Ajax Resources | CEO
Richard Little is the CEO of Ajax Resources, LLC that most recently sold substantially all of its assets in the Northern Midland Basin to Diamondback Energy, Inc. for a total consideration of $1.24B. The sale consisted of 25,500 acres in Martin, Andrews, Dawson, and Gaines county and closed on October 31st, 2018. The valuation represented a 12.2x LQA EBITDA and ~$33,500 / net adjusted acre generating a gross MOI of ~2.9x and a gross IRR of ~37%. Ajax was backed by Kelso Private Equity out of New York. Richard and his management team are actively pursuing new acquisition opportunities.
Prior to joining the Ajax team, Richard was the Vice President over the Southern Division at EP Energy Company. In this capacity, he was responsible for the regions including the Permian Basin, South Texas, Gulf of Mexico, and the Texas and Louisiana Gulf Coast. Over time, EP Energy concentrated its asset base down to three main operating areas. They were the Eagle Ford, Altamont (in the Uinta Basin), and the Wolfcamp play in the Southern Midland Basin which became Richard’s primary area of development.
Richard joined El Paso Exploration and Production in October 2007 as Reservoir Engineering Manager over the South Texas and the Gulf Coast regions. He joined the El Paso team as a result of the acquisition of Peoples Energy Production. He was later promoted to Director over the assets in the Southern region including the Gulf of Mexico. In 2012, Richard was promoted to Vice President over the Southern US Division for EP Energy LLC. Prior to joining El Paso Exploration and Production, he was a Senior Staff Asset Engineer with People’s Energy Production.
In prior roles, Richard worked as a petroleum engineering consultant with Holditch and Associates, Inc. where he worked both domestically and internationally in reservoir, production, and completions as well as acquisitions & divestitures. Prior to that he worked for Halliburton where he was primarily focused on well stimulation design and execution.
In total, Richard has ¬¬over 23 years of industry experience.
Richard received a Bachelor of Science degree in Petroleum Engineering from Texas A&M University in 1995 and later received his professional engineer’s license in 2002.
He is an active member of the Society of Petroleum Engineers, the American Petroleum Institute, and the Independent Petroleum Association of America.