Circle 9 Resources LLC
How we got $819.2M
Based on its 122 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Likely to sell
- In business 31 years (since 1995)
- Founder still runs it after 31 years
- Headcount down 50% since 2022 (retirement plan filings)
From public records and the company's website, not a statement that it's for sale.
Estimated value over time
▲ 30% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▲ 5% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 122 | $481.0M |
| 2020 | Form 5500 | 131 | $516.5M |
| 2021 | Form 5500 | 195 | $768.8M |
| 2022 | Form 5500 | 257 | $1.01B |
| 2024 | Form 5500 | 128 | $504.6M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| CIRCLE 9 RESOURCES LLC this business | $557.7M | — |
| HARDING AND SHELTON EXPLORATION LLC Oklahoma City · 1 employees | $3.9M | 0.6 mi |
| JOLEN OPERATING COMPANY Oklahoma City · 6 employees | $23.7M | 0.7 mi |
| TREK ENERGY LLC Oklahoma City · 1 employees | $4.5M | 0.7 mi |
| RILEY EXPLORATION - PERMIAN LLC Oklahoma City | $392.0M | 0.8 mi |
| GOSH EXPLORATION LP Oklahoma City · 4 employees | $22.1M | 0.8 mi |
| DERBY ENERGY, LLC Oklahoma City · 17 employees | $71.8M | 0.8 mi |
The full calculation
| Employees reported to the SBA | 122 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $538.8M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $444.1M |
| Estimate: the two combined (geometric mean) | $557.7M |
| EBITDA margin (industry, adjusted for size) | 20% |
| EBITDA = revenue × margin | $113.8M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $819.2M |
| Multiple for this size and industry | 7.2× |
| Value range | $431.1M – $1.12B |
| Revenue range | $366.9M – $635.9M |
| EBITDA range | $74.8M – $129.7M |
| Industry (NAICS) | Oil and Gas Extraction (211111) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
Leadership
- HGHEATHER GEORGEContact for Circle 9 Resources LLC (title not stated) · From a web search · source
- TBTracy BrowneSigned for the company · 2020 retirement-plan filing (Form 5500)
Advisors
- AccountingWilsey Meyer Eatmon Tate PLLCAudits its 401(k) plan (2024 filing)
- BankingMidFirst BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| MidFirst Bank PPP 2020, PPP 2021 | All 2,403 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/8/2020 | first | $2.1M | 122 |
| 1/23/2021 | second | $2.0M | 119 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Circle 9 Resources LLC
Circle 9 Resources LLC is an oil and gas extraction company in Oklahoma City, Oklahoma, in business since 1995. It is owned by North Whipple (Founder and Chief Executive Officer). Its estimated annual revenue is about $557.7M, with roughly $113.8M of EBITDA. It has about 128 employees. Its estimated business value is $819.2M (likely range $431.1M–$1.12B).
Common questions
- Who owns Circle 9 Resources LLC?
- Circle 9 Resources LLC is owned by North Whipple (Founder and Chief Executive Officer), according to public sources such as the company's website or filings.
- How much revenue does Circle 9 Resources LLC make?
- SeeBITDA estimates Circle 9 Resources LLC's annual revenue at about $557.7M (likely between $366.9M and $635.9M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Circle 9 Resources LLC worth?
- About $819.2M, roughly 7.2× its estimated EBITDA of $113.8M, typical for a oil and gas extraction company its size. Likely range: $431.1M–$1.12B.
- How many employees does Circle 9 Resources LLC have?
- About 128, from its 2024 retirement-plan filing.
- When was Circle 9 Resources LLC founded?
- Circle 9 Resources LLC has been in business since 1995.
- Is Circle 9 Resources LLC for sale?
- There's no public listing, but it shows signs that often come before a sale: in business 31 years (since 1995); founder still runs it after 31 years; headcount down 50% since 2022 (retirement plan filings).