New Fort Worth energy company to focus on oil-rich areas

Posted Thursday, Mar. 28, 2013  comments  Print Reprints
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Fort Worth's newest energy company won't necessarily be in the Barnett Shale.

Titan River Energy, a recently formed venture that includes longtime Fort Worth oilmen Lee Matthews and Don Pearce, will focus on oil-rich areas, notably West Texas' venerable Permian Basin and the new kid on the block, the Eagle Ford Shale in South Texas.

Titan River, which has no ties to the former Titan Operating in Fort Worth, is headed by CEO Chip Simmons.

Simmons was previously with New York's Reservoir Capital, an investment fund that has had interests in the Marcellus Shale, Eagle Ford Shale and West Texas' Wolfcamp Shale.

The company is backed by a $100 million commitment from Post Oak Energy Capital of Houston, and Ridgemont Equity Partners, based in Charlotte, N.C.

In an interview Wednesday, Simmons said there are many of the same opportunities to acquire properties in oil-rich plays that there are in natural gas plays, which have been hammered in recent years by low prices.

Even with crude oil's relatively high price of more than $90 a barrel, there are still overextended leaseholders and operators short of technical expertise who could find a buyout offer attractive, he said.

Simmons said Titan River doesn't have a particular target size for its deals, but intends to be the operator of its properties nearly all the time.

Frost Cochran, managing director of Post Oak Energy, said the firm was attracted by the prospect of Simmons' management experience and the technical experience of Matthews and Pearce, principals of Cornerstone N.G. Engineering, and geologist Ken Bowker.

Matthews was a petroleum engineer with Mitchell Energy, discoverer of the Barnett Shale, and then Devon Energy, while Pearce has focused on drilling and engineering operations.

Bowker, who practices out of The Woodlands, is another Mitchell Energy alum who was an early interpreter of the exploration and production techniques likely to work in the Barnett Shale. Landman Brennan Potts rounds out the management team.

Award for Crescent

Fort Worth-based Crescent Real Estate Holdings, owner of the 777 Main office high-rise in downtown Fort Worth, has earned a 2012 National Commercial Real Estate Customer Service Award for Excellence, its ninth such honor.

Crescent has earned top honors every year it has participated in the survey of its customers. It won six consecutive Awards for Excellence from 2001 to 2006 and again in 2010 and 2011.

"Customer service is a core value, the heart of our company culture," said John Goff, Crescent's chairman and CEO. "Crescent is honored to be recognized directly by our customers for providing distinctive, high-quality properties, along with exceptional dedication to overall customer satisfaction."

Established in 1997 by CEL & Associates founder Christopher Lee, the Customer Service Award for Excellence recognizes companies whose management performance and commitment adhere to the highest levels of service. CEL is the largest independent surveyor of customer opinions in the real estate industry and conducts more than 2.5 million surveys annually to establish service and performance benchmarks.

The award survey asks customers how satisfied they are with building features, appearance and condition, as well as staff performance in building operations, maintenance and leasing.

Crescent Real Estate Holdings is owned by Barclays Capital and Goff Capital. Through its subsidiaries, Crescent owns or manages a portfolio of 25 office buildings totaling over 9.2 million square feet in Fort Worth, Dallas, Houston, Denver and Las Vegas. Crescent also holds investments in resort residential developments in Scottsdale, Vail Valley and Lake Tahoe; the Ritz-Carlton in Dallas, and the wellness lifestyle leader, Canyon Ranch.

Sandra Baker, 817-390-7727

sabaker@star-telegram.com

Jim Fuquay, 817-390-7552

jfuquay@star-telegram.com

Barry Shlachter, 817-390-7718

barry@star-telegram.com

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