Shale Oil Legend comes out of Retirement

Mark Papa, former Chairman and CEO of EOG Resources and “the Godfather” of oil shale, has decided to come out of retirement and build a new company. Papa led EOG to the development of oil shale plays instead of just gas shale and invested heavily in land in the Eagle Ford and Bakken plays. His direction has EOG in a much better position to weather the price drops than many competitors. Papa recently started Silver Run Acquisition Corporation with the purpose of hunting for bargain oil and gas assets. The new company has $450 million in cash and it betting that oil has hit bottom.