Tapstone Energy (Tom Ward)

[GoThunder]

Tom Ward launches OKC energy company | News OK

[OKCisOK4me]

“Usually my ideas tend to be larger than my pocketbook,” Ward said.

Well, hopefully, that doesn't get him in trouble this go round! Thanks for staying in OKC though. Wish him much success!

[ou48A]

“Usually my ideas tend to be larger than my pocketbook,” Ward said.

Well isn't everybody's thoughts and ideas bigger than their pocketbook?

[GoThunder]

He will start out funding the business with his own cash so maybe he'll be a little more careful...? Then again maybe not...

[catch22]

SandRidge wasn't unprofitable. It just wasn't making enough money for the investors. So they ousted him.

[PhiAlpha]

He will start out funding the business with his own cash so maybe he'll be a little more careful...? Then again maybe not...

He bought Riata with his own cash and turned it into Sandridge.

[OKCisOK4me]

Well isn't everybody's thoughts and ideas bigger than their pocketbook?

Sure...and I'm sure he'll eventually find partners to invest in this new company with him. I just thought that in light of his recent negative press that it was kinda funny. Try to see the humor in it..

[Praedura]

Tapstone. What a cool name.

After all, that's exactly what an oil company does -- tap the stone.

The more I look at it, and say it, the more I like it. Really rolls off the tongue. Tapstone. That's just a great name for an energy company.

[Plutonic Panda]

I wish him the best of luck!

With a name like Tapstone, a very cool tower could be crafted

[OKCisOK4me]

I wish him the best of luck!

With a name like Tapstone, a very cool tower could be crafted

I don't know if you've heard of the movie 'The Neverending Story' but there's this huge rock creature with a one man steam roller and I wonder if he met a rock woman and they fell in love would he Tapstone?

[OklahomaNick]

Maybe Aubrey and Tom leaving their companies and starting new businesses was a GOOD thing for the OKC business environment. I am sure they have aspirations to grow their companies thus creating good jobs in OKC. I don't think they have aspirations to grow their companies to be the size of CHK & SandRidge, but more companies = more jobs.

[PhiAlpha]

Maybe Aubrey and Tom leaving their companies and starting new businesses was a GOOD thing for the OKC business environment. I am sure they have aspirations to grow their companies thus creating good jobs in OKC. I don't think they have aspirations to grow their companies to be the size of CHK & SandRidge, but more companies = more jobs.

As long as nothing that happens at SD and CHK results in either of them relocating out of OKC, you're exactly right. Either could sell out and retain a massive presence here, not necessarily the best scenario but not terrible. If either sells out and doesn't remain here, hopefully their new ventures will help fill the void eventually.

As far as size aspirations, I wouldn't put anything passed them. AEP already is nearing 90 employees and they're "Still Hiring". That's after only being open for a little over 6 months. I know for a fact that they have been leasing like crazy in the Utica since around the middle of July, and knowing Aubrey, there is no reason to believe he will stop anytime soon or with the Utica. They may not ever have 13,000 employees, but being the size of Sandridge at minimum or as large as CHK's exploration wing (5 to 6,000 people) in a few years is not out of the realm of possibility. I just hope AKM has learned a little from his last experience. If they stay private, it will probably be closer to SD size but if they go public and are disciplined, you never know. Same goes for Tom Ward.

Here's to the result being 4 strong mega energy companies.

[onthestrip]

SandRidge wasn't unprofitable. It just wasn't making enough money for the investors. So they ousted him.

I cant remember what their balance sheet looked like but the stock was in the tank and Tom was self dealing and looting the company...thats more of the reason of the shareholder revolt.

[PhiAlpha]

I cant remember what their balance sheet looked like but the stock was in the tank and Tom was self dealing and looting the company...thats more of the reason of the shareholder revolt.

The shareholders greatly exaggerated the situation at Sandridge, but just like AKM at CHK, there were some areas in which Tom Ward wasn't doing a very good job of running the company. Some of those aspects were the reason for the low stock price, it also didn't help that their infrastructure in the Miss wasn't in place and they are just now beginning to harness the full potential of the play. There were also some areas in which he did well. The strategy they're following now isn't much different than the one Ward set forth before he was pushed out, they've just become a lot more cost conscious and have cut a lot of the extracurricular expenses. I do think selling most of their permian assets to fund drilling in the Miss was relatively stupid given what's going on down there now, but hindsight is 20/20. On the positive side, under Ward, they built the largest position in the Mississippi play and have developed the infrastructure to make them one of few companies that can drill some portions of the play economically.

I think the market had taken such a dim view of Ward that they could've discovered the next elephant field and their stock would've stayed in the tank. It appears that both ousting Ward and finally getting some decent returns from the Miss have helped it over the last month or so.

[kevinpate]

Tapstone - an interesting name. Sort of conveys a light but noticeable knock on someone's left rock.

[Just the facts]

He won't be going public.

[Teo9969]

Why not?

[PhiAlpha]

He won't be going public.

Never say never, but you would have to think that he wants to avoid it right now. Things change though.

[Just the facts]

If you read the article he made it pretty clear he has no interest in doing that again.

[Pete]

Another "I'm hearing"...

Hearing that Tom Ward is in the process of massing a pretty considerable enterprise that will require a decent amount of office space, and that he is actively negotiating on a couple of downtown locations.

He's always been more low profile than Aubrey McClendon but from all reports his new company will be a force to be reckoned with.

Looking forward to yet another significant OKC-based business with well-paying jobs.


BTW, it also seems the ship has been righted at SandRidge. People that work there tell me things have settled down and stabilized and morale is on the up-swing.

[Teo9969]

Another "I'm hearing"...

Hearing that Tom Ward is in the process of massing a pretty considerable enterprise that will require a decent amount of office space, and that he is actively negotiating on a couple of downtown locations.

He's always been more low profile than Aubrey McClendon but from all reports his new company will be a force to be reckoned with.

Looking forward to yet another significant OKC-based business with well-paying jobs.


BTW, it also seems the ship has be righted at SandRidge. People that work there tell me things have settled down and stabilized and morale is on the up-swing.

AEP considerable?

[PhiAlpha]

Well they currently have 8 employees for what it's worth and don't currently have any properties, they are looking though obviously. Aubrey started off with 2.5% interest in every unit CHK drilled for his employees to manage and was able to obtain some major financing relatively quickly. Tom Ward has a lot of those 2.5% interests from his time at CHK but I'm not completely sure he's managing them (at least it doesn't sound like it). He might have passed them down to WCT Resources. If Tom can obtain the crazy amount of $$$ that Aubrey did, I'm sure they will scale up pretty quickly, just maybe not as much as AEP.

[onthestrip]

Well they currently have 8 employees for what it's worth and don't currently have any properties, they are looking though obviously. Aubrey started off with 2.5% interest in every unit CHK drilled for his employees to manage and was able to obtain some major financing relatively quickly. Tom Ward has a lot of those 2.5% interests from his time at CHK but I'm not completely sure he's managing them (at least it doesn't sound like it). He might have passed them down to WCT Resources. If Tom can obtain the crazy amount of $$$ that Aubrey did, I'm sure they will scale up pretty quickly, just maybe not as much as AEP.

Dont have any properties? WCT was buying mineral and/or lease rights in the same area Sandridge was, in the Mississippian area I believe. I was thinking it was like 500,000 acres.

[PhiAlpha]

Dont have any properties? WCT was buying mineral and/or lease rights in the same area Sandridge was, in the Mississippian area I believe. I was thinking it was like 500,000 acres.

WCT has properties, Tapstone does not.

[Snowman]

What a difference one year makes