Michael E. Latham, President & CEO.
Mr. Latham, 56, has extensive experience drilling, completing, and operating oil and gas wells since 1985. He founded the Sage Petroleum Corporation in 1985 and was involved in the project development for numerous wells in Ohio, Kentucky, and Texas, including seventeen (17) consecutive successful wells in Brown County, Texas from 1987-1990.
These successes he attributed to extensive geophysical research that he did in Brown County, Texas. Mr. Latham sold Sage Petroleum and moved to Texas in 1991. He worked as an independent consultant to the oil and gas industry for 11years until 2002 when he established Del Mar Energy, Inc. to acquire income producing wells.In August of 2007, Del Mar Energy, Inc. acquired the development rights to a field in Brown County, Texas, which contains approximately 6 1/2 miles of pipeline that lead directly into the gas gathering system for the Koehler plant in Brownwood Texas. This is a proven undeveloped field that potentially contains over 20,000 acres of oil and gas reserves. Mr. Latham hired independent consultants to run additional geologic and geophysical studies in an effort to pinpoint the best possible locations to drill. 11 of 15 wells were successfully completed for gas production in this field.
Since its beginning in 2002 Del Mar has successfully completed over ( 30 ) development projects with over (300) private investors. Del Mar Energy, Inc. operates wells in Archer, Brown, Jack and Runnels Counties and is currently developing 3000 acres of proven oil producing leases in Brown and Runnels Counties. Newt Gingrich, general chairman of American Solutions, has recognized Mr. Latham as 2010 Businessman of the year, for succeeding in the face of adversity and economic turmoil. Mr. Latham and Del Mar Energy, Inc. are members of the Texas Independent Producers and Royalty Owners Association (TIPRO), the Texas Alliance of Energy Producers, and the Independent Producers Associations of America (IPAA). Texas RRC Operator number 212915.
Mike Latham has been offered, over the years, numerous “insider” deals to buy discounted cash flow producing properties direct from owners from his network of owners, partners and business associations. These private offerings required quick commitments with abilities to evaluate, analyze and fund. Mr. Latham has regrettably had to pass on many due to a lack of capital needed for fast closings.
Returns for these private “oil field offerings” have been as high as 25% to 32%. A steadier and more consistent supply of producing properties is the Texas Auction arena where returns can still be in the 18% to 23% range. To benefit from these low risk, high return opportunities, Mr. Latham and his financial management team have decided to create and arrange funding of a new public entity “Sage Energy Resources, Inc”. for sole purpose of purchasing and managing these discounted, income producing oil field properties.