Oklahoma is not alone when it comes to the lack of funds for oil and gas exploration in the state.
Midland funding is also lacking, which has forced many companies to go elsewhere to find money.
We had no idea what we were getting into.
“We just had a big financial collapse that came in early on,” said Josh McBride, a spokesperson for Midland Oil and Gas, a Houston-based oil and natural gas exploration company.
“I mean, I think a lot of people who were in this business were just kind of stunned by it.”
Midland is one of the most popular oil and water exploration companies in the U.S., with over 1,400 employees in all.
McBride says his company’s funding has dwindled over the past few years due to the state’s economic downturn.
“We’ve been in a very tough economic climate for a number of years now, and a lot more drilling and drilling and more drilling hasn’t paid off,” McBride said.
Midland is currently looking for a new investment partner to help with the cost of operating the company.
With a budget of $400,000, Midland has a limited budget for exploration, which means that they can only afford to operate for so long.
McBride’s company is looking for partners who will invest $300,000 in an oil and mineral exploration company and invest another $300k in the company’s operating expenses, such as fuel costs and operating expenses related to leases.
A recent study by the Houston-area Chamber of Commerce found that the average Midland oil and oil and petrochemical exploration company employs approximately 100 people.
Midlands budget is expected to hit $400 million by the end of the year, which is about $10 million less than the state budgeted for the same time period.
McBride says he hopes to raise enough money to invest in Midland’s new drilling program, but has not heard back from any prospective partners.
McBride said he hopes the new venture will help diversify Midland and keep the company in the community.
“If it does help diversifying our community, I’d love to have it,” McBride said.
“And if it doesn’t help diversification, I want to be able to go back and hire some people.”
