Petroglyph Energy, Inc.
- William C. Glynn
- President
- Paul Powell
- Exec. VP & COO
- S. Kennard Smith
- Exec. VP & CTO
- Bruce West
- VP, Engineering & Production
- Rich Beath
- VP, Controller & CAO
- Michael E. Rich
- VP & Treasurer
III Exploration Company ("Exploration") was incorporated in October 1992 under the laws of the State of Idaho. Exploration was formed for the purpose of exploring for and developing oil and natural gas deposits. Its initial investments were made in joint ventures with experienced operators. In December 2000, Exploration completed the acquisition of 100% of the stock of Petroglyph Energy, Inc. ("Petroglyph"). Petroglyph is an Idaho corporation organized to develop, produce, and sell oil and natural gas as general partner for III Exploration II LP. ("IIIX LP").
The company's operations are primarily focused in the Uinta Basin of Utah and Raton Basin of Colorado. The company recently acquired its first non-operated leases in the Williston Basin of North Dakota, which remains an active area of interest.
On September 28, 2001, Exploration entered into a transaction in which substantially all of the oil and gas property and equipment was transferred to IIIX LP. As the general partner, Petroglyph exercises complete control over the operations and governance of IIIX LP. Petroglyph is a Class A limited partner of IIIX LP. Intermountain Industries and its shareholders are Class B limited partners of IIIX LP and it is a consolidated subsidiary of Exploration.
Exploration became involved in the oil and natural gas development business in 1994 investing in the Uinta Basin through a joint venture with an industry partner. The successor and principle operator of the properties is Questar Corporation. IIIX LP currently has net interest in over 25,000 acres that include both oil and natural gas production. This area is under significant development.
Petroglyph
became active in the Uinta basin in 1994 with the purchase of
Antelope Creek Field and Duchesne Field, and in 1996 acquired
the Natural Buttes Extension Area for expanded waterflooding
project opportunities. Waterflooding, to enhance Black Wax Crude
Oil production in the Lower Green River Formation, has been
ongoing for approximately 45 years. In 1996, the U.S. Department
of Energy concluded that the application of waterflooding could
be successful in a relatively undeveloped area called the
Greater Monument Butte Region, which includes the Company's
three development blocks.
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An active development of the Antelope Creek field through waterflood is underway. IIIX LP's leasehold of approximately 80,000 net acres in the Raton Basin, through the acquisition of Petroglyph Energy, provides access for exploitation of coalbed methane from the Raton and Vermejo formations as well as exploration of deeper traditional reservoirs. Development of these resources began in 1998 with the drilling of water withdrawal wells and installation of gas-gathering and water-handling systems in two pilot areas.
