Friday, June 15, 2012

WSJ: "An Oil Man's New Groove" ($HK)

Worth reading WSJ article about Floyd Wilson:

Petrohawk mounted a multibillion-dollar drilling campaign to lock up that land with producing wells, many of which cost more than $10 million apiece. Mr. Wilson went to Wall Street repeatedly to raise the money through debt and stock offerings.

"It was painful to be in the marketplace five times in a year during the recession," Mr. Wilson said. "People would say, 'We're going to participate, but my God, what are you doing?' "

In the end, Petrohawk's investors were rewarded when it was bought by BHP Billiton Ltd.
"However painful it is, we'll come to New York to get the money, be it debt or equity," he said. "Even though it's not always popular, it's always worked out."
Reminds us of anyone?

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