Milestones
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1981
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Torch Energy Advisors Incorporated formed under the guidance of Torchmark Corporation. Torch was a subsidiary of Torchmark until 1996.
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1982 - 1992
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Torch formed over twenty-five institutional partnerships and ventures for the acquisition and exploitation of oil & gas reserves. Total invested capital exceeded $2 Billion.
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1986
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At the request of several UK institutions, Torch assumed management of a group of US partnerships holding interests in oil and gas assets. Torch then contributed the partnerships into Bellwether Exploration, an existing public shell company, and assumed control of Bellwether. Bellwether traded on the American Stock Exchange. On behalf of Bellwether, Torch operated substantially all of the company’s oil and gas producing properties as well as Bellwether’s major midstream facility, the Snyder Gasoline Plant in Texas.
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1987
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Torch acquired Energy Assets International Corporation. EAIC was the General Partner of the EF Hutton Energy Completion Fund Limited Partnerships.
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1990
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Torch formed Nuevo Energy Company through the roll-up of ten public and private partnerships, including the EF Hutton Energy Completion Fund partnerships. Torch facilitated the initial public offering of Nuevo on the New York Stock Exchange. In addition, Torch managed acquisitions in excess of $1 billion for Nuevo, including the $500 million acquisition of Unocal’s California onshore and offshore oil and gas properties in 1995. From 1995 to 2000, Torch was one of the largest operators of oil and gas properties in California. Torch also functioned as a major operator of midstream properties during this time, On Nuevo’s behalf; Torch operated the Benedum Gas Processing plant in Texas and the 80-mile Illini Pipeline in the Midwestern United States.
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1993
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Torch Royalty Trust was formed to monetize Section 29 Tax credits for certain Torch investors. The Trust was capitalized with over $160 Million. The Trust currently trades on the New York Stock Exchange.
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1995
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Select Torch individuals assumed managerial control of Gulf Canada Resources, Ltd., a major Canadian public oil and gas producing company, at the request of major institutional investors. During Torch’s management tenure, Gulf Canada negotiated the purchase of the Alberta government’s 11.7% interest in Syncrude Canada, Ltd., the world’s largest producer of high-quality, synthetic crude oil. This entity was later converted into the Athabasca Oil Sands Trust and sold to the public in Canada and the United States, trading on the Toronto Stock Exchange and the New York Stock Exchange. In 1998, the Torch team transitioned out of active management of Gulf Canada. Due in part to Torch’s leadership, Gulf Canada later completed a corporate restructuring, acquisition and recapitalization plan which resulted in the sale of Gulf Canada to ConocoPhillips.
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1996
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Torch affected a planned exit strategy for remaining investors in its original twenty-five institutional investment partnerships through a merger and asset sale with Bellwether.
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1996
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JP Bryan and a group of key management members acquired Torch from Torchmark through a management buyout.
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1996 – 1999
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Torch initiated a planned exit strategy of the company’s overall relationship with Nuevo. Nuevo assumed complete control of all affairs through its independent Board of Directors and executive management group. Nuevo has since been acquired by Plains.
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1999
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Torch initiated a planned exit strategy of the company’s overall relationship with Bellwether. Bellwether assumed complete control of all affairs through its independent Board of Directors and executive management group. Bellwether later merged with Bargo Energy, Inc. to form Mission Resources, Inc., which traded on the American Stock Exchange. Mission subsequently merged with Petrohawk Energy.
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2000
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Torch's IT subsidiary, Novistar, acquired the Oracle upstream oil and gas software applications through a stock and cash transaction. Novistar provided accounting and administrative support to independent oil and gas producers.
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2002
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Torch merged Novistar with Paradigm to form P2 Energy. Torch sold its investment in 2008.
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2003
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Torch formed Live Oak Energy, LLC to acquire substantially all of the producing properties in the Persons Panna Maria Wilcox Field in Karnes County, Texas. In conjunction with this transaction, Live Oak acquired 88.485% of the PPM LLC gas gathering system. These properties were sold in 2005.
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2004
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Torch formed Big Energy, LLC to acquire a package of oil and gas properties owned by a financial institution. A significant redevelopment and exploitation program was immediately commenced by Torch Energy Services. These properties were sold in 2005.
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2004
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Torch formed Quivira Partners, L.P. to pursue the acquisition of natural gas midstream assets. To date, Quivira has made five acquisitions resulting in interests in more than fifty natural gas pipeline systems.
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2005
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Torch formed Permian Basin Well Services. The Permian Basin fleet included five workover rigs and two reverse units as well as related support equipment. These units were completely refurbished to meet the requirements for working in the Permian Basin.
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2006
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Torch formed Resaca Exploitation, LP to facilitate the acquisition of certain Permian Basin oil and gas properties.
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2007
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Torch formed Torch Renewable Energy, a wind energy project developer.
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2007
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In October of 2007, Torch formed Escondido Gas Storage, LLC for the purpose of developing a natural gas storage system in south Texas.
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2008
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Torch executed the initial public offering of Resaca Exploitation on the AIM market of the London Stock Exchange. Resaca continues to trade on the AIM. Resaca is actively pursuing further acquisitions, primarily low risk oil and gas properties with significant upside exploitation potential from secondary recovery. To date, Resaca has acquired interests in properties with initial acquisition and development costs in excess of $100 Million.
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2009
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Torch forms Onsemble, LLC, a developer of wind forecasting software for use by wind farm operators, electricity generation system operators and energy traders.
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2009
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Quivira Partners purchased the 137-mile Arkoma system, a natural gas gathering and transportation pipeline system in the Arkoma Basin of Oklahoma, from CrossTex.
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2009
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Resaca acquired a number of workover rigs, reversing units and related assets from Permian Basin Well Services. The acquisition was designed to reduce Resaca’s workover costs and improve operational flexibility.
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