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Title: Financial Considerations Of Natural Gas Exploration And Production-An Independents Viewpoint
Author: Harrison L. Townes
Source: American Gas Association 1983
Year Published: 1983
Abstract: A typical independent explorer might be defined as one who drills relatively few wells every year, owns no transportation nor marketing facilities, and who often differs with large corporations in business philosophy. Independents usually dont agree with each other much, either -hence the name. The independent approaches exploration for oil or gas differently from a larger concern because of his economic limitations. He generally cannot tie up large sums of money in the acquisition and maintenance of a large lease inventory, but competes by promoting wells and often exploring the leases of others. Usually he raises outside money in order to obtain sufficient funds and in order to share the risk. An independent is more concerned with short term needs even though his long term goals may be nearly identical to those of major companies. He also responds quickly to the business climate, good or bad, and will rapidly increase or decrease, even stop, exploration activity as he senses economic change.

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