas resources. We will doggedly pursue this path forward as we seek a more economically sustainable and energy independent America.
Visit Termo at NAPE 2014
January 31, 2014
See us at the annual Winter NAPE next week in Houston - Booth 4559. We look forward to catching up with partners and friends.
Termo and our Industry Loses a Longtime Friend, Harry Ptasynski
December 23, 2013
On December 19th Termo lost a longtime friend and partner, Harry Ptasynski of Casper, Wyoming. Harry was a world class geologist, having entered the business after graduating from Stanford in 1950. Harry loved geology and the oil business, and often remarked that he felt he never worked a day in his life after leaving school - it was that much fun! He was a respected member of many geological and producers’ associations, an active officer of the Independent Petroleum Association of America and a much admired member of the US independent oil and gas industry.
Harry was a partner in most of Termo’s projects of the last 25 years. He would support our project analysis with his own geological work and he was not shy about expressing his interpretations. His desire was to help us better understand the various properties in ways that could lead to developing increased production.
We met Harry about 30 years ago when Termo drilled an exploratory well in North Los Angeles County. This was the North Placerita Prospect as developed by Henry Walrond (another great geologist) from Bakersfield. Henry brought Harry to the project as a partner for us. The noncommercial well encountered a series of problems. A second well was drilled, which was a dry hole. Through all these issues Harry was always supportive and stood with us without complaint. Following this difficult start, Harry was convinced of our integrity and desire to succeed with our projects. He expressed interest in joining in our acquisitions and we started acquiring properties from some of the majors and he willing joined in, typically taking about 5% of each acquisition. While not a huge percentage, his geologic support and reviews made him an invaluable partner.
In a recent letter to Termo, Harry shared some of his thoughts about being involved with us over the years: “…in my 60 years of being in the oil business, I have never enjoyed a relationship with any partner as much as I have the one with you and Termo over the past more than 20 years.” Harry really had a lot of fun working with Termo and we really enjoyed his friendship. He was a true gentleman and we will miss him dearly.