Raising money was almost impossible, Holloway said, so he and Scaff took to raising it themselves. They took the company public months later, and the market crashed. We felt the public arena gave us that ability to raise capital.” To grow a private company, we were going to have to borrow excessive cash to go forward, and we weren’t comfortable with that.
We didn’t borrow money, we just used internal funds to do things. Bill and I have never been high leverage. We continued seeing opportunities, but the costs of executing on those was unbelievable.
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One, was the cost of doing business in the oil patch had just skyrocketed. There’s a lot of things that went into that decision. “Being a public company is a way different task. “It took six months to convince us that might be something we wanted to do,” Holloway said. In June 2008, Holloway and his team were brought on as the executive team of Synergy, which began in Denver as a shell company. Holloway and Scaff formed Petroleum Management in 2001, again starting all over, and away they went. I owe him a lot for that.”įor the next four years, the industry went flat and he stayed out of the game, tending to his other businesses, including a series of convenience stores he started with his right-hand man, William Scaff.īut opportunity came knocking again in the oil patch. He was a talented player who convinced me my talents weren’t as good as I thought.
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“It crosses your mind, but there was a guy on the team, RW Eaks, who went on to play pro golf. “It’s always everyone’s dream to go pro,” Holloway said of his golf skills. But it could have turned out differently. Holloway went to college at the University of Northern Colorado in Greeley on a golf scholarship, graduating with a business finance degree in 1975. It was Eaks who showed him the way, Holloway says, with a sheepish grin. That’s why I say I have oil running through my veins.” “You really have to have a joy of what you’re doing and how you’re doing, and how complicated it really is, and understand how it moves the whole economic needle going forward,” Holloway said of the industry he’s called his playground for more than 30 years. Holloway, who has seen businesses come and go through three decades working in the field, said he has oil running through is veins. has grown methodically in the last five years under the stewardship of Wattenberg front man Ed Holloway.
From its origins as a shell corporation to the public entity it is today, Synergy Resources Corp.
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