Since 2001, Plantation Petroleum companies have built an exceptional record of success. Chairman and CEO Thomas C. Meneley has shepherded six entities through the strategic development of targeted high-value assets. In that time, EnCap Investments L.P. and Liberty Energy, LLC have provided consistent private equity backing. The most recent entity, Plantation Petroleum Company, LLC was chartered in 2012 alongside its subsidiary, PPC Operating Company LLC.
Plantation Petroleum Corp.
Mr. Meneley acquired Plantation Petroleum Corp. in August of 2001 with the intent to use it as a platform from which to build. The company held a small working interest position in a handful of wells and eventually became the springboard from which subsequent LLC entities were launched.
Plantation Petroleum Holdings, LLC
Plantation Petroleum Holdings, LLC (PPH) was formed in early 2002 with support from Plantation Petroleum Ventures, LLC; EnCap Investments L.P.; and Liberty Energy Holdings, LLC. A syndicated bank group comprised of Bank of Texas, N.A., Comerica Bank and Union Bank of California supplied debt financing.
PPH acquired Maynard Oil Company of Dallas, Texas, in July of 2002, taking the previously public company private at closing. PPH operated under the Maynard Oil Company name until the entity was sold to Forest Oil Corp. of Denver, Colorado, in December 2003.
Plantation Petroleum Holdings II, LLC
Plantation Petroleum Holdings II, LLC (PPH II) was formed in November 2003. For the second time, EnCap Investments L.P., Liberty Energy Holdings, LLC and Plantation Petroleum Ventures II, LLC provided equity capital.
In November 2003, PPH II closed on the acquisition of Zia Energy, Inc., a family owned company in Hobbs, New Mexico, with financing from Bank of Texas, N.A. The Zia Energy assets were sold in 2005 to Range Resources Corp. through the advisory services of Petrie Parkman & Co.
Plantation Petroleum Holdings III, LLC
In June 2005, EnCap Investments L.P. and Liberty Energy Holdings, LLC once again joined Plantation Petroleum Ventures III, LLC, to form Plantation Petroleum Holdings III, LLC (PPH III).
In its first quarter, PPH III evaluated a drilling development project in Gaines County, Texas, which began operating in the fall of 2005. Additionally, the company continued work on a two-year project to acquire a set of assets, mostly located in Southeast New Mexico, from an independent operator based in Midland, Texas. PPH III completed the acquisition in December 2005, and the newly formed Plantation Operating, LLC (PO) took over operations, successfully implementing a drilling and production enhancement program.
Along with PO, PPH III drilled and completed 28 wells in the Permian Basin of West Texas and Southeast New Mexico over two years, establishing a large inventory of drilling locations. In October 2007, working with Simmons & Co. and Griffis & Associates, PPH III sold all of its proved producing resources and associated leasehold interests to EV Energy Partners, LP, a newly formed MLP of Enervest Energy Partners, LLC, for $160 million.
Plantation Petroleum Holdings IV, LLC
Plantation Petroleum Holdings IV, LLC (PPH IV) was chartered in November 2007, with equity provided by Plantation Petroleum Ventures IV, LLC, and longstanding partners EnCap Investments L.P. and Liberty Energy Holdings, LLC.
In May 2009, PPH IV acquired assets on the Eastern Shelf in the Permian Basin consisting of more than 200 active wellbores producing about 1,800 barrels of oil equivalent per day (BOED). These assets were in addition to Permian assets in Southeast New Mexico and a large acreage position in the Texas Panhandle, each with significant leasehold containing a number of drilling prospects. PPH IV also drilled and operated six deep-pressured Cotton Valley wells in Bienville Parish, Louisiana.
Using its expertise to realize value through operational economies of scale, recompletions in existing wells, secondary recovery efforts and horizontal drilling, PPH IV was more diversified than any of the previous PPC entities. PPH IV’s properties were sold to Merit Energy in November 2011 for $326.3 million.
Plantation Petroleum Company LLC
Plantation Petroleum Company LLC (PPC) is an upstream oil and gas company that remains focused on creating value by acquiring and developing assets in the Permian Basin in Texas and New Mexico. It was formed in December 2011, along with PPC Operating Company LLC, which is wholly owned by PPC, with investments from EnCap Investments L.P. Liberty Energy Holdings LLC, and management.
Along with producing assets acquired in 2012 from Bright & Co. and BC Operating in March and December, respectively, PPC is continuing shale acreage development projects in the Permian Basin of Texas and New Mexico.