Truleum Profile
Truleum, Inc. engages in the production and sale of natural gas and crude oil.
The company's wholly owned subsidiary is Alpha Energy Texas Operating, LLC (AETO). The business of AETO is to maximize production and cash flow from the company's properties and use that cash flow to explore, develop, exploit and acquire oil and natural gas properties across Texas, Oklahoma and New Mexico.
On March 9, 2022, the company closed on the acquisition of working interests and net revenue interests in leases located in Logan County, Oklahoma, with 34 well bores and related assets, production equipment (tank batteries, pumping units, pipelines) and related assets under a Purchase and Sale Agreement with Progressive entered on February 17, 2022, located in Logan County, Oklahoma.
The company has reviewed these two wells and has informed the state it will plug them in the first quarter of 2023. Five wells were producing upon acquisition of the Project. To modernize operations, the company has enlisted the services of an environmental engineer to ensure that the company has a proper Spill Prevention, Containment, and Control plan (SPCC) in place for each of its facilities. Oil and natural gas leases provide the company the ability to produce oil and natural gas on its production sites.
Strategy
The company's long-term business strategy is to purse accretive, opportunistic acquisitions; and enhance its existing portfolio by dedicating the majority of its drilling capital to its existing portfolio of oil and liquids-rich opportunities.
The company's strategy is to acquire and develop additional properties it can restart, rework, and/or recomplete through cash and/or equity transactions. The company's strategy is to acquire and develop additional producing properties in the vicinity of the Cherokee Uplift similar to its existing Logan Project that it can restart, rework, recomplete, and which have proven un-drilled potential to produce oil and natural gas. In this manner, the company's strategy involves acquiring existing infrastructure from historic operations. Deployment of current modern technology to enhance recompletions and drilling in previously undeveloped or underdeveloped areas is part of the company's strategy to enhance the value of acquired properties.
Environmental Regulations
The company's operations are affected by various state, local and federal environmental laws and regulations, including the Clean Air Act, Oil Pollution Act of 1990, Federal Water Pollution Control Act, Resource Conservation and Recovery Act (RCRA), Toxic Substances Control Act, and Comprehensive Environmental Response, Compensation and Liability Act (CERCLA).
Competition
The company competes in Oklahoma with over 500 independent companies and approximately 40 significant independent operators, including Marathon Oil, Devon Energy, Pioneer Natural Resources, and Mewbourne Oil Company in addition to over 450 smaller operations with no single producer dominating the area.
History
The company was founded in 2013. It was incorporated in the state of Colorado in 2013. The company was formerly known as Alpha Energy, Inc. and changed its name to Truleum, Inc. in April 2023.
