Leor Energy

Leor Energy

Company type	Private
Industry	Hydrocarbon exploration
Founded	2003
Founder	Thomas Kaplan, Guma Aguiar
Defunct	2015
Fate	Acquired by Comancheria Energy Resources
Headquarters	Houston , United States
Key people	Thomas Kaplan (Chairman), Guma Aguiar (Co-founder)
Products	Hydrocarbon exploration, natural gas production

Leor Energy was a Houston-based enterprise specializing in hydrocarbon exploration, with a primary emphasis on East Texas. Established in 2003 by Thomas Kaplan and Guma Aguiar, Kaplan held the position of Chairman. In November 2007, the company divested the majority of its assets to Encana (currently known as Ovintiv) for $2.55 billion and was later acquired by Comancheria Energy Resources in September 2015.

History

Kaplan, who previously chaired Apex Silver Mines, co-founded Leor alongside his nephew Aguiar. Although Aguiar had no prior experience in the oil sector, he successfully obtained leasehold interests spanning 30,000 acres in East Texas in 2003.

In mid-2005, Leor entered into a partnership with EnCana, which initially purchased a 30% stake in the Amoruso Prospect joint venture, raising its share to 50% by June 2006.

Leor raised capital through a $30 million senior secured note from Amaranth Advisors in November 2005, followed by a $45 million private equity infusion from Goldman Sachs in January 2006.

By July 2006, Leor sold roughly half of its Amoruso Prospect assets to EnCana for $242.9 million, resulting in equal ownership between the two parties and leaving Leor with a net stake of approximately half.

In January 2007, a $150 million equity investment from Merrill Lynch supported additional drilling activities. By April that year, combined gross gas output from the Amoruso Field and other properties in Robertson County reached significant daily volumes.

Leor broadened its Deep Bossier holdings in May 2007 by committing over $100 million to Navasota Resources Ltd., LLP, which possessed a two-thirds working interest in about 13,000 acres contiguous to Leor’s Amoruso Prospect.

The company’s swift progress culminated in November 2007 when it sold its Deep Bossier natural gas assets and land—including its 50% interest in the Amoruso Field—to EnCana for $2.55 billion. Production from Amoruso surged from zero to more than 240 million gross cubic feet per day within two years.

Aguiar received recognition as Oil and Gas Investor magazine’s Executive of the Year in 2007. He vanished at sea near Florida’s coast in 2012.

In September 2015, Comancheria Energy Resources acquired the company.