"There's been a real reluctance on the part of operators to jump back in to some of these higher-cost opportunities. That's further constraining exploration and development of supply."

In this episode, I'm in conversation with Howard Crosby, the Founder and CEO of LGX Energy Corporation. Howard and a partner acquired an oil company in Indiana and the acquisition included some 400 miles of 2D seismic data that had been shot some 15 years earlier, but never processed. By putting this old data through new tools, LGX was able to reveal oil plays that had been overlooked. The team then shot the highly prospective locations with 3D, which helped pinpoint more precise drilling locations. What was thought to be 15 possibilities turned into 50+.

"Instead of stringing wires across farmer's cornfields to set up the geophones prior to making the recording, they're using wireless geophones that don't need to be strung together with the wire."

Howard Crosby is the Founder and Chief Executive of LGX Energy Corporation. Howard was raised in the Pacific Northwest, and is a successful entrepreneur who has founded several companies over the years. With his background in finance and natural resources, Howard has over 40 years working with mining, gas and oil developments.

"You look at the Lima Peru field where [Rockefeller] had the first 100 million barrel field in Allen County, Indiana. They recovered over 100 million barrels, but they estimate, because of poor technology in the 1890s and early 1900s, they left 100 million barrels behind, stranded."

USEFUL LINKS

LinkedIn profiles (personal, business):

Personal: https://www.linkedin.com/in/howard-crosby/

Facebook pages:

https://www.facebook.com/lgxenergycorp/

Website:

https://www.lgxenergycorp.com/

217: Our First Intern & Why the Stinkeye, Stinkeye?