Permian Basin Foreclosure Carson Rollins was engaged by a major capital provider to conduct an audit of its equity partner and well operator under a Joint Development and Management Services Agreement involving Permian Basin properties. The audit revealed major overcharges under the various agreements and capital provider eventually foreclosed on the assets and assumed operatorship. Carson Rollins was engaged to “stand up” a company to manage these assets. Despite hostility from the prior operator, a new company was created and a contract operator hired. Carson Rollins settled all unpaid obligations with vendors and had liens removed. Accounting and financial reporting systems were set up. In less than a year the new company was fully established and merged with another portfolio company of the capital provider.
Gulf Coast Environmental Challenge Carson Rollins was engaged by private equity investors to manage the wind-down of a Gulf Coast producer with environmentally sensitive properties including a depleted well and platform in Galveston Bay and a pipeline to an old production facility. Carson Rollins had to obtain permits and manage the abandonment of the well and platform and had to interface with a multitude of regulatory agencies including the Army Corp of Engineers, Texas General Land Office, Texas Railroad Commission, Texas Parks and Wildlife and many other county and municipal jurisdictions. An environmental clean-up was necessary at the old production facility. All regulatory sign-offs were obtained upon completion of the respective abandonments.
Fortune 500 Company – Sale of Non-Core Oil and Gas Assets Carson Rollins was engaged by a large Fortune 500 company to manage a non-core oil and gas asset portfolio acquired several years earlier. Engagement objectives were to reduce management cost from the previous asset manager and to achieve a sale of the assets at an acceptable price. Both objectives were met as costs were reduced nearly 75% from the previous outsourcer and Carson Rollins identified buyers and closed nine separate sale transactions to complete the divestiture of the entire non-core oil and gas portfolio.
E&P Company Consolidation and Public Offering Carson Rollins was managing several E&P Companies for a private equity company that decided to combine them into a single entity for purposes of an IPO. Carson Rollins was retained as interim Chief Financial and Accounting Officers to ready the accounting and financial records prior to the offering. Responsibilities also included litigation support and testimony was provided by Carson Rollins to settle lawsuits prior to the IPO. The combined companies were transitioned to a public company providing liquidity options to the private equity company.
