Keeping Magnolia in Bloom9 Aug 2017 08:01
Appreciation
Rita remembers her time with Jack Kelly fondly and with appreciation. “It takes a long time to learn this business” she says “When you work for a big company like BP, each person does a little bit, a tiny picture of the bigger puzzle”. However when you work on small players, you get to know each step you need to take to create value for your company. That’s something I learned working for Jack Kelly, a small independent – where you wear many different hats at many different times.
Rita later went to work as a land supervisor for Kaiser-Francis Oil, and then as a title analyst for Terra Resources specialising in US Gulf Coast, Texas & Louisiana properties. Eventually, she joined Primary Natural Resources management team, developing & expanding the company until it sold its assets in 2003. While she was finishing selling Primary 1 & 11, she was approached to join and run Magnolia. Soon after that I joined MAGP as their Chief operating officer.
Magnolia has about 157 producing wells, but we are mostly a non-operator says Rita. What we do is take little pieces in the plays of big companies & that way spreads our risk. That way we can truly say that no one well can make or break our company because we have diversified.
In April 2017 Rita was promoted to the role of chief executive after the incumbent Mr Steven Snead resigned. However her move up was put at risk when Mr Snead proposed to liquidate Magnolia and remove Rita from her new role.
Mr Snead however failed to win shareholder backing ;-) as Rita signed on behalf of Magnolia an exclusive capital arrangement with Western Energy. Western approached MAGP last year to see if we would be interested in collaborating with them & investing in oil & gas wells Rita explains, after signing the deal Magnolia & Western did a pilot test with one so-called EB5 investor – a person who wants to come to the USA and invest their capital at least $500,000 in oil and gas projects. It has to create 10 jobs and then the investor can apply for a US green card.
I don’t know that such a program has ever been used in oil & gas explained Rita but I plan to promote Magnolia as an EB5 investor that can create jobs for local communities.
Rita added: I’ve grown up in a tight-knit community. My dad was a barber with his own shop, my mother was a nurse & my aunt owned the local convenience store.
It’s because of this says Rita that I enjoy working with my family. Two of her Five children work in the oil & gas industry as well as one son-in-law. Rita also has a brother who is a title attorney in the industry.
You can trust family I know what they are capable of she says. Married for almost 30 years Rita spends most of her free time with her 10 grandchildren. She calls it a Sunday fun day.
It’s a swimming & cooking-out day with around 21 people you know “just close family”
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