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.
October 8, 2013
We have had a busy summer at Termo! As we enter fall, we have had some successes and are preparing ourselves for increased activity in 2014. Some recent highlights:
In our home state we just finished drilling the Wiggins #1 well in Fresno County on our Nebraska Avenue Project. This is the first exploratory well Termo has operated in a number of years in California. The evaluation by electric logs was positive and while drilling we encountered some good oil and gas shows. We will be making a completion attempt in the next week or so. If the well is successful, we could be starting a development program early next year.
Our North Aliso Canyon Project permit package has been submitted to Los Angeles County Dept. of Planning and we are working with them to achieve approval for the project as designed. This will allow up to 12 wells on three pads.
In Colorado, we joined Noble Energy in the drilling of two horizontal wells in Weld County. Our interest is about 10% in each well. The wells have been drilled and frac'd. We are waiting on flow test information, but are optimistic. Noble is one of the premier operators in the area and appears to have mastered horizontal drilling in the Denver Basin.
We are participating with Axia Energy of Denver in Moffat County in a horizontal well to test the Niobrara formation. We are a partnered with Axia in about 15,000 acres, so good results with the current well will be positive for Termo.
We are moving forward at an active pace in Louisiana. The recently drilled St. Martin Land Company #26 well continues to produce at 150 barrels per day. The #27 was producing about 15 Barrels per day and is being stimulated in an attempt to enhance production. If this effort fails, we will move up hole and test some additional intervals that appear productive. Also, in the Section 28 field, we are joining Houston Energy as to a 30% interest in drilling a step out well on the edge of the field.
We are committed to participate in several other exploratory projects in South Louisiana. These projects are in Cameron, Allen, and Acadia Parishes. These will be drilled at or before year end. We had a failure in the recently drilled Ezra Brooks Prospect in Saint James Parish.
Moving to Wyoming we are committed to drill and operate the Rogers Mountain Prospect in Fremont County. This is a true "wild cat" and we are pushing to drill before severe winter weather hits the area. Unfortunately, at this time permitting is stopped as a result of the Federal Government shutdown.
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.