Leor Energy
Leor Energy is a Houston-based natural gas exploration company focused primarily on unconventional gas in North America. In November 2007, Leor sold its Deep Bossier natural gas and land interests (including its 50% stake in the Amoruso Field) to a subsidiary of EnCana Corporation for $2.55 billion. This was Leor's first exploration program in the Deep Bossier during which time, in 24 months, production from the Amoruso Field grew from zero to more than 240 million gross cubic feet per day.
Thomas Kaplan and Guma Aguiar founded Leor in 2003.
In 2003, Leor entered into a joint venture with Legends Exploration to pursue North American oil and gas exploration including the Deep Bossier in Robertson County, Texas. Over the following two years, managed by Pettigrew & Pettigrew Land Services, a land management outsourcing firm in The Woodlands, Texas, and the brokerage firm Genesis Land & Mineral Resources led by Donald E. Huebner, Leor entered into leases covering approximately 38,000 acres (150 km2) gross in Robertson County. In July 2005, Leor and a U.S. subsidiary of EnCana Corporation entered into an agreement to explore and develop Leor's Amoruso Prospect in Robertson County, Texas pursuant to an arrangement that provided EnCana with a working interest in Leor's land by drilling and completing a certain number of wells at EnCana’s cost.
Subsequent to the closing of the EnCana JV, Leor embarked on a capital-raising program to fund future operations. In November 2005, Leor closed a $30.0 million senior secured note financing with a multi-strategy hedge fund. In January 2006, Leor closed a $45.0 million private placement of equity securities with Goldman Sachs & Co.
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