Paxton Energy, Inc. is focused on acquiring, exploring, developing and drilling activities within the oil and natural gas industry. An energy turnaround company, Paxtonâ??s business model involves acquiring cash flow producing properties with proved and probable reserves, developing the fields by reworking existing wells and drilling new wells.
The company retains a 70% working interest in 546.875 acres in the Vermilion 179 (VM 179) track. Located in the shallow waters of the Gulf of Mexico offshore from Louisiana, VM 179 is adjacent to Exxon’s VM 164 #A9 well. Based on a recent independent reserve report, proven and probable reserves have a PV-10 value of $92,000,000 at $85 per barrel oil and $4 per mcf gas.
President of Paxton Energy Robert Fulton Smith, Jr. brings more than thirty years of industry experience to the company. Subsequent to earning a degree in Economics from Loyola University and studying at Harvard Business School, he has been engaged in various financial, technical and management roles in the private investment, financial services, and energy industries.
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