United Resources LP is a subsidiary of The United Company (United).  United was founded in 1970 as an Appalachian coal producer, and grew into one of the largest private coal companies in the U.S. before strategically exiting in the mid 1990s.  Current business divisions include energy, financial services and golf courses.

United made its initial investment in oil and gas in 1984, with the purchase of United Oil & Minerals, Inc. (UOM), located in Austin, Texas, with operations in the onshore Gulf Coast.  In March 1987, United purchased Star Oil & Gas, Ltd. (Star), located in Calgary, Alberta.  Star was an intermediate sized producer in the Western Sedimentary Basin of Canada.
In 1999, United decided to focus on the growth potential of its oil and gas assets. As a result, a new management team was recruited.  This proved to be the catalyst needed to significantly boost growth rates and returns.

Under new management, United completed $230 MM of oil and gas acquisitions over the first three years, with the largest being South Texas producing properties from El Paso Production Company for $110 MM in March 2002.  Production and reserves increased 46% and 85% respectively during the same period.  By the end of 2002, United had proved reserves of 547 Bcfe and net daily production exceeding 175 Mmcfe.

United acted on a unique exit opportunity in 2003.  In April 2003, Star was sold to Arc Resources, Ltd. for $525 MM, representing a 36% IRR since restructuring in 1999. Likewise, UOM, which changed its name to United Resources, LP in 2003, closed its $350 MM asset sale to Westport Resources in December, 2003.  This sale represented a 75% IRR since the 1999 restructuring.

The United Company recapitalized United Resources LP in early 2004 with the goal of rebuilding the domestic E&P business.  The process is underway as the post sale drilling program began in June 2004.