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Update Dallas | A central hub for market and real estate news affecting the Dallas region.

A central hub for market and real estate news affecting the Dallas region.



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The Robbie Report: Evidence of the Oil Boom in the Metroplex

June 12th, 2013 | by The Update
The-Robbie-Report-Evidence-of-the-Oil-Boom-in-the-Metroplex.jpg

Fort Worth-based Athlon Energy Inc., an independent exploration and production company focused on the acquisition, development and exploitation of unconventional oil and liquids-rich natural gas reserves, has filed for an initial public offering with the Securities and Exchange Commission valued at $345 million.

That’s further evidence of the strong – and growing – oil and gas economy in the Metroplex, a sector that has been winning the region high marks for everything from economic stability to best places to invest and relocate. (Click here to see previous coverage in Boots to Beijing.)

Athlon focuses on oil and gas exploration in the Permian Basin, covering west Texas and southeastern New Mexico.

In its filing with the SEC, Athlon said Citigroup would underwrite the IPO, but gave no details on the price or number of shares to be offered. Athlon would use the proceeds of the IPO to pay off debt, pay for its drilling operations and possibly make further acquisitions.

Athlon reported $54,746,000 in revenue and $916,535,000 in total assets for 2012.

Bud Weinstein of Southern Methodist University told the Dallas Business Journal that Athlon’s move certainly ties in with the current oil and gas boom in Texas. He is associate director of the Maguire Energy Institute at SMU.

“Strike while the iron is hot,” Weinstein told the Dallas Business Journal. “Everybody wants to get in the oil and gas business these days. I haven’t seen activity like this since the 1970s but then again we haven’t had a boom like this since the 1970s.

“With the boom that’s occurring in the Permian basin, most of the production coming from the Permian, this is probably a good time to go the IPO route.”

Click here to read the full article from the Dallas Business Journal.

This post first appeared in the Boots to Beijing blog. Click here to visit the site.

Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout the Metroplex and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. For more information on escapes and second homesranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.

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