Encore Energy announced future plans to develop oil and/or natural gas properties in Central-East Texas.
In March 2011, Steve Stengell formed Encore Energy, LLC, a private Kentucky Limited Liability Company, to develop future oil and natural gas properties in such areas as Grimes and Leon Counties, Texas. Mr. Stengell serves as the Company's President and Chief Executive Officer.
Mr. Stengell previously served as the President and CEO of Allied Energy, Inc., a publicly traded company. During this time, Mr. Stengell, the personal founder of Allied's most prolific oil and gas play in company history, drilled two horizontal Georgetown Buda wells in the historic "Giddings Field" of Grimes County, Texas, the Allied Howard #1H and #2H, each well to a total measured depth approximating ~18,000 feet.
The Allied Howard #1H tested at ~4 million cubic feet of gas per day and has produced nearly $1 million in gross production revenue since December 2010. The #1H is currently producing at an estimated rate of 2 - 2.5 million cubic feet of natural gas equivalent (including natural gas liquids and condensate). The Allied Howard #2H initially produced at a rate of nearly ~8 million cubic feet of gas per day equivalent and is on track to produce more than an estimated 150 million cubic feet of gas equivalent in its first month of production. The Allied Howard #2H may prove to be the most prolific producer in the entire horizontal Georgetown Buda trend.
In early 2011, Mr. Stengell also drilled the Allied Wallrath #1H in Leon County, Texas, a horizontal Woodbine well to a total measured depth of ~12,000 feet. The Allied Wallrath #1H is currently in completion and Schlumberger is currently performing a frac treatment to the well.
Mr. Stengell is also the primary founder and past president of Allied Operating Texas, LLC and Allied Gas Transmission, both subsidiaries of Allied Energy, Inc. Under Mr. Stengell's leadership, Allied and its subsidiaries achieved record levels of sales, growth, earnings and production revenues. For three consecutive years, Allied won the "Best of Bowling Green" award from the US Department of Commerce and was also awarded the Bowling Green "Outstanding Business of the Year" community impact award for 2010.
Mr. Stengell holds a Bachelor of Business Administration in Corporate Finance from the University of Kentucky and an MBA from Western Kentucky University. In 2004, Mr. Stengell completed the IPAA Independent Petroleum Association of America Executive Management Program instructed by professors of Harvard Business School. Mr. Stengell has also completed the Texas A & M Petroleum Engineering graduate certificate program in "Reserves and Evaluations" and is a proud member of the SPE Society of Petroleum Engineers.
"I am extremely pleased with the results that I have previously experienced in these areas of Texas and look forward to the opportunity for Encore's potential future development in Central-East Texas," said Steve Stengell.
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