News

August 07, 2009

Pantheon Resources Has Two Bullseye Wells Onstream But Costs Continue To Mount At Tyler County

The past twelve months have seen Pantheon Resources regroup after a series of setbacks over the first half of 2008. There were a number of drilling and operational disappointments plus changes to the risk profile and commercial terms on the company’s key Padre Island project, prompting the company to withdraw from the drilling of the deep Manzano prospect there.

Jay Cheatham, the company’s new chief executive who was appointed in January 2008 after a successful career at ARCO, took this opportunity to refocus the company’s strategy, re-positioning Pantheon away from single-well prospects into plays with major development potential and the capability of being a “company-maker”. So in May 2008 the highly experienced oilman (not only does he have 30-years-plus experience but it’s also in his blood as a third generation oil prospector) led the company into...