GMT Exploration Company LLC is a privately held independent oil and natural gas company currently engaged in the generation, operation and development of oil and natural gas properties primarily located in Alaska, East Texas, Montana, New Mexico and Wyoming. The Company is a limited liability company formed in January 2005 to continue a portion of the former business activities of its predecessor company (GMT Energy Corp). GMT Energy Corp was incorporated March 14, 1991, and subsequently sold in 2005 returning over $180 million of pre-tax cash to investors.
GMT Exploration Company’s fundamental strategy is to identify, acquire and prove up large operated resource style plays. The Company’s business strategy is designed to maximize returns on invested capital through a build, develop and selectively sell strategy. The individual components of the Company’s business strategy are identified below:
– Capitalize on technical expertise
– Project generation through an experienced team with a proven track record
– Pursue joint ventures and strategic acquisitions
– Grow through exploration and development drilling
– Maintain financial flexibility
The Company’s capital resources consist primarily of cash flow from oil and gas properties, returns from property sales, asset-based borrowing supported by oil and gas reserves and private equity. Since 2005, the Company has completed several private offerings raising $111 million of gross proceeds. As of June 30, 2011, GMT has grown its total book assets to $145.6 million, or a compounded growth rate of 15% since 2005. The Members Capital has similarly grown to $136.9 million, or a compounded growth rate of 16%.