CHICAGO ENERGY ASSOCIATES
Chicago Energy Associates, LLC (“CEA”) was formed in 2004 through the consolidation of several partnerships owned by 76 individual investors. The fair market value of the assets CEA acquired in 2004 was $38 million. These assets consisted of 30 producing gas wells, 9,700 undeveloped acres of oil and gas leasehold and a 40 mile gathering pipeline, all in the Uinta Basin of northeastern Utah. Over the next four years CEA acquired 14,000 additional acres, drilled four producing wells, acquired 3-D seismic and increased production from six million cubic feet per day to 25 million cubic feet per day. CEA was sold to Whiting Petroleum in 2008 for $365 million.
Inland Resources Inc. (“Inland”) was founded in 1993 and began with the acquisition of an undivided 50% non-operated working interest in the Antelope Creek field in the Uinta Basin of northeastern Utah. Over the next five years, through the execution of over 100 individual transactions, Inland consolidated its original acquisition into a series of properties now known as the Monument Butte Field. During this five year period, Inland drilled 300 new wells, purchased 300 existing wells, raised $30 million in equity, $165 million in debt financing and increased production from 175 barrels of oil per day to over 6,000 barrels of oil per day. Inland Resources became a private company in 2003 and was sold to Newfield Exploration Company in 2004 for $575 million.