ABOUT

Richard Bowman is a third generation oil producer from a family that drilled its first wells by his grandfather in the Tampico area of Mexico in the 1920’s. His father Re-entered the business in the 1950’s drilling and operating wells in West and South Texas, eventually selling out in the late 1960’s to start large scale cattle operations in South Texas. Richard grew up on the cattle ranch until he left for college in 1982. He attended Baylor University, graduating with a BBA in 1986. At that time he and his father decided to re-enter the oil and gas industry to buy distressed properties from failed Banks. A small group of family owned companies was formed and funded with less than $250,000.00 is still active today, having net income of over $5.5MM in 2015. The initial $250,000.00 was only capital contribution ever made, all growth was intrinsic from the properties.

In 1991 Richard relocated to Houston to become more entrenched in the Industry. He began work in land operations for both small independents and large public companies completing projects in both acquisition and divesture as well as purchasing drilling rights across Texas. In 1993, Richard purchased his first producing property establishing himself as an operator in Texas. Between 1993 and 1998 he purchased over $100MM of producing properties in Texas, Oklahoma, Louisiana, New Mexico, California and State and Federal waters. His company, started with $50,000.00 now was operating over 1500 oil and gas wells onshore, over 30 offshore platforms with 300,000 acres under lease. He employed over 150 people in three states, had multiple offices in Texas and California and had reserves of over 17MMBO and 86BCFG. This $100MM investment of producing properties was eventually divested for approximately $500MM During this time he raised and negotiated over $250MM of various debt and equity offerings.

Property Highlights

Richard successfully evaluated, negotiated and closed deals from numerous companies, a small sample include:

Fina Oil and Chemical Company
Hunt Oil Company
Marathon Oil Company
Statoil E&P
Apache Corporation
Reunion Resources
Devon Energy

The Reunion acquisition was notable because it took Richard to the next level. While most other small oil and gas companies were afraid to enter the California market, Richard took the risk and doubled gas reserves from 12 to 24BCF in the first year at the Sutter Buttes Field, (the first and oldest gas field in the state).
Richard continued his belief in redeveloping mature fields when he followed the reunion acquisition with the $68MM purchase of mature fields from Apache Corporation. These fields included Spindletop, Sour Lake and High Island, the first three fields discovered in Texas in the early 1900’s. All continue to produce today and Richard was able to consistently increase production in these, the most mature fields in the United States through re-completions, new drilling and the use of new technology. Sour Lake was also Richard’s introduction into the extraction of heavy oil through steam flood. Sour Lake is the largest and few heavy oil fields in Texas and was the location of the first well drilled by the Texas Company which became Texaco. Bringing mature, abandoned fields back to life is where Richard specializes. One of the better examples of this was Richard’s identification of a re-completion of a well he purchased which had been drilled by Texaco in 1994 and was producing 50 BOPDE, after re-completion and frac the well production increased to over 2700 BOPDE making it the single largest producer in Texas for nearly a year.

By 2004 Richard had semi retired to spend time with his family but remained connected to the oil and gas industry. However in 2014 Richard identified an opportunity in West Texas and purchased drill rights from Devon Oil Company where Devon had been unsuccessful. Richard went to the market and raised $25MM in a matter of months and using different drilling and fracking techniques successfully completed 12 wells proving up over 2MMBOE.
Richard is now developing oil and gas rights in Gonzales County Texas and evaluating acquisitions in West Texas and New Mexico. Richard still has numerous ongoing relationships with the companies he has purchased properties in the past, major service providers and the banking and capital markets.

Companies

Bowman Oil Companies (Dallas, Texas)
TriboPetro Holdings (Houston, Texas)
Tribo Petroleum Corp (Houston)*
Tri-Union Development (Houston, Texas and Sutter Buttes, Ca.)*

*Sold

TriboMexico Ventures

TriboMexico will be a new company formed by Richard Bowman and Kelly Plato to pursue opportunities coming available in Mexico and will be a sub of a newly formed US company focused on purchasing producing properties in Texas , California and Louisiana.