New Gulf Resources LLC (NGR) has appointed Ralph A. Hill, former CEO and president of WPX Energy Inc., as the company’s CEO and chairman of its board of managers. Current CEO and company co-founder Tracy Poole will remain with NGR as its president.
NGR initially will be focused on operations in East Texas, where the current management team has developed and sold two very large horizontal oil plays. Recently, the company contracted to acquire another large position in the play with a substantial amount of current production and multiple years' worth of development drilling inventory. The acquisition would take NGR to over 90,000 net mineral acres under lease in East Texas and over 3,700 barrels of oil equivalent per day in production.