Miller Thomson & Partners LLC acquires and develops producing natural gas properties and related pipeline gathering and processing facilities, and markets natural gas to large-scale end users, primarily the gas-fueled chemical, electric-generating, and LNG industries along the U.S. Gulf Coast and in Mexico. Louisiana has the largest concentration of gas fueled chemical and LNG plants in the U.S., while Mexico is the fastest growing market for U.S. natural gas. The company has long-term relationships with those gas users.
The company’s owners have worked together as independents for more than 40 years in the North American, Canadian, Asian, African and European upstream, midstream and downstream oil and gas business. They have successfully created and exploited oil and gas opportunities of the scope of the present opportunity, and are responsible for many first discoveries in the oil and gas basins in which they have operated. Their historical base is the Louisiana and Texas Gulf Coast.
The company is capitalizing on the opportunity created by new technology for commercial development of shale gas combined with the existing infrastructure for delivery of the gas to the end user. In the short 15-year history of its development, U.S. shale natural gas is revolutionizing energy around the world.
We have reviewed and evaluated more than twenty upstream and midstream properties during the last three years of market turmoil as gas properties begin to appear on the market from financially distressed sellers and those focusing on oil development.
The company believes that the natural gas price has bottomed and is in the beginning of a multi-year recovery, making this the time for acquisitions. This view is based on long-term trends in demand coupled with declining production.
The properties will be valued at prices that result in a projected minimum 15% IRR at today’s natural gas prices. The properties will have clear upside potential (targeted at a minimum of 25% IRR) from:
- Expansion of gas reserves through development of proven but undeveloped reserves underlying acquired gas properties as those reserves are needed by long-term gas users. The economics of development of proven undeveloped gas reserves are enhanced by continuing improvements in drilling and completion technology that increases recoverable gas reserves and production rates while lowering development costs.
- Increases in natural gas prices as demand increases.
The environment and timing for capitalizing on the U.S. shale gas opportunity are excellent. The U.S. oil and gas economic and legal structure and the new Federal administration support U.S. independent oil and gas operators such as Miller Thomson & Partners LLC. Additionally, today’s financial stress in the oil and gas industry creates ideal timing for these acquisitions.
The company is taking advantage of this opportunity by:
- Acquiring strategically located gas weighted producing shale properties that are only partly developed.
- Consolidating those upstream producing gas properties with midstream assets positioned to access areas of growing gas demand.
- Using the Company’s life-long relationships to (i) partner with large, long-term natural gas users that have made, and are making, the billions of dollars of investment in new gas-fired plants and related facilities and then (ii) coordinating development of the undeveloped portions of acquired natural gas properties within the timetables of the end users.
The company believes that natural gas prices have bottomed and are in the beginning of a multi-year recovery, making this the time for acquisitions. This view is based on long-term trends in demand coupled with declining production.
The company is confident, based on its work during the last several years, that we understand the natural gas market for gas shale properties and will be able to make economic acquisitions that reflect the supply and demand reality of the market. Many natural gas shale properties that meet the Company’s business plan needs are and will be coming on the market during the next several years.
Bill Miller: Managing Director
As Co-Chairman of Miller Thomson and Partners, LLC, Bill Miller has over 40 years of experience in the oil and gas industry as an independent since 1964, including upstream, midstream, and downstream. He has operated as principal in most oil and gas basins in North America, being involved in several significant discoveries in South Louisiana, South Texas, Rocky Mountains, Appalachian basin, as well as in the Philippines (first discovery), Indonesia, China (first foreign discovery), North Sea (represented group with first discovery in U.K.), Africa, Ukraine (first foreign oil company with production), and the country of Georgia (first foreign oil company with production). He has worked with the other members of the team for most of his career.
Roderick Thomson: Co-Chairman
Roderick Thomson is a private venture capitalist with over forty years of international business experience. He has provided capital from his private investment portfolios to American and international oil and gas firms since the 1980’s, and invests in telecommunications, real estate, information technology and biotechnology. He was the founder, co-chairman and managing director of Draper, Fisher Jurvetson ePlanet Ventures, a $700 million global venture capital fund, which included the government of Singapore. Among many other successful investments, DFJ ePlanet provided the early capital for Skype and Baidu, the Chinese search engine. He is a founder of Virgin Mobile Middle East and Asia, which includes ownership by Richard Branson and the governments of Saudi Arabia, Kuwait, Qatar, Bahrain, Oman and the United Arab Emirates. He is presently a co-owner of Australian pension fund management companies. He and Bill Miller have been partners since 1981.
Ben Blanchet: Chief Executive Officer
Ben Blanchet has been in the energy business for over 35 years as a principal, investor, advisor and major land owner in the Abbeville Salt Dome field, the last 30 with Miller, Thomson and Moses as a partner, investor and executive. Ben worked with Miller and Moses in obtaining the first contract by a foreign company with China National Petroleum Corporation and drilling the first foreign discovery in China (Zhou Dong Field, Bohai Bay). Between 2002 and 2010, as Co-founder and CEO, he and partners created, with $5 million equity, and then sold for $300 million profit, a blood plasma business. Ben is a graduate of Harvard Law School (cum laude), and was managing partner for a number of years with Gordon, Arata, McCollam & Duplantis, one of Louisiana’s leading oil and gas law firms.
Eddie Moses: President and Chief Operating Officer
Eddie Moses has 45 years of investment and management experience in the oil and gas business. He and companies he has worked with have partnered with Miller Thomson & Partners LLC and its predecessors since the 1970s for various successful upstream investments in the U.S. and overseas. From 1960-1976, he rose to Head of Global Drilling and Production for The Superior Oil Company, where he oversaw both domestic and international upstream development projects. While at Superior, his team pioneered drilling techniques for deep, high pressure wells, and worked around the world in many of the most challenging drilling environments including Alaska, the Zuyder Sea, the British North Sea, the Gulf Coast, South Africa, Australia, Bahrain, Iraq, Malta, New Guina, India, Mexico, Canada, China and the Philippines. He was founding CEO of Prime Natural Resources, a private equity firm concentrated on oil and gas, owned by Elliott & Associates L.P. He has owned and been a partner and executive in DeepTech International / Tatham Offshore, (acquired by El Paso Energy Corp), Leviathan Gas Pipeline Partners and Contract Drilling Company, one of the leading turnkey drilling contractors along the Gulf Coast. Eddie is a Petroleum Engineering graduate of Texas A&M.
Pam McIlhenny: Chief Financial Officer
Pam McIlhenny was Senior Vice President, Texas Commerce Bank, a subsidiary of Chemical Bank, Houston, Texas, and with her husband Edmund McIlhenny, a founder and the first CFO of Energy Partners (NYSE). She was CFO and VP Finance of XCL Ltd., handling all major financings, including providing funding for the first onshore oil concession in The People’s Republic of China, refinancing bank debt, issuing second lien debt, issuing $25 million in a registered public offering of common stock. She has worked with Miller Thomson & Partners LLC and its predecessors for 25 years. Pam is a Certified Public Accountant licensed in Texas, obtained an M.B.A. with concentration in Accounting, from The University of Texas at Austin, where she was a Sord Scholar and Dean’s Award Recipient.
Edmund McIlhenny: Executive Director
Edmund McIlhenny is Director and Chairman of the Compensation Committee of McIlhenny Company, a closely held corporation that manufactures and sells TABASCO brand products worldwide. He is currently Vice President and Director of Avery Island, Inc.
He previously served as President of Jefferson City Ltd., President of Freshwater City Development Corporation, President of XCL Land Ltd., Director and Chairman of the Compensation Committee of XCL Ltd., and was a founding partner of Energy Partners, Ltd., a NYSE company. He also served as Executive Vice President of Vermilion Corporation, a land-holding company, and was a director of K-Paul’s Louisiana Enterprises.
He received a Bachelor of Arts degree from the University of North Carolina at Chapel Hill and a law degree from Tulane University, and is a member of the Louisiana State Bar Association. McIlhenny serves on the Library Boards of the University of North Carolina and the College of Charleston. He also serves on the Advisory Councils for the Harry Ransom Center and the College of Fine Arts at The University of Texas at Austin. Previously, he served as Chairman of the Board and founding member of the Louisiana Nature Conservancy, as a member of the Louisiana Wildlife and Fisheries Commission, Chairman of the Board of Dauterive Hospital, and as a Director of the US Trademark Association.
William R. Brownlee: Vice President – Land and Chief Administrative Officer
William brings decades of project management and team-building experience to the company. A Certified Professional Landman, he has spent the last decade securing oil, gas and mineral leases and rights-of way, as well as training and supervising others in the field. He has been Project Manager for lease check, leasing, run sheet-abstracting, title curative, and due diligence. His research has made him familiar with courthouses in east and west Texas, Louisiana, Montana, Ohio, Pennsylvania, and several other states. A registered Easement or Right-of-Way Agent in the State of Texas, he has negotiated and satisfied damages for well sites, roads and pipeline rights-of-way. William has been Owner of Handi Maids, LLC, a maid/janitorial service; Publisher/General Manager of The Daily World in Opelousas, Louisiana; and owned and operated a real estate and construction company. Strongly involved in his community, William is past president of the Opelousas-St. Landry Chamber of Commerce, past president and co-founder of the Opelousas Main Street Program, and held leadership positions in the Lafayette Association of Professional Landmen, Louisiana Press Association, Boy Scouts, Girl Scouts, and a variety of civic clubs, athletic councils, and other local and parochial school organizations.
Catherine Ellison: Vice President – Legal
Catherine Ellison has been with Miller, Thomson & Partners since 2013. She graduated cum laude from The University of Michigan Law School and clerked for the Honorable William F. Sanderson, Jr. She is licensed to practice law in Louisiana and Texas.