A group of energy executives have joined forces to create a new oil and gas company in Tulsa, despite low oil prices.
The Journal Record reports the company is called Atalaya Resources LLC. The five businessmen, who have all spent time at oil and gas company Apache Corp., say the company will focus on producing oil and natural gas liquids.
The company is looking at leases in western Oklahoma, the Texas Panhandle and southern Kansas that they can use for drilling. The company's president and CEO says the first wells will cost $8 million to $10 million each.
The CEO says that the company has a private investor, who he declined to discuss.