Moncrief Oil International, Inc. (MOIL), a Texas corporation was created by Mr. Richard W. Moncrief in 1970 for international oil and gas exploration and production.

Mediterranean:

In 1971, MOIL participated with Gulf Oil in Italian concessions in the Adriatic Sea and offshore Sicily. Seismic and a dry hole off Sicily proved the acreage non-productive.

West Africa:

In 1972, MOIL and partners Sun Oil and Louisiana Land and Exploration negotiated an onshore PSA in Cabinda, Angola with the Minister of Hydrocarbons of Portugal. When Portugal withdrew from Angola, MOIL was unable to resume negotiations with the faction in control at that time.

Indonesia:

In 1972, MOIL negotiated and executed a PSA in the East Java Sea; MOIL and partner Louisiana, Land, and Exploration performed seismic and drilled two dry holes.

North Africa:

In 1973, MOIL executed Production Sharing Agreements onshore and offshore Sinai with the State of Israel. In partnership with the Superior Oil Company (now a part of Exxon), MOIL discovered and developed the Shuab Ali Oil Field in the Gulf of Suez at a cost of $180 million. The PSA and field was ceded under mutually acceptable terms by Israel to Egypt as a part of the Camp David Accord.

Russia:

Since 1992, MOIL actively pursued oil exploration and production projects in the former Soviet Union. In August 1994, MOIL entered into an agreement with Tatneft, the state oil company of Tatarstan, to be the “Project Integrator” for a rehabilitation program in the giant Romashkino Oil Field and facilitate Tatneft access to western credit. In September 1994, Tatneft entered into a $100 million credit agreement with the Export-Import Bank of the United States and Banque Societe Generale of France to finance the program. As “Project Integrator,” MOIL was responsible for the technical aspects related to the specifications, selection, purchasing, installation, and operation of equipment purchased for the Rehabilitation Program. MOIL, as the ‘exporter of record’, handled all aspects of loan proceeds utilization – letter of credit drawings, assignments of proceeds, bank reporting, etc. This project was completed successfully in 1997 and Tatneft is reaping the benefits from the many production enhancement systems, which MOIL acquired on their behalf.

Siberia:

In 1997 MOIL signed a binding agreement with a subsidiary of Gazprom for development of the giant (30 tcf) Yuzhno Russkoye gas field in West Siberia. MOIL was responsible for providing financing of $1 billion and state of the art engineering oversight in return for a 40% ownership in the field. In 1999, fraudulent activity by Gazprom senior management blocked ongoing development activity. While Gazprom does not deny the contract, attempts to resume development have been ignored. In 2004, MOIL filed a claim against Gazprom in US District court in 2004. Damages are estimated at $8 billion. In 2005, MOIL filed a related legal action in Germany against BASF for contractual interference.

Caspian:

In 1997 MOIL was invited by the State Oil Company of Azerbaijan Republic (SOCAR) to participate in the rehabilitation of existing onshore oil assets and the exploration for new oil & gas reserves. By 2001 MOIL had signed-up and become operational in Azerbaijan to run two onshore Production Sharing Agreements (“PSA’s”) covering over 1,000 sq. km. The first phase of this project focused on the rehabilitation of two mature, but poorly maintained producing oil fields in the Kura Valley basin. Production from these fields is being increased through the application of sound maintenance processes and enhanced recovery techniques. Exploration drilling for new reserves commenced in Q2, 2003. MOIL has passed the operatorship of these two PSA’s to a Canadian partner oil company, but retains an interest.  Today production from the Mishovdag and Kelameddin oil fields has increased to work 8,000 barrels per day and exploration drilling has confirmed some new promising fields within the PSA contract areas.

In 2005, MOIL and Occidental Petroleum created a Joint Venture to select new oil and gas field development opportunities in Azerbaijan. Discussions are currently ongoing with the government of Azerbaijan and their state oil company SOCAR.