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Roswell firm announces alliance; names officers

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Oil production firms based in Roswell and Midland, Texas, have agreed to work together to develop oil and gas properties in the Permian Basin.

The Roswell firm, Read and Stevens Inc., also announced that two people are taking new positions with the company.
Shareholders voted Aug. 1 for Betty R. Young to serve as president of Read and Stevens and for Thomas M. Beall to serve as chief executive officer. Both are directors of Read Operating Co. LLC, with Young being the managing director. Beall is also chief executive officer of V-F Petroleum Inc. of Midland, which is the other firm participating in the new oil and gas alliance.
Young is the daughter of the founder of the Read and Stevens and is also the company’s chief financial officer.

“We are very excited about this new adventure,” she said. “We are just in the beginning stages. Nothing has happened yet.”
Read and Stevens, formed in 1969, operates primarily in the Permian Basin of southeastern New Mexico and west Texas.
According to the DrillingEdge website, the company has 225 wells in Chaves, Eddy and Lea counties and 145 leases, although not all are active at this time. In May 2017, it produced 16,900 barrels of oil and 92,400 mcf, or a thousand cubic feet, of natural gas.
DrillingEdge reports that V-F Petroleum Inc. has 103 leases and 105 wells in Eddy and Lea counties as well as oil and gas properties in Texas.

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