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Stone/Talos Merger become TALO on NYSE
Talos Energy, a Houston oil and gas provider, is officially a public company. May 10, Thursday, it closed the merger with Louisiana Stone Energy. The merger closed at $2B for Talos. Rather than filing for an IPO, Talos purchased a controlling interest in Stone. Talos stock symbol is “TALO” on the NYSE. TALO is interested in pursuing more drilling in the Gulf of Mexico.
History of Talos
Talos is the merging of two previous
Companies, also in oil and gas: Phoenix Exploration Co. and Gryphon Exploration Co. Talos have focused on oil and gas exploration production. Talos was begun in 2012. After the Stone acquisition, Talos is well positioned to create other opportunities for development. Talos had originally had plans to prepare for its own IPO, but the oil bust ruined this future hope. Talos was able to acquire Stone as the largest shareholder, thereby acquiring the IPO thru the merger.
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Talos makes Zama Discovery
Talos just hit it very big when it struck gold with its Zama oil deposit discovery in 2017. Zama oil reserve has an estimated 1.5 to 2B barrels of oil. AIPN named is “The Discovery of the Year.” Zama discovery was a historic event since it was the first time a private sector was allowed to explore oil off Mexican shores. Zama oil deposit is only 165 meters in depth, which makes it easier to drill.
Tim Dunca, Talos Chief Executive, called the merger between Talos and Stone a “transformantional combination.” Talos retains 63 percent of the merger while Stone retains 37 percent. Furthermore, pproduction from the recent Zama reserves will begin production as early as 2019.
Talos made the discovery of Zama 37 miles offshore of Puerto Dos Bocas, which is an highly valued oil port in Mexico.
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All we have to do these days is turn on the news or do a quick search and see that work place accidents and accidents in every community happen. Many of these accidents could have been avoided if only people took several steps to make things safer. Obsidian Energy is doing just that. They want to make sure that their operations are safe for the people who work for them and the communities in which they are working in. This is why the all new company is drilling for oil in Canada with several safety standards in place. They understand that being safe should always come before getting oil and gas out of the ground. To be honest, Obsidian Energy understand that safety has to come after the drilling too and for that reason Obsidian Energy is making sure that the cleanup happens on all of their sites when they are finished.
Safety in both the community and at their drilling site is Obsidian’s first priority. Sure, Obsidian Energy wants to make money for their shareholders and investors but, they do so after the safety precautions are being taken. It really is that simple, safety first and profits second. Each person who is helping to get oil and gas out of the ground goes through a specific training and Obsidian is happy to do their part to help keep everyone safe.
Obsidian Energy has a commitment to make positive impacts on all of the communities where they have operations. Obsidian sponsor a Community Matters Program where all employees and contractors are to communicate openly with all people in the communities.
If you don’t know much about Obsidian Energy, that’s ok. They are an experienced Canadian oil and gas producer that went through a restructure that was not just a name change but a whole reworking of the company’s skills and values. They transformed their company from the bottom up and it’s lead to a much brighter future for everyone. As an intermediately sized company they hold their own with oil and natural gas production. They know the industry inside an out because they emerged from Penn West Petroleum Ltd. They took what they learned and continued to make it better by paying closer attention to what could go wrong and right and making adjustments as they are needed. This has turned Obsidian into a fine company who cares about what they do and the people involved.
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