Unmatched Experience

Our Leadership Team

Rodney & Josie Hughes

CEO

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Joe Autem

CFO

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Long-standing relationships

Motivated by project success

Details matter

Totally committed to the Barnett Combo Project

First Independent to Hire 8 Top Barnett Shale Industry Professionals

Rusty Werline

TSE Project Manager

Petroleum engineer for Mitchell Energy and Devon for over 25 years— Managed 38 drilling rigs and the fracking operations for over 1,000 fracks and 100’s of refracks.

Mark Prestridge

Drilling Manager

10 years with EOG in Barnett Shale – 6 years as drilling manager for EOG in Barnett Combo. Managed Drilling more than 200 combo wells with many near the TSE area of interest.

Jon Huggins

Geophysicist

Barnett Shale 3D seismic evaluation specialist – Member of Mitchell Energy, team that made the Barnett Shale the largest shale development

Dwaine Abraham

ORIGINAL MITCHELL ENERGY GEOLOGIST

Led the team that broke the code and established the Barnett Shale as the first economically profitable shale

Lee Matthews

MITCHELL ENERGY COMPLETION ENGINEER

Provided early support in all phases of Barnett Shale develoment to TSE affiliates.

Adam Callamore

PETROPHYSICIST

8 years with BJ Hughes – Nations No. 1 Well logging firm where he spent 100% of his career interpreting EOG and Pioneer Barnett Combo Logs

Chase Richey

DIRECTIONAL DRILLER

EOG trained Directional Driller who now owns his own firm and continues to Manage Horizontals for EOG and performs directional drilling services for TSE.

Logan Waldrip

FIELD MANAGER

EOG trained to manage producing Horizontal wells in the Barnett Combo and for 6 years had responsibility for over 70 wells – Field Manager for TSE affiliate

Rodney Hughes

1942 – Born and raised in Texas/Oklahoma by 3rd generation farming and ranching family. Born in Littlefield, Texas.... family moved to a ranch on the Red River and attended, graduated Olustee Public Schools, Olustee, Oklahoma 1960-1985 – Ranched for 27 years following graduation from High School. Active in the cattle business as an owner/operator of wheat farms and ranches where cattle were grazed. In 1965 became a junior partner in an Oklahoma City based order buying firm.......became full partner in 1968.......15 of the 17 years the firm was the largest buyer/seller of feeder cattle in the US 1974-1980 – Shareholder/Board of Directors, of a small Bank 1975-2022 – Oil and Gas investor for 47 years 1982-1990 – Drilled 50 shallow vertical wells over 5 years in the Fort Worth Basin, primarily Jack County 1983-1987 – Researched, designed and patented an aluminum sucker rod for use in pumping oil wells with downhole pumps. Created computer managed rod design program specific to aluminum. Field tested for one year and marketed to oil operators in Kansas, Oklahoma and Texas In 1987 the business was sold to Kaiser Aluminum, the high bidder among the 3 aluminum majors. 1990-1998 – Acquired Oil and Gas Properties being sold by Resolution Trust Corporation 1996 – Acquired 4,000 acres in partnership with a small operator, drilled 6 vertical wells. Wells were among the first drilled after Mitchell Energy proved slick water fracking could make the Barnett shale economically productive. Assets sold in 1999 to Enre Oil and Gas/Heller Financial (4-1 return on investment). 1998 – Founded Fairfax Design which designed and manufactured elegant ranch furniture sold to top interior designers with projects in Wyoming, Colorado, Arizona, Utah, California, Oklahoma and Texas........business continues today under ownership of my son, Kent, and is based in Memphis, Tn 1999 – Acquired 12,000 acres of Barnett Shale acreage between Denton and Decatur, Texas. Acquired development financing from Southern Utility/Atlanta, Ga....... partnered with operator and drilled 92 vertical wells. Assets sold to Encana in 2003 for $123M (Net gain to my interest of $14M) 2002 – Assembled a 10,000 acre block of Barnett acreage in southern Montague County. Area is rich gas and condensate which could not be economically produced from vertical wells at the time..... (Project lost $4M) Pioneer later acquired most of the acreage and developed with horizontal drilling. Failure motivated the formation of a business relationship with Haas Engineering which has continued for 18 years. 2004 – Acquired 11,000 acres in eastern Clay County in a region that came to be identified as the Barnett Combo region........labeled so by EOG Resources due to 3 streams of hydrocarbons produced. Sold acreage to EOG in 2007. (Net gain of $3.75M plus an override of 12%) 2007 – Acquired 13,966 acres in Archer County as an extension of the Barnett Combo region....... Combo meaning oil, dry gas and natural gas liquids which are all produced in the hydrocarbon stream. Sold shallow rights (all potential productive horizons except for the Barnett Shale) retaining the Barnett Combo and a 5% over ride on all production. Extensive testing has proven the Barnett Combo as oil productive and an excellent target to be drilled horizontal. (Project has returned 200% on initial investment plus retaining the Barnett Shale rights) Forty one wells have been drilled on the acreage testing 4 producing zones above and below the Barnett. Seven vertical Barnett completions and cores from 3 wells confirm higher rate of natural fractures and hydrocarbon richness of the Barnett on the acreage. I managed my investment portfolio of 300 stocks from 2005 until electing to exit the market in July of 2007 – moved to real estate and the current oil and gas lease positions. 2010 to Present – re-assembled acreage previously sold to EOG after they allowed leases to expire in 2010-2012. Pioneer enters Barnett Combo in 2010, acquires 165,000 acres, drills 195 horizontals. Pioneer drilled the 30 best performing wells of 2,500 drilled in the Combo in 2012 and 2013. Several of the highest rate wells are offset wells to the Clay County acreage block. The downturn in oil and gas prices in 2014 eliminated the economic opportunity to begin early stage development of either the Clay County/Montague acreage block or the Archer county Aminex Lease, which held over 25,000 acres. The low price climate discouraged development until late 2017. The low price environment forced operators to test larger, more technical frack methods in an attempt to increase production which would lower break evens. We are now in the 4th and 5th generation of the frack expansion which have in most shale plays doubled the recoverable oil and gas reserves, sometimes more. The price downturn occurred just as development plans were beginning to take shape for the Clay County acreage in 2014. The recovery of prices for all 3 hydrocarbon components, along with the potential of much higher production rates from improved fracking methods, offers as many as 200 viable horizontal drilling locations across the two acreage positions. The priority for drilling is Clay County with Archer County to follow. The Orton A 1H was completed on the acreage in late in 2019 utilizing a 6,600 ft long lateral fracked in 33 stages deploying twice the sand and water volumes of the offsetting wells which are the highest producers out of 2,500 Barnett Combo wells drilled by EOG and Pioneer Resources. The well confirms the quality/continuity of the high rate of natural fractures in the Barnett that Pioneer discovered with their offset drilling in 2012 and 2013. The Orton A 1H serves to prove my development team can execute the drilling and completion of a horizontal well deploying modern frack design. I am married to Josie and in our 10th year of marriage. I have 3 children, two sons and a daughter, 6 grandchildren and 6 great grandchildren. I attend the Baptist Church and have been a member at Parkway Hills Baptist church in Plano, Tx for 30 years. We also attend Trinity Church in Beaver Creek, Colorado. I am a 25 year supporter of First Liberty and spend some time in volunteering. I am a founding member of HELPS which supports 6 small villages in an area in northern Guatamala known as the IXIL Triangle. We help with financial support for food, pharmaceuticals and education. I enjoy working, working out, golf, genealogy of my family and spending time with my growing family. In addition to our home in Plano we enjoy our home near Vail, Colorado purchased in 2005. We also spend time in Hot Springs, Va where we have another home purchased in 2006.