Company History
- Formed in 1962, where the first 18 wells drilled in eastern Michigan were dry holes. Next 11 wells were very successful when the focus shifted to Trenton Black River wells in the Albion-Scipio trend.
- 1964 - moved into Ohio where 13 out of 19 wells drilled were productive oil wells.
- 1965 - 1968 success average 50% completing 42 out of 83 wells as producers.
- 1968 - Filed the original S.E.C. registered public drilling programs. The company raised a total of $7,400,000.
- 1969 - Exchanged 68-69 year-end programs, which gave the company 12,593,000 proven barrels of oil and 20,855,000,000 MCF of natural gas.
- 1970 - Company stock begins trading on the New York Stock Exchange, symbol (PPC).
- 1968-1981 - Raised approximately $300 million through private and public drilling program (PPM) offerings. Patrick ranked repeatedly among the top five in total public fund sales.
- 1981 - Entered into Joint Venture agreement with McMoRan Oil & Gas, a three-year joint exploration program. McMoRan contributed $150 million for a portion of Patrick's leasehold position in the Williston Basin. The exploratory success ratio was 27%, well above industry standards. Revenues totaled $45,000,000.
- 1978 - 1984 Annual revenues averaged $57,175,000. Reaching a high of $96 million in 1982.
- 1984 - Sold majority of acreage and production to Ladd Petroleum. A division of GE for approximately $197 million.
- 1986 - Patrick Petroleum formed Benton Petroleum (later Benton Oil & Gas Company).
- 1991 - Patrick Petroleum formed Marcum Natural Gas (now Metretek Technologies). Both companies went public.
- 1993 - Acquired American National Petroleum Company.
- 1994 - Company finds significant reserves (Sean Andrew Field) in West Texas 3D play.
- 1994 - Due to illness in family, company retained Petrie Parkman & Company to assist in selling and/or merge the company.
- 1995 - Benton and Marcum’s company interest were both monetized.
- 1995 - (June) company merged with Goodrich Petroleum.
- 1995 - (August) Patrick Exploration was formed.
- 1995 - All Companies went private.
- 1998 - Patrick Petroleum LLC was formed.
- 1998 - Acquired 250,000 acres in Cherokee Basin/approximately $8 million.
- 1998 - KLT (Kansas City Power & Light) acquired one-half interest for approximately $13.5 million.
- 2001 - Sold Cherokee basin deal for $80 million to Devon.
- 2002 - Discovered first commercial coalbed methane field inTexas - acquired 40,000 acres.
- 2002 - 2004 Formed Patrick-SCP,LLC (Sandefer/Ziff JV) acquired 150,000 acre concession from Osage Nation for CBM exploration, Patrick carried for 50% in all wells @ 50+ wells drilled Osage county.
- 2003 - 2004 Formed Patrick-DTE LLC, (Detroit Edison) for exploration of coalbed methane in Kansas drilled initial wells in play (now Dart Exploration CBM play).
- 2006 - drilled Mary Rape #1 shale well for Wolf camp/Strawn Permian basin age shale (dry) which was one of the first Wolf camp/Strawn wells drilled in Permian Basin.
- 2005 - 2006 acquired 12,000 acres of Marcellus Shale/Utica leasehold in VA/WVA.
- 2005 - 2007 acquired 20,000 acres of Barnett Shale/Bone Spring oil acreage in Hudspeth/ Culberson Counties in Texas.
- 2008 - to present: Acquired acreage and participated in wells with Westbay Exploration in Trenton Black River oil play southern Michigan Basin.
- 2013 - Sold interest in West Texas coalbed methane field, continued and increased participation in Southern Michigan Basin.