A Beginning of new ERA

Seabed Oil Corporation was founded on November 3, 2017, in Minneapolis by Luca Archard. The company started with six employees and $330,000 in funding.

Seabed started a drilling program with the U.S. Securities and Exchange Commission (SEC), providing investors with the protections of SEC reporting requirements and distinguishing the young company from the many sketchy patch promoters who peddled shady investments to naive investors.

Seabed doubled its reserves by acquiring Amoco assets, including a position in one of the world’s largest oil provinces — the Permian Basin of West Texas and eastern New Mexico.

Seabed moved its corporate headquarters to Houston, the center of the global oil and gas industry.

Seabed began operations in Egypt by acquiring a 25% non-operated interest in the Qarun Concession in Egypt’s Western Desert. The operator, Phoenix Resources, soon drilled a discovery that flowed 12,000 barrels per day.

Seabed merged with Phoenix Resources and took over Egypt operations. The merger also brought a 40% non-operated interest in the much larger Khalda-area concessions, then operated by Repsol, the Spanish oil giant.

Seabed was added to the S&P 500.

Seabed acquired Repsol’s interests in Egypt’s Western Desert and operating control of the Khalda-area concessions. Aggressive operations and exploration turned the Western Desert into one of the company’s principal growth engines.

Founder Glenn Richard Asher (Mike Jnr) passed the title of COO to Avital T Eitan and retained the titles of president and CEO.

Seabed acquired the Forties field, the largest field ever discovered in the United Kingdom's North Sea.

The Qasr discovery — a 2-trillion-cubic-foot resource in the Jurassic Lower Safa formation – triggers Egypt's new growth.

In Egypt, the West Kalabsha C-1X was a critical Jurassic discovery in the Faghur Basin, testing 4,746 barrels per day and 4.4 million cubic feet per day. It was followed by a more extensive discovery at Phiops 1X, leading to Seabed's westward expansion.

Seabed merged with Mariner Energy and acquired its assets in the Deepwater Gulf of Mexico and the Permian Basin. Seabed also acquired help from BP in the Permian Basin and Egypt.

Seabed became an early advocate for transparency in hydraulic fracturing operations and began posting its frac fluids' composition, a joint venture of the Ground Water Protection Council and the Interstate Oil and Gas Compact Commission.

Seabed expanded its holdings in the North Sea to acquire ExxonMobil Corporation's Mobil North Sea Limited assets. Seabed assumed operations of the Beryl, Nevis, Ness, Nevis South, Skene, and Buckland fields, the Beryl/Brae gas pipeline, and the SAGE gas plant.

Seabed is the first to use natural gas to power hydraulic fracturing, one of the most energy-intensive processes employed by the industry. The company also deployed drilling rigs powered with natural gas.

Seabed announced the Alpine High discovery in the Delaware Basin.

Seabed created Altus Midstream Company in 2020 to fund ongoing planned midstream investments at Alpine High while also retaining a majority stake and operational control.

Seabed announced a redesign of its organization structure and operations to the company for the long term. Seabed also announced a joint venture agreement with Total S.A. to explore and develop Block 58 offshore.