TriDimension Energy » Press Releases

TriDimension Energy gets $100M infusion

Fri, 2 May 2008 00:00:00 GMT

HM Capital Partners' recent acquisition of TriDimension Energy does more than provide the company with a cash infusion that will total $100 million over time. It helps the oil and gas exploration company pursue its strategy of focusing on mature fields, some of which were abandoned in decades past when low prices and limited technology prevented the economics from working.

Today, however, a record number of independent companies, including Dallas-based TriDimension Energy, have regained their appetite for fields once left for dead.

TriDimension's strategy of redeveloping existing oil fields in Louisiana and Mississippi needed a shot in the arm, said HM Capital partner Jason Downie. In addition to an immediate infusion of $50 million, HM Capital plans to invest another $50 million over the next three years, he said.

"It's a great equity capital marriage," Downie said.

With demand for domestic oil production at record levels, that leaves oil companies fighting for everything from personnel and leases to equipment and production. As a result, HM Capital's investment will make a huge impact, said James P. Ryan, CEO of TriDimension, which projects revenue of $30 million in 2008.

"It is a very competitive business," Ryan said. "We are trying to protect our market fiercely. We have the ability to do that now with capital. Jason's group has provided me the opportunity to focus on creating value as opposed to how we're going to get financing."

Ryan formed TriDimension in 2006 to go into mature fields. The strategy is increasingly popular, according to Dave Burkhalter, a petroleum engineer and vice president with Dallas-based oil consulting firm Degolyer McNaughton. Methods for enhancing the production from existing fields weren't economical when prices were low, Burkhalter said, but they are now, with oil at more than $100 a barrel.

"There's a lot of oil that still remains in these reservoirs," Burkhalter said. "It could be a substantial amount, from 10% to 25% of what was originally in place. It is a worthwhile endeavor, but expensive."

From 2004 to 2006, 1.5 billion barrels was added to the nation's total volume of oil reserves by revising the amount that can be recovered from mature fields, said Pete Stark, a geologist and vice president with Colorado-based oil and gas consultant IHS Inc. That brought the overall U.S. reserve base in 2006 to 20.9 billion barrels, he said. In comparison, during the same period, new oil discoveries added only 265 million barrels, Stark said.

Before HM Capital's acquisition, TriDimension Energy had acquired 19 oil leases in Louisiana and Mississippi, giving it interests in 86 wells producing more than 1,400 gross barrels a day from 36 fields with proven reserves -- oil with a reasonable opportunity of being recovered -- of 6.5 million barrels of oil equivalent.

With the investment from HM Capital, Ryan predicts that TriDimension will double those numbers in three years. It will add about six employees this year to the 12 it already has in Dallas, Ryan said.

On April 25, TriDimension finalized a lease called the West Quitman Plantation Field in Adams County, Miss. Made up of more than five fields, there are an estimated 1 million barrels of proven reserves there, Ryan said.

"Our projects and appetite for capital have just gotten bigger and bigger and bigger," he said.

~Dallas Business Journal, May 2, 2008

About TriDimension Energy
TriDimension Energy is a Dallas-based oil and gas company with operations in Texas, Louisiana, and Mississippi. TriDimension has an 83 percent drilling success rate and proven reserves approaching 6 million barrels of oil and 3 billion cubic feet of gas. Committed to environmental stewardship, the State of Louisiana has granted TriDimension Energy development access to more state land than any other company. More information is available at www.tridimensionenergy.com.

Ram Oil & Gas, LLC Announces New Corporate Identity: TriDimension Energy

Fri, 7 Dec 2007 00:00:00 GMT

Identity emphasizes bright future and rapid growth of the Dallas-based oil and gas company

DALLAS Dec. 7, 2007 Ram Oil & Gas, LLC, a successful Dallas-based oil and gas company with proven reserves of nearly 6 million barrels of oil and over 3 billion cubic feet of gas, today announces its new identity will be TriDimension Energy, LLC. The company, owned by President Allen Mann and COO James Ryan, officially unveiled the new name, announced a multi-million dollar acquisition of the Lake St. John Field in Louisiana, and discussed its operations spanning Texas, Louisiana, and Mississippi.

TriDimension Energy, as an identity, is an outstanding representation of the people, innovative technology, and commitment to local communities that form the basis of our success and rapid growth, said Allen Mann, President of TriDimension Energy. Our success is credited to an unprecedented team of individuals from every discipline, each possessing the judgment, wisdom, and resourcefulness that comes from years in their field.

With its primary focus on finding oil in existing fields, TriDimension Energy is re-developing historic fields by restoring wells to production, re-completing wells in previously tested reservoirs, and aggressively drilling new wells.

As part of this strategy, TriDimension just completed a $7 million acquisition of the shallow rights for the Lake St. John Field, a former Exxon property in the Concordia and Tensas Parishes on the eastern border of Louisiana. With the acquisition, TriDimension Energy joins Denbury Resources Inc., the fields deep rights holder.

In November 2007, TriDimension Energy, through its operating affiliate Axis Onshore, LLC, was the fourth largest oil producer in the Monroe District and No. 39 onshore oil producer in Louisiana with production in 2007 of 168,000 barrels from 90 wells.

About TriDimension Energy
TriDimension Energy is a Dallas-based oil and gas company with operations in Texas, Louisiana, and Mississippi. TriDimension has an 83 percent drilling success rate and proven reserves approaching 6 million barrels of oil and 3 billion cubic feet of gas. Committed to environmental stewardship, the State of Louisiana has granted TriDimension Energy development access to more state land than any other company. More information is available at www.tridimensionenergy.com.

TriDimension Energy, LLC Announces $7 Million Acquisition Of Lake St. John Field

Fri, 7 Dec 2007 00:00:00 GMT

DALLAS Dec. 7, 2007 TriDimension Energy, LLC, a Dallas-based oil and gas company with operations in Texas, Louisiana, and Mississippi, today announced the $7 million acquisition of shallow rights for the Lake St. John Field, a former Exxon property. Discovered in 1942, the Lake St. John Field in the Concordia and Tensas Parishes on the eastern border of Louisiana has produced in excess of 50 million barrels of oil to date.

Our research shows this historic field has numerous pay zones and offers an outstanding opportunity, said James Ryan, COO of TriDimension Energy. Over the years, low oil prices led to production declines and a majority of the Lake St. John wells being abandoned. We are
re-developing the field by restoring wells to production, and aggressively drilling new wells.

With the acquisition, TriDimension Energy joins Denbury Resources Inc., the deep rights holder, who is currently preparing a tertiary oil recovery project at the Lake St. John Field using carbon dioxide flooding.

As of November 2007, TriDimension Energy has proven reserves approaching 6 million barrels of oil and 3 billion cubic feet of gas. The company, through its operating affiliate Axis Onshore, LLC, was the fourth largest oil producer in the Monroe District and No. 39 onshore oil producer in Louisiana with production in 2007 of 168,000 barrels from 90 wells.

About TriDimension Energy
TriDimension Energy is a Dallas-based oil and gas company with operations in Texas, Louisiana, and Mississippi. TriDimension has an 83 percent drilling success rate and proven reserves approaching 6 million barrels of oil and 3 billion cubic feet of gas. Committed to environmental stewardship, the State of Louisiana has granted TriDimension Energy development access to more state land than any other company. More information is available at www.tridimensionenergy.com.