Our History

Pegasi is the successor entity to First Southern Crown Ltd., a Texas limited partnership formed in December 2002 as a holding company for a number of operating subsidiaries. Prior to the formation of First Southern Crown Ltd., Pegasi’s principals spent over three years and invested over $3.5 million in developing a proprietary database, evaluating title and acreage acquisition in the Rodessa oil field. These assets were assigned to First Southern Crown by TR Energy, Inc., which was incorporated in 1999 by Mike Neufeld and William Sudderth, Pegasi’s principal shareholders. Operations from December 2002 to December 2004, were funded by Mr. Neufeld, Mr. Sudderth and by a $15 million mezzanine financing. Approximately $7.5 million was drawn down from the mezzanine facility and used for drilling an initial five wells. In December 2004, First Southern Crown sold a thirty percent (30%) interest in all of its production, acreage position, pipeline and disposal plant to Marion Energy Limited, an entity publicly traded on the Australian stock exchange. Proceeds from the sale amounted to $10 million and were used to repay the mezzanine facility and residual interest.

In March 2007, Pegasi was formed as a Texas corporation, and First Southern Crown Ltd. changed its name to PERC and converted into that Texas corporation as part of a consolidation and corporate restructuring.