NEW YORK, Aug. 18 /PRNewswire/ -- LeFrak Energy, the energy division of the LeFrak Organization, has opened an office in Houston, Texas to expand its presence in the oil and gas industry.
Richard Papert, President of LeFrak Energy and Executive Vice President of the LeFrak Organization, will oversee the office, dividing his time between New York and Houston. He stated, "The Houston office will give us the advantage of operating at the epicenter of domestic energy activity as we seek to expand our production and reserve base. Moreover, a Houston presence offers our firm's professionals the ability to be more responsive to industry opportunities, while improving the management of existing assets." The office, at 1301 McKinney, will be staffed over time with a full complement of geoscience, land, engineering, and finance professionals.
Since joining the LeFrak Organization from Goldman Sachs in 1992, Mr. Papert has held various positions, and has increasingly focused on the firm's energy activities.
LeFrak Energy is involved in a broad spectrum of upstream activities, including the acquisition of oil and gas producing properties, mineral and royalty interests, and participation in drilling prospects during various stages of development from ground floor to drill-ready. As of December 31, 2009, LeFrak Energy owned interests in 851 (gross) onshore producing oil and gas wells throughout the Gulf Coast, Mid-continent, and Williston Basin areas. The Company also holds a substantial portfolio of fee mineral rights, consisting of partial interests in more than five million gross acres in 10 states.
Richard LeFrak, Chairman of the LeFrak Organization, said, "The LeFrak Organization believes that energy assets are fundamentally similar to our core real estate business. Both offer unique and rewarding opportunities to us as long-term investors. We wish to build on our steady record of successful performance in oil and gas during the past three decades and we have high hopes that our new Houston office will enable LeFrak Energy to meet our growth targets."
Founded in 1901, the LeFrak Organization is a recognized real estate industry leader, maintaining one of the country's most extensive property portfolios, including thousands of apartments and more than 12 million square feet of office and retail space. The firm also invests in traditional public equity and fixed income securities as well as in energy, financial institutions, and related businesses.
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SOURCE LeFrak Energy
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