Oklahoma Operator News: Tapstone Energy files for IPO
Tapstone Energy ("Tapstone") announced on April 13, 2017, plans to become publicly traded. Tapstone plans to raise up to $100 million in an IPO and trade on the NYSE under the ticker, "TE." Compared to the other Oklahoma majors, like Continental, Sandridge, Chesapeake, Devon; Tapstone seems to fly under the radar when it comes to Oklahoma industry news and water cooler conversations.
Tapstone was founded by Tom Ward in 2013. Tom is known for his role as the former CEO of Sandridge and co-founder of Chesapeake Energy. Tom Ward also co-founded White Fields in 2000, a non-profit organization that cares for abused and neglected boys who are in the custody of the state of Oklahoma.
On January 1, 2017, Tom Ward stepped down as Tapstone's CEO, and Steve Dixon, a former Chesapeake Energy executive, took his place.
Tapstone primarily operates in the NW STACK play, and have completed approximately 39 wells, the majority targeting the Mississippian (Meramec and Upper Osage) formation(s). Statewide, Tapstone operates approximately 449 active wells.
From March 2014 to April 2017, Tapstone took approximately 5,000 oil and gas leases; the majority located in Woodward county as illustrated in the map. During the same time period, Tapstone applied for approximately 52 drilling permits.
The STACK is trending NW into the counties of Custer, Dewey, and Woodward. Tapstone claims to own the largest contiguous leasehold position in the NW STACK. It will be interesting to examine well results of the NW STACK as more operators enter the region; Continental, Newfield, and Devon have some recent activity. If the well results are similar to those being reported in Blaine, then Tapstone is going to be in a very favorable position.