Fremont Petroleum Corporation Limited (ASX:FPL), founded in 2006, is a low-cost oil and gas producer headquartered in Colorado, USA. The Company’s major operations are in Kentucky, Illinois, Indiana and Colorado.
Fremont focuses on efficient development of low-risk and high reward assets using cutting edge technology. The Company’s strategy includes pursuing aggressive growth in daily production by working on asset performance and adding more onshore projects to its asset portfolio in the United States. The Company acquires assets that pose certain characteristics – producing conventional oil and gas wells, room to enhance the production significantly through low-cost field operations and no drilling commitment on the leases. To achieve the economies of scale, Fremont considers leases that have assets with the above-mentioned characteristics in the close vicinity of the lease in consideration.
In line with its acquisition strategy, Fremont acquired 100% of Magnum Hunter Production Inc (MHP) in 2021. The MHP assets included 1,300 low decline and long life conventional natural gas wells spread over Kentucky, Virginia and Tennessee. MHP assets considerably boosted the production volume of the Company. Prior to MHP, Fremont acquired assets of Trey Exploration Inc. The acquisition involved 115 oil wells spread across the oil leases in Indiana, Kentucky, and Illinois.
Fremont also operates the Pathfinder Project located in the DJ Basin of Colorado. Pierre formation running through the field is the focus of its drilling activities. The field remains largely unexplored. The crude oil reserve estimates are 200,000-500,000 barrels per horizontal well.
FPL operates Kentucky Oil and Gas Project in a joint venture with a private Australian investment company. Fremont Petroleum is riding on with back-to-back low decline and long-life petroleum asset acquisitions. The experienced management team of Fremont Petroleum has embarked the Company on a high-growth path.