Minard Run Oil Company (MROC) experienced rapid growth in the early 1980’s generating record revenues and production. In the late 1980’s, Minard Run ceased the waterflood operations that had provided enhanced recovery of oil over many decades, and that had made MROC the fourth largest waterflood operator in the region (after Pennzoil, Quaker State and Kendall). In keeping with the company’s commitment to environmentally responsible operations, all water intake wells were plugged and abandoned in the 1990’s.
In the late 80’s and 90’s, declining production, general economic conditions and costly environmental responsibilities all combined to put pressure on the balance sheet. Timber sales kept the business afloat, but clearly a bold initiative was needed to assure the survival of this venerable company.
In 2000, the directors of Minard Run Oil Company made a vigorous effort to revitalize the business and entered into a joint venture to begin exploring and drilling in the local McKean County oil patch. Modest production coupled with the rise in commodity prices helped to boost MROC’s bottom line. Soon other joint venturers entered the fold and recent drilling programs have reached 70+ wells per year.