British Acadian Energy L.L.C. is an independent oil and gas exploration and production company that was incorporated in 1987 with the objective of acquiring oil and gas reserves primarily in the outer continental shelf (OCS) area of the U.S. Gulf of Mexico. The Company's main focus is the acquisition of proven reserves with a particular emphasis on associated development drilling potential. British Acadian is a Texas Corporation, wholly owned and operated in the United States with offices mainly in Lafayette, Louisiana. The principals of British Acadian have a combined 60 years experience in the acquisition, management, development and disposition of producing oil and gas properties.
British Acadian has always been selective in its acquisitions, investing in properties with overlooked undeveloped reserve potential in order to generate a better than average rate of return for its partners. Consequently, over the last fifteen years, it has negotiated and closed the sale of only about fifteen properties and/or assets with a total acquisition cost of nearly $200 million. Some of the acquisitions have included development and/or exploration drilling activity, and most have returned the purchase price within three years. Figure 5 shows net reserves associated with these acquisitions at the time of purchase together with the cost of the reserves on a barrel of oil equivalent (boe) basis.