History
Fishermen’s Petroleum Co PLC (FPC) was incorporated in Scotland in March 1980 to enable fishermen to participate in the UK Seventh Licensing Round and was awarded a 3% interest in Licence P.375 covering Block 12/19.

In July 1980 it issued a Prospectus to members of the fishing industry and allotted 312,402 shares of £1 each fully paid raising £312,402.

The issued share capital is now £664,804 following a 1 for 1 rights issue in 1988 to raise finance to meet the costs of the work commitment on Block 12/16 and other exploration expenses and the issue of 40,000 shares to Firstland Oil & Gas as consideration for the acquisition of working oil and gas interests in Oklahoma. Those shares were subsequently acquired by Kerr McGee.

Following the Rights Issue and the Firstland purchase Kerr McGee Oil (U.K.) PLC held 384,070 shares in the Company or 57.77% but agreed with Fishermen’s not to vote on the shares it acquired.

The relationship with Kerr McGee proved to be a very profitable one for the Company, as apart from securing carry agreements in a number of UKCS licences, a 5 year $1 million loan was negotiated with Kerr McGee Corporation in 1990 to enable it to purchase an ORI in the Green Canyon 18 Field and Ewing Bank 988/944 in the Gulf of Mexico.

In 1995, Kerr McGee’s shares were bought out mainly by the fishermen Directors of the Company. At the same time, because of the lack of success in offshore UK Blocks where the company held carried or working interests (Blocks 12/16, 13/22b, 16/1 and 2c and 49/6b) the company decided to expand its operations in Oklahoma where it held small interests acquired from Firstland Oil & Gas which were essential in securing petroliferous status.

This resulted in an Agreement with McKenny Energy Oklahoma City to explore for oil and gas. The successful agency arrangement with that company continues to the present day.

There are over one hundred shareholders but the fishermen Directors and their families/companies hold over 60% of the shares.

US Agent
Jim McKenny is agent (Attorney-in-Fact) for FPC and manages its US properties. He is President of JCM Exploration, Inc. and Vice President of McKenny Energy Company, LLC.