WHAT WAS AUBREY'S FUNCTION IN ASCENT RESOURSES?

I was just wondering what Aubrey's influence was on Ascent Resources? I heard he didn't call the shots. They do hold many of our leases. Just curious what affect his death will have on the shale boom around here.   

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Permalink Reply by bo boboski on March 10, 2016 at 11:51am

True; we may never know. When a billionaire supposedly commits suicide,all kinds of scenarios become a possibility.

Permalink Reply by searcherone on March 10, 2016 at 1:39pm

Not much info at the Energy and Minerals website, but check out the amount of money required for an investment with them.  IMHO it would have been a real cut for Aubrey not to have access to this source of capital.

The Energy & Minerals Group (EMG) is a private investment firm with Regulatory Assets Under Management (“RAUM”) of $16.8 billion. EMG targets equity investments of $150 million to $1,000 million in the energy and minerals sectors with talented, experienced management teams, focused on hard assets that are integral to existing and growing markets.

Permalink Reply by searcherone on March 10, 2016 at 3:57pm

The Wall Street Journal on March 7 ran an article on Aubrey's finances called   "Aubrey McClendon Bet Big to Finance Second Act".      Here are a couple of quotes from the article.   Aubrey was borrowing against everything he had.

My thoughts and prayers go to his wife and children as they face the task of settling an estate that will have few debt free assets.    And to his parents who would not have thought they would outlive their son.

Here are the quotes:

Through entities including Jamestown Resources LLC and Pelican Energy LLC, Mr. McClendon borrowed more than a billion dollars since 2008, with much of that debt held by private-equity firm EIG Global Energy Partners, according to people familiar with the matter. Last year, as oil and natural-gas prices plummeted, the Washington, D.C. firm took control of a significant portion of Mr. McClendon’s Chesapeake well interests, according to Oklahoma corporate records and people familiar with the matter.

Oklahoma filings depict a flurry of activity in late October. Mr. McClendon borrowed an undisclosed sum against investments in 42 companies and private investment funds. The investments range from tech companies, including GifBoom.com, an application that allows users to post short, soundless video clips to social media, and shopping site Markkit Inc. to an Oklahoma City townhouse development and a family-friendly television broadcaster.

Filings made the same day show he also pledged the cash proceeds from his roughly 20% stake in the NBA’s Thunder to Oaktree Capital Group OAK 0.45 % LLC, a Los Angeles investment firm that specializes in distressed assets. Bank of America Corp. BAC 0.99 % previously held his Thunder stake as collateral, records show.

Mike MurphyPermalink Reply by Mike Murphy on March 11, 2016 at 3:49pm

sounds like all his billion turned into water and they were heading down the river and lookin to be bunkin with BUBBA

Permalink Reply by lance on March 11, 2016 at 5:42pm

I just wonder how many other big oil executives are dealing with similar money problems brought on by plummeting oil and gas prices? Seems like a fortune could be made or lost over night. Liberal left wing idiots are probably happy about what's going on in our world today. Coal mines shutting down due to over regulating, oil at record low prices due to Arab manipulation, tree huggers screaming for so called "green" energy. I'm totally bummed when I see so many mis-led, gullible, naïve, close minded Americans that are willing to give their country away for free stuff. That is what socialism is, it's all about the Government taking care of you from cradle to grave. You don't have to work if you don't want to, Uncle Bernie and Grand Ma Hillary will make sure you have every thing you need, except your FREEDOM!     

Mike MurphyPermalink Reply by Mike Murphy on March 12, 2016 at 2:06am

I wonder how many times he sold the same investment to different investment groups under different project names and how inflated his estimated reserves were

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