Verdun Oil Company

Verdun Oil Company is a privately held oil & gas company based in Houston, Texas focused on acquiring, developing, and producing assets in the Eagle Ford shale and Austin Chalk trends in South Texas. Verdun was formed in 2015 with equity commitments from management and EnCap Investments.  The Company has grown through a series of acquisitions and a successful continuous development program to be one of the largest privately held companies operating in South Texas in terms of asset size and hydrocarbon production.

Vision:

To be the standard against which other E&P companies are measured in terms of operational efficiency, creativity, decision making, corporate responsibility, and profitability.

Mission:

Verdun’s Mission is to bring together a top-tier group of motivated employees focused on identifying, acquiring, and optimizing the recovery of oil and gas reserves at an industry-best cost basis while maximizing the benefits to our employees, landowners, and the communities where we operate.

Business Philosophy & Values

Create Alignment at All Levels
A rising tide lifts all boats: company, employee, landowner, vendor, and community.

Optimal Efficiency; Move Fast and in the Right Direction
Best-in-class performance requires both urgency and good decision making.

Work Hard & Have Fun
A successful, sustainable business cannot survive the test of time without both.

There is always a better way
Continuous improvement is not only possible, but necessary.

December 2015
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December 2015

Verdun Oil Company was founded in December 2015 to acquire and operate historically undercapitalized oil & gas assets in cost-advantaged plays with proximity to end markets and energy-friendly regulatory environments

2016
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2016

Acquired Eagle Ford producing assets consisting of over 11,000 net acres and 2,000 BOEPD in Live Oak, Dimmit & La Salle Counties

Completed first 2 Eagle Ford wells at ~2,400 BOEPD each

2017
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2017

Acquired entry position in the Giddings field with Austin Chalk leases held-by-production (“HBP”)

Acquired Eagle Ford producing assets consisting of 2,700 net acres and 1,250 net BOEPD in Live Oak County

Acquired Eagle Ford producing assets consisting of 1,900 net acres and 600 net BOEPD in Gonzales & DeWitt Counties

2018
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2018

Acquired 2,210 net acres (81% NRI) of non-producing leasehold located in the oil window of McMullen County

Acquired Eagle Ford producing assets consisting of 5,460 net acres and 850 net BOEPD located in Karnes and Live Oak Counties

Completed the first full liner isolation refrac ever performed in the Eagle Ford (April 2018)

2019
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2019

Eclipsed 20,000 net BOEPD milestone in early 2019

Acquire Eagle Ford producing assets consisting of 11,200 net acres and 700 net BOEPD in La Salle & McMullen Counties

Launched distribution to equity program financed by company free cash flow

2020
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2020

Implemented COVID-19, price-driven production shut-in; no new-well development through the remainder of the year

Acquired Protégé Energy III’s Eagle Ford assets located in Dimmitt and Atascosa Counties with 12,000 net BOEPD of production across 24,600 net acres

2021-2022
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2021-2022

Eclipsed 50,000 net BOEPD milestone in early 2021

Acquired Eagle Ford property consisting of 4,853 net acres in McMullen and Live Oak Counties

Acquired EP Energy, with assets located primarily in LaSalle County, TX producing 22,000 BOEPD from over 950 operated wells across 110,000 net acres

Formed compression business unit to acquire and manage over 87,000 HP of compression and servicing >50% of Verdun’s total utilization

Acquired additional Eagle Ford assets in Dimmit, La Salle & McMullen Counties

Completed 50th refrac in December 2022

2023-Present
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2023-Present

Curtailed dry gas production in response to NYMEX Henry Hub price weakness

Eclipsed 80,000 net BOEPD milestone in 1Q23

Completed 75th refrac in November 2023

Acquired Eagle Ford properties in La Salle County including over 34,000 net acres, 193 producing wells, and 8,500 BOEPD

Verdun Production History

Verdun Oil Company operates under three legal entities: Verdun Oil & Gas LLC, Protégé Energy III LLC, and EP Energy E&P Company, LLC

Leadership Team

Tim Nein - President & CEO

Tim Nein is the President and CEO of Verdun Oil Company and has 24 years of experience in the oil and gas industry.  Prior to forming Verdun, Mr. Nein was employed by Hilcorp Energy Company and served as the Area Manager (ATL) for the Northeast U.S. Region and was responsible for developing the Utica Shale with a gross operated budget of over $300 million for both 2014 and 2015.   Prior to that, Mr. Nein was the Director of Hilcorp’s New Ventures group and was responsible for the evaluation and entry recommendations for resource plays across the Lower 48 and Canada, highlighted by the company’s 2009 entry into the Eagle Ford Shale and 2011 exit via divestment to Marathon Oil Company for $3.5 billion.   Mr. Nein started his career as a Production and Reservoir Engineer in Midland, TX and spent over six years working the various sub-basins of the Permian Basin for Texaco and Conoco followed by three years in the Gulf of Mexico working as Reserves Manager / Engineer for Bois d’Arc Energy.  Mr. Nein received a BS in Chemical Engineering from the University of Wyoming and a Master of Business Administration from the University of Texas-PB.

Daniel Savitz - Chief Financial Officer

Daniel Savitz is the Chief Financial Officer of Verdun Oil Company and has 22 years of experience in the finance and oil & gas industries.  Prior to forming Verdun, Mr. Savitz was Chief Financial Officer of Elite Compression Services, a privately-held provider of contract natural gas compression services.  Prior to Elite, he was employed by Hilcorp Energy Company in a variety of roles covering capital markets, budgeting, risk management, acquisitions & divestitures and other related responsibilities.  Before joining Hilcorp Mr. Savitz worked at Goldman, Sachs & Co. in the E&P Capital group, executing principal investments across the capital structure in upstream and midstream energy companies, after beginning his career as an investment banking analyst with RBC Capital Markets.  Mr. Savitz is a licensed CPA in the state of Texas and has a Bachelor of Business Administration and a Master in Professional Accounting from the University of Texas at Austin.

Jason LaGrega – Executive Vice President of Drilling and Completions

Jason LaGrega is the Chief Operating Officer of Verdun Oil Company and has 25 years of experience in the oil and gas industry. Prior to forming Verdun, Mr. LaGrega was employed by EOG Resources Inc and served as the Drilling Manager in the San Antonio Eagle Ford region where he drilled in excess of 2,000 wells and helped pioneer new drilling techniques which have become industry standard practice today. In addition to his extensive experience in the Eagle Ford Shale, he spent five years in the Permian Basin as part of EOG’s Midland Division. During his tenure in the Midland Division, Mr. LaGrega drilled a wide variety of wells including deep, HPHT gas wells, multi-laterals in the Devonian Chert, vertical wells in Midland Basin’s Sprayberry and Wolfcamp trend, and also cased-hole horizontals targeting the Delaware Basin’s many unconventional reservoirs.  Mr. LaGrega started his career as a Production and Completion Engineer in Midland, TX for Texaco where he optimized operations and  production across a multitude of different asset types from deep, depletion-drive gas reservoirs to primary, secondary and tertiary-recovery oil reservoirs. After the merger between Chevron and Texaco to form ChevronTexaco, Mr. LaGrega served as a Reservoir Engineer on the Asset Development Team before eventually transferring into ChevronTexaco’s drilling department. Mr. LaGrega received a BS in Petroleum Engineering from the University of Texas at Austin after spending two years at the United States Military Academy at West Point.

Will Rider - Executive Vice President of Land & Business Development

Will Rider is the Vice President of Land & Business Development of Verdun Oil Company and has 23 years of experience in the legal and energy industries.  Prior to forming Verdun Oil Company, Mr. Rider was employed by Hilcorp Energy Company as Business Development Manager and as a Landman primarily covering the Eagle Ford Shale.  Prior to Hilcorp, Mr. Rider worked for Atinum E&P as the Supervisor of Land & Legal.  Before joining Atinum, Mr. Rider worked as an associate attorney for the firm of Bienvenu, Foster, Ryan & O’Bannon, managing clients’ fee minerals and commercial leasing as well as litigating real property damage and oil & gas operator disputes.  Will is a licensed attorney in the state of Louisiana and has a Bachelor of Arts and a Juris Doctorate from Louisiana State University.

Martin Perez - Executive Vice President of Engineering

Martin Perez is the Vice President of Engineering for Verdun Oil Company and has 23 years of experience in the upstream oil and gas industry.  Prior to forming Verdun Oil Company, Mr. Perez was a Development Supervisor for ConocoPhillips where he managed a team actively drilling wells and overseeing assets in the Permian Basin with a recurring capital budget of $50 to $100 million. Prior to ConocoPhillips, Mr. Perez worked for Devon Energy as Reservoir Engineer for South Texas assets where he evaluated, proposed and drilled vertical and horizontal prospects and had oversight of a $60 million development budget.  He began his career in field operations for Baker Hughes in South Texas.  Martin holds a Master of Petroleum Engineering from Texas A&M University.

Thomas Allen - Vice President of Marketing and Midstream

Thomas Allen is the Vice President of Midstream and Marketing of Verdun Oil Company and has 17 years of experience in the oil and gas industry. Before assuming his current role, Mr. Allen was the Land and Business Development Manager at Verdun. Prior to joining Verdun, he was a co-founder and president of a private equity backed E&P company with operations in North and West Texas. Prior to that Mr. Allen was employed by Hilcorp Energy Company in roles of increasing responsibility in the land department covering the Eagle Ford Shale and conventional South Texas properties. Mr. Allen holds a Bachelor of Arts from Texas Tech University and a Juris Doctorate from South Texas College of Law.

Jason Codianne - Vice President of Data and Technology

Jason Codianne is the Vice President of Data & Technology of Verdun Oil Company and has 27 years of experience in the information technology and energy industries. Prior to Verdun Oil Company, Mr. Codianne was the Chief Information Officer of Torrent Oil, which owned and operated oil & gas assets in Texas.  Prior to Torrent, Mr. Codianne worked for Hilcorp Energy Company as the Application Development Manager providing system support and creating efficiencies across all functional departments.  Jason is a PMI certified Project Manager, holds Microsoft certifications in Azure, Application Development & Databases, and has a Bachelor of Business Administration in Finance from the University of Houston.

Jason Dwyer - Director of Human Resources

Jason Dwyer is Verdun Oil Company’s Director of Human Resources. He has 28 years of experience in the oil and gas industry, with 14 years of direct HR experience across all aspects of the HR function.  Before joining Verdun, Mr. Dwyer worked on the drilling service and mid-stream sides of oil and gas. He worked his way up from operations through engineering, manufacturing, procurement, and logistics to administration, where he ultimately became the head of the HR department for a global service company that operated in 15+ countries. Mr. Dwyer has extensive experience in compensation and retirement plan design, pay and benefits design and compliance, HRIS system design and implementation, and disability and leave. Mr. Dwyer also has experience in M&A activities as they relate to the integration and consolidation of company policies, practices, benefits, and systems. Mr. Dwyer has a Bachelor of Mechanical Engineering and an Executive MBA from the University of Houston.

Carlos Newall - Director of Finance and A&D

Carlos Newall is the Director of Finance and A&D of Verdun Oil Company and has 12 years of experience in the finance and oil & gas industries. His responsibilities include corporate finance, budgeting, risk management, acquisitions & divestitures, and other related functions. Prior to Verdun, Mr. Newall was with Edge Natural Resources, a private equity firm that invests in the small-cap North American energy sectors. Before Edge, he was with Raymond James Financial, providing equity research coverage on the oil and gas sector focused on E&P companies in the United States, after beginning his career with JP Morgan Chase. Mr. Newall received a Bachelor of Business Administration from Texas Christian University.

Jack Nohavitza - Asset Manager

Jack Nohavitza is an Asset Manager for Verdun Oil Company and has 13 years of experience in the oil and gas industry. Prior to Verdun, Mr. Nohavitza served as Reservoir Engineering Manager for EP Energy and was responsible for transitioning the company’s Uinta Basin assets from vertical to horizontal development while maintaining an active drilling program in the Eagle Ford Shale, overseeing total company capital budgets over $400 million. Mr. Nohavitza started his career working various operational and reservoir engineering positions in the Permian Basin, Uinta Basin, and Eagle Ford Shale for El Paso Corp/EP Energy. Mr. Nohavitza is a licensed professional engineer in the state of Texas and received a BS in Petroleum Engineering from Texas A&M University.

Steven Zehner - Asset Manager

Steve Zehner is an Asset Manager with Verdun Oil Company and has 11 years of experience in oil & gas. Mr. Zehner has worked the Verdun asset base since the company’s first acquisitions and brought knowledge of the Eagle Ford Shale from his prior experience. Prior to Verdun, Mr. Zehner was with Halcon Resources until 2016, primarily working in the Exploration group. He worked several auxiliary projects in multiple oil & gas basins with the Asset Teams at Halcon, adding additional geoscience assistance on special projects. Mr. Zehner received his B.S. in Geology from the College of Saint Rose in 2013 and received his M.S. in Geology from the University of Houston in 2016.

Partners

EnCap

Since 1988, EnCap Investments has been a leading provider of venture capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional funds totaling more than $40 billion and currently manages capital on behalf of more than 350 U.S. and international investors.