Letter to Shareholders
Resaca Exploitation, Inc. is an independent oil and gas exploitation company headquartered in Houston, Texas. The company’s name, “Resaca”, originates from a decisive battle of the Mexican-American war, which took place at Resaca de la Palma, near Brownsville, Texas in 1846. The company was formed in 2006 to exploit a number of oil and gas properties in the Permian Basin of the United States. Resaca was admitted for trading to the AIM market of the London stock exchange on 17 July 2008.
Resaca’s activities in the energy industry are distinct from those of a traditional exploration and production company whose focus is on new, unproven reserves. Resaca exploits known, mature, low-risk to moderate-risk oil and gas reserves. The company utilizes the latest technology available to achieve secondary and tertiary hydrocarbon recovery. Resaca’s activities are currently focused on properties in the United States, specifically in the Permian Basin of West Texas and southeast New Mexico. Over the long term, however, the Company will pursue attractive exploitation opportunities in other US basins and in areas outside the US.
The Resaca team includes individuals who have, on average, more than 30 years of experience in the oil and gas sector. Our employees bring both technical expertise and financial acumen to bear in executing the Resaca strategy. In addition, through Resaca’s relationship with Torch Energy Advisors Incorporated, a privately owned, Houston-based energy company, Resaca has access to additional experienced oil and gas professionals. For more information on Torch, please see www.teai.com.