Did these guys screw up & just quit? Where are they now? What is the scuttlebutt here? Anyone? Tell me they weren't yesterday's news when they started? Sure doesn't look that way. but oh, the silence has been deafening.
The following summary is associated with the corporate BIO’S for Mr. Wayne Babcock, Executive Chairman and Director for Alston Ventures Inc. and MR. Don Umbach, President, CEO and Director for Alston Ventures Inc.
Summary of historical business achievements, events, activities and major transactions involving Mr. Wayne Babcock and Mr. Don Umbach and the following companies:
DYNAMIC OIL & GAS INC.,
SHELLBRIDGE OIL & GAS INC.
RENEGADE OIL & GAS LTD.
DYNAMIC OIL & GAS LTD. ....... (DOGI-T & DYOLF – NASDAQ Small Cap)
Connection to Alston:
Mr. Wayne Babcock, Founder, President, CEO & Director
Mr. Don Umbach, COO & Director
Start Up:
Dynamic was founded in 1981 by Wayne Babcock with an initial private placement of $80K dollars invested in various small non-operated oil producing properties in SE Saskatchewan. In partnership with Gulf Oil and others, the company made a new pool oil discovery near Hastings in 1982. By 1988, Dynamic was generating annual gross revenues of $200,000 from three producing properties in Saskatchewan and owned a significant investment in land and seismic in the Fraser Valley area, of SW British Colombia. Mr. Umbach joined the company in 1987 in the capacity of VP Land.
Initial Focus:
Between 1988 and 1996 the “Fraser Valley Project” was the primary focus of the Company. The Fraser Valley Project was formed in 1988 under a joint venture agreement among participants, Dynamic Oil & Gas Inc., Conoco Canada Limited and BC Gas Inc. to explore the Fraser Valley area of SW British Colombia for natural gas and/or underground natural gas storage. Exploration activities spanned 8 years from 1988 to 1996 and included 4 test wells, the acquisition of over 1000 km of 2D seismic data and over 100,000 acres of Crown and Freehold Mineral Leases in a highly sensitive environmental area.
Growth Strategy:
In 1997, the primary focus of the Company changed from the Fraser Valley to organic, conventional E&P growth in the Western Canada Sedimentary Basin. A significant discovery by the Company in 1997 near the town of St. Albert, Alberta led to several asset acquisitions and the development of the St. Albert field. The Company achieved dramatic growth in production and reserves between 1997 and 2003 such that, at its peak, in 2003, the Company achieved annual gross revues of $47Million from proved reserves of 5,572 Mboe, 221,371 gross/121,921net acres of land and with an average annual production of 3,450 Boe/d and an estimated NAV of over $100MM.
In 2003 Dynamic was recognized by Business Week as one of the top five (return on investment) companies on the TSX and that same year the Vancouver Sun publishing group, included Dynamic in their list of the top100 public companies in British Columbia, ranking Dynamic 14th overall. The company was twice recognized with special safety awards in 2004 and 2005 by CAPP for “outstanding achievement” with respect to our St. Albert and Mantario area facilities, the first time such an award had ever been given to a company or our size. By September 2005, Dynamic had original issued and outstanding shares of just over 25 million.
In 2004 the company made a new pool heavy oil discovery at East Mantario in SW Saskatchewan, proving that a hitherto unknown extension of the Mantario field existed and was highly prospective.
Sale Transaction:
In September 2005, the shareholders approved a Plan of Arrangement to sell the Company to Sequoia Energy Trust for cash and a one-for-one share exchange in a new exploration company (Shellbridge) for a total transaction value of $102.5 million. The transaction was planned in a tax effective manner such that the non-share portion was directed to shareholders under a tax sheltered dividend.
SHELLBRIDGE OIL & GAS INC.
(SHB-T)
Connection to Alston:
Mr. Wayne Babcock, Founder, President, CEO & Director
Mr. Don Umbach, Co-Founder, COO & Director
Start-up:
Shellbridge began operations in October 2005 with initial production at Mantario East, Saskatchewan and Cypress Area, NE British Columbia of 900 Boe/d, 190,716 gross acres of land (92,515 net) and a NAV of $30.5 million.
Growth:
In the first nine months of operations, the company’s production increased by 1,100 Boe/d to 2,000 Boe/d, largely from development of our heavy oil property at Mantario East, Saskatchewan.
Sale Transaction:
In June 2006, just eight months after listing Shellbridge on the TSX, the shareholders approved a business combination with True Energy Trust under a Plan of Arrangement and the company was sold for an estimated enterprise value of $62 million.
RENEGADE OIL & GAS LTD.
(Private)
Connection to Alston: Mr. Don Umbach, Vice President Land and Corporate Development
Start-up:
Renegade was formed in 2005 as a private corporation with an initial private placement of $6.4MM priced at $1.00/share. Mr. Umbach joined the company in February, 2007 in the capacity of Vice President Land and Corporate Development
Growth:
The Company grew organically through the drill bit and successfully developed an attractive land position with a significant inventory of light oil drill targets in SE Saskatchewan, including the Bakken light resources play. Prior to its sale, the Company averaged 950 Boe/d from proved + probable reserves of 2,705 Mboe and 75,000 gross/57,000 net acres of land.
Sale Transaction:
In September, 2009, the shareholders approved a Plan of Arrangement to sell the company for a 1.6:1 share exchange with Glamis Resources Ltd. (now Legacy Oil & Gas Ltd.) representing an enterprise value of $77 million yielding approximately $3.00/share of value to Renegade shareholders.
What's the story? Anyone?