Davis Petroleum Continues Growth After Founder's Passing

Signaling his intent to become a major player in the Rocky Mountain region, Gregg Davis, President of Davis Petroleum Corp. and son of Marvin Davis, announced he has hired former Prima Energy Corporation Executive Vice President Mike McGuire to oversee the company's Rocky Mountain oil and gas operations. Mr. McGuire has assumed the title of Senior Vice President of Davis Petroleum's Rocky Mountain Division.

"I am pleased that Mike McGuire will be joining the Davis Petroleum family," said Gregg Davis. "Mike will strengthen the Davis management team and enable the company to pursue its strategic growth objectives in the Rocky Mountains."

Davis Petroleum and Davis Offshore are the descendants of the oil and gas business built by Marvin Davis. Denver-based Davis Oil was one of the leading independent oil and gas companies from 1960 through the 1980s. Marvin Davis became known in the business as "Mr. Wildcatter," drilling thousands of wells in the Rocky Mountains, Texas, and Oklahoma. Marvin Davis died in Los Angeles on September 25.

Gregg Davis, who has overseen the steady expansion of Houston-based Davis Petroleum and Davis Offshore since 1997, said the company's expansion plans will not be affected by his father's passing. "We are going forward like the good old days," Mr. Davis said. "We have a strong acreage position in key natural gas basins in Colorado and Wyoming, and are assembling a strong team of geologists and engineers to develop these assets."

"My father will be greatly missed. He can never be replaced nor could his shoes be filled. It is my passion, however, to continue his legacy in oil and gas exploration into future generations. And the Rockies is where my father had a strong track record of drilling for and finding new reserves of oil and gas."

Mr. McGuire has 30 years of experience in the oil and gas business. He was previously with Cities Service Oil Company, Exploration and Production Research, from 1973-1978 where he worked on exploration projects worldwide. In 1978, he joined Amoco Production Company, where he managed exploration and development projects throughout the Rocky Mountain States and in Africa. From 1986 through 1997 he operated McGuire Geological Consulting, LLC. In 1998, he joined Prima Energy Corporation as Executive Vice President of Exploration. Prima was recently sold to Petro-Canada.

"The Davis family has been in the oil business for 60 years," Mr. McGuire said. "They have been very successful in the past and are committed to the company's future growth in the Rockies." Mr. McGuire emphasized that the company's Rocky Mountain strategy going forward will be to "do it through the drill bit," but the company will also be open to strategic partnerships and exploitation plays where the fit is advantageous.

Complementing Mr. McGuire in the Rocky Mountain Division is Will von Drehle, who is the company's exploration manager. Mr. von Drehle worked for Marvin Davis in the 1970s and 1980s. He discovered Amos Draw Field in 1981. Lisa Morris, a former Petro-Canada geologist, has also joined the Davis team.