Cougar Resources, LLC

Acquisition of existing oil and gas wells, production enhancement. Cougar Resources, LLC (The Company) was structured to take advantage of the Texas Orphaned Well Program (OWP) administered by the Texas Rail Road Commission. The OWP was enacted by t...

Acquisition of existing oil and gas wells, production enhancement. Cougar Resources, LLC (The Company) was structured to take advantage of the Texas Orphaned Well Program (OWP) administered by the Texas Rail Road Commission. The OWP was enacted by the Texas state legislature in the early 1980's when the price of crude oil plummeted to $8.00 per bbl and the big oil companies simply couldn't afford to keep the tens of thousands of wells they were operating on line. Companies like Chevron, EXXON, Mobil as well as hundreds of smaller independent producers "walked away" from individual wells and entire fields leaving behind pump jacks, in ground and above ground piping and in many cases useable storage tanks. The only recourse that the RRC had was to retain the$50,000.00 bond that producers are required to post for the first 100 wells they control. To be