A review of the past 25+ years highlights the unique nature of the “Golden Era” in the industry from 2009-2014. This period was the result of a confluence of several key factors, including:
This study of the above factors highlights the idea that the preceding decade was a unique period derived from easy access to debt financing, drilling and completion technological advancements, demand growth and under exploited reservoirs. The end of this unique period was well underway prior to the events that occurred in Q2 2020 (price war/COVID-19).
Dark Horse Management recognized that successful strategies from the previous decade will not translate into this new era. As such, this macro perspective helped shape our fundamental operating principles by identifying key, steadfast tenets, which include:
In early 2019, Dark Horse management recognized the industry was undergoing a paradigm shift. In order to realize the opportunity presented by this new era, Dark Horse Exploration was founded in September 2019.