Carbon Energy Corp  (CRBO)
Other Ticker:  
    Sector  Energy    Industry Oil And Gas Production
   Industry Oil And Gas Production
   Sector  Energy

Carbon Energy Corp

Business Description

Carbon Natural Gas Company is a Delaware corporation, originally formed in Indiana in 1959, which owns and operates oil and natural gas and oil interests in the Appalachian and Illinois Basins of the United States. It produces and sells oil, natural gas, natural gas condensate and natural gas liquids. Carbon’s acreage is held and its exploration and production activities are conducted indirectly through majority-owned subsidiaries.

Nytis Exploration (USA) Inc. (“Nytis USA”) was organized as a Delaware corporation in 2004. Pursuant to the Merger, Nytis USA is owned 100% by Carbon.

In 2005 Nytis USA acquired oil and natural gas interests (owned by Addington Exploration, LLC (“Addington”)) located in Illinois, Indiana, Kentucky, Ohio, Tennessee and West Virginia. To acquire the Addington assets, Nytis USA formed (along with a different unaffiliated person) Nytis Exploration Company LLC (“Nytis LLC”). Nytis LLC is owned 98.1% by Nytis USA.

In connection with the closing of the Merger, the officers and directors of Nytis USA became the officers and directors of SLSC.

In October 2016, Nytis LLC completed an acquisition of approximately 2,300 natural gas wells and over 900 miles of associated natural gas gathering pipeline and compression facilities, located primarily in West Virginia. The assets have estimated proved developing producing reserves of approximately 46.4 Bcfe, approximately 201,000 net acres of oil and natural gas mineral interests and were producing approximately 9,000 net Mcfe per day as of December 31, 2016.

As of December 31, 2016, the Company owned interests in approximately 3,211 gross (2,589 net) productive oil and natural gas wells and approximately 532,000 (466,000 net) acres in the Appalachian and Illinois Basin of which 329,000 (277,000 net) acres are undeveloped.

On February 15, 2017, the Company entered into an agreement in which Carbon acquired 17.813% interest in Carbon California Company, LLC for no cash consideration. Concurrently, Carbon California Company, LLC completed the acquisition of certain oil and gas assets in the Ventura Basin of California.

On March 15, 2017 and pursuant to a reverse stock split approved by the shareholders and Board of Directors, each 20 shares of issued and outstanding common stock became one share of common stock and no fractional shares were issued. All references to the number of shares of common stock and per share amounts give retroactive effect to the reverse stock split for all periods presented.

Our strategy is to create shareholder value through consistent growth in cash flows, production and reserves through drilling on existing properties and the acquisition of complementary properties. We emphasize the development of the Company’s existing leasehold which consists primarily of low risk, repeatable resource plays. We invest significantly in technical staff and geological and engineering technology to enhance the value of our properties.

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