DALLAS, Dec. 7, 2016 /PRNewswire/ -- ES Xplore, LLC, a unique company that has developed a proprietary method for direct hydrocarbon indication at seismic resolution, announced a $12 million funding round led by Dallas based investors Sovereign Resources LLC and Unity Hunt, Inc. With this funding, ES Xplore has spun-out of Hunt Energy Enterprises and will independently grow its commercialization efforts.
As a direct hydrocarbon indicator, the ES Xplore process provides further enhancement of the geoscientist's repertoire of tools needed to execute a successful exploration program. "There is already a great deal of interest in using the risk-reducing technology. We expect it to increase significantly as oil and gas companies become familiar with the technology," said Don Robillard, chairman, president and chief executive officer of ES Xplore.
"The journey developing the ES Xplore venture at Hunt Energy Enterprises has been immensely meaningful," said Victor Liu, president of Hunt Energy Enterprises. "With the venture's unique ability to passively and directly detect hydrocarbons, we are excited about the prospect of benefiting the industry as a whole in exploring for low cost hydrocarbon resources."
"We as a family are excited to join this industry leading investment group in funding ES Xplore. Through a subsidiary, we have firsthand experience in using this cutting edge technology," said Dan Hunt, stakeholder at Unity Hunt. "Given our experience in the process, we believe this will be a revolutionary tool in the oil and gas industry."
"Having seen innumerable 'black-box technologies' in my career, I was initially skeptical of ES Xplore; however, personally utilizing and validating the technology on an actual Sovereign project dramatically changed my perspective," said Fred Sewell, president and CEO of Sovereign Resources LLC. "I'm pleased we were able to participate in funding this new venture, but equally important, Sovereign now has a dynamic, risk-reducing tool which we are using to wholly direct our future exploration activities."
About ES Xplore ES Xplore was formed within the Hunt Energy Enterprises LLC, a venture startup incubator within Hunt Consolidated, Inc., to directly detect hydrocarbon resources subsurface. ES Xplore has been issued 11 current patents with several more still pending.
About Hunt Energy Enterprises Hunt Energy Enterprises is the corporate energy technology venture group within Hunt Consolidated, Inc. As such, Hunt Energy Enterprises has incubated several technologies that leverage its operations and knowledge to create new energy companies and partnerships with entrepreneurs in both the conventional petroleum business and cleantech power. For more information, please visit www.huntenergyenterprises.com.
About Sovereign Resources Sovereign Resources is an oil & gas exploration, production and investment company based in Dallas, TX with interests in Texas, Louisiana and California. For more information, please visit www.sovres.net.
About Unity Hunt, Inc. Unity Hunt is a privately held wealth management company that was established to oversee the holdings of the Lamar Hunt family. For more information, please contact Steve Caple at [email protected].