5 QUESTIONS FOR JIM HAAG
PennWell Books: What made you decide to write this book?
Jim Haag: The petroleum industry is cyclical, when prices firm after a downturn as we have had in 2014 – 2015 the acquisitions and divestiture market is very strong. While prices are rising as they had during the previous years the A&D market is sluggish. With the explosive increase in A&D activity, emergence of unconventional assets in the 11 years since the first edition of the book was published, and the willingness of domestic producers to acquire international property, the timing for an updated text was perfect while there was a need to include specific information on the expanded topics.
PennWell Books: What makes your book different than other books on similar topics?
Jim Haag: I have looked for similar books when teaching seminars on the topic, and have found that there are none. The book provides guidance on all stages of the transactional process for each participant, whether an engineer, geologist, land man or accountant. The interaction of each member of the team with others in the various departments is important and is enhanced by knowing the roles of the other participants.
PennWell Books: In your opinion, who would gain the most from reading your book?
Jim Haag: Those who may benefit most are those who engage in transactional activity or shape the corporate portfolio management strategy that causes a company to participate in the process. The book would also be a good primer for anyone who is considering being involved in A&D work to understand the business before getting into it.
PennWell Books: What is one pitfall you can help readers avoid when acquiring petroleum property?
Jim Haag: There are two primary pitfalls to avoid – the first is to consider one aspect of the transactional process to be materially more important than all other aspects, and the second would be to discount the value of any one aspect of the process as being unimportant. In short, everything matters and each stage of the process should be given the due diligence it deserves.
PennWell Books: Do you have any advice for aspiring authors?
Jim Haag: My best advice would be to put a great deal of thought into the intent of the book and creating a strong table of contents in which the sequence of the material makes sense and keeps the reader’s attention.