Panther Energy Company III, LLC (PEC) is a Tulsa, Oklahoma based Exploration & Production Company. We specialize in the horizontal exploration of unconventional zones, but also develop conventional reserves of both oil and gas. Panther focuses on developing O&G projects in the continental United States with a highly trained and experienced staff.
Based in Tulsa, Oklahoma, Panther Energy Company specializes in grassroots horizontal exploration of unconventional zones, while also developing conventional reserves of both oil and gas. The company’s founders, Chief Executive Officer Berry Mullennix and Chief Operating Officer Roy Grossman met in the mid-1990’s.
In 1998 the partners entered the Arkoma Basin with the idea of drilling the thin Hartshorne Coal seams in Hughes County horizontally. They pioneered the use of focused gamma tools to stay in zones that averaged only five feet. The pair drilled dozens of horizontal wells and acquired over 35,000 acres. In September 2001, only five days before the tragic events of 9/11 unfolded, Mannix Oil Company was sold to Williams Companies of Tulsa.
In early 2002, Roy and Berry formed another company that soon became Cannon Energy Company, LLC. They looked for other coal bed methane (CBM) plays to apply their technical skills and began drilling in the Cherokee Basin of northeastern Oklahoma and southeastern Kansas. The company eventually raised equity capital from Kayne Anderson in Houston, Texas, in 2003 and added CBM assets in the Piceance Basin near Grand Junction, Colorado.
In 2004, Cannon Energy Company, LLC, partnered with Red Willow Production Company from Ignacio, Colorado, near Durango, and began a project in Lipscomb County, Texas, to explore the Atoka Shale. After shedding its CBM assets, the company began a horizontal drilling program in the Anadarko Basin.
In February 2005, Roy and Berry brought in the parent entity of Red Willow Production and the Southern Ute Indian Tribe (SUIT) Growth Fund and bought out the interests of Kayne Anderson to form Panther Energy Company, LLC.
Over the next few years, the company expanded its Anadarko play by 150,000 gross acres and drilled over 150 horizontal Cleveland, Marmaton, Cottage Grove, and Atoka wells. The company also expanded again into the Arkoma Basin, California, Montana, and North Dakota, focused upon expanding its crude oil assets.
In 2007, Panther sold its Arkoma assets to Canaan Energy. Since 2010, Panther also sold its California assets and exited the Bakken Play in North Dakota and Montana, selling to Brigham Exploration. In June 2011 the company sold a forty percent interest in its Anadarko Basin project to Linn Energy.
In 2012, Panther Energy Company was focused in the Mid-Continent region and ran six to eight rigs with an annual drilling budget of $300-350 million. The company grew from 18 employees in 2005 to over 85 employees in 2013 and opened a field yard and an office in Perryton, Texas. The company also grew its production in which it had interest to approximately 9,000 barrels of oil per day (BOPD) and over 40 million cubic feet of gas per day (MMCFD). The company also contributed to a variety of charitable organizations including the Iron Gate, Philbrook Museum of Art, Red Cross, and the United Way.
In 2012, Panther sold its Mid-Continent region assets in three separate transactions to Sandridge Exploration and Production, LLC, Eagle Energy Acquisitons, LP and Midstates Petroleum Company, Inc. Later that same year, Panther Energy Company II, LLC was formed.
From 2013 – 2016, Panther Energy Company II, LLC focused on the Delaware Basin and leased over 27,000 net acres in Reeves, Loving, Ward and Culberson counties. In January 2017, Panther II sold all of its Delaware Basin assets in two separate transactions to RKI Exploration & Production, LLC and Scala Energy Assets, LLC for a combined $863 million. Following the Delaware Basin asset sale, Panther Energy Company III, LLC was formed.
Panther Energy is led by a group of visionary leaders and employees including: President and CEO Berry Mullennix; Senior Vice President and COO Roy Grossman; Vice President and Chief Financial Officer Jeff Nevins; Vice President – Business Development, Jim Stone; Vice President – Geology, Paul Richardson; Vice President – Engineering, William Diggs; Principal Petrophysicist, Phil Schenewerk and Land Manager, – Joshua Cornell.