The first advisor appointed to the Company's Advisory Board will be Nick Varel
About Nick Varel
: Mr. Varel
grew up in the oil and gas industry, and the Varel family has manufactured drill bits for the oil and gas, mining, and industrial sectors for over fifty years.Varel International Inc.
is the world's fastest growing drill bit company with 1,100 employees working in 41 countries.Varel International
was most recently sold to an affiliate of Arcapita Inc., a private equity firm, for approximately $369 million. Mr. Varel is currently Managing Principal of Elephant Oil and Gas, an independent oil and gas firm focused on drilling and development prospects as well as producing properties in Texas, including the Barnett Shale.He
has working relationships on every major basin in Texas.Mr. Varel
brings substantial land management expertise, purchasing more than 150,000 acres of oil and gas leases in several different states over the last few years, and has been actively involved with oil and gas leasing in multiple states.Mr. Varel
has been involved in numerous oil and gas transactions involving the sales of overriding royalty interests, mineral packages, and oil and gas leases for exploration and development. Previously, Mr. Varel served as Vice President of Operator Procurement at Arkansas Energy Group, where in addition to managing and negotiating the sale of the company, he acquired over 110,000 acres on the Fayetteville Shale, managed all acreage sales to operators, and directed purchasing trends on step out acquisitions.Mr. Varel has substantial expertise in natural gas pricing, having served as the Natural Gas Pricing Analyst Manager at Gulf States Energy where he directed kilowatt hour pricing as it related to the natural gas market.Mr. Varel has a Bachelors degree in International Business from Lynn University. "Our Advisory Board will be an integral and invaluable resource for our Company as we move forward in our plans for rapid expansion, and we are very pleased and honored to welcome Nick Varel as he joins our Advisory Board," says Chris Metcalf, Pantera's President and CEO.
brings substantial oil and gas expertise to the Company, and we are enthusiastic to work with him moving forward."