Private equity long has given seasoned oil and gas executives and technical gurus opportunities to form new companies with nimble cultures and a knack to find and develop great assets. That process continues today. The latest additions to the annals of oil and gas startups include an Eagle Ford-focused producer with a young management team, a Permian Basin player possessing the trade savvy to build a strong acreage position, and an Appalachian developer taking a conservative approach to evaluating well economics. "Whether oil prices are at $100 or $30, the core issues a startup faces remain the same. We are responsible for our success," reflects Michael Rozenfeld, a partner at Boomtown Oil, which formed in November 2016 with backing from Juniper Capital. "To do well, we have to be enthusiastic about our jobs, and willing to put in extremely long hours to get things done." Rozenfeld judges that the long hours and stress needed to develop a startup are more than worthwhile. "Being at a startup gives us an opportunity to learn about other areas and new technology," he notes. "We also enjoy working in a small-team environment, where we are our own bosses and we get to oversee development of each company project from its beginning."
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