The company was founded in 1979 by
Autry Stephens. The company's first purchase was 80 acres of land on which it drilled its first well, McClintic B-30 #2, in the
Spraberry Trend. It grew by acquiring tough-to-drill wells that other companies did not want. In 2005, the company acquired Perenco Energy (later LCX Energy). In April 2017, the company launched a $300 million joint venture with a subsidiary of
Ares Management. After Stephens was diagnosed with
prostate cancer, he sold the company to provide liquidity for his family. ==References==