Saga Petroleum LLC
|This article needs additional citations for verification. (June 2012)|
|This article is outdated. (June 2012)|
Saga Petroleum Company ("Saga") is a Denver, Colorado-headquartered limited liability company owned by Brent Morse and Charles Farmer. Saga Petroleum operates and drills oil and gas wells primarily in Wyoming, Texas, West Virginia, Colorado, New Mexico, Montana and Alabama. Saga's natural gas and oil production revenues exceed the hundred million dollar mark annually. Saga was also listed as the 49th largest private company in Colorado in 2006.
The owners of Saga debated taking the company public in 2004 when their enterprise was supposedly valued over $400 million USD; however, the company remains private and maintains very low debt. In 2000, Saga was offered $49.5 million USD for most of their Texas properties by Delta Petroleum. Instead, the owners of Saga sold one gas property to Delta Petroleum for $3 million USD in 2000 and sold another 680 wells located in Texas to Latigo Petroleum in 2004. Saga generated a profit of over $100 million USD when they sold the aforementioned properties. The Saga Petroleum Company has also acquired and sold many other properties including the sale of 32 wells located in Louisiana, Oklahoma and California to Output Exploration Output Exploration Transaction. In addition, Saga owns numerous gas processing facilities and pipelines throughout North America. Saga executed a pipeline agreement with Stealth Energy based out of Montana, which agreed to use Saga's Rapelje gas pipeline for a royalty of $.75/MCF in 2008.
Saga continues to acquire natural gas and oil production in throughout the United States, and the company actively drills in Alabama, West Virginia and the Rocky Mountain Region Saga Drilling Permits. In 2007, Saga received over fifty drilling permits in Alabama alone Alabama State Oil and Gas Board. Saga is one of the largest privately held independent petroleum and natural gas producers in the United States, having roughly sixty employees and offices in: Denver, Colorado; Hobbs, New Mexico; Midland, Texas; Powell, Wyoming; Bessemer, Alabama; and Molt, Montana.