Citation Oil & Gas Corp. is one of the largest privately-held independent oil & gas acquisition, development and production companies in the United States. Founded in 1981 by Forrest E. Harrell, Sr., Citation has built a significant portfolio of mature, long-life producing properties through a combination of disciplined acquisitions, focused operations and subsequent development.
Since 1985, Citation has invested $2.0 billion in over 80 oil and gas reserve acquisitions. As a result of these acquisitions and subsequent property development, Citation now has ownership interests in approximately 15,400 wells in over 419 separately designated fields that contain over 208 million net equivalent barrels of proved reserves, and has net production of approximately 25,600 barrels of oil and 27 million cubic feet of gas per day. Citation’s reserves are 90% oil and 81% are proved developed and have a reserve life index of 17 years. Critical to our ability to control future development and operating costs, Citation is the operator for over 91% of the value of the properties in which it owns an interest.
Our assets are located exclusively onshore in the central third of the U.S., with concentrated positions in the Mid-Continent, Permian Basin, Illinois Basin and Rocky Mountain regions. In addition to our upstream oil and gas operations, Citation also is involved in crude oil marketing activities through its wholly owned subsidiary, Citation Crude Marketing, Inc.
Citation continues to pursue growth through the acquisition of oil & gas properties that fit our operating expertise – majority crude oil, high PDP component with established decline trends, long remaining reserve life, and low geologic risk. Complementing this disciplined acquisition strategy, the company has an active asset development program to enhance production and recoverable reserves of its properties through a wide variety of engineering-driven capital projects, including infill drilling, waterflood optimization and enhanced oil recovery applications.
Citation has 480 employees and is headquartered in Houston, Texas. The company also has regional offices located in Midland, Texas, Oklahoma City, Oklahoma, and Gillette, Wyoming.
Long-term reserve growth record