Operations Overview

Black Gold Texas Tea Oil LLC:

At Black Gold Texas Tea Oil LLC, our operations are distinguished by a strategic focus on optimizing existing drilled aged oil wells through meticulous reworking processes and the infusion of cutting-edge technologies. With a foundation built on innovation, efficiency, and decades of industry expertise, we stand at the forefront of revitalizing mature oil wells for sustained production and enhanced performance.

Strategic Operations Centered on Safety and Responsible Development.

At BGTTOil, our operational philosophy is grounded in a straightforward and efficient business strategy. We prioritize the optimization of margins and cash flow, all while upholding a robust balance sheet and maintaining solid debt metrics. Our core focus lies in horizontal drilling and the low-risk, organic development of oil and natural gas reserves sourced from shales and tight reservoir rocks.

This commitment to simplicity and effectiveness underscores our dedication to responsible development practices. By emphasizing safety and sustainability, we not only maximize operational efficiency but also contribute to the long-term well-being of the environments in which we operate. BGTTOil remains steadfast in our pursuit of excellence, ensuring that our strategies align with both economic prosperity and environmental responsibility.

Commitment to Health, Safety, and Environment

At BGTTOil, our core values of integrity and environmental stewardship drive our commitment to the health, safety, and well-being of our employees and the communities in which we operate. Every day, we strive to embody these values, fostering a culture of responsibility and sustainability in all aspects of our operations.

Fiscal Management and Marketing Strategy

BGTTOil is dedicated to upholding a robust financial position, achieved through a proactive fiscal strategy. Our approach includes the implementation of a dynamic hedging program for both oil and natural gas. This program is designed to mitigate potential impacts stemming from variable commodity prices, safeguarding our cash flow and supporting our capital investment initiatives.

Drilling and Development

Details regarding annual production Total Barrels of Oil Equivalent (TBOE) will be disclosed at a later date, underscoring our commitment to transparent and comprehensive reporting.

Strategic Emphasis on Oil

Our strategic focus centers on vertical exploration, particularly in areas where liquid content is anticipated to constitute 50% to 75% of the overall production stream.

Diverse Geographic Presence

BGTTOil proudly operates across three distinct geographical regions in the country, with primary focuses on Oklahoma, Texas, and the Four Corners area. Our activities are strategically distributed across key locations, including East Texas in Glenrose, Buda, and Edwards, as well as Leon and Houston Counties. Additionally, our presence extends to Northwest Texas, covering Wichita Falls, Electra, Vernon, and Amarillo.

GEOGRAPHICAL DIVERSITY

We currently operate in two geographically distinct areas of the country, with primary interests in the Wattenberg Field and Delaware Basin.
  • Denver – Julesburg Basin
    • Core Wattenberg Field – Weld County, Colorado
  • Permian Basin
    • Delaware Basin – Reeves County, West Texas

EMPHASIS ON OIL AND NGL

Our focus is on horizontal Niobrara and Codell development in the liquid-rich Wattenberg Field, where liquid content in new horizontal wells is expected to average 50% – 75% of the production stream. In the Delaware Basin, the Company is primarily targeting Wolfcamp A and B development where we expect the Eastern acreage block to be 70-80% liquids and the Central block 60-70% liquids.

DRILLING AND DEVELOPMENT

Annual production for 2021 averaged 195,000 Boe per day and proved reserves at year-end 2021 totaled 814 MMboe.

FISCAL MANAGEMENT AND MARKETING STRATEGY

We are committed to maintain a strong balance sheet as part of our fiscal strategy. This is partially done through the utilization of an active hedging program for oil and natural gas aimed at reducing the potential effects of variable commodity prices while insulating our cash flow that funds our capital investment program.

COMMITMENT TO HEALTH, SAFETY AND ENVIRONMENT

At PDC Energy, our core values emphasize integrity and respect for the environment and for the health, safety and well-being of our employees and the communities where we live and work. We seek to live our core values every day.

CORPORATE STRATEGY

Long Term Strategy and Current Focus
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MANAGEMENT TEAM

Senior Management
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COMPANY HISTORY

Four Decades of Profitable Growth
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CORPORATE STRATEGY

Our Philosophy
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