Common Resources is a Houston-based independent oil and gas company focused on creating value through the drillbit in multiple onshore U.S. basins. Common originally was formed by the former executive management team of Spinnaker Exploration Company (NYSE: SKE), which sold to Norsk Hydro in December 2005 for $2.6 billion. The management team has now been a part of multiple successful EnCap-backed entities.
- Common I: Formed in September 2007, Common I built and developed acreage positions in both the Haynesville and Eagle Ford shale plays. After drilling a number of wells to prove the economics of the company’s acreage positions, Common I sold its assets to Talisman Energy (Eagle Ford) and BG/EXCO (Haynesville) in 2010 for total proceeds of $805 million.
- Common II: Subsequent to the sale of Common I, management again partnered with EnCap to form Common II in May 2010. Common II pursued acreage in the Permian Basin that featured multiple liquids-rich targets. Relatively early on in the life of Common II, the company received an offer for its entire position from an undisclosed buyer. The company closed the sale of its assets in two separate transactions in July and August 2012.