Saga Petroleum LLC
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Saga Petroleum Company ("Saga") is a Denver, Colorado-based[1] limited liability company owned by Brent Morse and Charles Farmer. Saga Petroleum operates and drills oil and gas wells in Wyoming, Texas, West Virginia, Colorado, New Mexico, Montana and Alabama. Saga's natural gas and oil production revenues exceed the seventy million dollar mark annually.[1][2]Saga was also listed as the 49th largest private company in Colorado in 2006.[2][3]
The owners of Saga debated taking the company public in 2004 when it was valued in the hundreds of millions of dollars, but they have been able to keep their dealings private thanks to low debt and good bank financing. In 2000 Saga was offered $49.5 million USD for most of their Texas properties by Delta Petroleum.[3] The owners of Saga thought the offer to be inadequate and ended up selling 599 of their operated wells in Texas to Latigo Petroleum in 2004 for a profit of more than $100 million USD.[4] At the time, Saga's Texas holdings, mainly in the Permian Basin, amounted for approximately a quarter of the company's assets. Since the big sale in 2004, Saga has acquired much production in Alabama and is thought to have more than doubled in size.[citation needed]
