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Yates Petroleum Seeks JV Partner To Develop Wolfcamp, Bone Spring
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Doug Brooks, CEO of Yates Petroleum spoke at the latest Enercom conference, detailing Yates Petroleum's position as a private company.
He indicated an interest in joint ventures to exploit the company's large resource base, stating that there was "more acreage and opportunity than we have cash."
Yates has maintained a large legacy asset base in the Rockies and SE New Mexico. However, as old assets are re-exploited with new technology this acreage has become more valuable. One constraint as a private company is having less access to equity and debt markets. Brooks stated that the company had to "Live within our cash flow" and prioritise projects as well as look at joint venture opportunities.
The company operates principally in two core areas -
In SE New mexico, Yates has 450,000 acres.
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