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  1. #76

    Default Re: Tapstone Energy (Tom Ward)

    Right, the program was created to specifically provide incentives to companies operating in OKC who create jobs within the stated parameters.

    The bigger issue is the program itself, not whether Tapstone or Chesapeake or others should receive the money.

    Interestingly, Devon and SandRidge never applied to this program, although they certainly would be eligible.

  2. Default Re: Tapstone Energy (Tom Ward)

    On the other hand, this is the kind of local small business that I think should be receiving these kinds of incentives and not the international multi-billion dollar companies like GE. Tapstone only has 35 employees now and even though Tom Ward has name recognition, that alone should not preclude him from being recognized as a small business owner with a fledgling company.

    I think this whole subject needs a review.

  3. #78

    Default Re: Tapstone Energy (Tom Ward)

    I heard a bunch of NYC financiers are coming to town this upcoming week.

  4. #79

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by blangtang View Post
    I heard a bunch of NYC financiers are coming to town this upcoming week.
    And does that have something to do with Tapstone?

  5. Default Re: Tapstone Energy (Tom Ward)

    And now for some good news...As an update on Tapstone, in addition to acquiring Shell's Kansas position, it appears that they are a large part of Apache's divestiture to unnamed buyers that they mention in this press release:

    Apache Corporation : Apache Corporation Provides North American Onshore Update, Announces Sale Of Non-Core Southern Louisiana And Certain Anadarko Basin Oil And Gas Assets

    According to the county records in Grady, Harper, Ellis, & Beaver County, OK and this newspaper article from Wheeler County, TX's newspaper: http://countystarnews.com/news/2015/012915/pageA2.pdf, Tapstone is the unnamed buyer in this transaction for the 115,000 net acres in the Anadarko Basin in Western OK and the TX panhandle. This is a major transaction for Tapstone and is a much better chunk of acreage than what they bought in Kansas. Tapstone has also been very active in making acquisitions and leasing in Dewey county, along with some scattered acquisitions in the Arkoma Basin in Southeastern OK.

    There hasn't been much news out of Tapstone lately, but they appear to be very actively building their asset base.

  6. #81

    Default Re: Tapstone Energy (Tom Ward)

    Will Tom be the next target for the Feds? My understanding is that he was involved with AM of the bid rigging.

  7. #82

    Default Re: Tapstone Energy (Tom Ward)

    Tapstone Is 'Always Up for Sale': CEO Tom Ward - Bloomberg

    McClendon Partner Tom Ward Still Regrets Leaving Chesapeake
    2016-03-30 04:01:00.3 GMT

    By David Wethe, Alix Steel and Alex Nussbaum
    (Bloomberg) -- A decade since his departure from Chesapeake
    Energy Corp., Tom L. Ward said he still regrets breaking away
    from the company he founded with his friend Aubrey McClendon.
    "We were both better together than we were separate," Ward,
    whose birthday fell three days before McClendon’s, said Tuesday
    in a Bloomberg Television interview. "I’ve never met anyone in
    my career that could raise capital like Aubrey could."
    The two energy entrepreneurs met at the age of 23 and
    worked as business partners for the next 23 years -- Ward as the
    operations chief and McClendon as the finance guru. By 2006,
    Ward had broken away to help form his own company, SandRidge
    Energy Inc.
    A federal grand jury indicted McClendon on March 1 for his
    role in an alleged scheme to rig drilling auctions. McClendon
    maintained his innocence. He died a day later when the SUV he
    was driving slammed into a bridge embankment in Oklahoma City
    and then burst into flames. The indictment was withdrawn on
    March 3 after his death. The second company allegedly conspiring
    with McClendon was SandRidge, led at the time by Ward, according
    to people familiar with the matter.
    Ward, now CEO of Tapstone Energy LLC, on Tuesday repeatedly
    declined to comment on any legal matters that had surrounded
    McClendon or that may affect Ward.

    Oil Patch

    Without commenting on the specific cases, Ward said that
    drillers have always been "aggressive" in seeking leases in the
    field and that “the majority" work together at one time or
    “All of these areas start and get more aggressive as things
    get proven up," Ward said in his first interview since
    McClendon’s death. “That’s been since the beginning of the
    The two friends founded Chesapeake in 1989, and Ward said
    he loved his time there. But the energy explorer, which
    McClendon would ultimately grow into a natural gas giant, had
    become too complex for Ward by 2006, he said.
    "From a very small company, I could keep track of
    everything we did," Ward said. "By the time 2006 came around it
    was very difficult for me to run operations like I needed to run
    operations to fully have a grasp of it all."
    Ward, 56, built SandRidge into a $10 billion company at the
    height of its market value, while McClendon grew Chesapeake to
    more than three times that size at its peak.

    Biggest Mistake

    The biggest mistake he and McClendon made at Chesapeake was
    buying acreage in Louisiana, Ward said. Their attempt to apply a
    successful model of horizontal drilling in east Texas to the
    land in Louisiana ultimately proved a failure.
    "We had to revamp our company around natural gas, which we
    did in 1998," Ward said.
    Ward was fired as SandRidge’s chief executive officer in
    June 2013 “without cause” -- after a four-month independent
    review following questions by investors over transactions he and
    his family members made with the company. The review found
    nothing that merited termination with cause. In 2013, after
    leaving SandRidge, Ward formed Oklahoma City-based Tapstone
    using his own capital.
    McClendon was pushed out of Chesapeake the same year and
    started his own closely held company American Energy Partners
    LP. The two men never discussed getting partnering up again at
    the same company, Ward said.

    Friendly Rivalry

    While the two Oklahoma explorers kept a friendly rivalry,
    Ward said he couldn’t compete with the deeper financial
    resources from larger companies such as McClendon’s. Ward last
    traded electronic messages with the notoriously all-hours-of-
    the-night e-mailer in February.
    "Most people that have ever been around him were energized
    by him," Ward said. "The same with me."

    To contact the reporters on this story:
    David Wethe in Houston at dwethe@bloomberg.net;
    Alix Steel in New York at asteel6@bloomberg.net;
    Alex Nussbaum in New York at anussbaum1@bloomberg.net
    To contact the editors responsible for this story:
    David Marino at dmarino4@bloomberg.net
    Carlos Caminada

  8. #83

    Default Re: Tapstone Energy (Tom Ward)

    Tapstone issued a going concern and went into forbearance agreement with their lenders.


  9. #84

    Default Re: Tapstone Energy (Tom Ward)

    My brother was laid off at his energy company today. (Not this one). Seems your prediction about the coming bust to Oklahoma producers was true (not that I doubted you).

  10. #85

    Default Re: Tapstone Energy (Tom Ward)

    Restructuring complete.

    They'll limp along


  11. #86

    Default Re: Tapstone Energy (Tom Ward)

    I wonder how many employees they now have?

    I suspect they are not using that entire building any longer.

  12. #87

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by gopokes88 View Post
    Restructuring complete.

    They'll limp along

    Yeah, $60MM in liquidity might as well effectively be $0, given the size of the asset base.

  13. #88

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Pete View Post
    I wonder how many employees they now have?

    I suspect they are not using that entire building any longer.

    This probably belongs in the Mideke Building thread but I couldn't find it. I read today that Heartland Payment Systems signed a lease in this building on March 4th. I can't verify how accurate that is and doesn't really make sense with their OKC headquarters completing soon but it states they're leasing 77,700 Sf.

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