Enduring Resources, LLC, founded in 2004, was conceived by a core team of former Westport Resources executives and managers, including Barth Whitham, who serves as Enduring’s President and CEO. Westport, co-founded in 1991 by Mr. Whitham, was established as an acquisition and exploitation focused oil and gas company and became a public company listed on the NYSE in the fall of 2000. Until its ultimate sale in 2004, Westport made significant investments in both acquisition and exploitation activities. Through these activities, Westport was able to create and enhance value in a portfolio of assets that was ultimately sold for $3.7 billion to Kerr-McGee in 2004.
In 2004, Enduring assembled a team of technical experts and established executives and managers with proven track records of successfully building and harvesting value-creating projects. The executive management team, along with its independent Directors, a group of premier equity partners and a syndicate of blue chip lending institutions, provided the Company with over $1 billion of capital.
During its first seven years of operation, Enduring developed positions in a number of key resource plays through the central corridor of the United States and participated in the drilling of several hundred wells in five states. Value was created through the acquisition of acreage positions, resource delineation, successful application of vertical and horizontal drilling and multi-stage completion technology, and the acquisition and construction of midstream facilities. Substantially all of Enduring’s assets were sold for in excess of $2 billion through three individual transactions, representing significant returns for the Company’s shareholders.
In 2011, the Company was recapitalized as Enduring Resources II by the same equity partners and key lending institutions. Enduring II was established to build upon the success achieved by its predecessor with a focus on a multi-basin portfolio approach to investment.