Texas Standard Oil LLC3300 North A Street, Suite 105, Midland, Texas, United States

Texas Standard Oil LLC is a Midland based oil company involved in the horizontal Wolfcamp shale play of the Permian Basin.

In 2001, Mr. Roberson and Mr. Sharman co-founded Texas Standard Oil Company to acquire an overriding royalty from the publicly traded Freeport-McMoRan Oi & Gas Royalty Trust and combine it with the working interest (contemporaneously acquired from IMC Global) in offshore blocks and platforms in the federal waters of the Gulf of Mexico, averaging approximately 10,000 BOEPD gross production (70% oil) when acquired. A condition of the sale of the ORRI from the Trust required Texas Standard Oil Company to offer to exchange 30% of its capital stock for all of the units of the Trust. Texas Standard Oil Company registered itself as a publicly traded company in all fifty states in order to make the exchange offer. In the event that less than 50% of the units should elect to accept the exchange offer then Texas Standard Oil Company would remain private. Less than the requisite 50% of the units elected to accept the exchange offer and Texas Standard Oil Company remained a private company. Most of the properties were sold and the remaining assets were eventually liquidated in 2010.

Operations

Management has been drilling in the Permian Basin since 1984 and operated its first well in the Permian Basin in 1987. Texas Standard Oil LLC has assembled a large leasehold position in the horizontal Wolfcamp play and is actively gathering and transporting gas for processing through its recently acquired 16 mile, 10 inch gas gathering system.