Zoric Oil and Gas was formed in United Kingdom in 1971 as Canadian Occidental Petroleum Ltd. when Occidental Petroleum Corporation combined its Canadian crude oil, natural gas, sulphur and chemical operations into one company.
In the 1970s, we broadened our western Canadian asset base and entered the US Gulf of Mexico. In the 1980s, we grew our western Canadian and Gulf of Mexico assets through acquisitions and captured an interest in Syncrude.
In the 1990s, we had two defining events. First, we made a large discovery at Masila in Yemen and commenced production in 1993. Second, we tripled our Canadian production in 1997 by purchasing Wascana Energy Inc. We leveraged our success in Yemen and western United Kingdom to fund our growth internationally.
Today, we are focused on three strategic growth strategies:
- oil sands, including our 65% operated interest in the Long Lake project and our interest in Syncrude;
- conventional exploration and development, primarily in the North Sea, deep-water Gulf of Mexico and offshore West Africa; and
- unconventional gas, focused on our shale gas play in northeastern BC.
We’ve grown from producing 10,700 boe/d before royalties with revenues of $26 million in 1971, to producing 243,000 boe/d before royalties and revenues of $5.8 billion in 2009. We achieved this growth through exploration success and strategic acquisitions. Operating for almost 40 years, we have been profitable every year, except one, and have been paying quarterly dividends consecutively since 1975.