Burnett Petroleum Company traces its roots back to 1929 through various acquisitions and mergers. In 1986, a Burnett controlled entity Republic Petroleum Company purchased Arcadia Refining Company (later re-named Arcadia Exploration & Production Company) “Arcadia”, maintaining the management team and merging all of Republic’s assets into Arcadia.
Arcadia Refining Company was founded in 1929 by Gustavus A. Buder, a prominent attorney and business man from St. Louis, Missouri, shortly after the discovery of the great East Texas oil field. Arcadia Refining Company ultimately never ventured into the refining business and instead evolved into an independent Texas oil and gas company. Arcadia’s focus from the late 1920’s through the 80’s was on purchasing mineral and royalty interests, acquiring existing production (building considerable interests in Texas, Oklahoma and Louisiana), and exploration. The dynamic exploration program of Arcadia produced the East Texas discoveries of fields such as Ann McKnight, Bellwood Lake, Chapel Hill and participated in the development of Oak Hill, Hitt’s Lake, Shamburger Lake, and Fairway Fields. Arcadia enjoyed many successes throughout the 20th century, becoming an operator of over 350 wells, owning a non-op working interest in over 400 others, as well as starting a subsidiary oil field supply company.
The plummeting price of oil as well as the death of G.A. Buder, Jr. prompted the Buder family to put Arcadia on the market. Republic Petroleum Corporation under the direction of Kyle R. Burnett acquired Arcadia in a stock sale on December 31, 1986. By leveraging a combination of his own oil and gas management experience along with the deep-rooted reputation and history of Arcadia, Mr. Burnett initiated significant growth in Arcadia through further acquisitions, such as the 1994 asset purchase of all Hinton Production Company assets including operated interest in the Talco, Pearsall, Mt. Enterprise, and Trawick Fields. Additional asset purchases with operations were made by Arcadia in the 90’s through the 2000’s in the South Midway, Vealmoor, Scarborough and Papalote fields among others
In 2010, Mr. Burnett founded Burnett Petroleum Company “BPC” and subsequently purchased the assets of Arcadia. Since that time, BPC and/or its affiliate Magnolia Petroleum Company has acquired producing assets from Wynn-Crosby in South Texas including operational interests in the Nordheim, Grand Slam and Allen Dome fields. In 2012, BPC monetized out of 90% of its interest the Talco Field to GE Capital “GE” and formed Burnett Petroleum Partners with GE as the controlling interest owner. BPC continued to manage both the partnership and supervise operations of the field. In 2019 Mr. Burnett and partners acquired the assets of Burnett Petroleum Partners causing a dissolution of the GE Capital controlled partnership. In 2015 BPC/Magnolia acquired all of the assets of Famray and Famcor Companies of Houston Texas in the Gulf Coast area, including interests with operations in the Schwab, Shepherd, Goodrich, Six Lakes and Big Sandy Fields. Further, BPC is a 25% non-operated stake holder in a Texas Gulf Coast exploration joint venture which has successfully completed over 40 wells since 2010 and has partnered with Rosewood Resources in a successful new field discovery and development in Louisiana. BPC has secured the rights to over 120 square miles of seismic data from Rosewood Resources in Kansas. By utilizing its in-house expertise and by carefully selecting top quality outside experts, BPC has secured leases on a 4,000 acre prospect in Sherman County, Kansas, and plans to commence drilling in early 2020. BPC is dedicated to finding, acquiring, and exploiting only the best deals for itself and its partners. Our future is bright and we look forward to continual success by “Making Our Own Luck.”