(Houston, TX – January 2, 2020)
Mark L. Shidler, Inc. is pleased to announce that effective, January 1, 2020, it has assumed day-to-day management responsibilities of Plains Production, Inc. Founded in 2001, by a group of 9 like-minded energy professionals, Plains Production, Inc. has built up a quality portfolio of non-operated oil and gas interests in 16 states.
Plains Production, Inc. was founded by energy professionals with complementary skill sets with the idea of pooling their resources to make the acquisition of oil and gas interests more efficient by keeping administrative expenses low. The company originally focused on acquiring legacy wells and units in mature basins, but over the past 10 years has also participated in the various unconventional/shale basins of the United States.
In October 2019, after amicable deliberation, 3 of the remaining 7 founding shareholders decided to depart the company after 18 successful years. As of 2020, there will be 4 remaining principals. The main office for Plains Production, Inc. will relocate to Houston from Oklahoma City.
Mark L. Shidler, President of Mark L. Shidler, Inc. and Chairman of Plains Production, Inc. commented “what a ride it’s been over the past 18 years, the shareholders have become great friends with everyone doing their part to further the success of Plains. I would like to thank the 3 departing shareholders for their tireless service to the management of the company. I look forward to continuing to work with them on other ventures over the coming years.”
As of January 2, 2020, the Board of Directors is comprised of Mark L. Shidler - Chairman, Ward N. Adkins, Jr., John E. Donnellan, and H. Baker Young. In addition, Jeffrey H. Shidler and Andrew M. Shidler will serve as Vice Presidents.
About Plains Production, Inc. Founded in 2001, by a group of 9 like-minded energy professionals, Plains Production, Inc. has built up a quality portfolio of oil and gas interests in 16 states. Plains Production, Inc. primarily acquires legacy non-operated oil and gas assets with reasonable decline rates that are at least 75 percent proved developed producing. The overall goal being to build a portfolio of properties that will provide consistent cash flow, stable returns, and provide growth opportunities through drilling participation.
About Mark L. Shidler, Inc. Founded in 1978, Mark L. Shidler, Inc. is a privately held oil and gas exploration and production company based in Houston, Texas. The company has grown to include operations in five states. The company's primary corporate objectives are the acquisition, management, and optimization of long life proved developed producing oil and gas reserves. For more information, contact Mark L. Shidler, Inc. at 713-222-9291 or visit www.marklshidlerinc.com.