In 2007 crude oil prices were $90 to over $100 per barrel. Getting a drilling rig in a timely manner was next to impossible. In the Abilene, Texas area most drilling companies had a long wait list. My partner and I had promoted a drilling prospect in Runnels County. The projected total depth was to be about 4,700’. We had the money raised but no drilling rigs were available for more than six months. We found a double pole rotary drive drilling rig for sale and negotiated terms to buy it. We drilled our first well to 4,703 feet. We made a successful producer in the Gardner formation for our partners and basically paid for about a fourth of the rig through the drilling of this well.
It was less than a couple of months when we were approached by a local oil company in Cisco about a derrick rig for sale that was capable of drilling to 3,000 feet. It was ideal for shallower drilling as it was a lot easier to move as it took less loads of equipment to move to the drilling locations. So we ended up working out a plan to purchase that drilling rig. So we are now in the drilling business with two drilling rigs. I had two partners and we were all equal partners.
Coming up with a name to operate was challenging to us except for the son of one of my partners. He said how about “Cobra Drilling” , so we check and the name was available so HRW Drilling LLC conducted business as Cobra Drilling.
I learned real quick the key to a successful drilling operation is the Pusher. The Pusher is like the Supervisor of the drilling rig. He is in charge!
We drilled 23 wells for third parties and drilled 7 wells for our own behalf. Five of the seven wells were completed as producers for our own behalf.
Oil prices took a down turn and we ended up stacking the rigs.