Through the signing of this four-year, evergreen contract, Baker Energy and Huber Energy have entered into a collaborative, long-term relationship designed to develop and operate Huber's current and future non-conventional gas producing properties, primarily coal bed methane (CBM). Under this performance-based relationship, Baker's compensation will be based on its ability to manage operations cash flow and capital efficiency. This contract represents an important milestone in Baker's OPCO strategy for the Rockies.
"Baker Energy is excited about the Huber opportunity in the Powder River Basin," Dick Giffhorn, president of Baker Energy, said. "This unique partnership enables Huber Energy to focus their efforts on strategic development of their assets, while Baker Energy implements the tactics and work processes that will insure successful deployment of Huber's strategies. The two organizations have operational and financial alignment and will operate in a seamless manner."
BR> "This relationship allows Huber to focus on its new transaction strategy in the Powder River, other North American unconventional gas basins and the Midcontinent, while having a partner who can supply a high-quality field O&M workforce, on short notice, and also partner in implementation and/or execution to maximize value," Pam Pierce, president of Huber Energy, said.
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