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CrudeX is an oil and gas exploration, development and production company formed in 2011. The company acquires oil and gas projects of merit and develops those projects to their full potential by applying low-cost operating practices and, where appropriate, using both conventional and innovative methods to enhance production and maximize reservoir drainage. When costs are reduced and the efficiency of a well is increased, there is a greater chance of enhanced profitability.
CrudeX is focused on:
- Developing drilling prospects in-house, retaining a carried interest to casing point.
- Drilling offset wells, retaining a majority of the working interest.
- Developing secondary recovery (Waterflood and C02 injection) projects to increase production by re-working existing producing, or previously producing wells.
- Developing proven undeveloped zones (behind pipe) in existing wells.
- Acquiring currently producing oil and gas wells.
- Completing projects and acquiring 3D data where warranted/available.
CrudeX draws on a team that has the experience that can only come from generations of extensive oil and gas exploration and production experience. Combine this with corporate and financial expertise, and experience in other real world ventures, and you have a winning formula.
Walter Powell, III, President and Director
Mr. Powell is a second generation career energy professional with 20 years of experience in the crude oil and natural gas exploration and production industry. Mr. Powell has provided industry related services in the Appalachian Basin, Illinois Basin & the Cumberland Plateau and has evaluated oil and gas properties in Kentucky, Illinois, Indiana, Tennessee, Texas and West Virginia.
Mr. Powell is also the owner, Chief Operating Officer and Executive Vice-President of our drilling operator, Consolidated Oil and Gas Corporation, a Kentucky corporation founded in June 1997 by Mr. Powell and his wife. Operator is an independent construction, exploration and production company with operations in Kentucky and Tennessee.
In March 1992, Mr. Powell, along with two industry partners formed and operated D P Enterprise Company, a Kentucky partnership, which was involved in crude oil exploration and production in south central Kentucky. Mr. Powell divested his interest in June 1998 after producing in excess of 200,000 barrels of crude oil. From April 2011 through the present, Mr. Powell has been the Managing Member of Mission Energy, LLC, an oil and gas exploration company. From September 2011 through the present, Mr. Powell has been the President, Treasurer and Director of Barclay Road, Inc. (OTCPK: BCLR), a publicly traded development stage company with plans to enter the oilfield service sector space.
In 1993, Mr. Powell received a B.A. from Transylvania University in Lexington, Kentucky.