January 23, 2018
Introducing Our Feature on Small Independents
Last week, the House Natural Resources Committee held a hearing on actions the Interior Department is taking to eliminate onshore energy burdens. We’re proud that two Western Energy Alliance members were outstanding witnesses who effectively explained the obstacles to responsible leasing and development to Congress.
Alliance board member Shane Schulz, QEP Resources, discussed how nonfederal lands in places like Texas, where the regulatory regime provides less risk and more certainty, are able to attract more capital than public lands. Jarred Kubat, Wold Energy Partners, discussed how delays, such as the 415-day average delay between parcel nomination and lease sale, are a deterrent to development, especially for small businesses like Wold.
Thank you to Shane and Jarred for spending the time and effort to educate Congress on these public lands issues! The hearing was a first step for the Committee as it crafts legislation to address those leasing obstacles. The resulting bill will likely be a companion to the permitting bill, the SECURE American Energy Act, which the Alliance has also been actively engaged in.
Highlighting the Small Independents
As you may know, Western Energy Alliance was founded in 1974 as the Independent Petroleum Association of Mountain States, designed to be a voice in Washington on federal issues that affect independents. While we lost “independent” from our name in 2010, we didn’t change our mission. Our advocacy is still focused on small independents. To that end, I’d like to kick off a new periodic feature of those independents that form the backbone of our membership.
Since Jarred was just testifying on Capitol Hill, now is a good time to highlight Wold Oil. The company has been a member for many years, and we’ve enjoyed working with Jack, Peter, Court and others in this family owned and operated business founded in 1950. Jack currently serves on the Alliance’s Board of Advisors and PAC (Political Action Committee) Steering Committee. John Wold, patriarch of the Wold family, served on the very committee Jarred testified before as Wyoming’s Congressman in the late 1960s and early 70s. Congressman Wold also has the distinction of being the first geologist to serve in Congress.
Wold Energy Partners (WEP) is a four-year-old entity of Wold Oil, with 37 full-time employees, focused entirely in the Powder River Basin of Wyoming. WEP operates 119 wells, is a partner in 82 additional wells, and has acreage totaling 143,000 net mineral acres (264,000 gross acres) with greater than one billion barrels of recoverable reserves. WEP is truly an entrepreneurial endeavor as the product of 192 acquisitions and trades, with 394 individual federal leases representing 71% of its PRB acreage position.
I very much appreciate that the company was willing to share its experiences with federal leases before Congress. Thank you Wold Oil for your leadership on behalf of the small independent producer, and your membership in Western Energy Alliance. And thank you for kicking off our new feature!
If you’d like your company to be featured, please let me know.