Joe High, Caddo County discussed on Oil and Gas Startups Podcast
Wittily down high-grade keep what we think is the best of the best rock and sell the rest to private equities and really have those relationships that we talked about understanding all the private equity in the area understanding there by windows understanding the price points all of those things because i think that they allow these private equity back land companies where instead of is to deploy capital. Okay and so. They're not going to hide. Hey we're paying this much like they're going to let. This are straight up bizarre by window. This is what we're paying. This is what that kind of thing. So it's great chase. Poolings understand the price differential. Joe high-grade selloff in then. We made a pretty kleenex from the base. And we we stayed in a couple hundred wells. So did you have a lot of input to these these decisions whether to leave or the aggregate with all that stuff. I mean how. How much like that incoming overtime. Yeah okay great time. We lean pretty heavily on people that have kind of been there before Make sure you outsource some some land experience right. Okay do the things that but really when it comes to decision making You deferred people. That know what they're doing. And then you start you start learning enough to be dangerous potentially to yourself and then you make some mistakes along the way and then you you know. We made a pretty clean exit learning enough to be dangerous to yourself. What does it look. What does that mean. you can make mistakes buying things. You shouldn't buy or thinking okay. Let's put together as it's put together operated units here in caddo county if we want to and then sell that off things like that and luckily you you. You mitigate that risk by selling pieces at a time so you know okay. At least we break even here. Like mitigate your exposure exposure risk rip a people like to say that mitigates pretty pretty hot hot worthies. There's a lot of great business terms that literally do sound checks and it's already low hanging fruit synergies synergies. There's a lotta shit like but that's what we were doing. and then Made a pretty clean exit about eight months before pandemic So you're there for that you there from twenty sixteen twenty seventeen for that long..