80 Years of Challenges - One Solid Company
May 23, 2013
A lot has changed in the past 80 years. Except for our spirit.
In 1933, the average cost of a new home was $5,750. A gallon of gas cost 10 cents. Prohibition was repealed. Standard Oil of California was granted a concession to explore for oil in Saudi Arabia.
And The Termo Company was founded by EE Combs and Roscoe Oakes.
It was the midst of the Great Depression. Starting a company was a huge risk. But EE's pioneering spirit wouldn't let him give up on his dream. It's that same entrepreneurial spirit that has kept us in business for 80 years, through the ups, downs, adventures, gambles and successes.
The following is excerpted from The Termo Company – History and Highlights by Eldredge Combs, 1979:
“It all started with the discovery of oil on Signal Hill in 1921. E.E. COMBS, a resident of Long Beach, had recently sold his newspaper distributorship and was looking for new business ventures. The discovery intrigued him. Although he possessed no knowledge of any phase of the oil business, he was astute enough to feel that the entire Signal Hill structure could be productive.
There was a frenzy of town-lot leasing taking place but, with considerable legwork, he located three lots about one mile from the discovery well. With no hesitation he mortgaged his home and purchased the lots. These lots were under lease but he managed to obtain one of the lots for development. To finance, the drilling percent’s were sold to various friends.
With more confidence than was justified, he began drilling with pickup crews and without a superintendent. Haphazard drilling to a depth of 4000 feet took six months and necessitated the selling of many more percent’s. The well was eventually completed for 5000 barrels daily and a new independent operator was born. From then on he was affectionately known as "E.E." or "Ernie" in the always, informal oil fraternity."
Exploration and Project Updates
March 20, 2013
Termo is excited to be a working interest partner in the Houston Energy (HE) Clearwater Bayou Prospect, Vermillion Parish, Louisiana. HE is currently testing the discovery well in the East White Lake Field with flowing gas from several sands. Current flow rates and total net pay suggest a very promising project.
In St. Martin Parish, Termo recently completed the LUCA #1 / SMLC #26 well and will complete two additional wells drilled by LUCA in an exploration partnership between Termo, Penta and LUCA that comprised the Bull Moose Prospect. Results to this point indicate a very successful project.
In Los Angeles County, California, Termo is submitting a permit for up to twelve wells in, and adjacent to, a currently operated field. Permits have been recently acquired for wells in Fresno County, California that the company expects to drill in 2013.
Currently the company is participating in the drilling or completion of ten wells from the Bakken to the Eagleford, Colorado to Louisiana.
Termo at NAPE 2013 in Houston
February 3, 2013
Termo will have a booth, and several prospects available for review for qualified entities, at this years Winter NAPE in Houston. You may find us at booth #1529. We look forward to seeing new partners and old friends.
Wishing You a Happy Holiday and a Prosperous New Year
December 21, 2012
As we reflect back on the year, Termo has had some great business ventures and much to be thankful for this past year. We have had some very successful operated and non-operated drilling projects in Louisiana and California. We’ve embraced opportunities for institutional growth and continued learning.
The year ahead poses some interesting challenges and opportunities. Entering our 80thyear of business, we expect to drill several more wells in Louisiana and California, and find the right opportunity to grow our Wyoming operations. We will be challenged by permitting issues, opposition to hydraulic fracturing, rising service costs, and an uncertain economic climate. Navigating these and other challenges successfully will provide us with great rewards and it is with thanks to our team members, shareholders, vendors, and neighbors that we will prosper.
Happy Holidays from The Termo Company!
Completion and Production Updates
November 14, 2012
It has been an exciting autumn season for Termo with several new completions and production enhancements occurring.
In Louisiana operations, Termo has completed the St. Martin #26 well in partnership with Luca International Group and Penta Resources. The #26 is the first of three wells in the Bull Moose Prospect originally proposed by Penta. The well is currently averaging 144 BOPD. Plans are underway to drill the second well. In Wyoming, results show well optimization and production enhancements have increased production by over 50% in the Joe Creek Field. Likewise in California, re-completions and production optimization have significantly increased production in the Aliso Canyon and Oat Mountain fields in LA County. Termo’s Roosa #4 well is currently producing 130 BOPD. In late summer Termo drilled and has now recently completed the Sence #41 and #43 wells in Ventura County. The wells flow tested about 20 BOPD prior to any stimulation. Termo is currently working with IPT to design a stimulation program and we expect to see a modest increase in production as a result.