We create value from proven, mature energy assets.
About
Promise Energy Holdings is a Houston-based, private energy company engaged in the acquisition, exploration, and development of oil and natural gas. Established in 2014 by co-founders Don Schofield and Don Hays, the primary mission of the company is to acquire proven, mature oil and gas fields in the USA to recover remaining reserves.
Promise Energy Holdings assets are acquired based on their suitability for implementation of new, modern drilling technologies & completion techniques. Currently, the company is focused on and oil and gas projects in Texas and is exploring several additional opportunities in the Gulf Coast Region.
Mission/Vision
Our Mission
We create value from proven, mature energy assets.
Our Vision
To be trusted stewards of valuable natural resources and the trusted business partner of choice.
Safety
We do it safely, or we don’t do it.
Environment
We leave it better than we found it.
Ethics
We always do the right thing.
Innovation
We do it better.
Community
We earn respect every day.
Teamwork
We are in this together.
Team
Promise Energy Holdings has a tenured management team with vast energy industry experience.
The resource management team has impressive 35 years average experience, spanning the following roles in the energy sector: CEO, CFO, COO, CAO, Business Development, Operations, Petroleum Geology and Engineering, Investment Banking and Investor Relations, Real Estate, Legal, Marketing, Communications, Government and Stakeholder Relations and Media Relations.
Promise Energy Holdings technical team brings decades of experience with Major operators and focuses on subsurface, 2D and 3D driven evaluations, engineering reports, and a vast network of industry professionals.
35 years of international experience in the founding and operating of petroleum, resource development, and mining related businesses in both the public and private sector.
Served as CEO, President, Managing Director, General Manager, Mine Manager, Operations Manager, Exploration Manager, Consultant and Project Manager within the petroleum, mining, exploration and drilling industries.
40 + years of energy sector experience specializing business development and stakeholder relations.
Coordinated the development of new facilities and major infrastructure projects in both the public and private sector.
Served as CEO, Manager of Business Development, Deputy and Executive Director, & Director of International Marketing.
Financial market strategist with over 20 years of industry experience.
Expertise in global market analysis, derivatives, economic forecasting, futures, options, wealth management, risk mitigation, and hedging strategies.
Consultant for direct oil and gas investments in the Bakken Shale, the Stack and Scoop play in Oklahoma, Sunniland Trend in Florida, and conventional oil fields projects in Texas and Louisiana.
Serves as transactional and due diligence counsel to Promise Energy Holdings LLC. Involved in the review of asset acquisition and transaction planning team.
Over 30 years’ of experience as Principal and General Counsel in the energy and financial sectors, including transactional activity, due diligence, regulatory compliance, and corporate governance.
Served on the Board of Directors of publicly held gas and oil companies & companies in other sectors.
35 years of international experience in the founding and operating of petroleum, resource development, and mining related businesses in both the public and private sector.
Served as CEO, President, Managing Director, General Manager, Mine Manager, Operations Manager, Exploration Manager, Consultant and Project Manager within the petroleum, mining, exploration and drilling industries.
40 + years of energy sector experience specializing business development and stakeholder relations.
Coordinated the development of new facilities and major infrastructure projects in both the public and private sector.
Served as CEO, Manager of Business Development, Deputy and Executive Director, & Director of International Marketing.
Financial market strategist with over 20 years of industry experience.
Expertise in global market analysis, derivatives, economic forecasting, futures, options, wealth management, risk mitigation, and hedging strategies.
Consultant for direct oil and gas investments in the Bakken Shale, the Stack and Scoop play in Oklahoma, Sunniland Trend in Florida, and conventional oil fields projects in Texas and Louisiana.
Serves as transactional and due diligence counsel to Promise Energy Holdings LLC. Involved in the review of asset acquisition and transaction planning team.
Over 30 years’ of experience as Principal and General Counsel in the energy and financial sectors, including transactional activity, due diligence, regulatory compliance, and corporate governance.
Served on the Board of Directors of publicly held gas and oil companies & companies in other sectors.
Don Schofield
CEO
35 years of international experience in the founding and operating of petroleum, resource development, and mining related businesses in both the public and private sector.
Served as CEO, President, Managing Director, General Manager, Mine Manager, Operations Manager, Exploration Manager, Consultant and Project Manager within the petroleum, mining, exploration and drilling industries.
Don Hays
President
40 + years of energy sector experience specializing business development and stakeholder relations.
Coordinated the development of new facilities and major infrastructure projects in both the public and private sector.
Served as CEO, Manager of Business Development, Deputy and Executive Director, & Director of International Marketing.
Mark Urban
Executive Vice President
Financial market strategist with over 20 years of industry experience.
Expertise in global market analysis, derivatives, economic forecasting, futures, options, wealth management, risk mitigation, and hedging strategies.
Consultant for direct oil and gas investments in the Bakken Shale, the Stack and Scoop play in Oklahoma, Sunniland Trend in Florida, and conventional oil fields projects in Texas and Louisiana.
Gerry Agranoff
Vice President
Serves as transactional and due diligence counsel to Promise Energy Holdings LLC. Involved in the review of asset acquisition and transaction planning team.
Over 30 years’ of experience as Principal and General Counsel in the energy and financial sectors, including transactional activity, due diligence, regulatory compliance, and corporate governance.
Served on the Board of Directors of publicly held gas and oil companies & companies in other sectors.
Our Approach
Forward-looking operational strategy focused on being a low lift cost operator and drilling proven, highly-economic wells that will increase cash flow, production and reserves
Experienced management team is well positioned to opportunistically capture assets in the current commodity cycle and create value in depressed markets; the team has developed and subsequently monetized nearly $400 MM of assets in the last 20 years.
PE’s technical team brings decades of experience with Major operators and focuses on subsurface, 2D and 3D driven evaluations, engineering reports and a vast network of professionals throughout the industry.
Our Approach
Experienced management team is well positioned to opportunistically capture assets in the current commodity cycle and create value in depressed markets; the team has developed and subsequently monetized nearly $400 MM of assets in the last 20 years.
Forward-looking operational strategy focused on being a low lift cost operator and drilling proven, highly-economic wells that will increase cash flow, production and reserves
PE’s technical team brings decades of experience with Major operators and focuses on subsurface, 2D and 3D driven evaluations, engineering reports and a vast network of professionals throughout the industry.
Projects
Gillock Oil Field
Flagship Project
The Gillock Field is a significant conventional, salt dome oilfield located near the city of Houston, Texas. The discovery well was drilled in 1934 and the field was fully developed shortly thereafter by Amoco, reaching its peak production level in the 1970s (over 7,000 barrels of oil per day). Amoco also built the Texas City Refinery (one of America’s largest oil refineries) adjacent to the Gillock Field on the western shoreline of Galveston Bay.
Amoco operated the field for over 50 years and sold it in 1989. A series of small operators have owned the Gillock Field since Amoco sold it. The Gillock field has produced 45.9 million barrels of oil from the main prolific “Big Gas Sand” reservoir zone between discovery in the 1930s and today. Management believes that independent engineering reports indicate that this production represents only approximately 23% of the original oil in the Big Gas Sand Reservoir at South Gillock, indicating that that over 50% of the recoverable oil may remain in place.
Approximately 150 wells were drilled into the Gillock Field properties since discovery, mostly prior to 1960 by Amoco’s predecessor Pan American. An important and unique feature of the Gillock Field is that over 70 wells remain accessible for evaluation as future producers, which management believes indicates the quality of the installation and the favorable ground conditions of the Gillock Field. These 70+ wells are “suspended” which means not producing but having never been permanently cemented and reclaimed, a procedure known as plugging and abandonment (P&A). The Owner will begin rapid development of the field by re-entering the suspended wells to perform maintenance work and re-establish production. This procedure is known as a “workover”. The cost of a workover is typically only around 10% of the cost to drill a new well to replace a well that has been plugged and abandoned.
Advantageous location next to Texas City refinery
- Gillock is located just 40 miles away from downtown Houston, Texas – adjacent to the Texas City Refinery, in an extremely positive energy regulatory environment.
- The field is within 100 miles of three of the largest refineries in the United States - Port Arthur (1st), Baytown (2nd) , and Galveston Bay (5th), resulting in lower transportation costs.
Future Projects
- The Promise Energy Management Team has extensive experience in the development of fields that have been created by the presence of salt domes pushing and lifting the geological formations above it, creating subsurface structures where large amounts of oil and gas have been trapped.
- On the Gulf Coast of Texas and Louisiana, there are a large number of salt dome formations, with billions of barrels of oil still waiting to be produced through low cost, conventional techniques.
- There are occasionally opportunities to acquire leases which have been released or not maintained according to the terms of the lease. PE has identified several of these salt dome opportunities and is actively pursing acquisitions.
Community
Corporate Responsibility
Promise Energy Holdings recognizes that our oil and gas exploration and production activities could have social, cultural and economic impacts on stakeholders including local citizens, governments, industry groups, service providers, NGO’s and landowners. Promise Energy embraces this responsibility and has developed and implemented plans to minimize impacts and support our communities in many ways including but not limited to the following:
- conducting private and public community meetings and information sessions to initiate stakeholder dialogue and feedback on potential social, economic and environmental impacts our projects may have and to collaboratively identify appropriate tactics to manage and mitigate outcomes;
- ensuring continual, transparent engagement with stakeholders, including identifying dedicated company stakeholder representatives to support operations and to work with local landholders and stakeholders to manage and mitigate potential impacts;
- conducting meetings with landholders and stakeholders in relation to the surface layout of drilling operations and infrastructure to ensure long term, positive relationships are developed and managed to mitigate potential impacts;
- negotiating long term cultural heritage stakeholder management plans with local native and aborigine communities to mitigate impacts; and
- investing in local communities where we operate via employee and contractor volunteer initiatives and strategic corporate resource donations.
Stakeholder Relations
- Promise Energy Holdings is a young, growing company that is investing in and developing exciting oil and gas energy projects in North America. It is important that our key stakeholders including investors, customers and our neighbors understand the exciting Promise Energy value proposition and business plan.
- Promise Energy’s stakeholders include all individuals or groups who could be impacted by our operations or who could, through their own actions, affect our business. All stakeholders are important to Promise Energy and our commitment to engage with them underpins our Guiding Principles.
- The Promise Energy Commitment to Stakeholder Relations include:
- Promise Energy will build trust and integrity in all that we do, conducting our operations with honesty and transparency,
- Promise Energy is committed to developing transparent communications between the Company and our stakeholders,
- Promise Energy, through information sharing, will encourage and support well-informed stakeholder groups,
- Promise Energy is committed to enhancing stakeholder networks, cooperation and support,
- Promise Energy is committed to understanding stakeholder issues, concerns and trends.
- To support our Stakeholder Relations Commitment, Promise Energy will:
- Develop proactive, lasting relationships with individuals, groups and organizations that are associated with Promise Energy,
- Deliver relevant information to key stakeholders in a targeted and timely manner,
- Be recognized as an organization that treats stakeholders fairly and with respect
- We recognize that the quality of relationships with local, state and the federal government at all levels, industry and the wider community plays a crucial role in protecting and enhancing Promise Energy’s value and reputation.
- Promise Energy represents its views as a company to governments, regulators and others on matters affecting our business interests, those of our shareholders, our employees and others involved in our activities.Promise Energy is active in a growing number of locations in North America. Regardless of location, Promise Energy actively develops and maintains positive relationships with its stakeholders including landowners and the local community.
- Promise Energy represents its views as a company to governments, regulators and others on matters affecting our business interests, those of our shareholders, our employees and others involved in our activities. Promise Energy is active in a growing number of locations in North America. Regardless of location, Promise Energy actively develops and maintains positive relationships with its stakeholders including landowners and the local community.
- Promise Energy’s Stakeholder Relations Strategy is supported by its Corporate Social Responsibility and Sustainability initiatives in the communities where we work and live. Promise Energy strives to be a superior community partner by investing in the communities where we operate.
- All Promise Energy representatives, contractors and employees are stakeholder relations practitioners and adhere to the company’s Stakeholder and Government Relations Management Plan in their day to day conduct.
- Our Commitment to Stakeholder Relations is reviewed and refreshed from time to time to ensure it remains in accordance with statutory and corporate requirements, encourage best practice, and drive overall planning, implementation and continuous improvement processes.