Since 1972, Crawley has steadily, but conservatively grown by both acquisition of production properties and development of drilling projects.
Crawley Petroleum Corporation is a privately-held oil and gas exploration and production company that was formed in 1972. Crawley currently operates more than 500 properties in Oklahoma and Texas and has an economic interest in over 1400 properties operated by others.
Over the years Crawley has steadily, but conservatively grown by both acquisition of producing properties and development of drilling projects while maintaining a healthy financial condition. By following this low-risk approach to the oil and gas industry, Crawley not only survived but flourished during the lean times of the late 1980’s.
In 1980, at the start of the Oil Boom, Crawley purchased a group of properties that included 34 operated wells. After this acquisition, Crawley was cautious and grew slowly mainly through drilling and development of its existing properties. As a result, when the Boom went Bust in the Mid 80’s, the company was in healthy financial condition and ready to take advantage of the “buyer’s market” for producing properties.
In 1986, Crawley made the first of a number of very successful purchases of producing oil and gas property packages. In many cases, Crawley has been able to improve production and the profitability of its properties while lowering overhead and operating costs. By the early 1990s, the company had grown, primarily through acquisitions, to 22 employees operating 400 properties with economic interests in over 1,000 properties operated by others.
As product prices and, as a result, prices for the acquisition of producing properties have increased over the last few years, Crawley has concentrated on drilling to add new reserves. Crawley has also used some of the profits from higher prices to explore for additional reserves where the rewards are greater, but so are the risks. The company maintains a steady drilling program of both development and exploratory wells. Most of these projects fall in the 12,000’-20,000’ depth range.
Even in times of high oil and gas prices Crawley continues to search for acquisition opportunities. We intend to continue using our counter-cyclical, conservative approach to growth in the future through continued producing property acquisitions, drilling developmental wells, and exploration projects.Although the oil and gas industry remains Crawley’s principal focus, in recent years Crawley has diversified. If you wish to know more about Crawley’s non-oil and gas investments go to www.crawleyventures.com.