Chief Executive Officer
Paul Favret serves as CEO, President, and Founder of Resource Energy Partners. Mr. Favret is an accomplished oil and gas executive whose technical, managerial and business building experience has resulted in significant industry achievements.
In its first year, Resource Energy accumulated over 115,000 net acres in the Williston with an interest in more than 384 wells through three former public company acquisitions. Prior to Resource, Mr. Favret was the CEO and founder of Source Energy Partners, a Denver-based E & P company focused on high impact resource plays in Colombia (ongoing investment under the name LaLuna Resources), Europe and the United States.
Mr. Favret, as principal owner, founded Abundant Resources & AASLP in 2004, a joint venture between Abundant Resources, Aspect Energy LLC and First Reserve, to exploit shale-gas plays in the United States. He led the company’s acquisition of 185,000 acres and drilling of 25 wells, primarily in the Barnett and Fayetteville shale plays, and grew production to 2,800 MBOE and 3P reserves to 80 MMBOE. Mr. Favret’s sales and production revenues exceeded $500 million in 2008 prior to partial liquidation.
Prior to forming Abundant Resources & AASLP, Mr. Favret served as the president of Aspect, a Denver-based exploration and production company. During his tenure from 1996 to 2005, the company built from 3 to over 130 employees, drilled 450 conventional wells leading to the creation of over 100 MMBOE of PDP reserves. Aspect sold its Gulf Coast production to Nobel Energy in 2001, and subsequently rebuilt its gross production to 26,000 MBOE/D in two years. At Aspect several successful international projects were accomplished in Hungary (built to 12,000 BOE/D), Peru (subsequently sold to Perenco for $753M), Belize, & Kurdistan. Before joining Aspect, Mr. Favret was employed at Amoco from 1986 to 1996 as Lead Explorationist and team leader for projects in offshore/onshore Gulf Coast, Nigeria, Angola, and Rockies.
Mr. Favret holds a B.S. in Geology, magna cum laude, from Western Carolina University, an M.S. in Geology and Geophysics, summa cum laude, from the University of South Carolina, and an M.B.A. from the University of Houston, cum laude. Mr. Favret has been granted 8 United States patents for various exploration techniques in upstream oil and gas.
Mr. Favret and his wife are passionate about scouting and its values. They are parents to two sons whom each achieved the rank of Eagle Scout.