Anyone ever make a startup company? I'm looking for advice,
Leases and drilling are really crazy expensive to carry on my savings alone, how did you find investors?
What do you wish you knew before you started?
3 replies (most recent on top)
No but I did start a makeup. Damn you, dyslexia!!
Many years ago, I was working in a different major and we had a large layoff coming up. We had a producing unconventional asset that wasn’t economic and a group of our Petroleum Engineers working that asset decided to “express interest” and take the layoff.
They formed a company and built a new business plan for this asset that did not include corporate overhead and cut costs on site (ex: initial frack cost reduced 60% and P/L cost reduced 50%). They took their business plan to some banks in Houston and Dallas and got a couple of the banks to loan them the money needed to buy the asset and then approached their former employer with an unsolicited purchase proposal.
The company jumped at the opportunity to unload the loss-making asset and the rest is history. These guys had a great time working the asset they knew so well and are now worth 10’s of millions each.
OPM