Profile

Karen Herbst

Providence Energy Corp.

Contact Details

Providence Energy Corp.

Bio

Accomplishments

19 years with Providence Minerals, LLC as of 12/28/2019, managing minerals and non op assets.  

Assisted Devon Energy Corporation in their divestment process 2000-2001 and 2001-2002.

Assisted Berco Resources, LLC in the complete inventory of their land lease records for possible private sale. Reviewed and set up 317 contracts, 1155 oil and gas leases and tracked 283 wells and puds.

Performed all buyer due diligence for Jetta Production Company in their acquisition of Devon Energy Corporation's Arkoma Basin assets. 

Assisted 3 TEC Corporation with due diligence for stock equity purchase of Middle Bay Oil Corporation.

Performed all in-house due diligence on 1999 Vastar Resources $29.45 MM acquisition of three federal fieldwide gas units from Cross Timbers Oil Company in the San Juan Basin, turning in numerous title defects for seller curative or indemnity.

Managed contract team assembled for EEX Corporation's (fka Enserch Exploration, Inc) 1997-1999 divestment of all non core onshore assets. Closed $511MM between 10/1/97 and 1/31/99 in 34 transactions. Directed building of the Access divestment database for use in managing all aspects of the process.

Highlights of the project:

ACCOUNTING WELL SET UPS:
1129 REMAINING ON SHORE
3286 SOLD
1636 CULLED
6051 TOTAL WORKED

As the final phase of the onshore asset review, Spur and the contract associates reviewed all of EEX's onshore royalty, mineral and fee assets. The review included culling well set ups no longer valid, associating API's with all well setups, pursuing unpaid revenues, setting up all leases on fee assets, tracking gross and net leased and unleased acreage/depths and pursuing releases of leases no longer valid on company owned minerals. Statistics of the review available upon request.

Led Apache 1994 Divestment project, preparing 497 properties for auction. Prepared minimum bid package of royalty & overriding royalty interests on 68 multi well Permian Basin leases that brought $.200MM above the minimum bid.

Performed due diligence on the second most valuable field in the 1995 Apache acquisition of Texaco Western Region Properties-turning in $1 MM of interest adjustments.

Performed due diligence on Seagull Energy's 1996 acquisition of Marsh Operating Company.

Assisted Lomak Petroleum in their $350 MM 1997 acquisition of American Cometra, Inc.’s West Texas, Gulf Coast Texas & offshore properties. Finding benefits to Lomak totaling $68,283 on a $54MM field.

Additional Transactions

Assisted Apache in closing Fall 1996 $29.75 MM South. Texas acquisition from Headington Oil Company.

Performed all due diligence on Union Pacific Resources 1996 $2.75MM acquisition of Enserch Williston Basin Properties.

Assisted Denbury Management, Inc. First Quarter 1996, in closing a $1.8MM S. Louisiana acquisition finding $114,194 in title interest adjustments to Denbury’s benefit.

Performed all due diligence for Enron Oil and Gas’s Third Quarter 1996 $5.725MM acquisition of Maynard Oil Company’s Mid-Continent gas properties.

Assisted Berco Resources in acquisition of remaining Oryx Energy properties in the Williston Basin.

Authored comprehensive post auction review of internal and external divestment processes for Apache.

Represented and purchased $1 MM+ worth of properties at public auctions for various clients, inclusive of Yates Petroleum, Enron Oil & Gas, Universal Resources, Pennzoil, BWAB, Inc/Fairway Resources Inc. and Apache.