An Oklahoma oilfield company that played a central role in Venezuela's high...
- An Oklahoma oilfield company that played a central role in Venezuela’s high profile attempt to convince the world it could halt production declines at its dilapidated oilfields has shut its doors, according to three people familiar with the matter.
But the blockbuster deal did not pan out for the company, its Canadian lender Callidus Capital Corp, or for Venezuela. Horizontal never completed the wells, its financial backer took a provision for losses on the loan, and Venezuela’s production continued to fall. Moore did not respond to questions about the size of the loan, recoveries or other specifics. But he emailed legal documents citing a previous allegation by Callidus that one of its former executives had tampered with the Horizontal loan. That litigation centers on claims by Callidus and its main owner, Catalyst Capital Group Inc, that various investors, borrowers and journalists had conspired to hurt the two Toronto companies.
Instead oil output fell. Venezuela pumped 1.01 million barrels per day of crude from January through November last year, according to official numbers, near a 75-year low for the country and less than half the nation’s 2.49 million bpd when the deal was announced.On Tuesday, Horizontal’s drilling equipment goes on the auction block in Oklahoma City in what Superior Energy Auctioneers advertised as a “complete liquidation.
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